# EDGAR Filing Document

**Accession Number:** 0000836487
**File Stem:** 0001104659-25-084394
**Filing Date:** 2025-8
**Character Count:** 1518611
**Document Hash:** 85e4440cbe71da8d8d9b0813a07b5077
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-084394.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001104659-25-084394

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 151

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05624
- **FILM NUMBER:** 251268435

**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

**<u>Morgan Stanley Institutional Fund, Inc.</u>**

(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>June 30, 2025</u>

Date of Reporting Period

**Item 1. Reports to Stockholders**

(a) **TABLE OF CONTENTS**

---

| |
|:---|
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname201c14fb-8209-49bd-b9b7-b27d1e683a5e)<br> **[A - MAPPX](#classname201c14fb-8209-49bd-b9b7-b27d1e683a5e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname4dcc5308-3289-4397-b2bf-3025a6a2eb1f)<br> **[C - MSPRX](#classname4dcc5308-3289-4397-b2bf-3025a6a2eb1f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classnamef7df7601-1242-47ef-b0d3-dd036e014faa)<br> **[I - MPAIX](#classnamef7df7601-1242-47ef-b0d3-dd036e014faa)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname0da75780-4954-406f-b253-bf65dd72a003)<br> **[L - MAPLX](#classname0da75780-4954-406f-b253-bf65dd72a003)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname911956ea-5e58-43c9-96e4-f7401afc2fb1)<br> **[R6 - MADSX](#classname911956ea-5e58-43c9-96e4-f7401afc2fb1)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classname8fa7e731-05bf-4919-b567-ab9eb1dba826)<br> **[A - MSCUX](#classname8fa7e731-05bf-4919-b567-ab9eb1dba826)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classname06108be7-9897-4620-8c8f-fd6e253f35a4)<br> **[C - MSBWX](#classname06108be7-9897-4620-8c8f-fd6e253f35a4)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classnameceb21de3-1b91-4e64-8b30-6837b85d488e)<br> **[I - MSBVX](#classnameceb21de3-1b91-4e64-8b30-6837b85d488e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classnamecba35d68-4d16-4aa4-a1f9-dc2ac767e3ce)<br> **[R6 - MSBQX](#classnamecba35d68-4d16-4aa4-a1f9-dc2ac767e3ce)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classname0179830c-06ac-4571-8dac-f13ede0c6701)<br> **[A - MSAUX](#classname0179830c-06ac-4571-8dac-f13ede0c6701)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classnamedaa4f948-7ae0-413c-a13f-a0108479e94b)<br> **[C - MSAWX](#classnamedaa4f948-7ae0-413c-a13f-a0108479e94b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classnameb4d65e88-0448-41c2-9af8-1f75e36e67e2)<br> **[I - MSAQX](#classnameb4d65e88-0448-41c2-9af8-1f75e36e67e2)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classnamec6e6d5b2-e703-4b04-ae23-5fb9fa381d90)<br> **[R6 - MSAYX](#classnamec6e6d5b2-e703-4b04-ae23-5fb9fa381d90)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classnamed3e46dd1-efd2-4ff7-8ff2-a81c81d0d8c7)<br> **[A - MDOAX](#classnamed3e46dd1-efd2-4ff7-8ff2-a81c81d0d8c7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classname91d69d3c-c7a7-43b8-bf17-f7d91d336e38)<br> **[C - MDOBX](#classname91d69d3c-c7a7-43b8-bf17-f7d91d336e38)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classname4deba6de-6e63-4ae1-b1e2-7b236d4542c8)<br> **[I - MDOEX](#classname4deba6de-6e63-4ae1-b1e2-7b236d4542c8)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classname4c1785ff-0118-45d4-a383-544114b779b8)<br> **[R6 - MDODX](#classname4c1785ff-0118-45d4-a383-544114b779b8)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classname0ff38428-7576-4f6d-b965-ba69304db4e7)<br> **[A - MSDQX](#classname0ff38428-7576-4f6d-b965-ba69304db4e7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classname958d3308-2acf-4c72-9a45-fa9e238eebcf)<br> **[C - MSDOX](#classname958d3308-2acf-4c72-9a45-fa9e238eebcf)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classnamee6371ec5-b82b-4510-b6a6-d15b86616d9c)<br> **[I - MSDUX](#classnamee6371ec5-b82b-4510-b6a6-d15b86616d9c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classname48cb6f97-a166-4403-98ac-33f11eb21008)<br> **[R6 - MSDMX](#classname48cb6f97-a166-4403-98ac-33f11eb21008)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classname66d0068f-bd93-4aae-8d74-5147f894d15f)<br> **[A - MELAX](#classname66d0068f-bd93-4aae-8d74-5147f894d15f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classnameb6a3d9db-cfae-46ab-b3cc-7260cff6204f)<br> **[C - MEMLX](#classnameb6a3d9db-cfae-46ab-b3cc-7260cff6204f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classnamedebdc976-e323-4ce4-b9a6-5c8e092bb19e)<br> **[I - MELIX](#classnamedebdc976-e323-4ce4-b9a6-5c8e092bb19e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classname0f8e8419-9df3-4aa8-ba8b-f73f92c26b31)<br> **[IR - MSIWX](#classname0f8e8419-9df3-4aa8-ba8b-f73f92c26b31)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classname5a78797b-6fed-4567-b6a3-94747e4fff47)<br> **[R6 - MELSX](#classname5a78797b-6fed-4567-b6a3-94747e4fff47)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classnamed496d6ec-0da2-4437-8def-c772f4f185b9)<br> **[A - MMKBX](#classnamed496d6ec-0da2-4437-8def-c772f4f185b9)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname6cb4d2af-581e-48d7-aeea-f42fad8cdf9d)<br> **[C - MSEPX](#classname6cb4d2af-581e-48d7-aeea-f42fad8cdf9d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classnamea08ab801-91f1-4a46-97d0-c691e021e749)<br> **[I - MGEMX](#classnamea08ab801-91f1-4a46-97d0-c691e021e749)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname44dad459-4f82-4807-8966-8d3029f7bb85)<br> **[IR - MRGEX](#classname44dad459-4f82-4807-8966-8d3029f7bb85)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname6d2dd30f-1692-4bd8-95eb-08a9317c9c77)<br> **[L - MSELX](#classname6d2dd30f-1692-4bd8-95eb-08a9317c9c77)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname76f53601-eb1b-4b02-bcfb-6aa93f340180)<br> **[R6 - MMMPX](#classname76f53601-eb1b-4b02-bcfb-6aa93f340180)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classname3967974b-30db-4d05-9797-ae6a870ac853)<br> **[A - MLNAX](#classname3967974b-30db-4d05-9797-ae6a870ac853)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classnamed8e81a9d-5d90-448b-bb37-49b0a81364cb)<br> **[C - MLNCX](#classnamed8e81a9d-5d90-448b-bb37-49b0a81364cb)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classnamefdf099eb-d230-4be6-b91f-af760012cacb)<br> **[I - MLNIX](#classnamefdf099eb-d230-4be6-b91f-af760012cacb)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classname7c00ef14-818c-4ca9-9351-653b79f40ee9)<br> **[R6 - MLNSX](#classname7c00ef14-818c-4ca9-9351-653b79f40ee9)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classname05389018-e649-4137-b086-8cecaa6ff8a8)<br> **[A - MLMAX](#classname05389018-e649-4137-b086-8cecaa6ff8a8)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classname5953b535-f2a4-4c8e-8f98-b9663af95e04)<br> **[C - MLMCX](#classname5953b535-f2a4-4c8e-8f98-b9663af95e04)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classname948dca03-73ba-4aa2-a58e-8e0d405ae10c)<br> **[I - MLMIX](#classname948dca03-73ba-4aa2-a58e-8e0d405ae10c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classname6d7dc329-f728-4e54-9669-89e448b4cc57)<br> **[R6 - MLMSX](#classname6d7dc329-f728-4e54-9669-89e448b4cc57)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classnamedeef3b12-aceb-4c76-ad4c-b57f8057e8a6)<br> **[A - MSJAX](#classnamedeef3b12-aceb-4c76-ad4c-b57f8057e8a6)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classname25345f57-ba54-49c2-af73-f485738320b0)<br> **[C - MSJCX](#classname25345f57-ba54-49c2-af73-f485738320b0)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classname20d65c10-f3f1-40ff-b878-f7c089927785)<br> **[I - MSJIX](#classname20d65c10-f3f1-40ff-b878-f7c089927785)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classnameba5abe7e-3b2d-4369-a138-413ffff2615d)<br> **[R6 - MSJSX](#classnameba5abe7e-3b2d-4369-a138-413ffff2615d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classname3e844407-65bf-4ab6-a161-1b3760f05d6e)<br> **[A - MSFBX](#classname3e844407-65bf-4ab6-a161-1b3760f05d6e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classname8e940118-57f4-4466-9349-32aebdc3e082)<br> **[C - MSGFX](#classname8e940118-57f4-4466-9349-32aebdc3e082)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classnamee6b0d976-e5bb-4aea-8915-8a9e90fb0ec4)<br> **[I - MSFAX](#classnamee6b0d976-e5bb-4aea-8915-8a9e90fb0ec4)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classname2b280b4f-a0ea-445b-8715-1953f2f7e5e3)<br> **[L - MSFLX](#classname2b280b4f-a0ea-445b-8715-1953f2f7e5e3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classnameef80692d-211f-4b22-b2b8-8b1139ea67ce)<br> **[R6 - MGISX](#classnameef80692d-211f-4b22-b2b8-8b1139ea67ce)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname9f6d35ce-2ddc-420a-95e0-cb2f0b2e7e15)<br> **[A - MIGPX](#classname9f6d35ce-2ddc-420a-95e0-cb2f0b2e7e15)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname6fe4129f-e3a7-483d-9593-76cd72afeccf)<br> **[C - MSPTX](#classname6fe4129f-e3a7-483d-9593-76cd72afeccf)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classnamec87a2c18-30e4-4d44-821f-b9a7ce5124ef)<br> **[I - MIGIX](#classnamec87a2c18-30e4-4d44-821f-b9a7ce5124ef)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname68e572af-bdee-4618-9a4e-638974c48eb3)<br> **[L - MIGLX](#classname68e572af-bdee-4618-9a4e-638974c48eb3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classnamed142c6fe-4c6c-43f9-bdfc-5c2c5996361d)<br> **[R6 - MGZZX](#classnamed142c6fe-4c6c-43f9-bdfc-5c2c5996361d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname214f61a1-2fb0-4ce4-ad47-460fe23e6911)<br> **[A - MGGPX](#classname214f61a1-2fb0-4ce4-ad47-460fe23e6911)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classnameabfebc91-8fc9-4cff-a850-88495942daf3)<br> **[C - MSOPX](#classnameabfebc91-8fc9-4cff-a850-88495942daf3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname5af6f2ac-a8b2-4353-92c6-7d2a6341d96e)<br> **[I - MGGIX](#classname5af6f2ac-a8b2-4353-92c6-7d2a6341d96e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classnamefb5bf425-a915-4a72-b9ed-edfb601152e0)<br> **[IR - MGORX](#classnamefb5bf425-a915-4a72-b9ed-edfb601152e0)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classnamee4a99ed5-6463-40d7-931d-6a2a502e48ad)<br> **[L - MGGLX](#classnamee4a99ed5-6463-40d7-931d-6a2a502e48ad)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname7b040981-847b-4575-87a8-f1e7d269186a)<br> **[R6 - MGTSX](#classname7b040981-847b-4575-87a8-f1e7d269186a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classname199c03b1-989a-41e6-bfe1-36db6340cd2d)<br> **[A - MGKAX](#classname199c03b1-989a-41e6-bfe1-36db6340cd2d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classnamef166917d-2bbb-4846-959d-4f547a756219)<br> **[C - MGKCX](#classnamef166917d-2bbb-4846-959d-4f547a756219)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classnamee7f7cf4c-fd76-4313-810a-7c76d016cae7)<br> **[I - MGKIX](#classnamee7f7cf4c-fd76-4313-810a-7c76d016cae7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classnamed38ee345-021a-4093-9c6a-6866155c4bf5)<br> **[R6 - MGKQX](#classnamed38ee345-021a-4093-9c6a-6866155c4bf5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classnameb7a88bde-7a64-404f-8d32-7d54c5d40cb3)<br> **[A - MGQAX](#classnameb7a88bde-7a64-404f-8d32-7d54c5d40cb3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classnamee632af44-a3ca-40b9-8c38-8eb4a6355a0b)<br> **[C - MSGQX](#classnamee632af44-a3ca-40b9-8c38-8eb4a6355a0b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classname5e5da674-941b-44ca-970e-baae0facb2bd)<br> **[I - MGQIX](#classname5e5da674-941b-44ca-970e-baae0facb2bd)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classname3868739a-6d5c-4dc9-86a3-a0d89cd62cd2)<br> **[L - MGQLX](#classname3868739a-6d5c-4dc9-86a3-a0d89cd62cd2)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classnamee6948c6a-0bb6-4f44-b674-0cd825489434)<br> **[R6 - MGQSX](#classnamee6948c6a-0bb6-4f44-b674-0cd825489434)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname7a37523a-f400-4192-86ee-861a89b04334)<br> **[A - MSEGX](#classname7a37523a-f400-4192-86ee-861a89b04334)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classnamee747ea8d-76c9-43a1-93a0-b420701c2c24)<br> **[C - MSGUX](#classnamee747ea8d-76c9-43a1-93a0-b420701c2c24)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classnamecd48041a-fd90-4dca-9c02-b3cb72b9eb3f)<br> **[I - MSEQX](#classnamecd48041a-fd90-4dca-9c02-b3cb72b9eb3f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classnameae0f62e8-1a66-4905-a78d-e79aaeb8cc79)<br> **[IR - MGHRX](#classnameae0f62e8-1a66-4905-a78d-e79aaeb8cc79)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname75b3f3a7-3748-4d80-959c-7f652c4514fc)<br> **[L - MSHLX](#classname75b3f3a7-3748-4d80-959c-7f652c4514fc)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname78ce17b4-b440-4570-9c1c-519e65d5f329)<br> **[R6 - MGRPX](#classname78ce17b4-b440-4570-9c1c-519e65d5f329)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classname86bedd61-f4fc-4f42-91e3-514ba1edce2b)<br> **[A - MSSMX](#classname86bedd61-f4fc-4f42-91e3-514ba1edce2b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classname2ec915e2-2814-4f97-a86f-c8c1754ce6b5)<br> **[C - MSCOX](#classname2ec915e2-2814-4f97-a86f-c8c1754ce6b5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classnamec1071a57-4984-4c28-bbbf-fbc1d7fbe3d3)<br> **[I - MSSGX](#classnamec1071a57-4984-4c28-bbbf-fbc1d7fbe3d3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classnamea0669367-9660-4943-b664-c5c0605e1a2a)<br> **[L - MSSLX](#classnamea0669367-9660-4943-b664-c5c0605e1a2a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classnameff870e31-1531-4474-bb45-afbf19ce25d7)<br> **[R6 - MFLLX](#classnameff870e31-1531-4474-bb45-afbf19ce25d7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classnamece6dfc62-71d7-432b-8cc1-5cf068abb975)<br> **[A - MFAPX](#classnamece6dfc62-71d7-432b-8cc1-5cf068abb975)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname4cb6d365-370d-459a-80b7-abf87ca4db94)<br> **[C - MSIAX](#classname4cb6d365-370d-459a-80b7-abf87ca4db94)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname39b41026-9d15-4e63-be28-f8015dff3193)<br> **[I - MFAIX](#classname39b41026-9d15-4e63-be28-f8015dff3193)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname4e8aa275-1168-4195-9fe4-f6aebf42258f)<br> **[L - MSALX](#classname4e8aa275-1168-4195-9fe4-f6aebf42258f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname2a565d43-bb47-494b-abb5-6582da57ae8d)<br> **[R6 - IDVSX](#classname2a565d43-bb47-494b-abb5-6582da57ae8d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classnameccaaff0a-6b90-43e5-8194-3682de566a75)<br> **[A - MIQBX](#classnameccaaff0a-6b90-43e5-8194-3682de566a75)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classname20b7c769-0b39-4387-a6cb-09eca25b4e53)<br> **[C - MSECX](#classname20b7c769-0b39-4387-a6cb-09eca25b4e53)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classnamefe1a1797-c257-47e1-a369-bf1920ce425d)<br> **[I - MSIQX](#classnamefe1a1797-c257-47e1-a369-bf1920ce425d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classnamed7e777fe-1089-4396-9465-59e74b7d9530)<br> **[L - MSQLX](#classnamed7e777fe-1089-4396-9465-59e74b7d9530)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classname72c7d69b-5d5c-4b04-bf19-3f1fb0a78590)<br> **[R6 - MIQPX](#classname72c7d69b-5d5c-4b04-bf19-3f1fb0a78590)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname9d9aadad-23de-4a08-b4d7-882c923d57a1)<br> **[A - MIOPX](#classname9d9aadad-23de-4a08-b4d7-882c923d57a1)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname8abafb72-c48a-4e0a-8609-5f49c6524ad5)<br> **[C - MSOCX](#classname8abafb72-c48a-4e0a-8609-5f49c6524ad5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname0f0e2c54-d45f-45cb-950c-97f91c90de8e)<br> **[I - MIOIX](#classname0f0e2c54-d45f-45cb-950c-97f91c90de8e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname63a9bb8c-2003-4eee-8d67-698dc6fe3425)<br> **[IR - MRNPX](#classname63a9bb8c-2003-4eee-8d67-698dc6fe3425)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classnamef6a317e5-4d12-4f33-b9b5-297f443e933b)<br> **[L - MIOLX](#classnamef6a317e5-4d12-4f33-b9b5-297f443e933b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname8ae3c6d1-09bf-4c09-af49-c0247fed91ed)<br> **[R6 - MNOPX](#classname8ae3c6d1-09bf-4c09-af49-c0247fed91ed)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classname8fdc9c6f-f57e-453b-9b55-75fc50b15c9e)<br> **[A - MSDFX](#classname8fdc9c6f-f57e-453b-9b55-75fc50b15c9e)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classname35c5a0dd-ba9f-4ad0-b1cc-827b5a5b3f8b)<br> **[C - MSDEX](#classname35c5a0dd-ba9f-4ad0-b1cc-827b5a5b3f8b)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classnamefb4ff9e4-507a-4093-8aff-9b3ee007cbd7)<br> **[I - MSDKX](#classnamefb4ff9e4-507a-4093-8aff-9b3ee007cbd7)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classname6371f4a0-a661-4e93-9632-844d019846a4)<br> **[R6 - MSCZX](#classname6371f4a0-a661-4e93-9632-844d019846a4)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio](#classname50bbfa2a-d4e9-447f-af7e-9cb4293371af)<br> **[A - MRJAX](#classname50bbfa2a-d4e9-447f-af7e-9cb4293371af)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio](#classnamebb00fad4-27a6-426b-bc6c-41e50283a0c3)<br> **[C - MRJCX](#classnamebb00fad4-27a6-426b-bc6c-41e50283a0c3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio](#classnameb830b90f-a286-4149-bb1d-66ba0544d60b)<br> **[I - MRJIX](#classnameb830b90f-a286-4149-bb1d-66ba0544d60b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio](#classname6a1c6b5c-7740-4862-b737-f36fe42168d9)<br> **[R6 - MRJSX](#classname6a1c6b5c-7740-4862-b737-f36fe42168d9)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio](#classnamebf94c750-bdcd-45d3-a35a-b71c26585eec)<br> **[A - MFMPX](#classnamebf94c750-bdcd-45d3-a35a-b71c26585eec)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio](#classname0dc74eda-b840-4aca-80c8-c2aba219754e)<br> **[C - MSFEX](#classname0dc74eda-b840-4aca-80c8-c2aba219754e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio](#classname63b8c919-fb63-494f-8ac7-1e08dabfc910)<br> **[I - MFMIX](#classname63b8c919-fb63-494f-8ac7-1e08dabfc910)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio](#classname41ef9089-2d68-4679-b495-0facb43560f7)<br> **[L - MFMLX](#classname41ef9089-2d68-4679-b495-0facb43560f7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio](#classnamea14738a0-29eb-42a4-aa74-ddaf5ac039c0)<br> **[R6 - MSRFX](#classnamea14738a0-29eb-42a4-aa74-ddaf5ac039c0)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname1990bc80-2ef5-4713-803d-2d154ce5eabc)<br> **[A - MSIBX](#classname1990bc80-2ef5-4713-803d-2d154ce5eabc)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classnamee6bbf9ff-bd9f-41e6-96a5-a9296ac59d86)<br> **[C - MSAAX](#classnamee6bbf9ff-bd9f-41e6-96a5-a9296ac59d86)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname2c3cbd91-5729-4193-99f7-88273094cec0)<br> **[I - MSACX](#classname2c3cbd91-5729-4193-99f7-88273094cec0)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname369bb13f-367a-4ac8-ad87-c93d3545c9e2)<br> **[IR - MAIHX](#classname369bb13f-367a-4ac8-ad87-c93d3545c9e2)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classnamef413e688-3f6d-48ce-bf6a-6c7d0b1b6c75)<br> **[L - MSLLX](#classnamef413e688-3f6d-48ce-bf6a-6c7d0b1b6c75)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classnameceacdf21-268e-4ef7-8741-6826e470d588)<br> **[R6 - MAIJX](#classnameceacdf21-268e-4ef7-8741-6826e470d588)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classname9e8f7674-c1c9-43ad-b879-47a0c07a5161)<br> **[A - MSHNX](#classname9e8f7674-c1c9-43ad-b879-47a0c07a5161)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classnamefaa82a91-4906-44f2-9f74-e1fa5f2f8a0a)<br> **[C - MSHOX](#classnamefaa82a91-4906-44f2-9f74-e1fa5f2f8a0a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classname018af298-7967-485d-aeea-39a347a9504b)<br> **[I - MSHMX](#classname018af298-7967-485d-aeea-39a347a9504b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classnamefd49a0a5-aa1f-41d5-8cea-9aafbbf1a91f)<br> **[R6 - MSHPX](#classnamefd49a0a5-aa1f-41d5-8cea-9aafbbf1a91f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classnameb8be9f6d-7ebc-41ed-aa21-ba4d9c422f12)<br> **[A - MUOAX](#classnameb8be9f6d-7ebc-41ed-aa21-ba4d9c422f12)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classnamefc94b117-52b9-4904-96e0-ba5ac6e49f16)<br> **[C - MUOCX](#classnamefc94b117-52b9-4904-96e0-ba5ac6e49f16)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classname4b5e1771-4c40-4b68-bddb-ab04130373be)<br> **[I - MUOIX](#classname4b5e1771-4c40-4b68-bddb-ab04130373be)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classname9cb00699-db6d-4a9f-89cf-32670eefc486)<br> **[R6 - MUOSX](#classname9cb00699-db6d-4a9f-89cf-32670eefc486)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classname53a3212b-7c9b-4d5b-b0dd-822ec009b242)<br> **[A - MSVEX](#classname53a3212b-7c9b-4d5b-b0dd-822ec009b242)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classname6e2d8ebc-9ff1-4e43-91cd-f6514b62761a)<br> **[C - MSVMX](#classname6e2d8ebc-9ff1-4e43-91cd-f6514b62761a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classnamee9609818-c3b9-4388-ad9b-d10a6ab9113d)<br> **[I - MSVDX](#classnamee9609818-c3b9-4388-ad9b-d10a6ab9113d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classname358cd54a-bd97-4bb9-ac92-41fa8ab94485)<br> **[R6 - MSVOX](#classname358cd54a-bd97-4bb9-ac92-41fa8ab94485)**  |

---

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class A MAPPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $64 | 1.17%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $229067075 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 27% |

---

## 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 Country Chart](tm2520116d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.5% |
| Industrials | 4.0% |
| Short-Term Investments | 6.6% |
| Health Care | 6.9% |
| Communication Services | 9.2% |
| Financials | 11.3% |
| Consumer, Cyclical | 23.6% |
| Information Technology | 36.9% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.6% |
| MicroStrategy, Inc. | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| Tesla, Inc. | 5.9% |
| DoorDash, Inc. | 5.8% |
| ROBLOX Corp. | 5.7% |
| Shopify, Inc. | 5.4% |
| Crowdstrike Holdings, Inc. | 4.7% |
| Snowflake, Inc. | 4.7% |
| Royalty Pharma PLC | 4.6% |
| Total | 62.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MAPPX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class C MSPRX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $105 | 1.93%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $229067075 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 27% |

---

## 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 Country Chart](tm2520116d1_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.5% |
| Industrials | 4.0% |
| Short-Term Investments | 6.6% |
| Health Care | 6.9% |
| Communication Services | 9.2% |
| Financials | 11.3% |
| Consumer, Cyclical | 23.6% |
| Information Technology | 36.9% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.6% |
| MicroStrategy, Inc. | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| Tesla, Inc. | 5.9% |
| DoorDash, Inc. | 5.8% |
| ROBLOX Corp. | 5.7% |
| Shopify, Inc. | 5.4% |
| Crowdstrike Holdings, Inc. | 4.7% |
| Snowflake, Inc. | 4.7% |
| Royalty Pharma PLC | 4.6% |
| Total | 62.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSPRX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class I MPAIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $46 | 0.84%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $229067075 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 27% |

---

## 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 Country Chart](tm2520116d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.5% |
| Industrials | 4.0% |
| Short-Term Investments | 6.6% |
| Health Care | 6.9% |
| Communication Services | 9.2% |
| Financials | 11.3% |
| Consumer, Cyclical | 23.6% |
| Information Technology | 36.9% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.6% |
| MicroStrategy, Inc. | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| Tesla, Inc. | 5.9% |
| DoorDash, Inc. | 5.8% |
| ROBLOX Corp. | 5.7% |
| Shopify, Inc. | 5.4% |
| Crowdstrike Holdings, Inc. | 4.7% |
| Snowflake, Inc. | 4.7% |
| Royalty Pharma PLC | 4.6% |
| Total | 62.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MPAIX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class L MAPLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $54 | 0.98%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $229067075 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 27% |

---

## 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 Country Chart](tm2520116d1_tsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.5% |
| Industrials | 4.0% |
| Short-Term Investments | 6.6% |
| Health Care | 6.9% |
| Communication Services | 9.2% |
| Financials | 11.3% |
| Consumer, Cyclical | 23.6% |
| Information Technology | 36.9% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.6% |
| MicroStrategy, Inc. | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| Tesla, Inc. | 5.9% |
| DoorDash, Inc. | 5.8% |
| ROBLOX Corp. | 5.7% |
| Shopify, Inc. | 5.4% |
| Crowdstrike Holdings, Inc. | 4.7% |
| Snowflake, Inc. | 4.7% |
| Royalty Pharma PLC | 4.6% |
| Total | 62.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MAPLX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class R6 MADSX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $44 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $229067075 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 27% |

---

## 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 Country Chart](tm2520116d1_tsrimg127.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.5% |
| Industrials | 4.0% |
| Short-Term Investments | 6.6% |
| Health Care | 6.9% |
| Communication Services | 9.2% |
| Financials | 11.3% |
| Consumer, Cyclical | 23.6% |
| Information Technology | 36.9% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.6% |
| MicroStrategy, Inc. | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| Tesla, Inc. | 5.9% |
| DoorDash, Inc. | 5.8% |
| ROBLOX Corp. | 5.7% |
| Shopify, Inc. | 5.4% |
| Crowdstrike Holdings, Inc. | 4.7% |
| Snowflake, Inc. | 4.7% |
| Royalty Pharma PLC | 4.6% |
| Total | 62.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MADSX -TSR-SAR

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

# Class A MSCUX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $53 | 1.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1364777 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 30% |

---

## 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 Country Chart](tm2520116d1_tsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investment Company | 2.1% |
| Communication Services | 5.1% |
| Consumer Discretionary | 6.8% |
| Consumer Staples | 9.6% |
| Health Care | 10.7% |
| Industrials | 11.3% |
| Information Technology | 26.9% |
| Financials | 27.5% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.0% |
| Visa, Inc. | 6.0% |
| Alphabet, Inc. | 5.2% |
| Texas Instruments, Inc. | 4.7% |
| Aon PLC | 4.5% |
| Coca-Cola Co. | 4.4% |
| Roper Technologies, Inc. | 4.0% |
| Booking Holdings, Inc. | 3.9% |
| Intercontinental Exchange, Inc. | 3.9% |
| Accenture PLC | 3.9% |
| Total | 49.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSCUX -TSR-SAR

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

# Class C MSBWX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $91 | 1.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1364777 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 30% |

---

## 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 Country Chart](tm2520116d1_tsrimg110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investment Company | 2.1% |
| Communication Services | 5.1% |
| Consumer Discretionary | 6.8% |
| Consumer Staples | 9.6% |
| Health Care | 10.7% |
| Industrials | 11.3% |
| Information Technology | 26.9% |
| Financials | 27.5% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.0% |
| Visa, Inc. | 6.0% |
| Alphabet, Inc. | 5.2% |
| Texas Instruments, Inc. | 4.7% |
| Aon PLC | 4.5% |
| Coca-Cola Co. | 4.4% |
| Roper Technologies, Inc. | 4.0% |
| Booking Holdings, Inc. | 3.9% |
| Intercontinental Exchange, Inc. | 3.9% |
| Accenture PLC | 3.9% |
| Total | 49.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSBWX -TSR-SAR

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

# Class I MSBVX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $35 | 0.70%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1364777 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 30% |

---

## 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 Country Chart](tm2520116d1_tsrimg067.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investment Company | 2.1% |
| Communication Services | 5.1% |
| Consumer Discretionary | 6.8% |
| Consumer Staples | 9.6% |
| Health Care | 10.7% |
| Industrials | 11.3% |
| Information Technology | 26.9% |
| Financials | 27.5% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.0% |
| Visa, Inc. | 6.0% |
| Alphabet, Inc. | 5.2% |
| Texas Instruments, Inc. | 4.7% |
| Aon PLC | 4.5% |
| Coca-Cola Co. | 4.4% |
| Roper Technologies, Inc. | 4.0% |
| Booking Holdings, Inc. | 3.9% |
| Intercontinental Exchange, Inc. | 3.9% |
| Accenture PLC | 3.9% |
| Total | 49.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSBVX -TSR-SAR

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

# Class R6 MSBQX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $33 | 0.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1364777 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 30% |

---

## 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 Country Chart](tm2520116d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investment Company | 2.1% |
| Communication Services | 5.1% |
| Consumer Discretionary | 6.8% |
| Consumer Staples | 9.6% |
| Health Care | 10.7% |
| Industrials | 11.3% |
| Information Technology | 26.9% |
| Financials | 27.5% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.0% |
| Visa, Inc. | 6.0% |
| Alphabet, Inc. | 5.2% |
| Texas Instruments, Inc. | 4.7% |
| Aon PLC | 4.5% |
| Coca-Cola Co. | 4.4% |
| Roper Technologies, Inc. | 4.0% |
| Booking Holdings, Inc. | 3.9% |
| Intercontinental Exchange, Inc. | 3.9% |
| Accenture PLC | 3.9% |
| Total | 49.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSBQX -TSR-SAR

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

# Class A MSAUX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $73 | 1.42%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $127671114 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 1% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 2.9% |
| United States | 3.4% |
| Singapore | 4.4% |
| Taiwan | 5.3% |
| Korea, Republic of | 15.8% |
| India | 27.3% |
| China | 40.9% |

---

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

---

| | |
|:---|:---|
| Coupang, Inc. | 7.9% |
| ICICI Bank Ltd. | 7.1% |
| Trip.com Group Ltd. | 6.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3% |
| HDFC Bank Ltd. | 5.0% |
| Eternal Ltd. | 4.8% |
| Tencent Holdings Ltd. | 4.6% |
| Full Truck Alliance Co. Ltd. | 4.4% |
| Grab Holdings Ltd. | 4.4% |
| Meituan | 4.3% |
| Total | 54.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSAUX -TSR-SAR

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

# Class C MSAWX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $113 | 2.19%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $127671114 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 1% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 2.9% |
| United States | 3.4% |
| Singapore | 4.4% |
| Taiwan | 5.3% |
| Korea, Republic of | 15.8% |
| India | 27.3% |
| China | 40.9% |

---

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

---

| | |
|:---|:---|
| Coupang, Inc. | 7.9% |
| ICICI Bank Ltd. | 7.1% |
| Trip.com Group Ltd. | 6.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3% |
| HDFC Bank Ltd. | 5.0% |
| Eternal Ltd. | 4.8% |
| Tencent Holdings Ltd. | 4.6% |
| Full Truck Alliance Co. Ltd. | 4.4% |
| Grab Holdings Ltd. | 4.4% |
| Meituan | 4.3% |
| Total | 54.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSAWX -TSR-SAR

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

# Class I MSAQX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $56 | 1.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $127671114 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 1% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 2.9% |
| United States | 3.4% |
| Singapore | 4.4% |
| Taiwan | 5.3% |
| Korea, Republic of | 15.8% |
| India | 27.3% |
| China | 40.9% |

---

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

---

| | |
|:---|:---|
| Coupang, Inc. | 7.9% |
| ICICI Bank Ltd. | 7.1% |
| Trip.com Group Ltd. | 6.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3% |
| HDFC Bank Ltd. | 5.0% |
| Eternal Ltd. | 4.8% |
| Tencent Holdings Ltd. | 4.6% |
| Full Truck Alliance Co. Ltd. | 4.4% |
| Grab Holdings Ltd. | 4.4% |
| Meituan | 4.3% |
| Total | 54.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSAQX -TSR-SAR

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

# Class R6 MSAYX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $54 | 1.04%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $127671114 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 1% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 2.9% |
| United States | 3.4% |
| Singapore | 4.4% |
| Taiwan | 5.3% |
| Korea, Republic of | 15.8% |
| India | 27.3% |
| China | 40.9% |

---

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

---

| | |
|:---|:---|
| Coupang, Inc. | 7.9% |
| ICICI Bank Ltd. | 7.1% |
| Trip.com Group Ltd. | 6.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3% |
| HDFC Bank Ltd. | 5.0% |
| Eternal Ltd. | 4.8% |
| Tencent Holdings Ltd. | 4.6% |
| Full Truck Alliance Co. Ltd. | 4.4% |
| Grab Holdings Ltd. | 4.4% |
| Meituan | 4.3% |
| Total | 54.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSAYX -TSR-SAR

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

# Class A MDOAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $80 | 1.52%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $42326129 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 34% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.2% |
| Singapore | 3.6% |
| Taiwan | 5.2% |
| Brazil | 8.0% |
| United States | 12.6% |
| Korea, Republic of | 13.2% |
| India | 25.2% |
| China | 31.0% |

---

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

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 8.4% |
| Coupang, Inc. | 6.4% |
| ICICI Bank Ltd. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.2% |
| HDFC Bank Ltd. | 4.7% |
| Trip.com Group Ltd. | 4.7% |
| NU Holdings Ltd. | 4.6% |
| Eternal Ltd. | 4.6% |
| Meituan | 4.2% |
| Tencent Holdings Ltd. | 4.0% |
| Total | 52.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MDOAX -TSR-SAR

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

# Class C MDOBX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $120 | 2.27%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $42326129 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 34% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg064.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.2% |
| Singapore | 3.6% |
| Taiwan | 5.2% |
| Brazil | 8.0% |
| United States | 12.6% |
| Korea, Republic of | 13.2% |
| India | 25.2% |
| China | 31.0% |

---

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

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 8.4% |
| Coupang, Inc. | 6.4% |
| ICICI Bank Ltd. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.2% |
| HDFC Bank Ltd. | 4.7% |
| Trip.com Group Ltd. | 4.7% |
| NU Holdings Ltd. | 4.6% |
| Eternal Ltd. | 4.6% |
| Meituan | 4.2% |
| Tencent Holdings Ltd. | 4.0% |
| Total | 52.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MDOBX -TSR-SAR

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

# Class I MDOEX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $62 | 1.17%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $42326129 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 34% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg081.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.2% |
| Singapore | 3.6% |
| Taiwan | 5.2% |
| Brazil | 8.0% |
| United States | 12.6% |
| Korea, Republic of | 13.2% |
| India | 25.2% |
| China | 31.0% |

---

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

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 8.4% |
| Coupang, Inc. | 6.4% |
| ICICI Bank Ltd. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.2% |
| HDFC Bank Ltd. | 4.7% |
| Trip.com Group Ltd. | 4.7% |
| NU Holdings Ltd. | 4.6% |
| Eternal Ltd. | 4.6% |
| Meituan | 4.2% |
| Tencent Holdings Ltd. | 4.0% |
| Total | 52.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MDOEX -TSR-SAR

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

# Class R6 MDODX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $59 | 1.12%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $42326129 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 34% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.2% |
| Singapore | 3.6% |
| Taiwan | 5.2% |
| Brazil | 8.0% |
| United States | 12.6% |
| Korea, Republic of | 13.2% |
| India | 25.2% |
| China | 31.0% |

---

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

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 8.4% |
| Coupang, Inc. | 6.4% |
| ICICI Bank Ltd. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.2% |
| HDFC Bank Ltd. | 4.7% |
| Trip.com Group Ltd. | 4.7% |
| NU Holdings Ltd. | 4.6% |
| Eternal Ltd. | 4.6% |
| Meituan | 4.2% |
| Tencent Holdings Ltd. | 4.0% |
| Total | 52.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MDODX -TSR-SAR

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

# Class A MSDQX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $71 | 1.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7891789 |
| # of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 9% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg131.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.2% |
| United Kingdom | 1.5% |
| Sweden | 1.7% |
| Poland | 4.0% |
| United States | 4.1% |
| Mexico | 4.6% |
| South Africa | 5.1% |
| Brazil | 5.3% |
| Korea, Republic of | 10.5% |
| Taiwan | 25.3% |
| India | 31.7% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.0% |
| Samsung Electronics Co. Ltd. | 5.7% |
| HDFC Bank Ltd. | 3.0% |
| ICICI Bank Ltd. | 3.0% |
| Reliance Industries Ltd. | 2.8% |
| Mahindra & Mahindra Ltd. | 2.7% |
| Capitec Bank Holdings Ltd. | 2.2% |
| KB Financial Group, Inc. | 2.1% |
| Grupa Kety SA | 2.0% |
| Hon Hai Precision Industry Co. Ltd. | 1.8% |
| Total | 42.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSDQX -TSR-SAR

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

# Class C MSDOX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $111 | 2.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7891789 |
| # of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 9% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.2% |
| United Kingdom | 1.5% |
| Sweden | 1.7% |
| Poland | 4.0% |
| United States | 4.1% |
| Mexico | 4.6% |
| South Africa | 5.1% |
| Brazil | 5.3% |
| Korea, Republic of | 10.5% |
| Taiwan | 25.3% |
| India | 31.7% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.0% |
| Samsung Electronics Co. Ltd. | 5.7% |
| HDFC Bank Ltd. | 3.0% |
| ICICI Bank Ltd. | 3.0% |
| Reliance Industries Ltd. | 2.8% |
| Mahindra & Mahindra Ltd. | 2.7% |
| Capitec Bank Holdings Ltd. | 2.2% |
| KB Financial Group, Inc. | 2.1% |
| Grupa Kety SA | 2.0% |
| Hon Hai Precision Industry Co. Ltd. | 1.8% |
| Total | 42.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSDOX -TSR-SAR

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

# Class I MSDUX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $52 | 0.98%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7891789 |
| # of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 9% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg087.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.2% |
| United Kingdom | 1.5% |
| Sweden | 1.7% |
| Poland | 4.0% |
| United States | 4.1% |
| Mexico | 4.6% |
| South Africa | 5.1% |
| Brazil | 5.3% |
| Korea, Republic of | 10.5% |
| Taiwan | 25.3% |
| India | 31.7% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.0% |
| Samsung Electronics Co. Ltd. | 5.7% |
| HDFC Bank Ltd. | 3.0% |
| ICICI Bank Ltd. | 3.0% |
| Reliance Industries Ltd. | 2.8% |
| Mahindra & Mahindra Ltd. | 2.7% |
| Capitec Bank Holdings Ltd. | 2.2% |
| KB Financial Group, Inc. | 2.1% |
| Grupa Kety SA | 2.0% |
| Hon Hai Precision Industry Co. Ltd. | 1.8% |
| Total | 42.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSDUX -TSR-SAR

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

# Class R6 MSDMX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $50 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7891789 |
| # of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 9% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg055.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.2% |
| United Kingdom | 1.5% |
| Sweden | 1.7% |
| Poland | 4.0% |
| United States | 4.1% |
| Mexico | 4.6% |
| South Africa | 5.1% |
| Brazil | 5.3% |
| Korea, Republic of | 10.5% |
| Taiwan | 25.3% |
| India | 31.7% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.0% |
| Samsung Electronics Co. Ltd. | 5.7% |
| HDFC Bank Ltd. | 3.0% |
| ICICI Bank Ltd. | 3.0% |
| Reliance Industries Ltd. | 2.8% |
| Mahindra & Mahindra Ltd. | 2.7% |
| Capitec Bank Holdings Ltd. | 2.2% |
| KB Financial Group, Inc. | 2.1% |
| Grupa Kety SA | 2.0% |
| Hon Hai Precision Industry Co. Ltd. | 1.8% |
| Total | 42.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSDMX -TSR-SAR

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

# Class A MELAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $69 | 1.34%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $155349655 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 29% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Greece | 0.4% |
| United Arab Emirates | 0.4% |
| Singapore | 3.1% |
| Korea, Republic of | 3.9% |
| Mexico | 5.5% |
| Taiwan | 12.8% |
| United States | 13.1% |
| Brazil | 13.9% |
| India | 46.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.7% |
| MercadoLibre, Inc. | 6.8% |
| Localiza Rent a Car SA | 6.2% |
| HDFC Bank Ltd. | 5.4% |
| Grupo Financiero Banorte SAB de CV | 5.3% |
| ICICI Bank Ltd. | 5.0% |
| Bharti Airtel Ltd. | 4.9% |
| KEI Industries Ltd. | 4.5% |
| Varun Beverages Ltd. | 4.4% |
| XP, Inc. | 3.9% |
| Total | 54.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MELAX -TSR-SAR

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

# Class C MEMLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $108 | 2.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $155349655 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 29% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Greece | 0.4% |
| United Arab Emirates | 0.4% |
| Singapore | 3.1% |
| Korea, Republic of | 3.9% |
| Mexico | 5.5% |
| Taiwan | 12.8% |
| United States | 13.1% |
| Brazil | 13.9% |
| India | 46.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.7% |
| MercadoLibre, Inc. | 6.8% |
| Localiza Rent a Car SA | 6.2% |
| HDFC Bank Ltd. | 5.4% |
| Grupo Financiero Banorte SAB de CV | 5.3% |
| ICICI Bank Ltd. | 5.0% |
| Bharti Airtel Ltd. | 4.9% |
| KEI Industries Ltd. | 4.5% |
| Varun Beverages Ltd. | 4.4% |
| XP, Inc. | 3.9% |
| Total | 54.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MEMLX -TSR-SAR

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

# Class I MELIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $51 | 0.98%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $155349655 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 29% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Greece | 0.4% |
| United Arab Emirates | 0.4% |
| Singapore | 3.1% |
| Korea, Republic of | 3.9% |
| Mexico | 5.5% |
| Taiwan | 12.8% |
| United States | 13.1% |
| Brazil | 13.9% |
| India | 46.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.7% |
| MercadoLibre, Inc. | 6.8% |
| Localiza Rent a Car SA | 6.2% |
| HDFC Bank Ltd. | 5.4% |
| Grupo Financiero Banorte SAB de CV | 5.3% |
| ICICI Bank Ltd. | 5.0% |
| Bharti Airtel Ltd. | 4.9% |
| KEI Industries Ltd. | 4.5% |
| Varun Beverages Ltd. | 4.4% |
| XP, Inc. | 3.9% |
| Total | 54.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MELIX -TSR-SAR

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

# Class IR MSIWX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $49 | 0.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $155349655 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 29% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Greece | 0.4% |
| United Arab Emirates | 0.4% |
| Singapore | 3.1% |
| Korea, Republic of | 3.9% |
| Mexico | 5.5% |
| Taiwan | 12.8% |
| United States | 13.1% |
| Brazil | 13.9% |
| India | 46.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.7% |
| MercadoLibre, Inc. | 6.8% |
| Localiza Rent a Car SA | 6.2% |
| HDFC Bank Ltd. | 5.4% |
| Grupo Financiero Banorte SAB de CV | 5.3% |
| ICICI Bank Ltd. | 5.0% |
| Bharti Airtel Ltd. | 4.9% |
| KEI Industries Ltd. | 4.5% |
| Varun Beverages Ltd. | 4.4% |
| XP, Inc. | 3.9% |
| Total | 54.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSIWX -TSR-SAR

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

# Class R6 MELSX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $49 | 0.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $155349655 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 29% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg121.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Greece | 0.4% |
| United Arab Emirates | 0.4% |
| Singapore | 3.1% |
| Korea, Republic of | 3.9% |
| Mexico | 5.5% |
| Taiwan | 12.8% |
| United States | 13.1% |
| Brazil | 13.9% |
| India | 46.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.7% |
| MercadoLibre, Inc. | 6.8% |
| Localiza Rent a Car SA | 6.2% |
| HDFC Bank Ltd. | 5.4% |
| Grupo Financiero Banorte SAB de CV | 5.3% |
| ICICI Bank Ltd. | 5.0% |
| Bharti Airtel Ltd. | 4.9% |
| KEI Industries Ltd. | 4.5% |
| Varun Beverages Ltd. | 4.4% |
| XP, Inc. | 3.9% |
| Total | 54.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MELSX -TSR-SAR

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

# Class A MMKBX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $72 | 1.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $566714105 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 16% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.0% |
| Saudi Arabia | 1.4% |
| Poland | 2.8% |
| South Africa | 3.3% |
| United States | 4.1% |
| Mexico | 4.9% |
| Brazil | 5.1% |
| Korea, Republic of | 8.3% |
| Taiwan | 20.0% |
| China | 21.8% |
| India | 24.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.4% |
| China Construction Bank Corp. | 2.5% |
| Alibaba Group Holding Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.2% |
| ICICI Bank Ltd. | 2.1% |
| BYD Co. Ltd. | 1.9% |
| HDFC Bank Ltd. | 1.8% |
| WEG SA | 1.6% |
| Total | 36.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MMKBX -TSR-SAR

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

# Class C MSEPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $111 | 2.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $566714105 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 16% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.0% |
| Saudi Arabia | 1.4% |
| Poland | 2.8% |
| South Africa | 3.3% |
| United States | 4.1% |
| Mexico | 4.9% |
| Brazil | 5.1% |
| Korea, Republic of | 8.3% |
| Taiwan | 20.0% |
| China | 21.8% |
| India | 24.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.4% |
| China Construction Bank Corp. | 2.5% |
| Alibaba Group Holding Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.2% |
| ICICI Bank Ltd. | 2.1% |
| BYD Co. Ltd. | 1.9% |
| HDFC Bank Ltd. | 1.8% |
| WEG SA | 1.6% |
| Total | 36.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSEPX -TSR-SAR

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

# Class I MGEMX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $53 | 0.99%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $566714105 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 16% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.0% |
| Saudi Arabia | 1.4% |
| Poland | 2.8% |
| South Africa | 3.3% |
| United States | 4.1% |
| Mexico | 4.9% |
| Brazil | 5.1% |
| Korea, Republic of | 8.3% |
| Taiwan | 20.0% |
| China | 21.8% |
| India | 24.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.4% |
| China Construction Bank Corp. | 2.5% |
| Alibaba Group Holding Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.2% |
| ICICI Bank Ltd. | 2.1% |
| BYD Co. Ltd. | 1.9% |
| HDFC Bank Ltd. | 1.8% |
| WEG SA | 1.6% |
| Total | 36.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGEMX -TSR-SAR

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

# Class IR MRGEX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $51 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $566714105 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 16% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg126.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.0% |
| Saudi Arabia | 1.4% |
| Poland | 2.8% |
| South Africa | 3.3% |
| United States | 4.1% |
| Mexico | 4.9% |
| Brazil | 5.1% |
| Korea, Republic of | 8.3% |
| Taiwan | 20.0% |
| China | 21.8% |
| India | 24.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.4% |
| China Construction Bank Corp. | 2.5% |
| Alibaba Group Holding Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.2% |
| ICICI Bank Ltd. | 2.1% |
| BYD Co. Ltd. | 1.9% |
| HDFC Bank Ltd. | 1.8% |
| WEG SA | 1.6% |
| Total | 36.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MRGEX -TSR-SAR

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

# Class L MSELX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $98 | 1.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $566714105 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 16% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.0% |
| Saudi Arabia | 1.4% |
| Poland | 2.8% |
| South Africa | 3.3% |
| United States | 4.1% |
| Mexico | 4.9% |
| Brazil | 5.1% |
| Korea, Republic of | 8.3% |
| Taiwan | 20.0% |
| China | 21.8% |
| India | 24.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.4% |
| China Construction Bank Corp. | 2.5% |
| Alibaba Group Holding Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.2% |
| ICICI Bank Ltd. | 2.1% |
| BYD Co. Ltd. | 1.9% |
| HDFC Bank Ltd. | 1.8% |
| WEG SA | 1.6% |
| Total | 36.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSELX -TSR-SAR

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

# Class R6 MMMPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $51 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $566714105 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 16% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg119.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.0% |
| Saudi Arabia | 1.4% |
| Poland | 2.8% |
| South Africa | 3.3% |
| United States | 4.1% |
| Mexico | 4.9% |
| Brazil | 5.1% |
| Korea, Republic of | 8.3% |
| Taiwan | 20.0% |
| China | 21.8% |
| India | 24.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.4% |
| China Construction Bank Corp. | 2.5% |
| Alibaba Group Holding Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.2% |
| ICICI Bank Ltd. | 2.1% |
| BYD Co. Ltd. | 1.9% |
| HDFC Bank Ltd. | 1.8% |
| WEG SA | 1.6% |
| Total | 36.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MMMPX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio

# Class A MLNAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $68 | 1.29%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $296450224 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 26% |

---

## 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 Country Chart](tm2520116d1_tsrimg130.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Health Care | 1.1% |
| Real Estate | 4.6% |
| Consumer Staples | 5.6% |
| Materials | 5.9% |
| Industrials | 6.0% |
| Consumer Discretionary | 7.4% |
| Communication Services | 14.5% |
| Information Technology | 23.0% |
| Financials | 31.1% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.8% |
| Netflix, Inc. | 7.7% |
| Microsoft Corp. | 7.0% |
| Tencent Holdings Ltd. | 6.8% |
| Progressive Corp. | 6.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.2% |
| CRH PLC | 5.9% |
| Ferrari NV | 5.8% |
| Costco Wholesale Corp. | 5.6% |
| JPMorgan Chase & Co. | 5.4% |
| Total | 66.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MLNAX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio

# Class C MLNCX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $107 | 2.04%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $296450224 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 26% |

---

## 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 Country Chart](tm2520116d1_tsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Health Care | 1.1% |
| Real Estate | 4.6% |
| Consumer Staples | 5.6% |
| Materials | 5.9% |
| Industrials | 6.0% |
| Consumer Discretionary | 7.4% |
| Communication Services | 14.5% |
| Information Technology | 23.0% |
| Financials | 31.1% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.8% |
| Netflix, Inc. | 7.7% |
| Microsoft Corp. | 7.0% |
| Tencent Holdings Ltd. | 6.8% |
| Progressive Corp. | 6.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.2% |
| CRH PLC | 5.9% |
| Ferrari NV | 5.8% |
| Costco Wholesale Corp. | 5.6% |
| JPMorgan Chase & Co. | 5.4% |
| Total | 66.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MLNCX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio

# Class I MLNIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $52 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $296450224 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 26% |

---

## 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 Country Chart](tm2520116d1_tsrimg033.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Health Care | 1.1% |
| Real Estate | 4.6% |
| Consumer Staples | 5.6% |
| Materials | 5.9% |
| Industrials | 6.0% |
| Consumer Discretionary | 7.4% |
| Communication Services | 14.5% |
| Information Technology | 23.0% |
| Financials | 31.1% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.8% |
| Netflix, Inc. | 7.7% |
| Microsoft Corp. | 7.0% |
| Tencent Holdings Ltd. | 6.8% |
| Progressive Corp. | 6.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.2% |
| CRH PLC | 5.9% |
| Ferrari NV | 5.8% |
| Costco Wholesale Corp. | 5.6% |
| JPMorgan Chase & Co. | 5.4% |
| Total | 66.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MLNIX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio

# Class R6 MLNSX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $50 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $296450224 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 26% |

---

## 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 Country Chart](tm2520116d1_tsrimg104.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Health Care | 1.1% |
| Real Estate | 4.6% |
| Consumer Staples | 5.6% |
| Materials | 5.9% |
| Industrials | 6.0% |
| Consumer Discretionary | 7.4% |
| Communication Services | 14.5% |
| Information Technology | 23.0% |
| Financials | 31.1% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.8% |
| Netflix, Inc. | 7.7% |
| Microsoft Corp. | 7.0% |
| Tencent Holdings Ltd. | 6.8% |
| Progressive Corp. | 6.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.2% |
| CRH PLC | 5.9% |
| Ferrari NV | 5.8% |
| Costco Wholesale Corp. | 5.6% |
| JPMorgan Chase & Co. | 5.4% |
| Total | 66.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MLNSX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio

# Class A MLMAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $68 | 1.32%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $44311480 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 22% |

---

## 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 Country Chart](tm2520116d1_tsrimg051.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.8% |
| Energy | 1.7% |
| Real Estate | 2.9% |
| Industrials | 5.5% |
| Materials | 5.8% |
| Communication Services | 11.4% |
| Consumer Discretionary | 20.5% |
| Information Technology | 21.7% |
| Financials | 29.7% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.6% |
| Ferrari NV | 6.0% |
| CRH PLC | 5.5% |
| JPMorgan Chase & Co. | 5.5% |
| Ameriprise Financial, Inc. | 5.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.9% |
| Microsoft Corp. | 4.4% |
| Apple, Inc. | 4.3% |
| Netflix, Inc. | 4.3% |
| Amazon.com, Inc. | 3.9% |
| Total | 50.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MLMAX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio

# Class C MLMCX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $108 | 2.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $44311480 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 22% |

---

## 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 Country Chart](tm2520116d1_tsrimg079.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.8% |
| Energy | 1.7% |
| Real Estate | 2.9% |
| Industrials | 5.5% |
| Materials | 5.8% |
| Communication Services | 11.4% |
| Consumer Discretionary | 20.5% |
| Information Technology | 21.7% |
| Financials | 29.7% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.6% |
| Ferrari NV | 6.0% |
| CRH PLC | 5.5% |
| JPMorgan Chase & Co. | 5.5% |
| Ameriprise Financial, Inc. | 5.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.9% |
| Microsoft Corp. | 4.4% |
| Apple, Inc. | 4.3% |
| Netflix, Inc. | 4.3% |
| Amazon.com, Inc. | 3.9% |
| Total | 50.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MLMCX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio

# Class I MLMIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $51 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $44311480 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 22% |

---

## 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 Country Chart](tm2520116d1_tsrimg075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.8% |
| Energy | 1.7% |
| Real Estate | 2.9% |
| Industrials | 5.5% |
| Materials | 5.8% |
| Communication Services | 11.4% |
| Consumer Discretionary | 20.5% |
| Information Technology | 21.7% |
| Financials | 29.7% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.6% |
| Ferrari NV | 6.0% |
| CRH PLC | 5.5% |
| JPMorgan Chase & Co. | 5.5% |
| Ameriprise Financial, Inc. | 5.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.9% |
| Microsoft Corp. | 4.4% |
| Apple, Inc. | 4.3% |
| Netflix, Inc. | 4.3% |
| Amazon.com, Inc. | 3.9% |
| Total | 50.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MLMIX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio

# Class R6 MLMSX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $49 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $44311480 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 22% |

---

## 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 Country Chart](tm2520116d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.8% |
| Energy | 1.7% |
| Real Estate | 2.9% |
| Industrials | 5.5% |
| Materials | 5.8% |
| Communication Services | 11.4% |
| Consumer Discretionary | 20.5% |
| Information Technology | 21.7% |
| Financials | 29.7% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.6% |
| Ferrari NV | 6.0% |
| CRH PLC | 5.5% |
| JPMorgan Chase & Co. | 5.5% |
| Ameriprise Financial, Inc. | 5.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.9% |
| Microsoft Corp. | 4.4% |
| Apple, Inc. | 4.3% |
| Netflix, Inc. | 4.3% |
| Amazon.com, Inc. | 3.9% |
| Total | 50.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MLMSX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio

# Class A MSJAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $71 | 1.36%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $29628396 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 104% |

---

## 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 Country Chart](tm2520116d1_tsrimg112.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Financials | 1.9% |
| Short-Term Investments | 2.5% |
| Energy | 2.5% |
| Industrials | 10.4% |
| Information Technology | 20.2% |
| Health Care | 28.6% |
| Consumer Discretionary | 32.9% |

---

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

---

| | |
|:---|:---|
| Victoria PLC | 11.8% |
| Appian Corp. | 9.6% |
| Domino's Pizza Group PLC | 4.8% |
| HCA Healthcare, Inc. | 4.7% |
| Floor & Decor Holdings, Inc. | 4.7% |
| QXO, Inc. | 4.3% |
| Arbutus Biopharma Corp. | 4.2% |
| Roivant Sciences Ltd. | 4.1% |
| Core Scientific, Inc. | 4.1% |
| Carvana Co. | 3.6% |
| Total | 55.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSJAX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio

# Class C MSJCX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $110 | 2.12%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $29628396 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 104% |

---

## 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 Country Chart](tm2520116d1_tsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Financials | 1.9% |
| Short-Term Investments | 2.5% |
| Energy | 2.5% |
| Industrials | 10.4% |
| Information Technology | 20.2% |
| Health Care | 28.6% |
| Consumer Discretionary | 32.9% |

---

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

---

| | |
|:---|:---|
| Victoria PLC | 11.8% |
| Appian Corp. | 9.6% |
| Domino's Pizza Group PLC | 4.8% |
| HCA Healthcare, Inc. | 4.7% |
| Floor & Decor Holdings, Inc. | 4.7% |
| QXO, Inc. | 4.3% |
| Arbutus Biopharma Corp. | 4.2% |
| Roivant Sciences Ltd. | 4.1% |
| Core Scientific, Inc. | 4.1% |
| Carvana Co. | 3.6% |
| Total | 55.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSJCX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio

# Class I MSJIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $53 | 1.01%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $29628396 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 104% |

---

## 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 Country Chart](tm2520116d1_tsrimg125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Financials | 1.9% |
| Short-Term Investments | 2.5% |
| Energy | 2.5% |
| Industrials | 10.4% |
| Information Technology | 20.2% |
| Health Care | 28.6% |
| Consumer Discretionary | 32.9% |

---

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

---

| | |
|:---|:---|
| Victoria PLC | 11.8% |
| Appian Corp. | 9.6% |
| Domino's Pizza Group PLC | 4.8% |
| HCA Healthcare, Inc. | 4.7% |
| Floor & Decor Holdings, Inc. | 4.7% |
| QXO, Inc. | 4.3% |
| Arbutus Biopharma Corp. | 4.2% |
| Roivant Sciences Ltd. | 4.1% |
| Core Scientific, Inc. | 4.1% |
| Carvana Co. | 3.6% |
| Total | 55.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSJIX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio

# Class R6 MSJSX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $51 | 0.97%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $29628396 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 104% |

---

## 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 Country Chart](tm2520116d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Financials | 1.9% |
| Short-Term Investments | 2.5% |
| Energy | 2.5% |
| Industrials | 10.4% |
| Information Technology | 20.2% |
| Health Care | 28.6% |
| Consumer Discretionary | 32.9% |

---

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

---

| | |
|:---|:---|
| Victoria PLC | 11.8% |
| Appian Corp. | 9.6% |
| Domino's Pizza Group PLC | 4.8% |
| HCA Healthcare, Inc. | 4.7% |
| Floor & Decor Holdings, Inc. | 4.7% |
| QXO, Inc. | 4.3% |
| Arbutus Biopharma Corp. | 4.2% |
| Roivant Sciences Ltd. | 4.1% |
| Core Scientific, Inc. | 4.1% |
| Carvana Co. | 3.6% |
| Total | 55.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSJSX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio

# Class A MSFBX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $61 | 1.19%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2689245443 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 14% |

---

## 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 Country Chart](tm2520116d1_tsrimg111.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.7% |
| Communication Services | 3.6% |
| Consumer Discretionary | 6.6% |
| Health Care | 11.6% |
| Industrials | 12.5% |
| Consumer Staples | 12.7% |
| Financials | 24.6% |
| Information Technology | 26.7% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| SAP SE | 7.9% |
| Visa, Inc. | 6.4% |
| L'Oreal SA | 4.7% |
| Aon PLC | 4.2% |
| Coca-Cola Co. | 3.7% |
| Booking Holdings, Inc. | 3.6% |
| Alphabet, Inc. | 3.6% |
| RELX PLC | 3.5% |
| Accenture PLC | 3.5% |
| Total | 50.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSFBX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio

# Class C MSGFX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $99 | 1.93%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2689245443 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 14% |

---

## 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 Country Chart](tm2520116d1_tsrimg083.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.7% |
| Communication Services | 3.6% |
| Consumer Discretionary | 6.6% |
| Health Care | 11.6% |
| Industrials | 12.5% |
| Consumer Staples | 12.7% |
| Financials | 24.6% |
| Information Technology | 26.7% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| SAP SE | 7.9% |
| Visa, Inc. | 6.4% |
| L'Oreal SA | 4.7% |
| Aon PLC | 4.2% |
| Coca-Cola Co. | 3.7% |
| Booking Holdings, Inc. | 3.6% |
| Alphabet, Inc. | 3.6% |
| RELX PLC | 3.5% |
| Accenture PLC | 3.5% |
| Total | 50.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSGFX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio

# Class I MSFAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $48 | 0.93%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2689245443 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 14% |

---

## 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 Country Chart](tm2520116d1_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.7% |
| Communication Services | 3.6% |
| Consumer Discretionary | 6.6% |
| Health Care | 11.6% |
| Industrials | 12.5% |
| Consumer Staples | 12.7% |
| Financials | 24.6% |
| Information Technology | 26.7% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| SAP SE | 7.9% |
| Visa, Inc. | 6.4% |
| L'Oreal SA | 4.7% |
| Aon PLC | 4.2% |
| Coca-Cola Co. | 3.7% |
| Booking Holdings, Inc. | 3.6% |
| Alphabet, Inc. | 3.6% |
| RELX PLC | 3.5% |
| Accenture PLC | 3.5% |
| Total | 50.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSFAX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio

# Class L MSFLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $88 | 1.71%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2689245443 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 14% |

---

## 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 Country Chart](tm2520116d1_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.7% |
| Communication Services | 3.6% |
| Consumer Discretionary | 6.6% |
| Health Care | 11.6% |
| Industrials | 12.5% |
| Consumer Staples | 12.7% |
| Financials | 24.6% |
| Information Technology | 26.7% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| SAP SE | 7.9% |
| Visa, Inc. | 6.4% |
| L'Oreal SA | 4.7% |
| Aon PLC | 4.2% |
| Coca-Cola Co. | 3.7% |
| Booking Holdings, Inc. | 3.6% |
| Alphabet, Inc. | 3.6% |
| RELX PLC | 3.5% |
| Accenture PLC | 3.5% |
| Total | 50.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSFLX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio

# Class R6 MGISX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $43 | 0.83%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2689245443 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 14% |

---

## 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 Country Chart](tm2520116d1_tsrimg082.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.7% |
| Communication Services | 3.6% |
| Consumer Discretionary | 6.6% |
| Health Care | 11.6% |
| Industrials | 12.5% |
| Consumer Staples | 12.7% |
| Financials | 24.6% |
| Information Technology | 26.7% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| SAP SE | 7.9% |
| Visa, Inc. | 6.4% |
| L'Oreal SA | 4.7% |
| Aon PLC | 4.2% |
| Coca-Cola Co. | 3.7% |
| Booking Holdings, Inc. | 3.6% |
| Alphabet, Inc. | 3.6% |
| RELX PLC | 3.5% |
| Accenture PLC | 3.5% |
| Total | 50.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGISX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio

# Class A MIGPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $71 | 1.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $65793773 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 44% |

---

## 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 Country Chart](tm2520116d1_tsrimg053.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.5% |
| Real Estate | 2.4% |
| Communication Services | 4.1% |
| Industrials | 5.9% |
| Health Care | 7.8% |
| Financials | 16.3% |
| Consumer Discretionary | 21.3% |
| Information Technology | 40.7% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.1% |
| MercadoLibre, Inc. | 6.7% |
| Affirm Holdings, Inc. | 6.6% |
| MicroStrategy, Inc. | 6.0% |
| Tesla, Inc. | 5.7% |
| Shopify, Inc. | 5.5% |
| Adyen NV | 4.9% |
| Royalty Pharma PLC | 4.8% |
| IonQ, Inc. | 3.7% |
| AppLovin Corp. | 3.6% |
| Total | 59.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MIGPX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio

# Class C MSPTX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $113 | 2.11%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $65793773 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 44% |

---

## 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 Country Chart](tm2520116d1_tsrimg129.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.5% |
| Real Estate | 2.4% |
| Communication Services | 4.1% |
| Industrials | 5.9% |
| Health Care | 7.8% |
| Financials | 16.3% |
| Consumer Discretionary | 21.3% |
| Information Technology | 40.7% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.1% |
| MercadoLibre, Inc. | 6.7% |
| Affirm Holdings, Inc. | 6.6% |
| MicroStrategy, Inc. | 6.0% |
| Tesla, Inc. | 5.7% |
| Shopify, Inc. | 5.5% |
| Adyen NV | 4.9% |
| Royalty Pharma PLC | 4.8% |
| IonQ, Inc. | 3.7% |
| AppLovin Corp. | 3.6% |
| Total | 59.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSPTX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio

# Class I MIGIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $54 | 1.01%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $65793773 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 44% |

---

## 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 Country Chart](tm2520116d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.5% |
| Real Estate | 2.4% |
| Communication Services | 4.1% |
| Industrials | 5.9% |
| Health Care | 7.8% |
| Financials | 16.3% |
| Consumer Discretionary | 21.3% |
| Information Technology | 40.7% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.1% |
| MercadoLibre, Inc. | 6.7% |
| Affirm Holdings, Inc. | 6.6% |
| MicroStrategy, Inc. | 6.0% |
| Tesla, Inc. | 5.7% |
| Shopify, Inc. | 5.5% |
| Adyen NV | 4.9% |
| Royalty Pharma PLC | 4.8% |
| IonQ, Inc. | 3.7% |
| AppLovin Corp. | 3.6% |
| Total | 59.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MIGIX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio

# Class L MIGLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $100 | 1.86%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $65793773 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 44% |

---

## 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 Country Chart](tm2520116d1_tsrimg123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.5% |
| Real Estate | 2.4% |
| Communication Services | 4.1% |
| Industrials | 5.9% |
| Health Care | 7.8% |
| Financials | 16.3% |
| Consumer Discretionary | 21.3% |
| Information Technology | 40.7% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.1% |
| MercadoLibre, Inc. | 6.7% |
| Affirm Holdings, Inc. | 6.6% |
| MicroStrategy, Inc. | 6.0% |
| Tesla, Inc. | 5.7% |
| Shopify, Inc. | 5.5% |
| Adyen NV | 4.9% |
| Royalty Pharma PLC | 4.8% |
| IonQ, Inc. | 3.7% |
| AppLovin Corp. | 3.6% |
| Total | 59.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MIGLX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio

# Class R6 MGZZX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $52 | 0.96%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $65793773 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 44% |

---

## 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 Country Chart](tm2520116d1_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.5% |
| Real Estate | 2.4% |
| Communication Services | 4.1% |
| Industrials | 5.9% |
| Health Care | 7.8% |
| Financials | 16.3% |
| Consumer Discretionary | 21.3% |
| Information Technology | 40.7% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.1% |
| MercadoLibre, Inc. | 6.7% |
| Affirm Holdings, Inc. | 6.6% |
| MicroStrategy, Inc. | 6.0% |
| Tesla, Inc. | 5.7% |
| Shopify, Inc. | 5.5% |
| Adyen NV | 4.9% |
| Royalty Pharma PLC | 4.8% |
| IonQ, Inc. | 3.7% |
| AppLovin Corp. | 3.6% |
| Total | 59.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGZZX -TSR-SAR

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

# Class A MGGPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $65 | 1.21%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3523517337 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 1% |

---

## 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 Country Chart](tm2520116d1_tsrimg063.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.3% |
| Information Technology | 13.8% |
| Industrials | 15.7% |
| Financials | 17.5% |
| Communication Services | 18.1% |
| Consumer Discretionary | 30.6% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.5% |
| Uber Technologies, Inc. | 6.2% |
| Spotify Technology SA | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| DoorDash, Inc. | 5.7% |
| DSV AS | 4.8% |
| ServiceNow, Inc. | 4.5% |
| Schneider Electric SE | 3.9% |
| Amazon.com, Inc. | 3.9% |
| Coupang, Inc. | 3.6% |
| Total | 52.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGGPX -TSR-SAR

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

# Class C MSOPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $104 | 1.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3523517337 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 1% |

---

## 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 Country Chart](tm2520116d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.3% |
| Information Technology | 13.8% |
| Industrials | 15.7% |
| Financials | 17.5% |
| Communication Services | 18.1% |
| Consumer Discretionary | 30.6% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.5% |
| Uber Technologies, Inc. | 6.2% |
| Spotify Technology SA | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| DoorDash, Inc. | 5.7% |
| DSV AS | 4.8% |
| ServiceNow, Inc. | 4.5% |
| Schneider Electric SE | 3.9% |
| Amazon.com, Inc. | 3.9% |
| Coupang, Inc. | 3.6% |
| Total | 52.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSOPX -TSR-SAR

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

# Class I MGGIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $50 | 0.93%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3523517337 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 1% |

---

## 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 Country Chart](tm2520116d1_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.3% |
| Information Technology | 13.8% |
| Industrials | 15.7% |
| Financials | 17.5% |
| Communication Services | 18.1% |
| Consumer Discretionary | 30.6% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.5% |
| Uber Technologies, Inc. | 6.2% |
| Spotify Technology SA | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| DoorDash, Inc. | 5.7% |
| DSV AS | 4.8% |
| ServiceNow, Inc. | 4.5% |
| Schneider Electric SE | 3.9% |
| Amazon.com, Inc. | 3.9% |
| Coupang, Inc. | 3.6% |
| Total | 52.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGGIX -TSR-SAR

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

# Class IR MGORX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $46 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3523517337 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 1% |

---

## 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 Country Chart](tm2520116d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.3% |
| Information Technology | 13.8% |
| Industrials | 15.7% |
| Financials | 17.5% |
| Communication Services | 18.1% |
| Consumer Discretionary | 30.6% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.5% |
| Uber Technologies, Inc. | 6.2% |
| Spotify Technology SA | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| DoorDash, Inc. | 5.7% |
| DSV AS | 4.8% |
| ServiceNow, Inc. | 4.5% |
| Schneider Electric SE | 3.9% |
| Amazon.com, Inc. | 3.9% |
| Coupang, Inc. | 3.6% |
| Total | 52.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGORX -TSR-SAR

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

# Class L MGGLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $69 | 1.29%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3523517337 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 1% |

---

## 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 Country Chart](tm2520116d1_tsrimg066.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.3% |
| Information Technology | 13.8% |
| Industrials | 15.7% |
| Financials | 17.5% |
| Communication Services | 18.1% |
| Consumer Discretionary | 30.6% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.5% |
| Uber Technologies, Inc. | 6.2% |
| Spotify Technology SA | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| DoorDash, Inc. | 5.7% |
| DSV AS | 4.8% |
| ServiceNow, Inc. | 4.5% |
| Schneider Electric SE | 3.9% |
| Amazon.com, Inc. | 3.9% |
| Coupang, Inc. | 3.6% |
| Total | 52.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGGLX -TSR-SAR

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

# Class R6 MGTSX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $46 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3523517337 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 1% |

---

## 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 Country Chart](tm2520116d1_tsrimg109.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.3% |
| Information Technology | 13.8% |
| Industrials | 15.7% |
| Financials | 17.5% |
| Communication Services | 18.1% |
| Consumer Discretionary | 30.6% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.5% |
| Uber Technologies, Inc. | 6.2% |
| Spotify Technology SA | 6.0% |
| MercadoLibre, Inc. | 6.0% |
| DoorDash, Inc. | 5.7% |
| DSV AS | 4.8% |
| ServiceNow, Inc. | 4.5% |
| Schneider Electric SE | 3.9% |
| Amazon.com, Inc. | 3.9% |
| Coupang, Inc. | 3.6% |
| Total | 52.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGTSX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio

# Class A MGKAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $76 | 1.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4227944 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 37% |

---

## 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 Country Chart](tm2520116d1_tsrimg080.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.1% |
| Energy | 1.8% |
| Short-Term Investments | 2.4% |
| Consumer Staples | 3.0% |
| Materials | 6.2% |
| Real Estate | 7.3% |
| Financials | 9.1% |
| Consumer Discretionary | 12.5% |
| Health Care | 14.1% |
| Information Technology | 18.7% |
| Industrials | 24.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.8% |
| Babcock International Group PLC | 6.7% |
| Royalty Pharma PLC | 6.7% |
| QXO, Inc. | 6.4% |
| Eurofins Scientific SE | 5.1% |
| Core & Main, Inc. | 5.0% |
| Landbridge Co. LLC | 4.8% |
| ASML Holding NV | 4.7% |
| Royal Gold, Inc. | 4.6% |
| Canadian National Railway Co. | 4.6% |
| Total | 62.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGKAX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio

# Class C MGKCX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $118 | 2.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4227944 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 37% |

---

## 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 Country Chart](tm2520116d1_tsrimg124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.1% |
| Energy | 1.8% |
| Short-Term Investments | 2.4% |
| Consumer Staples | 3.0% |
| Materials | 6.2% |
| Real Estate | 7.3% |
| Financials | 9.1% |
| Consumer Discretionary | 12.5% |
| Health Care | 14.1% |
| Information Technology | 18.7% |
| Industrials | 24.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.8% |
| Babcock International Group PLC | 6.7% |
| Royalty Pharma PLC | 6.7% |
| QXO, Inc. | 6.4% |
| Eurofins Scientific SE | 5.1% |
| Core & Main, Inc. | 5.0% |
| Landbridge Co. LLC | 4.8% |
| ASML Holding NV | 4.7% |
| Royal Gold, Inc. | 4.6% |
| Canadian National Railway Co. | 4.6% |
| Total | 62.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGKCX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio

# Class I MGKIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $56 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4227944 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 37% |

---

## 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 Country Chart](tm2520116d1_tsrimg091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.1% |
| Energy | 1.8% |
| Short-Term Investments | 2.4% |
| Consumer Staples | 3.0% |
| Materials | 6.2% |
| Real Estate | 7.3% |
| Financials | 9.1% |
| Consumer Discretionary | 12.5% |
| Health Care | 14.1% |
| Information Technology | 18.7% |
| Industrials | 24.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.8% |
| Babcock International Group PLC | 6.7% |
| Royalty Pharma PLC | 6.7% |
| QXO, Inc. | 6.4% |
| Eurofins Scientific SE | 5.1% |
| Core & Main, Inc. | 5.0% |
| Landbridge Co. LLC | 4.8% |
| ASML Holding NV | 4.7% |
| Royal Gold, Inc. | 4.6% |
| Canadian National Railway Co. | 4.6% |
| Total | 62.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGKIX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio

# Class R6 MGKQX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $53 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4227944 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 37% |

---

## 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 Country Chart](tm2520116d1_tsrimg095.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.1% |
| Energy | 1.8% |
| Short-Term Investments | 2.4% |
| Consumer Staples | 3.0% |
| Materials | 6.2% |
| Real Estate | 7.3% |
| Financials | 9.1% |
| Consumer Discretionary | 12.5% |
| Health Care | 14.1% |
| Information Technology | 18.7% |
| Industrials | 24.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.8% |
| Babcock International Group PLC | 6.7% |
| Royalty Pharma PLC | 6.7% |
| QXO, Inc. | 6.4% |
| Eurofins Scientific SE | 5.1% |
| Core & Main, Inc. | 5.0% |
| Landbridge Co. LLC | 4.8% |
| ASML Holding NV | 4.7% |
| Royal Gold, Inc. | 4.6% |
| Canadian National Railway Co. | 4.6% |
| Total | 62.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGKQX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio

# Class A MGQAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $60 | 1.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $49781352 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 20% |

---

## 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 Country Chart](tm2520116d1_tsrimg118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Consumer, Non-Cyclical | 2.0% |
| Health Care | 6.6% |
| Consumer, Cyclical | 8.4% |
| Communication Services | 9.0% |
| Industrials | 18.4% |
| Financials | 23.0% |
| Information Technology | 31.2% |

---

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

---

| | |
|:---|:---|
| SAP SE | 7.8% |
| Visa, Inc. | 4.4% |
| Microsoft Corp. | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| Uber Technologies, Inc. | 3.5% |
| Netflix, Inc. | 3.5% |
| Mastercard, Inc. | 3.5% |
| Alphabet, Inc. | 3.4% |
| Booking Holdings, Inc. | 3.3% |
| Halma PLC | 3.2% |
| Total | 39.8% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGQAX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio

# Class C MSGQX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $99 | 1.90%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $49781352 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 20% |

---

## 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 Country Chart](tm2520116d1_tsrimg120.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Consumer, Non-Cyclical | 2.0% |
| Health Care | 6.6% |
| Consumer, Cyclical | 8.4% |
| Communication Services | 9.0% |
| Industrials | 18.4% |
| Financials | 23.0% |
| Information Technology | 31.2% |

---

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

---

| | |
|:---|:---|
| SAP SE | 7.8% |
| Visa, Inc. | 4.4% |
| Microsoft Corp. | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| Uber Technologies, Inc. | 3.5% |
| Netflix, Inc. | 3.5% |
| Mastercard, Inc. | 3.5% |
| Alphabet, Inc. | 3.4% |
| Booking Holdings, Inc. | 3.3% |
| Halma PLC | 3.2% |
| Total | 39.8% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSGQX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio

# Class I MGQIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $42 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $49781352 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 20% |

---

## 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 Country Chart](tm2520116d1_tsrimg108.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Consumer, Non-Cyclical | 2.0% |
| Health Care | 6.6% |
| Consumer, Cyclical | 8.4% |
| Communication Services | 9.0% |
| Industrials | 18.4% |
| Financials | 23.0% |
| Information Technology | 31.2% |

---

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

---

| | |
|:---|:---|
| SAP SE | 7.8% |
| Visa, Inc. | 4.4% |
| Microsoft Corp. | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| Uber Technologies, Inc. | 3.5% |
| Netflix, Inc. | 3.5% |
| Mastercard, Inc. | 3.5% |
| Alphabet, Inc. | 3.4% |
| Booking Holdings, Inc. | 3.3% |
| Halma PLC | 3.2% |
| Total | 39.8% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGQIX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio

# Class L MGQLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $86 | 1.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $49781352 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 20% |

---

## 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 Country Chart](tm2520116d1_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Consumer, Non-Cyclical | 2.0% |
| Health Care | 6.6% |
| Consumer, Cyclical | 8.4% |
| Communication Services | 9.0% |
| Industrials | 18.4% |
| Financials | 23.0% |
| Information Technology | 31.2% |

---

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

---

| | |
|:---|:---|
| SAP SE | 7.8% |
| Visa, Inc. | 4.4% |
| Microsoft Corp. | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| Uber Technologies, Inc. | 3.5% |
| Netflix, Inc. | 3.5% |
| Mastercard, Inc. | 3.5% |
| Alphabet, Inc. | 3.4% |
| Booking Holdings, Inc. | 3.3% |
| Halma PLC | 3.2% |
| Total | 39.8% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGQLX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio

# Class R6 MGQSX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $39 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $49781352 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 20% |

---

## 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 Country Chart](tm2520116d1_tsrimg094.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Consumer, Non-Cyclical | 2.0% |
| Health Care | 6.6% |
| Consumer, Cyclical | 8.4% |
| Communication Services | 9.0% |
| Industrials | 18.4% |
| Financials | 23.0% |
| Information Technology | 31.2% |

---

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

---

| | |
|:---|:---|
| SAP SE | 7.8% |
| Visa, Inc. | 4.4% |
| Microsoft Corp. | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| Uber Technologies, Inc. | 3.5% |
| Netflix, Inc. | 3.5% |
| Mastercard, Inc. | 3.5% |
| Alphabet, Inc. | 3.4% |
| Booking Holdings, Inc. | 3.3% |
| Halma PLC | 3.2% |
| Total | 39.8% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGQSX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class A MSEGX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $48 | 0.88%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4498207272 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 39% |

---

## 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 Country Chart](tm2520116d1_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Industrials | 4.9% |
| Health Care | 5.7% |
| Communication Services | 5.9% |
| Financials | 12.4% |
| Consumer Discretionary | 17.3% |
| Information Technology | 52.4% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 14.4% |
| Tesla, Inc. | 6.5% |
| MicroStrategy, Inc. | 6.4% |
| Affirm Holdings, Inc. | 6.3% |
| ROBLOX Corp. | 5.9% |
| AppLovin Corp. | 5.2% |
| DoorDash, Inc. | 5.0% |
| Crowdstrike Holdings, Inc. | 4.9% |
| MercadoLibre, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Total | 64.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSEGX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class C MSGUX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $88 | 1.63%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4498207272 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 39% |

---

## 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 Country Chart](tm2520116d1_tsrimg052.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Industrials | 4.9% |
| Health Care | 5.7% |
| Communication Services | 5.9% |
| Financials | 12.4% |
| Consumer Discretionary | 17.3% |
| Information Technology | 52.4% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 14.4% |
| Tesla, Inc. | 6.5% |
| MicroStrategy, Inc. | 6.4% |
| Affirm Holdings, Inc. | 6.3% |
| ROBLOX Corp. | 5.9% |
| AppLovin Corp. | 5.2% |
| DoorDash, Inc. | 5.0% |
| Crowdstrike Holdings, Inc. | 4.9% |
| MercadoLibre, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Total | 64.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSGUX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class I MSEQX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $34 | 0.63%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4498207272 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 39% |

---

## 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 Country Chart](tm2520116d1_tsrimg050.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Industrials | 4.9% |
| Health Care | 5.7% |
| Communication Services | 5.9% |
| Financials | 12.4% |
| Consumer Discretionary | 17.3% |
| Information Technology | 52.4% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 14.4% |
| Tesla, Inc. | 6.5% |
| MicroStrategy, Inc. | 6.4% |
| Affirm Holdings, Inc. | 6.3% |
| ROBLOX Corp. | 5.9% |
| AppLovin Corp. | 5.2% |
| DoorDash, Inc. | 5.0% |
| Crowdstrike Holdings, Inc. | 4.9% |
| MercadoLibre, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Total | 64.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSEQX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class IR MGHRX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $29 | 0.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4498207272 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 39% |

---

## 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 Country Chart](tm2520116d1_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Industrials | 4.9% |
| Health Care | 5.7% |
| Communication Services | 5.9% |
| Financials | 12.4% |
| Consumer Discretionary | 17.3% |
| Information Technology | 52.4% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 14.4% |
| Tesla, Inc. | 6.5% |
| MicroStrategy, Inc. | 6.4% |
| Affirm Holdings, Inc. | 6.3% |
| ROBLOX Corp. | 5.9% |
| AppLovin Corp. | 5.2% |
| DoorDash, Inc. | 5.0% |
| Crowdstrike Holdings, Inc. | 4.9% |
| MercadoLibre, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Total | 64.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGHRX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class L MSHLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $75 | 1.38%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4498207272 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 39% |

---

## 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 Country Chart](tm2520116d1_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Industrials | 4.9% |
| Health Care | 5.7% |
| Communication Services | 5.9% |
| Financials | 12.4% |
| Consumer Discretionary | 17.3% |
| Information Technology | 52.4% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 14.4% |
| Tesla, Inc. | 6.5% |
| MicroStrategy, Inc. | 6.4% |
| Affirm Holdings, Inc. | 6.3% |
| ROBLOX Corp. | 5.9% |
| AppLovin Corp. | 5.2% |
| DoorDash, Inc. | 5.0% |
| Crowdstrike Holdings, Inc. | 4.9% |
| MercadoLibre, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Total | 64.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSHLX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class R6 MGRPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $29 | 0.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4498207272 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 39% |

---

## 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 Country Chart](tm2520116d1_tsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Industrials | 4.9% |
| Health Care | 5.7% |
| Communication Services | 5.9% |
| Financials | 12.4% |
| Consumer Discretionary | 17.3% |
| Information Technology | 52.4% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 14.4% |
| Tesla, Inc. | 6.5% |
| MicroStrategy, Inc. | 6.4% |
| Affirm Holdings, Inc. | 6.3% |
| ROBLOX Corp. | 5.9% |
| AppLovin Corp. | 5.2% |
| DoorDash, Inc. | 5.0% |
| Crowdstrike Holdings, Inc. | 4.9% |
| MercadoLibre, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Total | 64.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MGRPX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class A MSSMX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $67 | 1.32%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $339967657 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 38% |

---

## 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 Country Chart](tm2520116d1_tsrimg117.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.5% |
| Communication Services | 2.0% |
| Materials | 2.3% |
| Short-Term Investments | 2.7% |
| Industrials | 4.5% |
| Real Estate | 5.2% |
| Financials | 6.1% |
| Consumer Staples | 9.4% |
| Health Care | 17.9% |
| Consumer Discretionary | 18.7% |
| Information Technology | 30.7% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.8% |
| Oddity Tech Ltd. | 6.6% |
| IonQ, Inc. | 5.9% |
| Global-e Online Ltd. | 5.3% |
| Landbridge Co. LLC | 5.1% |
| MicroStrategy, Inc. | 5.0% |
| Roivant Sciences Ltd. | 4.8% |
| Aurora Innovation, Inc. | 3.9% |
| Peloton Interactive, Inc. | 3.8% |
| iShares Bitcoin Trust ETF | 3.7% |
| Total | 57.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSSMX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class C MSCOX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $106 | 2.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $339967657 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 38% |

---

## 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 Country Chart](tm2520116d1_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.5% |
| Communication Services | 2.0% |
| Materials | 2.3% |
| Short-Term Investments | 2.7% |
| Industrials | 4.5% |
| Real Estate | 5.2% |
| Financials | 6.1% |
| Consumer Staples | 9.4% |
| Health Care | 17.9% |
| Consumer Discretionary | 18.7% |
| Information Technology | 30.7% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.8% |
| Oddity Tech Ltd. | 6.6% |
| IonQ, Inc. | 5.9% |
| Global-e Online Ltd. | 5.3% |
| Landbridge Co. LLC | 5.1% |
| MicroStrategy, Inc. | 5.0% |
| Roivant Sciences Ltd. | 4.8% |
| Aurora Innovation, Inc. | 3.9% |
| Peloton Interactive, Inc. | 3.8% |
| iShares Bitcoin Trust ETF | 3.7% |
| Total | 57.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSCOX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class I MSSGX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $50 | 0.99%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $339967657 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 38% |

---

## 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 Country Chart](tm2520116d1_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.5% |
| Communication Services | 2.0% |
| Materials | 2.3% |
| Short-Term Investments | 2.7% |
| Industrials | 4.5% |
| Real Estate | 5.2% |
| Financials | 6.1% |
| Consumer Staples | 9.4% |
| Health Care | 17.9% |
| Consumer Discretionary | 18.7% |
| Information Technology | 30.7% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.8% |
| Oddity Tech Ltd. | 6.6% |
| IonQ, Inc. | 5.9% |
| Global-e Online Ltd. | 5.3% |
| Landbridge Co. LLC | 5.1% |
| MicroStrategy, Inc. | 5.0% |
| Roivant Sciences Ltd. | 4.8% |
| Aurora Innovation, Inc. | 3.9% |
| Peloton Interactive, Inc. | 3.8% |
| iShares Bitcoin Trust ETF | 3.7% |
| Total | 57.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSSGX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class L MSSLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $93 | 1.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $339967657 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 38% |

---

## 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 Country Chart](tm2520116d1_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.5% |
| Communication Services | 2.0% |
| Materials | 2.3% |
| Short-Term Investments | 2.7% |
| Industrials | 4.5% |
| Real Estate | 5.2% |
| Financials | 6.1% |
| Consumer Staples | 9.4% |
| Health Care | 17.9% |
| Consumer Discretionary | 18.7% |
| Information Technology | 30.7% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.8% |
| Oddity Tech Ltd. | 6.6% |
| IonQ, Inc. | 5.9% |
| Global-e Online Ltd. | 5.3% |
| Landbridge Co. LLC | 5.1% |
| MicroStrategy, Inc. | 5.0% |
| Roivant Sciences Ltd. | 4.8% |
| Aurora Innovation, Inc. | 3.9% |
| Peloton Interactive, Inc. | 3.8% |
| iShares Bitcoin Trust ETF | 3.7% |
| Total | 57.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSSLX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class R6 MFLLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $47 | 0.93%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $339967657 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 38% |

---

## 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 Country Chart](tm2520116d1_tsrimg100.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.5% |
| Communication Services | 2.0% |
| Materials | 2.3% |
| Short-Term Investments | 2.7% |
| Industrials | 4.5% |
| Real Estate | 5.2% |
| Financials | 6.1% |
| Consumer Staples | 9.4% |
| Health Care | 17.9% |
| Consumer Discretionary | 18.7% |
| Information Technology | 30.7% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.8% |
| Oddity Tech Ltd. | 6.6% |
| IonQ, Inc. | 5.9% |
| Global-e Online Ltd. | 5.3% |
| Landbridge Co. LLC | 5.1% |
| MicroStrategy, Inc. | 5.0% |
| Roivant Sciences Ltd. | 4.8% |
| Aurora Innovation, Inc. | 3.9% |
| Peloton Interactive, Inc. | 3.8% |
| iShares Bitcoin Trust ETF | 3.7% |
| Total | 57.9% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MFLLX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class A MFAPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $69 | 1.28%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2866106316 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 0% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.7% |
| Italy | 5.1% |
| Taiwan | 5.4% |
| Netherlands | 5.5% |
| Switzerland | 5.9% |
| India | 8.0% |
| Denmark | 8.1% |
| Canada | 8.5% |
| Sweden | 9.0% |
| United States | 9.0% |
| France | 20.8% |

---

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

---

| | |
|:---|:---|
| Spotify Technology SA | 9.0% |
| Hermes International SCA | 8.6% |
| DSV AS | 8.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.4% |
| Moncler SpA | 5.1% |
| Schneider Electric SE | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| L'Oreal SA | 4.0% |
| ASML Holding NV | 3.8% |
| Keyence Corp. | 3.5% |
| Total | 57.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MFAPX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class C MSIAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $109 | 2.03%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2866106316 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 0% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.7% |
| Italy | 5.1% |
| Taiwan | 5.4% |
| Netherlands | 5.5% |
| Switzerland | 5.9% |
| India | 8.0% |
| Denmark | 8.1% |
| Canada | 8.5% |
| Sweden | 9.0% |
| United States | 9.0% |
| France | 20.8% |

---

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

---

| | |
|:---|:---|
| Spotify Technology SA | 9.0% |
| Hermes International SCA | 8.6% |
| DSV AS | 8.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.4% |
| Moncler SpA | 5.1% |
| Schneider Electric SE | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| L'Oreal SA | 4.0% |
| ASML Holding NV | 3.8% |
| Keyence Corp. | 3.5% |
| Total | 57.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSIAX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class I MFAIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $54 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2866106316 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 0% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg132.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.7% |
| Italy | 5.1% |
| Taiwan | 5.4% |
| Netherlands | 5.5% |
| Switzerland | 5.9% |
| India | 8.0% |
| Denmark | 8.1% |
| Canada | 8.5% |
| Sweden | 9.0% |
| United States | 9.0% |
| France | 20.8% |

---

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

---

| | |
|:---|:---|
| Spotify Technology SA | 9.0% |
| Hermes International SCA | 8.6% |
| DSV AS | 8.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.4% |
| Moncler SpA | 5.1% |
| Schneider Electric SE | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| L'Oreal SA | 4.0% |
| ASML Holding NV | 3.8% |
| Keyence Corp. | 3.5% |
| Total | 57.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MFAIX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class L MSALX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $99 | 1.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2866106316 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 0% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.7% |
| Italy | 5.1% |
| Taiwan | 5.4% |
| Netherlands | 5.5% |
| Switzerland | 5.9% |
| India | 8.0% |
| Denmark | 8.1% |
| Canada | 8.5% |
| Sweden | 9.0% |
| United States | 9.0% |
| France | 20.8% |

---

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

---

| | |
|:---|:---|
| Spotify Technology SA | 9.0% |
| Hermes International SCA | 8.6% |
| DSV AS | 8.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.4% |
| Moncler SpA | 5.1% |
| Schneider Electric SE | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| L'Oreal SA | 4.0% |
| ASML Holding NV | 3.8% |
| Keyence Corp. | 3.5% |
| Total | 57.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSALX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class R6 IDVSX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $48 | 0.90%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2866106316 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 0% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg133.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.7% |
| Italy | 5.1% |
| Taiwan | 5.4% |
| Netherlands | 5.5% |
| Switzerland | 5.9% |
| India | 8.0% |
| Denmark | 8.1% |
| Canada | 8.5% |
| Sweden | 9.0% |
| United States | 9.0% |
| France | 20.8% |

---

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

---

| | |
|:---|:---|
| Spotify Technology SA | 9.0% |
| Hermes International SCA | 8.6% |
| DSV AS | 8.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.4% |
| Moncler SpA | 5.1% |
| Schneider Electric SE | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| L'Oreal SA | 4.0% |
| ASML Holding NV | 3.8% |
| Keyence Corp. | 3.5% |
| Total | 57.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# IDVSX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class A MIQBX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $70 | 1.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $474947003 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 23% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.2% |
| Taiwan | 2.7% |
| Sweden | 3.3% |
| Denmark | 4.2% |
| Canada | 4.2% |
| Finland | 4.3% |
| Netherlands | 6.2% |
| Japan | 7.7% |
| Germany | 10.4% |
| France | 16.8% |
| United Kingdom | 26.0% |

---

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

---

| | |
|:---|:---|
| SAP SE | 4.1% |
| L'Oreal SA | 3.5% |
| Safran SA | 3.0% |
| Haleon PLC | 2.9% |
| Halma PLC | 2.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |
| Keyence Corp. | 2.7% |
| Amadeus IT Group SA | 2.6% |
| Capgemini SE | 2.5% |
| ASML Holding NV | 2.5% |
| Total | 29.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MIQBX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class C MSECX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $111 | 2.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $474947003 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 23% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg047.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.2% |
| Taiwan | 2.7% |
| Sweden | 3.3% |
| Denmark | 4.2% |
| Canada | 4.2% |
| Finland | 4.3% |
| Netherlands | 6.2% |
| Japan | 7.7% |
| Germany | 10.4% |
| France | 16.8% |
| United Kingdom | 26.0% |

---

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

---

| | |
|:---|:---|
| SAP SE | 4.1% |
| L'Oreal SA | 3.5% |
| Safran SA | 3.0% |
| Haleon PLC | 2.9% |
| Halma PLC | 2.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |
| Keyence Corp. | 2.7% |
| Amadeus IT Group SA | 2.6% |
| Capgemini SE | 2.5% |
| ASML Holding NV | 2.5% |
| Total | 29.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSECX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class I MSIQX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $51 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $474947003 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 23% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg026.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.2% |
| Taiwan | 2.7% |
| Sweden | 3.3% |
| Denmark | 4.2% |
| Canada | 4.2% |
| Finland | 4.3% |
| Netherlands | 6.2% |
| Japan | 7.7% |
| Germany | 10.4% |
| France | 16.8% |
| United Kingdom | 26.0% |

---

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

---

| | |
|:---|:---|
| SAP SE | 4.1% |
| L'Oreal SA | 3.5% |
| Safran SA | 3.0% |
| Haleon PLC | 2.9% |
| Halma PLC | 2.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |
| Keyence Corp. | 2.7% |
| Amadeus IT Group SA | 2.6% |
| Capgemini SE | 2.5% |
| ASML Holding NV | 2.5% |
| Total | 29.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSIQX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class L MSQLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $97 | 1.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $474947003 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 23% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg031.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.2% |
| Taiwan | 2.7% |
| Sweden | 3.3% |
| Denmark | 4.2% |
| Canada | 4.2% |
| Finland | 4.3% |
| Netherlands | 6.2% |
| Japan | 7.7% |
| Germany | 10.4% |
| France | 16.8% |
| United Kingdom | 26.0% |

---

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

---

| | |
|:---|:---|
| SAP SE | 4.1% |
| L'Oreal SA | 3.5% |
| Safran SA | 3.0% |
| Haleon PLC | 2.9% |
| Halma PLC | 2.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |
| Keyence Corp. | 2.7% |
| Amadeus IT Group SA | 2.6% |
| Capgemini SE | 2.5% |
| ASML Holding NV | 2.5% |
| Total | 29.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSQLX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class R6 MIQPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $49 | 0.91%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $474947003 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 23% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg122.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.2% |
| Taiwan | 2.7% |
| Sweden | 3.3% |
| Denmark | 4.2% |
| Canada | 4.2% |
| Finland | 4.3% |
| Netherlands | 6.2% |
| Japan | 7.7% |
| Germany | 10.4% |
| France | 16.8% |
| United Kingdom | 26.0% |

---

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

---

| | |
|:---|:---|
| SAP SE | 4.1% |
| L'Oreal SA | 3.5% |
| Safran SA | 3.0% |
| Haleon PLC | 2.9% |
| Halma PLC | 2.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |
| Keyence Corp. | 2.7% |
| Amadeus IT Group SA | 2.6% |
| Capgemini SE | 2.5% |
| ASML Holding NV | 2.5% |
| Total | 29.3% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MIQPX -TSR-SAR

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

# Class A MIOPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $71 | 1.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $819704151 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 2% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Netherlands | 4.2% |
| Japan | 6.0% |
| Brazil | 6.1% |
| Denmark | 6.2% |
| Sweden | 7.0% |
| Korea, Republic of | 8.1% |
| China | 10.1% |
| United States | 10.9% |
| France | 11.6% |
| India | 12.8% |

---

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

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 7.3% |
| Spotify Technology SA | 7.0% |
| DSV AS | 6.2% |
| Coupang, Inc. | 4.9% |
| Schneider Electric SE | 4.5% |
| Sanrio Co. Ltd. | 4.2% |
| Hermes International SCA | 4.2% |
| NU Holdings Ltd. | 4.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| ICICI Bank Ltd. | 3.8% |
| Total | 50.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MIOPX -TSR-SAR

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

# Class C MSOCX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $112 | 2.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $819704151 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 2% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg098.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Netherlands | 4.2% |
| Japan | 6.0% |
| Brazil | 6.1% |
| Denmark | 6.2% |
| Sweden | 7.0% |
| Korea, Republic of | 8.1% |
| China | 10.1% |
| United States | 10.9% |
| France | 11.6% |
| India | 12.8% |

---

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

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 7.3% |
| Spotify Technology SA | 7.0% |
| DSV AS | 6.2% |
| Coupang, Inc. | 4.9% |
| Schneider Electric SE | 4.5% |
| Sanrio Co. Ltd. | 4.2% |
| Hermes International SCA | 4.2% |
| NU Holdings Ltd. | 4.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| ICICI Bank Ltd. | 3.8% |
| Total | 50.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSOCX -TSR-SAR

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

# Class I MIOIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $54 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $819704151 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 2% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg102.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Netherlands | 4.2% |
| Japan | 6.0% |
| Brazil | 6.1% |
| Denmark | 6.2% |
| Sweden | 7.0% |
| Korea, Republic of | 8.1% |
| China | 10.1% |
| United States | 10.9% |
| France | 11.6% |
| India | 12.8% |

---

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

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 7.3% |
| Spotify Technology SA | 7.0% |
| DSV AS | 6.2% |
| Coupang, Inc. | 4.9% |
| Schneider Electric SE | 4.5% |
| Sanrio Co. Ltd. | 4.2% |
| Hermes International SCA | 4.2% |
| NU Holdings Ltd. | 4.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| ICICI Bank Ltd. | 3.8% |
| Total | 50.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MIOIX -TSR-SAR

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

# Class IR MRNPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $51 | 0.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $819704151 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 2% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Netherlands | 4.2% |
| Japan | 6.0% |
| Brazil | 6.1% |
| Denmark | 6.2% |
| Sweden | 7.0% |
| Korea, Republic of | 8.1% |
| China | 10.1% |
| United States | 10.9% |
| France | 11.6% |
| India | 12.8% |

---

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

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 7.3% |
| Spotify Technology SA | 7.0% |
| DSV AS | 6.2% |
| Coupang, Inc. | 4.9% |
| Schneider Electric SE | 4.5% |
| Sanrio Co. Ltd. | 4.2% |
| Hermes International SCA | 4.2% |
| NU Holdings Ltd. | 4.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| ICICI Bank Ltd. | 3.8% |
| Total | 50.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MRNPX -TSR-SAR

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

# Class L MIOLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $99 | 1.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $819704151 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 2% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Netherlands | 4.2% |
| Japan | 6.0% |
| Brazil | 6.1% |
| Denmark | 6.2% |
| Sweden | 7.0% |
| Korea, Republic of | 8.1% |
| China | 10.1% |
| United States | 10.9% |
| France | 11.6% |
| India | 12.8% |

---

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

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 7.3% |
| Spotify Technology SA | 7.0% |
| DSV AS | 6.2% |
| Coupang, Inc. | 4.9% |
| Schneider Electric SE | 4.5% |
| Sanrio Co. Ltd. | 4.2% |
| Hermes International SCA | 4.2% |
| NU Holdings Ltd. | 4.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| ICICI Bank Ltd. | 3.8% |
| Total | 50.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MIOLX -TSR-SAR

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

# Class R6 MNOPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $51 | 0.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $819704151 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 2% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Netherlands | 4.2% |
| Japan | 6.0% |
| Brazil | 6.1% |
| Denmark | 6.2% |
| Sweden | 7.0% |
| Korea, Republic of | 8.1% |
| China | 10.1% |
| United States | 10.9% |
| France | 11.6% |
| India | 12.8% |

---

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

---

| | |
|:---|:---|
| MercadoLibre, Inc. | 7.3% |
| Spotify Technology SA | 7.0% |
| DSV AS | 6.2% |
| Coupang, Inc. | 4.9% |
| Schneider Electric SE | 4.5% |
| Sanrio Co. Ltd. | 4.2% |
| Hermes International SCA | 4.2% |
| NU Holdings Ltd. | 4.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| ICICI Bank Ltd. | 3.8% |
| Total | 50.1% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MNOPX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class A MSDFX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $64 | 1.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2173885 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 28% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 10.1% |
| Finland | 3.1% |
| Spain | 3.3% |
| Taiwan | 3.7% |
| Japan | 3.8% |
| Sweden | 5.1% |
| Netherlands | 5.9% |
| United States | 9.7% |
| Germany | 12.7% |
| France | 17.8% |
| United Kingdom | 24.8% |

---

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

---

| | |
|:---|:---|
| SAP SE | 6.3% |
| L'Oreal SA | 4.3% |
| Safran SA | 3.9% |
| Haleon PLC | 3.9% |
| Keyence Corp. | 3.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.7% |
| Halma PLC | 3.7% |
| ASML Holding NV | 3.4% |
| Amadeus IT Group SA | 3.3% |
| Legrand SA | 3.3% |
| Total | 39.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSDFX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class C MSDEX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $104 | 1.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2173885 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 28% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 10.1% |
| Finland | 3.1% |
| Spain | 3.3% |
| Taiwan | 3.7% |
| Japan | 3.8% |
| Sweden | 5.1% |
| Netherlands | 5.9% |
| United States | 9.7% |
| Germany | 12.7% |
| France | 17.8% |
| United Kingdom | 24.8% |

---

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

---

| | |
|:---|:---|
| SAP SE | 6.3% |
| L'Oreal SA | 4.3% |
| Safran SA | 3.9% |
| Haleon PLC | 3.9% |
| Keyence Corp. | 3.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.7% |
| Halma PLC | 3.7% |
| ASML Holding NV | 3.4% |
| Amadeus IT Group SA | 3.3% |
| Legrand SA | 3.3% |
| Total | 39.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSDEX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class I MSDKX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $45 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2173885 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 28% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg114.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 10.1% |
| Finland | 3.1% |
| Spain | 3.3% |
| Taiwan | 3.7% |
| Japan | 3.8% |
| Sweden | 5.1% |
| Netherlands | 5.9% |
| United States | 9.7% |
| Germany | 12.7% |
| France | 17.8% |
| United Kingdom | 24.8% |

---

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

---

| | |
|:---|:---|
| SAP SE | 6.3% |
| L'Oreal SA | 4.3% |
| Safran SA | 3.9% |
| Haleon PLC | 3.9% |
| Keyence Corp. | 3.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.7% |
| Halma PLC | 3.7% |
| ASML Holding NV | 3.4% |
| Amadeus IT Group SA | 3.3% |
| Legrand SA | 3.3% |
| Total | 39.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSDKX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class R6 MSCZX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $43 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2173885 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 28% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 10.1% |
| Finland | 3.1% |
| Spain | 3.3% |
| Taiwan | 3.7% |
| Japan | 3.8% |
| Sweden | 5.1% |
| Netherlands | 5.9% |
| United States | 9.7% |
| Germany | 12.7% |
| France | 17.8% |
| United Kingdom | 24.8% |

---

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

---

| | |
|:---|:---|
| SAP SE | 6.3% |
| L'Oreal SA | 4.3% |
| Safran SA | 3.9% |
| Haleon PLC | 3.9% |
| Keyence Corp. | 3.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.7% |
| Halma PLC | 3.7% |
| ASML Holding NV | 3.4% |
| Amadeus IT Group SA | 3.3% |
| Legrand SA | 3.3% |
| Total | 39.6% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSCZX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio

# Class A MRJAX
![Image](tm2520116d1_tsrimg046.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $58 | 1.11%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8628367 |
| # of Portfolio Holdings | 218 |
| Portfolio Turnover Rate | 75% |

---

## 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](tm2520116d1_tsrimg028.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 17.5% |
| Common Stocks | 18.6% |
| U.S. Treasury Securities | 63.9% |

---

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm2520116d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| China | 0.2% |
| South Africa | 0.3% |
| Germany | 0.3% |
| Switzerland | 0.6% |
| Japan | 0.6% |
| France | 0.8% |
| Australia | 1.3% |
| United Kingdom | 1.6% |
| Canada | 3.9% |
| United States | 89.6% |

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MRJAX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio

# Class C MRJCX
![Image](tm2520116d1_tsrimg046.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $97 | 1.86%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8628367 |
| # of Portfolio Holdings | 218 |
| Portfolio Turnover Rate | 75% |

---

## 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](tm2520116d1_tsrimg090.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 17.5% |
| Common Stocks | 18.6% |
| U.S. Treasury Securities | 63.9% |

---

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm2520116d1_tsrimg116.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| China | 0.2% |
| South Africa | 0.3% |
| Germany | 0.3% |
| Switzerland | 0.6% |
| Japan | 0.6% |
| France | 0.8% |
| Australia | 1.3% |
| United Kingdom | 1.6% |
| Canada | 3.9% |
| United States | 89.6% |

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MRJCX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio

# Class I MRJIX
![Image](tm2520116d1_tsrimg046.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $40 | 0.76%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8628367 |
| # of Portfolio Holdings | 218 |
| Portfolio Turnover Rate | 75% |

---

## 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](tm2520116d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 17.5% |
| Common Stocks | 18.6% |
| U.S. Treasury Securities | 63.9% |

---

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm2520116d1_tsrimg097.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| China | 0.2% |
| South Africa | 0.3% |
| Germany | 0.3% |
| Switzerland | 0.6% |
| Japan | 0.6% |
| France | 0.8% |
| Australia | 1.3% |
| United Kingdom | 1.6% |
| Canada | 3.9% |
| United States | 89.6% |

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MRJIX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio

# Class R6 MRJSX
![Image](tm2520116d1_tsrimg046.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Multi-Asset Real Return Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $37 | 0.71%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8628367 |
| # of Portfolio Holdings | 218 |
| Portfolio Turnover Rate | 75% |

---

## 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](tm2520116d1_tsrimg101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 17.5% |
| Common Stocks | 18.6% |
| U.S. Treasury Securities | 63.9% |

---

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm2520116d1_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| China | 0.2% |
| South Africa | 0.3% |
| Germany | 0.3% |
| Switzerland | 0.6% |
| Japan | 0.6% |
| France | 0.8% |
| Australia | 1.3% |
| United Kingdom | 1.6% |
| Canada | 3.9% |
| United States | 89.6% |

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MRJSX -TSR-SAR

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

# Class A MFMPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $81 | 1.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $20771045 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 1% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 12.6% |
| Peru | 3.6% |
| Slovenia | 4.2% |
| Bangladesh | 4.9% |
| Egypt | 6.1% |
| Pakistan | 6.4% |
| Philippines | 9.2% |
| Kazakhstan | 9.3% |
| Indonesia | 11.1% |
| United States | 12.2% |
| Vietnam | 20.4% |

---

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

---

| | |
|:---|:---|
| FPT Corp. | 6.5% |
| MercadoLibre, Inc. | 6.2% |
| NAC Kazatomprom JSC | 4.3% |
| Nova Ljubljanska Banka DD | 4.2% |
| Century Pacific Food, Inc. | 4.2% |
| Medikaloka Hermina Tbk. PT | 3.7% |
| Systems Ltd. | 3.5% |
| Commercial International Bank - Egypt (CIB) | 3.5% |
| Phu Nhuan Jewelry JSC | 3.3% |
| Mobile World Investment Corp. | 3.1% |
| Total | 42.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MFMPX -TSR-SAR

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

# Class C MSFEX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $119 | 2.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $20771045 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 1% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg071.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 12.6% |
| Peru | 3.6% |
| Slovenia | 4.2% |
| Bangladesh | 4.9% |
| Egypt | 6.1% |
| Pakistan | 6.4% |
| Philippines | 9.2% |
| Kazakhstan | 9.3% |
| Indonesia | 11.1% |
| United States | 12.2% |
| Vietnam | 20.4% |

---

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

---

| | |
|:---|:---|
| FPT Corp. | 6.5% |
| MercadoLibre, Inc. | 6.2% |
| NAC Kazatomprom JSC | 4.3% |
| Nova Ljubljanska Banka DD | 4.2% |
| Century Pacific Food, Inc. | 4.2% |
| Medikaloka Hermina Tbk. PT | 3.7% |
| Systems Ltd. | 3.5% |
| Commercial International Bank - Egypt (CIB) | 3.5% |
| Phu Nhuan Jewelry JSC | 3.3% |
| Mobile World Investment Corp. | 3.1% |
| Total | 42.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSFEX -TSR-SAR

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

# Class I MFMIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $63 | 1.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $20771045 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 1% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 12.6% |
| Peru | 3.6% |
| Slovenia | 4.2% |
| Bangladesh | 4.9% |
| Egypt | 6.1% |
| Pakistan | 6.4% |
| Philippines | 9.2% |
| Kazakhstan | 9.3% |
| Indonesia | 11.1% |
| United States | 12.2% |
| Vietnam | 20.4% |

---

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

---

| | |
|:---|:---|
| FPT Corp. | 6.5% |
| MercadoLibre, Inc. | 6.2% |
| NAC Kazatomprom JSC | 4.3% |
| Nova Ljubljanska Banka DD | 4.2% |
| Century Pacific Food, Inc. | 4.2% |
| Medikaloka Hermina Tbk. PT | 3.7% |
| Systems Ltd. | 3.5% |
| Commercial International Bank - Egypt (CIB) | 3.5% |
| Phu Nhuan Jewelry JSC | 3.3% |
| Mobile World Investment Corp. | 3.1% |
| Total | 42.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MFMIX -TSR-SAR

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

# Class L MFMLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $106 | 2.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $20771045 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 1% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg106.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 12.6% |
| Peru | 3.6% |
| Slovenia | 4.2% |
| Bangladesh | 4.9% |
| Egypt | 6.1% |
| Pakistan | 6.4% |
| Philippines | 9.2% |
| Kazakhstan | 9.3% |
| Indonesia | 11.1% |
| United States | 12.2% |
| Vietnam | 20.4% |

---

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

---

| | |
|:---|:---|
| FPT Corp. | 6.5% |
| MercadoLibre, Inc. | 6.2% |
| NAC Kazatomprom JSC | 4.3% |
| Nova Ljubljanska Banka DD | 4.2% |
| Century Pacific Food, Inc. | 4.2% |
| Medikaloka Hermina Tbk. PT | 3.7% |
| Systems Ltd. | 3.5% |
| Commercial International Bank - Egypt (CIB) | 3.5% |
| Phu Nhuan Jewelry JSC | 3.3% |
| Mobile World Investment Corp. | 3.1% |
| Total | 42.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MFMLX -TSR-SAR

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

# Class R6 MSRFX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Next Gen Emerging Markets Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $61 | 1.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $20771045 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 1% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg128.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 12.6% |
| Peru | 3.6% |
| Slovenia | 4.2% |
| Bangladesh | 4.9% |
| Egypt | 6.1% |
| Pakistan | 6.4% |
| Philippines | 9.2% |
| Kazakhstan | 9.3% |
| Indonesia | 11.1% |
| United States | 12.2% |
| Vietnam | 20.4% |

---

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

---

| | |
|:---|:---|
| FPT Corp. | 6.5% |
| MercadoLibre, Inc. | 6.2% |
| NAC Kazatomprom JSC | 4.3% |
| Nova Ljubljanska Banka DD | 4.2% |
| Century Pacific Food, Inc. | 4.2% |
| Medikaloka Hermina Tbk. PT | 3.7% |
| Systems Ltd. | 3.5% |
| Commercial International Bank - Egypt (CIB) | 3.5% |
| Phu Nhuan Jewelry JSC | 3.3% |
| Mobile World Investment Corp. | 3.1% |
| Total | 42.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSRFX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class A MSIBX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $67 | 1.21%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $161702937 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 27% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 24.0% |
| Ireland | 3.8% |
| Taiwan | 4.5% |
| Korea, Republic of | 5.8% |
| United Kingdom | 6.7% |
| Canada | 7.2% |
| France | 8.6% |
| United States | 8.7% |
| India | 9.1% |
| Germany | 9.7% |
| Japan | 11.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| Samsung Electronics Co. Ltd. | 3.1% |
| Hanwha Aerospace Co. Ltd. | 2.7% |
| Rheinmetall AG | 2.6% |
| MercadoLibre, Inc. | 2.6% |
| HDFC Bank Ltd. | 2.5% |
| Sony Group Corp. | 2.4% |
| AIB Group PLC | 2.4% |
| SAP SE | 2.3% |
| CaixaBank SA | 2.2% |
| Total | 26.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSIBX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class C MSAAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $110 | 1.99%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $161702937 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 27% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg115.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 24.0% |
| Ireland | 3.8% |
| Taiwan | 4.5% |
| Korea, Republic of | 5.8% |
| United Kingdom | 6.7% |
| Canada | 7.2% |
| France | 8.6% |
| United States | 8.7% |
| India | 9.1% |
| Germany | 9.7% |
| Japan | 11.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| Samsung Electronics Co. Ltd. | 3.1% |
| Hanwha Aerospace Co. Ltd. | 2.7% |
| Rheinmetall AG | 2.6% |
| MercadoLibre, Inc. | 2.6% |
| HDFC Bank Ltd. | 2.5% |
| Sony Group Corp. | 2.4% |
| AIB Group PLC | 2.4% |
| SAP SE | 2.3% |
| CaixaBank SA | 2.2% |
| Total | 26.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSAAX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class I MSACX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $49 | 0.89%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $161702937 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 27% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg058.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 24.0% |
| Ireland | 3.8% |
| Taiwan | 4.5% |
| Korea, Republic of | 5.8% |
| United Kingdom | 6.7% |
| Canada | 7.2% |
| France | 8.6% |
| United States | 8.7% |
| India | 9.1% |
| Germany | 9.7% |
| Japan | 11.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| Samsung Electronics Co. Ltd. | 3.1% |
| Hanwha Aerospace Co. Ltd. | 2.7% |
| Rheinmetall AG | 2.6% |
| MercadoLibre, Inc. | 2.6% |
| HDFC Bank Ltd. | 2.5% |
| Sony Group Corp. | 2.4% |
| AIB Group PLC | 2.4% |
| SAP SE | 2.3% |
| CaixaBank SA | 2.2% |
| Total | 26.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSACX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class IR MAIHX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $47 | 0.84%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $161702937 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 27% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 24.0% |
| Ireland | 3.8% |
| Taiwan | 4.5% |
| Korea, Republic of | 5.8% |
| United Kingdom | 6.7% |
| Canada | 7.2% |
| France | 8.6% |
| United States | 8.7% |
| India | 9.1% |
| Germany | 9.7% |
| Japan | 11.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| Samsung Electronics Co. Ltd. | 3.1% |
| Hanwha Aerospace Co. Ltd. | 2.7% |
| Rheinmetall AG | 2.6% |
| MercadoLibre, Inc. | 2.6% |
| HDFC Bank Ltd. | 2.5% |
| Sony Group Corp. | 2.4% |
| AIB Group PLC | 2.4% |
| SAP SE | 2.3% |
| CaixaBank SA | 2.2% |
| Total | 26.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MAIHX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class L MSLLX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $96 | 1.74%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $161702937 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 27% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg043.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 24.0% |
| Ireland | 3.8% |
| Taiwan | 4.5% |
| Korea, Republic of | 5.8% |
| United Kingdom | 6.7% |
| Canada | 7.2% |
| France | 8.6% |
| United States | 8.7% |
| India | 9.1% |
| Germany | 9.7% |
| Japan | 11.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| Samsung Electronics Co. Ltd. | 3.1% |
| Hanwha Aerospace Co. Ltd. | 2.7% |
| Rheinmetall AG | 2.6% |
| MercadoLibre, Inc. | 2.6% |
| HDFC Bank Ltd. | 2.5% |
| Sony Group Corp. | 2.4% |
| AIB Group PLC | 2.4% |
| SAP SE | 2.3% |
| CaixaBank SA | 2.2% |
| Total | 26.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSLLX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class R6 MAIJX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $47 | 0.84%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $161702937 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 27% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520116d1_tsrimg037.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 24.0% |
| Ireland | 3.8% |
| Taiwan | 4.5% |
| Korea, Republic of | 5.8% |
| United Kingdom | 6.7% |
| Canada | 7.2% |
| France | 8.6% |
| United States | 8.7% |
| India | 9.1% |
| Germany | 9.7% |
| Japan | 11.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9% |
| Samsung Electronics Co. Ltd. | 3.1% |
| Hanwha Aerospace Co. Ltd. | 2.7% |
| Rheinmetall AG | 2.6% |
| MercadoLibre, Inc. | 2.6% |
| HDFC Bank Ltd. | 2.5% |
| Sony Group Corp. | 2.4% |
| AIB Group PLC | 2.4% |
| SAP SE | 2.3% |
| CaixaBank SA | 2.2% |
| Total | 26.7% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MAIJX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class A MSHNX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $65 | 1.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5508199 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 28% |

---

## 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 Country Chart](tm2520116d1_tsrimg045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.3% |
| Short-Term Investments | 1.6% |
| Energy | 1.8% |
| Consumer Staples | 3.9% |
| Materials | 6.5% |
| Real Estate | 9.8% |
| Health Care | 10.2% |
| Financials | 10.5% |
| Industrials | 16.7% |
| Consumer Discretionary | 17.4% |
| Information Technology | 20.3% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 14.0% |
| QXO, Inc. | 6.9% |
| Royalty Pharma PLC | 5.9% |
| Core & Main, Inc. | 5.4% |
| Intercontinental Exchange, Inc. | 5.0% |
| Landbridge Co. LLC | 4.8% |
| ASML Holding NV | 4.8% |
| Royal Gold, Inc. | 4.8% |
| Floor & Decor Holdings, Inc. | 4.3% |
| American Tower Corp. | 3.5% |
| Total | 59.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSHNX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class C MSHOX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $106 | 1.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5508199 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 28% |

---

## 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 Country Chart](tm2520116d1_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.3% |
| Short-Term Investments | 1.6% |
| Energy | 1.8% |
| Consumer Staples | 3.9% |
| Materials | 6.5% |
| Real Estate | 9.8% |
| Health Care | 10.2% |
| Financials | 10.5% |
| Industrials | 16.7% |
| Consumer Discretionary | 17.4% |
| Information Technology | 20.3% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 14.0% |
| QXO, Inc. | 6.9% |
| Royalty Pharma PLC | 5.9% |
| Core & Main, Inc. | 5.4% |
| Intercontinental Exchange, Inc. | 5.0% |
| Landbridge Co. LLC | 4.8% |
| ASML Holding NV | 4.8% |
| Royal Gold, Inc. | 4.8% |
| Floor & Decor Holdings, Inc. | 4.3% |
| American Tower Corp. | 3.5% |
| Total | 59.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSHOX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class I MSHMX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $46 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5508199 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 28% |

---

## 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 Country Chart](tm2520116d1_tsrimg032.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.3% |
| Short-Term Investments | 1.6% |
| Energy | 1.8% |
| Consumer Staples | 3.9% |
| Materials | 6.5% |
| Real Estate | 9.8% |
| Health Care | 10.2% |
| Financials | 10.5% |
| Industrials | 16.7% |
| Consumer Discretionary | 17.4% |
| Information Technology | 20.3% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 14.0% |
| QXO, Inc. | 6.9% |
| Royalty Pharma PLC | 5.9% |
| Core & Main, Inc. | 5.4% |
| Intercontinental Exchange, Inc. | 5.0% |
| Landbridge Co. LLC | 4.8% |
| ASML Holding NV | 4.8% |
| Royal Gold, Inc. | 4.8% |
| Floor & Decor Holdings, Inc. | 4.3% |
| American Tower Corp. | 3.5% |
| Total | 59.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSHMX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class R6 MSHPX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $44 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5508199 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 28% |

---

## 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 Country Chart](tm2520116d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.3% |
| Short-Term Investments | 1.6% |
| Energy | 1.8% |
| Consumer Staples | 3.9% |
| Materials | 6.5% |
| Real Estate | 9.8% |
| Health Care | 10.2% |
| Financials | 10.5% |
| Industrials | 16.7% |
| Consumer Discretionary | 17.4% |
| Information Technology | 20.3% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 14.0% |
| QXO, Inc. | 6.9% |
| Royalty Pharma PLC | 5.9% |
| Core & Main, Inc. | 5.4% |
| Intercontinental Exchange, Inc. | 5.0% |
| Landbridge Co. LLC | 4.8% |
| ASML Holding NV | 4.8% |
| Royal Gold, Inc. | 4.8% |
| Floor & Decor Holdings, Inc. | 4.3% |
| American Tower Corp. | 3.5% |
| Total | 59.4% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSHPX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class A MUOAX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $56 | 1.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $392072837 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 24% |

---

## 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 Country Chart](tm2520116d1_tsrimg134.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Health Care | 1.1% |
| Materials | 1.3% |
| Energy | 1.9% |
| Real Estate | 3.4% |
| Consumer Staples | 4.7% |
| Industrials | 8.7% |
| Communication Services | 10.8% |
| Consumer Discretionary | 12.7% |
| Information Technology | 26.7% |
| Financials | 27.9% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.9% |
| Microsoft Corp. | 7.1% |
| JPMorgan Chase & Co. | 6.0% |
| Amazon.com, Inc. | 5.8% |
| Apple, Inc. | 5.7% |
| Alphabet, Inc. | 5.6% |
| Netflix, Inc. | 5.2% |
| Costco Wholesale Corp. | 4.7% |
| Ameriprise Financial, Inc. | 4.4% |
| Progressive Corp. | 4.1% |
| Total | 59.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MUOAX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class C MUOCX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $94 | 1.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $392072837 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 24% |

---

## 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 Country Chart](tm2520116d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Health Care | 1.1% |
| Materials | 1.3% |
| Energy | 1.9% |
| Real Estate | 3.4% |
| Consumer Staples | 4.7% |
| Industrials | 8.7% |
| Communication Services | 10.8% |
| Consumer Discretionary | 12.7% |
| Information Technology | 26.7% |
| Financials | 27.9% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.9% |
| Microsoft Corp. | 7.1% |
| JPMorgan Chase & Co. | 6.0% |
| Amazon.com, Inc. | 5.8% |
| Apple, Inc. | 5.7% |
| Alphabet, Inc. | 5.6% |
| Netflix, Inc. | 5.2% |
| Costco Wholesale Corp. | 4.7% |
| Ameriprise Financial, Inc. | 4.4% |
| Progressive Corp. | 4.1% |
| Total | 59.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MUOCX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class I MUOIX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $392072837 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 24% |

---

## 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 Country Chart](tm2520116d1_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Health Care | 1.1% |
| Materials | 1.3% |
| Energy | 1.9% |
| Real Estate | 3.4% |
| Consumer Staples | 4.7% |
| Industrials | 8.7% |
| Communication Services | 10.8% |
| Consumer Discretionary | 12.7% |
| Information Technology | 26.7% |
| Financials | 27.9% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.9% |
| Microsoft Corp. | 7.1% |
| JPMorgan Chase & Co. | 6.0% |
| Amazon.com, Inc. | 5.8% |
| Apple, Inc. | 5.7% |
| Alphabet, Inc. | 5.6% |
| Netflix, Inc. | 5.2% |
| Costco Wholesale Corp. | 4.7% |
| Ameriprise Financial, Inc. | 4.4% |
| Progressive Corp. | 4.1% |
| Total | 59.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MUOIX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class R6 MUOSX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $38 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $392072837 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 24% |

---

## 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 Country Chart](tm2520116d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Health Care | 1.1% |
| Materials | 1.3% |
| Energy | 1.9% |
| Real Estate | 3.4% |
| Consumer Staples | 4.7% |
| Industrials | 8.7% |
| Communication Services | 10.8% |
| Consumer Discretionary | 12.7% |
| Information Technology | 26.7% |
| Financials | 27.9% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.9% |
| Microsoft Corp. | 7.1% |
| JPMorgan Chase & Co. | 6.0% |
| Amazon.com, Inc. | 5.8% |
| Apple, Inc. | 5.7% |
| Alphabet, Inc. | 5.6% |
| Netflix, Inc. | 5.2% |
| Costco Wholesale Corp. | 4.7% |
| Ameriprise Financial, Inc. | 4.4% |
| Progressive Corp. | 4.1% |
| Total | 59.5% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MUOSX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class A MSVEX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $62 | 1.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1858075 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 12% |

---

## 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 Country Chart](tm2520116d1_tsrimg077.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 4.6% |
| Health Care Technology | 9.0% |
| Health Care Equipment & Supplies | 11.0% |
| Short-Term Investments | 11.5% |
| Life Sciences Tools & Services | 12.0% |
| Pharmaceuticals | 15.7% |
| Biotechnology | 36.2% |

---

---

| | |
|:---|:---|
| 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. | 7.5% |
| Argenx SE | 7.1% |
| Exact Sciences Corp. | 6.2% |
| Alnylam Pharmaceuticals, Inc. | 5.8% |
| Ascendis Pharma AS | 4.7% |
| Align Technology, Inc. | 4.4% |
| Thermo Fisher Scientific, Inc. | 4.0% |
| Vertex Pharmaceuticals, Inc. | 4.0% |
| Intuitive Surgical, Inc. | 3.8% |
| UnitedHealth Group, Inc. | 3.7% |
| Total | 51.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSVEX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class C MSVMX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $97 | 2.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1858075 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 12% |

---

## 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 Country Chart](tm2520116d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 4.6% |
| Health Care Technology | 9.0% |
| Health Care Equipment & Supplies | 11.0% |
| Short-Term Investments | 11.5% |
| Life Sciences Tools & Services | 12.0% |
| Pharmaceuticals | 15.7% |
| Biotechnology | 36.2% |

---

---

| | |
|:---|:---|
| 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. | 7.5% |
| Argenx SE | 7.1% |
| Exact Sciences Corp. | 6.2% |
| Alnylam Pharmaceuticals, Inc. | 5.8% |
| Ascendis Pharma AS | 4.7% |
| Align Technology, Inc. | 4.4% |
| Thermo Fisher Scientific, Inc. | 4.0% |
| Vertex Pharmaceuticals, Inc. | 4.0% |
| Intuitive Surgical, Inc. | 3.8% |
| UnitedHealth Group, Inc. | 3.7% |
| Total | 51.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSVMX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class I MSVDX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $45 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1858075 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 12% |

---

## 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 Country Chart](tm2520116d1_tsrimg088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 4.6% |
| Health Care Technology | 9.0% |
| Health Care Equipment & Supplies | 11.0% |
| Short-Term Investments | 11.5% |
| Life Sciences Tools & Services | 12.0% |
| Pharmaceuticals | 15.7% |
| Biotechnology | 36.2% |

---

---

| | |
|:---|:---|
| 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. | 7.5% |
| Argenx SE | 7.1% |
| Exact Sciences Corp. | 6.2% |
| Alnylam Pharmaceuticals, Inc. | 5.8% |
| Ascendis Pharma AS | 4.7% |
| Align Technology, Inc. | 4.4% |
| Thermo Fisher Scientific, Inc. | 4.0% |
| Vertex Pharmaceuticals, Inc. | 4.0% |
| Intuitive Surgical, Inc. | 3.8% |
| UnitedHealth Group, Inc. | 3.7% |
| Total | 51.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSVDX -TSR-SAR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class R6 MSVOX
![Image](tm2520116d1_tsrimg074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2025 to June 30, 2025. 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 six months?
(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 | $43 | 0.90%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1858075 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 12% |

---

## 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 Country Chart](tm2520116d1_tsrimg092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 4.6% |
| Health Care Technology | 9.0% |
| Health Care Equipment & Supplies | 11.0% |
| Short-Term Investments | 11.5% |
| Life Sciences Tools & Services | 12.0% |
| Pharmaceuticals | 15.7% |
| Biotechnology | 36.2% |

---

---

| | |
|:---|:---|
| 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. | 7.5% |
| Argenx SE | 7.1% |
| Exact Sciences Corp. | 6.2% |
| Alnylam Pharmaceuticals, Inc. | 5.8% |
| Ascendis Pharma AS | 4.7% |
| Align Technology, Inc. | 4.4% |
| Thermo Fisher Scientific, Inc. | 4.0% |
| Vertex Pharmaceuticals, Inc. | 4.0% |
| Intuitive Surgical, Inc. | 3.8% |
| UnitedHealth Group, Inc. | 3.7% |
| Total | 51.2% |

---

---

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

---

## Additional Information
![QR Code](tm2520116d1_tsrimg010.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
Semi-Annual Shareholder Report June 30, 2025

# MSVOX -TSR-SAR
(b) Not applicable.

**Item 2. Code of Ethics**

Not required in this filing.

**Item 3. Audit Committee Financial Expert**

Not required in this filing.

**Item 4. Principal Accountant Fees and Services**

Not required in this filing.

**Item 5. Audit Committee of Listed Registrants**

Not applicable.

**Item 6. Schedule of Investments**

(a) Please see 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**

![](j25201162_aa001.jpg)

Morgan Stanley

Institutional Fund, Inc

**Semi-Annual Financial Statements and Additional Information \| June 30, 2025**

---

| |
|:---|
| Advantage Portfolio |
| American Resilience Portfolio |
| Asia Opportunity Portfolio |
| Developing Opportunity Portfolio |
| Emerging Markets ex China Portfolio |
| Emerging Markets Leaders Portfolio |
| Emerging Markets Portfolio |
| Global Concentrated Portfolio |
| Global Core Portfolio |
| Global Endurance Portfolio |
| Global Franchise Portfolio |
| Global Insight Portfolio |
| Global Opportunity Portfolio |
| Global Permanence Portfolio |

---

---

| |
|:---|
| Global Stars Portfolio |
| Growth Portfolio |
| Inception Portfolio |
| International Advantage Portfolio |
| International Equity Portfolio |
| International Opportunity Portfolio |
| International Resilience Portfolio |
| Multi-Asset Real Return Portfolio |
| Next Gen Emerging Markets Portfolio |
| Passport Overseas Equity Portfolio |
| Permanence Portfolio |
| US Core Portfolio |
| Vitality Portfolio |

---

![](j25201162_aa002.jpg)

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

**Table of Contents**

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| Portfolio of Investments: | Portfolio of Investments: |
| [Advantage Portfolio (consolidated)](#AdvantagePortfolio-2) | 3 |
| [American Resilience Portfolio](#AmericanResiliencePortfolio-2) | 5 |
| [Asia Opportunity Portfolio (consolidated)](#AsiaOpportunityPortfolio-2) | 6 |
| [Developing Opportunity Portfolio (consolidated)](#DevelopingOpportunityPortfolio-2) | 7 |
| [Emerging Markets ex China Portfolio](#EmergingMarketsexChinaPortfolio-2) | 8 |
| [Emerging Markets Leaders Portfolio](#EmergingMarketsLeadersPortfolio-2) | 10 |
| [Emerging Markets Portfolio](#EmergingMarketsPortfolio-2) | 11 |
| [Global Concentrated Portfolio](#GlobalConcentratedPortfolio-2) | 13 |
| [Global Core Portfolio](#GlobalCorePortfolio-2) | 14 |
| [Global Endurance Portfolio](#GlobalEndurancePortfolio-2) | 15 |
| [Global Franchise Portfolio](#GlobalFranchisePortfolio-2) | 16 |
| [Global Insight Portfolio (consolidated)](#GlobalInsightPortfolio-2) | 17 |
| [Global Opportunity Portfolio (consolidated)](#GlobalOpportunityPortfolio-2) | 19 |
| [Global Permanence Portfolio (consolidated)](#GlobalPermanencePortfolio-2) | 21 |
| [Global Stars Portfolio](#GlobalStarsPortfolio-2) | 23 |
| [Growth Portfolio (consolidated)](#GrowthPortfolio-2) | 24 |
| [Inception Portfolio (consolidated)](#InceptionPortfolio-2) | 26 |
| [International Advantage Portfolio (consolidated)](#InternationalAdvantagePortfolio-2) | 29 |
| [International Equity Portfolio](#InternationalEquityPortfolio-2) | 31 |
| [International Opportunity Portfolio (consolidated)](#InternationalOpportunityPortfolio-2) | 33 |
| [International Resilience Portfolio](#InternationalResiliencePortfolio-2) | 34 |
| [Multi-Asset Real Return Portfolio (consolidated)](#Multi-AssetRealReturnPortfolio-2) | 36 |
| [Next Gen Emerging Markets Portfolio](#NextGenEmergingMarketsPortfolio-2) | 40 |
| [Passport Overseas Equity Portfolio](#PassportOverseasEquityPortfolio-2) | 42 |
| [Permanence Portfolio (consolidated)](#PermanencePortfolio-2) | 45 |
| [US Core Portfolio](#USCorePortfolio-2) | 48 |
| [Vitality Portfolio](#VitalityPortfolio-2) | 49 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

**Table of Contents** (cont'd)

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#StatementsofAssetsandLiabilities-2) | 50 |
| [Statements of Operations](#StatementsofOperations-2) | 64 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-2) | 72 |
| [Financial Highlights](#ConsolidatedFinancialHighlights-2) | 96 |
| [Notes to Financial Statements](#NotestoFinancialStatements-2) | 182 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| [Investment Advisory Agreement Approval](#InvestmentAdvisoryAgreementApproval-2) | 232 |
| Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8 and 9 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 Funds of the 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 Funds' investment policies to the prospective investor, please call toll free 1 (800) 869-6397 . Please read the prospectus carefully before you invest or send money.***

***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 Funds will decline and, therefore, the value of each Funds' shares may be less than what you paid for them. Accordingly, you can lose money investing in these Funds. Please see the prospectus for more complete information on investment risks.***

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**Advantage Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (90.9%)** | **Common Stocks (90.9%)** | **Common Stocks (90.9%)** |
| Automobiles (5.9%) | Automobiles (5.9%) | Automobiles (5.9%) |
| Tesla, Inc. (a) | 42808 | $13598 |
| Biotechnology (0.9%) | Biotechnology (0.9%) | Biotechnology (0.9%) |
| Roivant Sciences Ltd. (a) | 183841 | 2072 |
| Broadline Retail (6.0%) | Broadline Retail (6.0%) | Broadline Retail (6.0%) |
| MercadoLibre, Inc. (a) | 5258 | 13743 |
| Capital Markets (3.2%) | Capital Markets (3.2%) | Capital Markets (3.2%) |
| Coinbase Global, Inc., Class A (a) | 5057 | 1773 |
| Intercontinental Exchange, Inc. | 30671 | 5627 |
|  |  | 7400 |
| Entertainment (5.7%) | Entertainment (5.7%) | Entertainment (5.7%) |
| ROBLOX Corp., Class A (a) | 125108 | 13161 |
| Financial Services (5.3%) | Financial Services (5.3%) | Financial Services (5.3%) |
| Adyen NV (Netherlands) (a) | 4238 | 7783 |
| Federal National Mortgage Association (a) | 464996 | 4436 |
|  |  | 12219 |
| Ground Transportation (1.5%) | Ground Transportation (1.5%) | Ground Transportation (1.5%) |
| Union Pacific Corp. | 14471 | 3330 |
| Hotels, Restaurants & Leisure (9.1%) | Hotels, Restaurants & Leisure (9.1%) | Hotels, Restaurants & Leisure (9.1%) |
| Airbnb, Inc., Class A (a) | 56820 | 7520 |
| DoorDash, Inc., Class A (a) | 53634 | 13221 |
|  |  | 20741 |
| Information Technology Services (23.8%) | Information Technology Services (23.8%) | Information Technology Services (23.8%) |
| Cloudflare, Inc., Class A (a) | 159478 | 31231 |
| Shopify, Inc., Class A (Canada) (a) | 108153 | 12475 |
| Snowflake, Inc., Class A (a) | 48210 | 10788 |
|  |  | 54494 |
| Life Sciences Tools & Services (1.3%) | Life Sciences Tools & Services (1.3%) | Life Sciences Tools & Services (1.3%) |
| Danaher Corp. | 15569 | 3076 |
| Media (3.5%) | Media (3.5%) | Media (3.5%) |
| Trade Desk, Inc., Class A (a) | 109950 | 7915 |
| Pharmaceuticals (4.7%) | Pharmaceuticals (4.7%) | Pharmaceuticals (4.7%) |
| Royalty Pharma PLC, Class A | 295371 | 10642 |
| Semiconductors & Semiconductor Equipment (2.4%) | Semiconductors & Semiconductor Equipment (2.4%) | Semiconductors & Semiconductor Equipment (2.4%) |
| ASML Holding NV (Registered) (Netherlands) | 6943 | 5564 |
| Software (10.8%) | Software (10.8%) | Software (10.8%) |
| Crowdstrike Holdings, Inc., Class A (a) | 21395 | 10897 |
| MicroStrategy, Inc., Class A (a) | 34370 | 13893 |
|  |  | 24790 |
| Specialized REITs (1.5%) | Specialized REITs (1.5%) | Specialized REITs (1.5%) |
| American Tower Corp. REIT | 15238 | 3368 |
| Specialty Retail (1.3%) | Specialty Retail (1.3%) | Specialty Retail (1.3%) |
| Floor & Decor Holdings, Inc., Class A (a) | 39075 | 2968 |
| Textiles, Apparel & Luxury Goods (1.4%) | Textiles, Apparel & Luxury Goods (1.4%) | Textiles, Apparel & Luxury Goods (1.4%) |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 6046 | 3164 |
| Trading Companies & Distributors (2.6%) | Trading Companies & Distributors (2.6%) | Trading Companies & Distributors (2.6%) |
| Core & Main, Inc., Class A (a) | 96919 | 5849 |
| **Total Common Stocks (Cost $120,590)** | **Total Common Stocks (Cost $120,590)** | 208094 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Investment Company (2.7%)** | **Investment Company (2.7%)** | **Investment Company (2.7%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $3,961)** | 102362 | $6266 |
| **Short-Term Investment (6.6%)** | **Short-Term Investment (6.6%)** | **Short-Term Investment (6.6%)** |
| Investment Company (6.6%) | Investment Company (6.6%) | Investment Company (6.6%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $15,134)** | 15134201 | 15134 |
| **Total Investments Excluding Purchased<br>Options (100.2%) (Cost $139,685)** | **Total Investments Excluding Purchased<br>Options (100.2%) (Cost $139,685)** | 229494 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $1,099)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $1,099)** | 205 |
| **Total Investments (100.3%) (Cost $140,784) (b)(c)(d)** | **Total Investments (100.3%) (Cost $140,784) (b)(c)(d)** | 229699 |
| Liabilities in Excess of Other Assets (–0.3%) | Liabilities in Excess of Other Assets (–0.3%) | (632) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $229067 |

---

(a) Non-income producing security.

(b) The approximate fair value and percentage of net assets, $10,947,000 and 4.8%, 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) Securities are available for collateral in connection with purchased options.

(d) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $91,023,000 and the aggregate gross unrealized depreciation is approximately $2,108,000, resulting in net unrealized appreciation of approximately $88,915,000.

ETF Exchange Traded Fund.

REIT Real Estate Investment Trust.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Advantage Portfolio**

**Call Options Purchased:**

The Fund had the following call options purchased open at June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>Depreciation<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 19367044 | $19367 | $2 |  | $80 | $(78) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 48501000 | 48501 | 101 |  | 202 | (101) |
| Standard Chartered Bank | USD/CNH CNH | 7.77 | Oct-25 | 36830550 | 36831 | 9 |  | 160 | (151) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul- 25 | 17819117 | 17819 |  | @ | 78 | (78) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 50168535 | 50169 | 48 |  | 207 | (159) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 34024139 | 34024 | 35 |  | 165 | (130) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 43649426 | 43649 | 10 |  | 207 | (197) |
|  |  |  |  |  |  | $205 |  | $1099 | $(894) |

---

@&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\* | 27.0% |
| Information Technology Services | 23.7 |
| Software | 10.8 |
| Hotels, Restaurants & Leisure | 9.0 |
| Investment Company | 6.6 |
| Broadline Retail | 6.0 |
| Automobiles | 5.9 |
| Entertainment | 5.7 |
| Financial 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**American Resilience Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (94.7%)** | **Common Stocks (94.7%)** | **Common Stocks (94.7%)** |
| Beverages (4.3%) | Beverages (4.3%) | Beverages (4.3%) |
| Coca-Cola Co. | 829 | $59 |
| Capital Markets (11.9%) | Capital Markets (11.9%) | Capital Markets (11.9%) |
| CME Group, Inc. | 117 | 32 |
| FactSet Research Systems, Inc. | 69 | 31 |
| Intercontinental Exchange, Inc. | 282 | 52 |
| S&P Global, Inc. | 90 | 47 |
|  |  | 162 |
| Electronic Equipment, Instruments & Components (1.5%) | Electronic Equipment, Instruments & Components (1.5%) | Electronic Equipment, Instruments & Components (1.5%) |
| CDW Corp. | 110 | 20 |
| Financial Services (7.5%) | Financial Services (7.5%) | Financial Services (7.5%) |
| Jack Henry & Associates, Inc. | 136 | 24 |
| Visa, Inc., Class A | 222 | 79 |
|  |  | 103 |
| Health Care Equipment & Supplies (3.6%) | Health Care Equipment & Supplies (3.6%) | Health Care Equipment & Supplies (3.6%) |
| Abbott Laboratories | 186 | 25 |
| Steris PLC | 100 | 24 |
|  |  | 49 |
| Hotels, Restaurants & Leisure (3.8%) | Hotels, Restaurants & Leisure (3.8%) | Hotels, Restaurants & Leisure (3.8%) |
| Booking Holdings, Inc. | 9 | 52 |
| Household Products (3.4%) | Household Products (3.4%) | Household Products (3.4%) |
| Procter & Gamble Co. | 295 | 47 |
| Information Technology Services (3.8%) | Information Technology Services (3.8%) | Information Technology Services (3.8%) |
| Accenture PLC, Class A | 172 | 52 |
| Insurance (7.2%) | Insurance (7.2%) | Insurance (7.2%) |
| Aon PLC, Class A | 168 | 60 |
| Arthur J Gallagher & Co. | 119 | 38 |
|  |  | 98 |
| Interactive Media & Services (5.0%) | Interactive Media & Services (5.0%) | Interactive Media & Services (5.0%) |
| Alphabet, Inc., Class A | 386 | 68 |
| Life Sciences Tools & Services (3.0%) | Life Sciences Tools & Services (3.0%) | Life Sciences Tools & Services (3.0%) |
| Thermo Fisher Scientific, Inc. | 102 | 41 |
| Machinery (3.4%) | Machinery (3.4%) | Machinery (3.4%) |
| Otis Worldwide Corp. | 464 | 46 |
| Pharmaceuticals (3.7%) | Pharmaceuticals (3.7%) | Pharmaceuticals (3.7%) |
| Zoetis, Inc. | 325 | 51 |
| Professional Services (7.6%) | Professional Services (7.6%) | Professional Services (7.6%) |
| Automatic Data Processing, Inc. | 140 | 43 |
| Broadridge Financial Solutions, Inc. | 160 | 39 |
| Equifax, Inc. | 80 | 21 |
|  |  | 103 |
| Semiconductors & Semiconductor Equipment (4.5%) | Semiconductors & Semiconductor Equipment (4.5%) | Semiconductors & Semiconductor Equipment (4.5%) |
| Texas Instruments, Inc. | 297 | 62 |
| Software (16.3%) | Software (16.3%) | Software (16.3%) |
| Constellation Software, Inc. (Canada) | 7 | 26 |
| Microsoft Corp. | 238 | 118 |
| Oracle Corp. | 116 | 25 |
| Roper Technologies, Inc. | 93 | 53 |
|  |  | 222 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Specialty Retail (2.7%) | Specialty Retail (2.7%) | Specialty Retail (2.7%) |
| AutoZone, Inc. (a) | 10 | $37 |
| Tobacco (1.5%) | Tobacco (1.5%) | Tobacco (1.5%) |
| Philip Morris International, Inc. | 117 | 21 |
| **Total Common Stocks (Cost $1,063)** | **Total Common Stocks (Cost $1,063)** | 1293 |
|  | **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. | Constellation Software, Inc. | Constellation Software, Inc. |
| expires 3/31/40 (a)(b) **(Cost $—)** | 16 |  |
|  | **Shares** |  |
| **Short-Term Investment (2.0%)** | **Short-Term Investment (2.0%)** | **Short-Term Investment (2.0%)** |
| Investment Company (2.0%) | Investment Company (2.0%) | Investment Company (2.0%) |
| Morgan Stanley Institutional Liquidity Funds — <br>Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $27)** | 27139 | 27 |
| **Total Investments (96.7%) (Cost $1,090) (c)** | **Total Investments (96.7%) (Cost $1,090) (c)** | 1320 |
| Other Assets in Excess of Liabilities (3.3%) | Other Assets in Excess of Liabilities (3.3%) | 45 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $1365 |

---

(a) Non-income producing security.

(b) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(c) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $241,000 and the aggregate gross unrealized depreciation is approximately $11,000, resulting in net unrealized appreciation of approximately $230,000.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 42.7% |
| Software | 16.8 |
| Capital Markets | 12.2 |
| Financial Services | 7.9 |
| Professional Services | 7.9 |
| Insurance | 7.4 |
| Interactive Media & Services | 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.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**Asia Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.5%)** | **Common Stocks (97.5%)** | **Common Stocks (97.5%)** |
| China (41.3%) | China (41.3%) | China (41.3%) |
| China Resources Mixc Lifestyle Services Ltd. (a) | 372200 | $1808 |
| Full Truck Alliance Co. Ltd. ADR | 482143 | 5694 |
| Greentown Service Group Co. Ltd. (a) | 1262000 | 707 |
| Haidilao International Holding Ltd. (a) | 1538000 | 2932 |
| KE Holdings, Inc. ADR | 194838 | 3457 |
| Kuaishou Technology (a)(b) | 394000 | 3198 |
| Kweichow Moutai Co. Ltd., Class A | 25294 | 4979 |
| Meituan, Class B (a)(b) | 344620 | 5544 |
| PDD Holdings, Inc. ADR (b) | 29317 | 3068 |
| Qifu Technology, Inc. ADR | 90442 | 3922 |
| Shenzhen Mindray Bio-Medical <br>Electronics Co. Ltd., Class A | 49300 | 1547 |
| Tencent Holdings Ltd. (a) | 92200 | 5941 |
| Trip.com Group Ltd. ADR | 140085 | 8215 |
| Wuliangye Yibin Co. Ltd., Class A | 102600 | 1703 |
|  |  | 52715 |
| Hong Kong (2.9%) | Hong Kong (2.9%) | Hong Kong (2.9%) |
| AIA Group Ltd. | 408900 | 3704 |
| India (27.5%) | India (27.5%) | India (27.5%) |
| Axis Bank Ltd. | 290101 | 4057 |
| Eternal Ltd. (b) | 2023689 | 6233 |
| HDFC Bank Ltd. | 275321 | 6427 |
| ICICI Bank Ltd. ADR | 272033 | 9151 |
| Indian Hotels Co. Ltd. | 109917 | 975 |
| MakeMyTrip Ltd. (b) | 32185 | 3155 |
| Niva Bupa Health Insurance Co. Ltd. (b) | 665691 | 635 |
| Titan Co. Ltd. (b) | 104878 | 4514 |
|  |  | 35147 |
| Korea, Republic of (16.0%) | Korea, Republic of (16.0%) | Korea, Republic of (16.0%) |
| Coupang, Inc. (b) | 339374 | 10168 |
| KakaoBank Corp. | 229744 | 5091 |
| NAVER Corp. | 24309 | 4720 |
| Webtoon Entertainment, Inc. (b)(c) | 44565 | 405 |
|  |  | 20384 |
| Singapore (4.4%) | Singapore (4.4%) | Singapore (4.4%) |
| Grab Holdings Ltd., Class A (b) | 1128266 | 5675 |
| Taiwan (5.4%) | Taiwan (5.4%) | Taiwan (5.4%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 188000 | 6875 |
| **Total Common Stocks (Cost $85,012)** | **Total Common Stocks (Cost $85,012)** | 124500 |
| **Short-Term Investments (3.4%)** | **Short-Term Investments (3.4%)** | **Short-Term Investments (3.4%)** |
| Investment Company (3.2%) | Investment Company (3.2%) | Investment Company (3.2%) |
| Morgan Stanley Institutional Liquidity Funds — <br>Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $4,116)** | 4116219 | 4116 |
| Securities held as Collateral on Loaned Securities (0.2%) | Securities held as Collateral on Loaned Securities (0.2%) | Securities held as Collateral on Loaned Securities (0.2%) |
| Investment Company (0.2%) | Investment Company (0.2%) | Investment Company (0.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) | 208368 | 208 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (0.0%)‡ | Repurchase Agreements (0.0%)‡ | Repurchase Agreements (0.0%)‡ |
| Citigroup, Inc., (4.25%, dated 6/30/25, <br>due 7/1/25; proceeds $17; fully collateralized <br>by a U.S. Government obligation; 3.00% <br>due 9/30/25; valued at $17) | $17 | $17 |
| Merrill Lynch & Co., Inc., (4.39%, <br>dated 6/30/25, due 7/1/25; <br>proceeds $37; fully <br>collateralized by a U.S. Government <br>obligation; 2.38% due 1/15/27; <br>valued at $38) | 37 | 37 |
|  |  | 54 |
| **Total Securities held as Collateral on Loaned <br>Securities (Cost $262)** | **Total Securities held as Collateral on Loaned <br>Securities (Cost $262)** | 262 |
| **Total Short-Term Investments (Cost $4,378)** | **Total Short-Term Investments (Cost $4,378)** | 4378 |
| **Total Investments (100.9%) (Cost $89,390)<br>Including $405 of Securities Loaned (d)** | **Total Investments (100.9%) (Cost $89,390)<br>Including $405 of Securities Loaned (d)** | 128878 |
| Liabilities in Excess of Other Assets (–0.9%) | Liabilities in Excess of Other Assets (–0.9%) | (1207) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $127671 |

---

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 June 30, 2025.

(d) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $45,953,000 and the aggregate gross unrealized depreciation is approximately $6,465,000, resulting in net unrealized appreciation of approximately $39,488,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Hotels, Restaurants & Leisure | 21.1% |
| Banks | 19.1 |
| Other\* | 19.1 |
| Interactive Media & Services | 11.1 |
| Broadline Retail | 10.3 |
| Ground Transportation | 8.8 |
| Semiconductors & Semiconductor Equipment | 5.3 |
| Beverages | 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.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**Developing Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (96.3%)** | **Common Stocks (96.3%)** | **Common Stocks (96.3%)** |
| Brazil (8.0%) | Brazil (8.0%) | Brazil (8.0%) |
| Cia de Saneamento Basico do Estado de <br>Sao Paulo SABESP | 66829 | $1465 |
| NU Holdings Ltd., Class A (a) | 141367 | 1940 |
|  |  | 3405 |
| China (31.2%) | China (31.2%) | China (31.2%) |
| China Resources Mixc Lifestyle Services Ltd. (b) | 122600 | 596 |
| Full Truck Alliance Co. Ltd. ADR | 114366 | 1351 |
| Haidilao International Holding Ltd. (b) | 328000 | 625 |
| KE Holdings, Inc. ADR | 50295 | 892 |
| Kuaishou Technology (a)(b) | 89400 | 726 |
| Kweichow Moutai Co. Ltd., Class A | 6389 | 1258 |
| Meituan, Class B (a)(b) | 110880 | 1784 |
| PDD Holdings, Inc. ADR (a) | 6757 | 707 |
| Qifu Technology, Inc. ADR | 19314 | 838 |
| Shenzhen Mindray Bio-Medical <br>Electronics Co. Ltd., Class A | 10300 | 323 |
| Tencent Holdings Ltd. (b) | 26700 | 1720 |
| Trip.com Group Ltd. ADR | 33924 | 1989 |
| Wuliangye Yibin Co. Ltd., Class A | 23700 | 393 |
|  |  | 13202 |
| India (25.3%) | India (25.3%) | India (25.3%) |
| Axis Bank Ltd. | 98209 | 1374 |
| Eternal Ltd. (a) | 628963 | 1937 |
| HDFC Bank Ltd. | 86197 | 2012 |
| ICICI Bank Ltd. ADR | 77652 | 2612 |
| Indian Hotels Co. Ltd. | 36275 | 322 |
| MakeMyTrip Ltd. (a) | 10320 | 1012 |
| Niva Bupa Health Insurance Co. Ltd. (a) | 208900 | 199 |
| Titan Co. Ltd. (a) | 28648 | 1233 |
|  |  | 10701 |
| Korea, Republic of (13.2%) | Korea, Republic of (13.2%) | Korea, Republic of (13.2%) |
| Coupang, Inc. (a) | 91389 | 2738 |
| KakaoBank Corp. | 55957 | 1240 |
| NAVER Corp. | 7726 | 1500 |
| Webtoon Entertainment, Inc. (a) | 13936 | 127 |
|  |  | 5605 |
| Poland (1.3%) | Poland (1.3%) | Poland (1.3%) |
| Allegro.eu SA (a) | 55197 | 531 |
| Singapore (3.6%) | Singapore (3.6%) | Singapore (3.6%) |
| Grab Holdings Ltd., Class A (a) | 306005 | 1539 |
| Taiwan (5.2%) | Taiwan (5.2%) | Taiwan (5.2%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 60000 | 2194 |
| United States (8.5%) | United States (8.5%) | United States (8.5%) |
| MercadoLibre, Inc. (a) | 1368 | 3576 |
| **Total Common Stocks (Cost $27,574)** | **Total Common Stocks (Cost $27,574)** | 40753 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investment (4.2%)** | **Short-Term Investment (4.2%)** | **Short-Term Investment (4.2%)** |
| Investment Company (4.2%) | Investment Company (4.2%) | Investment Company (4.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $1,774)** | 1774375 | $1774 |
| **Total Investments (100.5%) (Cost $29,348) (c)** | **Total Investments (100.5%) (Cost $29,348) (c)** | 42527 |
| Liabilities in Excess of Other Assets (–0.5%) | Liabilities in Excess of Other Assets (–0.5%) | (201) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $42326 |

---

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 June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,898,000 and the aggregate gross unrealized depreciation is approximately $719,000, resulting in net unrealized appreciation of approximately $13,179,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Banks | 21.5% |
| Other\* | 21.0 |
| Hotels, Restaurants & Leisure | 18.2 |
| Broadline Retail | 17.8 |
| Interactive Media & Services | 9.5 |
| Ground Transportation | 6.8 |
| Semiconductors & Semiconductor Equipment | 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Emerging Markets ex China Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.3%)** | **Common Stocks (97.3%)** | **Common Stocks (97.3%)** |
| Brazil (5.3%) | Brazil (5.3%) | Brazil (5.3%) |
| Itau Unibanco Holding SA (Preference) | 16489 | $112 |
| Raia Drogasil SA | 18297 | 51 |
| Rede D'Or Sao Luiz SA | 19496 | 127 |
| Vale SA | 4833 | 47 |
| WEG SA | 10817 | 85 |
|  |  | 422 |
| Chile (0.5%) | Chile (0.5%) | Chile (0.5%) |
| Banco de Chile | 260116 | 39 |
| Czech Republic (0.6%) | Czech Republic (0.6%) | Czech Republic (0.6%) |
| Komercni Banka AS | 1012 | 49 |
| Egypt (0.8%) | Egypt (0.8%) | Egypt (0.8%) |
| Commercial International Bank — Egypt (CIB) | 35158 | 60 |
| India (32.0%) | India (32.0%) | India (32.0%) |
| 360 ONE WAM Ltd. | 4331 | 60 |
| Axis Bank Ltd. | 2435 | 34 |
| Bajaj Auto Ltd. | 687 | 67 |
| Bajaj Finance Ltd. | 8910 | 97 |
| CG Power & Industrial Solutions Ltd. | 9236 | 74 |
| Colgate-Palmolive India Ltd. | 834 | 23 |
| Delhivery Ltd. (a) | 7787 | 35 |
| Grasim Industries Ltd. | 3659 | 121 |
| HDFC Asset Management Co. Ltd. | 847 | 51 |
| HDFC Bank Ltd. | 10260 | 240 |
| Hindalco Industries Ltd. | 6292 | 51 |
| Hitachi Energy India Ltd. | 356 | 83 |
| ICICI Bank Ltd. | 14170 | 240 |
| IDFC First Bank Ltd. (a) | 99782 | 85 |
| Infosys Ltd. | 4193 | 78 |
| Infosys Ltd. ADR | 3149 | 58 |
| Larsen & Toubro Ltd. | 1468 | 63 |
| Macrotech Developers Ltd. | 5091 | 82 |
| Mahindra & Mahindra Ltd. | 5707 | 212 |
| MakeMyTrip Ltd. (a) | 365 | 36 |
| Max Healthcare Institute Ltd. | 9017 | 134 |
| Pidilite Industries Ltd. | 1858 | 66 |
| Reliance Industries Ltd. | 12768 | 224 |
| Samvardhana Motherson International Ltd. | 25452 | 46 |
| Shriram Finance Ltd. | 6882 | 57 |
| Star Health & Allied Insurance Co. Ltd. (a) | 8897 | 44 |
| State Bank of India | 13310 | 127 |
| United Breweries Ltd. | 1566 | 36 |
|  |  | 2524 |
| Indonesia (1.5%) | Indonesia (1.5%) | Indonesia (1.5%) |
| Bank Syariah Indonesia Tbk. PT | 220000 | 35 |
| Cisarua Mountain Dairy Tbk. PT | 169700 | 51 |
| Indosat Tbk. PT | 229100 | 29 |
|  |  | 115 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Korea, Republic of (10.6%) | Korea, Republic of (10.6%) | Korea, Republic of (10.6%) |
| HYBE Co. Ltd. | 111 | $25 |
| KB Financial Group, Inc. | 2004 | 165 |
| Kia Corp. | 692 | 50 |
| KT&G Corp. | 473 | 45 |
| NAVER Corp. | 260 | 50 |
| Samsung Electronics Co. Ltd. | 10230 | 452 |
| SK Hynix, Inc. | 242 | 52 |
|  |  | 839 |
| Malaysia (0.9%) | Malaysia (0.9%) | Malaysia (0.9%) |
| CIMB Group Holdings Bhd. | 31200 | 50 |
| Malayan Banking Bhd. | 8500 | 20 |
|  |  | 70 |
| Mexico (4.6%) | Mexico (4.6%) | Mexico (4.6%) |
| Gruma SAB de CV, Class B | 5401 | 93 |
| Grupo Financiero Banorte SAB de CV Series O | 12071 | 111 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 25889 | 47 |
| Prologis Property Mexico SA de CV REIT | 10147 | 38 |
| Wal-Mart de Mexico SAB de CV | 22529 | 75 |
|  |  | 364 |
| Peru (1.1%) | Peru (1.1%) | Peru (1.1%) |
| Credicorp Ltd. | 397 | 89 |
| Poland (4.0%) | Poland (4.0%) | Poland (4.0%) |
| Allegro.eu SA (a) | 8122 | 78 |
| Budimex SA | 223 | 34 |
| Grupa Kety SA | 635 | 158 |
| Powszechny Zaklad Ubezpieczen SA | 2620 | 46 |
|  |  | 316 |
| Saudi Arabia (1.0%) | Saudi Arabia (1.0%) | Saudi Arabia (1.0%) |
| Bupa Arabia for Cooperative Insurance Co. | 1603 | 76 |
| South Africa (5.1%) | South Africa (5.1%) | South Africa (5.1%) |
| AVI Ltd. | 14619 | 78 |
| Capitec Bank Holdings Ltd. | 877 | 175 |
| Clicks Group Ltd. | 2797 | 58 |
| OUTsurance Group Ltd. | 21371 | 95 |
|  |  | 406 |
| Sweden (1.7%) | Sweden (1.7%) | Sweden (1.7%) |
| Medicover AB | 4953 | 133 |
| Taiwan (25.5%) | Taiwan (25.5%) | Taiwan (25.5%) |
| Airtac International Group | 1000 | 30 |
| Alchip Technologies Ltd. | 1000 | 106 |
| ASE Technology Holding Co. Ltd. | 24000 | 120 |
| Delta Electronics, Inc. | 5000 | 71 |
| Hon Hai Precision Industry Co. Ltd. | 26000 | 143 |
| MediaTek, Inc. | 1000 | 43 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 37000 | 1353 |
| Unimicron Technology Corp. | 15000 | 59 |
| Wiwynn Corp. | 1000 | 87 |
|  |  | 2012 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

**Emerging Markets ex China Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United Kingdom (1.5%) | United Kingdom (1.5%) | United Kingdom (1.5%) |
| Antofagasta PLC | 4708 | $117 |
| United States (0.6%) | United States (0.6%) | United States (0.6%) |
| MercadoLibre, Inc. (a) | 19 | 50 |
| **Total Common Stocks (Cost $5,574)** | **Total Common Stocks (Cost $5,574)** | 7681 |
| **Short-Term Investment (3.6%)** | **Short-Term Investment (3.6%)** | **Short-Term Investment (3.6%)** |
| Investment Company (3.6%) | Investment Company (3.6%) | Investment Company (3.6%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.25% (See Note G) <br>**(Cost $282)** | 282035 | 282 |
| **Total Investments (100.9%) (Cost $5,856) (b)(c)** | **Total Investments (100.9%) (Cost $5,856) (b)(c)** | 7963 |
| Liabilities in Excess of Other Assets (–0.9%) | Liabilities in Excess of Other Assets (–0.9%) | (71) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $7892 |

---

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, $6,623,000 and 83.9%, 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 June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,248,000 and the aggregate gross unrealized depreciation is approximately $141,000, resulting in net unrealized appreciation of approximately $2,107,000.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 46.7% |
| Semiconductors & Semiconductor Equipment | 21.0 |
| Banks | 20.5 |
| Tech Hardware, Storage & Peripherals | 6.8 |
| Health Care Providers & Services | 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Emerging Markets Leaders Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.4%)** | **Common Stocks (97.4%)** | **Common Stocks (97.4%)** |
| Brazil (13.8%) | Brazil (13.8%) | Brazil (13.8%) |
| Banco BTG Pactual SA (Units) (a) | 434263 | $3377 |
| Localiza Rent a Car SA | 1286632 | 9596 |
| NU Holdings Ltd., Class A (b) | 28775 | 395 |
| Raia Drogasil SA | 1886442 | 5250 |
| WEG SA | 354623 | 2792 |
|  |  | 21410 |
| Greece (0.3%) | Greece (0.3%) | Greece (0.3%) |
| Optima bank SA | 23543 | 554 |
| India (46.6%) | India (46.6%) | India (46.6%) |
| Ambuja Cements Ltd. | 639242 | 4305 |
| Astral Ltd. | 189244 | 3326 |
| AU Small Finance Bank Ltd. | 183372 | 1748 |
| Bharti Airtel Ltd. | 320449 | 7513 |
| Cholamandalam Investment & Finance Co. Ltd. | 4568 | 87 |
| Divi's Laboratories Ltd. | 60897 | 4838 |
| Eternal Ltd. (b) | 728306 | 2243 |
| Global Health Ltd. (b) | 98524 | 1306 |
| HDFC Bank Ltd. | 344340 | 8039 |
| HDFC Bank Ltd. ADR | 3016 | 231 |
| ICICI Bank Ltd. | 453603 | 7666 |
| KEI Industries Ltd. | 158580 | 7017 |
| Laurus Labs Ltd. | 82723 | 699 |
| Oberoi Realty Ltd. | 174696 | 3884 |
| Samvardhana Motherson International Ltd. | 2076611 | 3749 |
| Timken India Ltd. | 45229 | 1846 |
| Titan Co. Ltd. (b) | 120870 | 5202 |
| TVS Motor Co. Ltd. | 55043 | 1873 |
| Varun Beverages Ltd. | 1270598 | 6780 |
|  |  | 72352 |
| Korea, Republic of (3.9%) | Korea, Republic of (3.9%) | Korea, Republic of (3.9%) |
| Coupang, Inc. (b) | 202792 | 6076 |
| Mexico (5.5%) | Mexico (5.5%) | Mexico (5.5%) |
| Fomento Economico Mexicano SAB de CV ADR | 3099 | 319 |
| Grupo Financiero Banorte SAB de CV Series O | 897843 | 8239 |
|  |  | 8558 |
| Singapore (3.1%) | Singapore (3.1%) | Singapore (3.1%) |
| Sea Ltd. ADR (b) | 30065 | 4808 |
| Taiwan (12.7%) | Taiwan (12.7%) | Taiwan (12.7%) |
| E Ink Holdings, Inc. | 661000 | 5003 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 326000 | 11922 |
| Voltronic Power Technology Corp. | 64334 | 2775 |
|  |  | 19700 |
| United Arab Emirates (0.4%) | United Arab Emirates (0.4%) | United Arab Emirates (0.4%) |
| Americana Restaurants International <br>PLC — Foreign Co. | 995431 | 610 |
| United States (11.1%) | United States (11.1%) | United States (11.1%) |
| Globant SA (b) | 6587 | 598 |
| MercadoLibre, Inc. (b) | 4037 | 10551 |
| XP, Inc., Class A | 301267 | 6086 |
|  |  | 17235 |
| **Total Common Stocks (Cost $119,559)** | **Total Common Stocks (Cost $119,559)** | 151303 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investment (1.9%)** | **Short-Term Investment (1.9%)** | **Short-Term Investment (1.9%)** |
| Investment Company (1.9%) | Investment Company (1.9%) | Investment Company (1.9%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.25% (See Note G) <br>**(Cost $2,954)** | 2953933 | $2954 |
| **Total Investments (99.3%) (Cost $122,513) (c)** | **Total Investments (99.3%) (Cost $122,513) (c)** | 154257 |
| Other Assets in Excess of Liabilities (0.7%) | Other Assets in Excess of Liabilities (0.7%) | 1093 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $155350 |

---

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) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.

(b) Non-income producing security.

(c) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $39,360,000 and the aggregate gross unrealized depreciation is approximately $7,616,000, resulting in net unrealized appreciation of approximately $31,744,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of**<br> **Total Investments** |
| Other\* | 43.7% |
| Banks | 17.4 |
| Broadline Retail | 10.7 |
| Electrical Equipment | 8.1 |
| Semiconductors & Semiconductor Equipment | 7.7 |
| Ground Transportation | 6.2 |
| Capital Markets | 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.1%)** | **Common Stocks (99.1%)** | **Common Stocks (99.1%)** |
| Brazil (5.3%) | Brazil (5.3%) | Brazil (5.3%) |
| Banco BTG Pactual SA (Units) (a) | 195748 | $1522 |
| Itau Unibanco Holding SA (Preference) | 1001663 | 6812 |
| Raia Drogasil SA | 1228602 | 3419 |
| Rede D'Or Sao Luiz SA | 854338 | 5570 |
| Vale SA | 302985 | 2936 |
| WEG SA | 1211588 | 9541 |
|  |  | 29800 |
| Chile (0.8%) | Chile (0.8%) | Chile (0.8%) |
| Banco de Chile | 28835568 | 4361 |
| China (22.4%) | China (22.4%) | China (22.4%) |
| Alibaba Group Holding Ltd. (b) | 974400 | 13794 |
| Bank of Jiangsu Co. Ltd., Class A | 2632800 | 4388 |
| BYD Co. Ltd., H Shares (b) | 703500 | 10953 |
| China Construction Bank Corp., H Shares (b) | 14435120 | 14608 |
| China International Capital Corp. Ltd., <br>Class H (b) | 973200 | 2206 |
| China Merchants Bank Co. Ltd., H Shares (b) | 1324500 | 9291 |
| JD.com, Inc., Class A (b) | 97823 | 1598 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br>Class A | 446359 | 3233 |
| Kweichow Moutai Co. Ltd., Class A | 5649 | 1112 |
| Meituan, Class B (b)(c) | 225890 | 3634 |
| NARI Technology Co. Ltd., Class A | 1088300 | 3405 |
| NAURA Technology Group Co. Ltd., Class A | 45700 | 2822 |
| NetEase, Inc. (b) | 175100 | 4719 |
| Ping An Insurance Group Co. of China Ltd., <br>Class H (b) | 425000 | 2713 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 385500 | 3476 |
| Tencent Holdings Ltd. (b) | 458500 | 29544 |
| Trip.com Group Ltd. ADR | 126689 | 7429 |
| Xiaomi Corp., Class B (b)(c) | 518200 | 3989 |
| Yum China Holdings, Inc. | 86683 | 3876 |
|  |  | 126790 |
| Czech Republic (0.7%) | Czech Republic (0.7%) | Czech Republic (0.7%) |
| Komercni Banka AS | 76804 | 3717 |
| India (24.8%) | India (24.8%) | India (24.8%) |
| 360 ONE WAM Ltd. | 249777 | 3480 |
| Axis Bank Ltd. | 389723 | 5451 |
| Bajaj Auto Ltd. | 46290 | 4521 |
| Bajaj Finance Ltd. | 549090 | 5997 |
| CG Power & Industrial Solutions Ltd. | 234868 | 1869 |
| Colgate-Palmolive India Ltd. | 48348 | 1357 |
| Grasim Industries Ltd. | 144524 | 4795 |
| HDFC Asset Management Co. Ltd. | 93880 | 5686 |
| HDFC Bank Ltd. | 168702 | 3938 |
| HDFC Bank Ltd. ADR | 87573 | 6714 |
| Hindalco Industries Ltd. | 329689 | 2667 |
| Hitachi Energy India Ltd. | 27908 | 6512 |
| ICICI Bank Ltd. ADR | 34277 | 1153 |
| ICICI Bank Ltd. | 636272 | 10753 |
| IDFC First Bank Ltd. (c) | 6618313 | 5622 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Infosys Ltd. ADR (d) | 388915 | $| 7207 |
| Larsen & Toubro Ltd. | 92361 |  | 3953 |
| Macrotech Developers Ltd. | 328099 |  | 5305 |
| Mahindra & Mahindra Ltd. | 231079 |  | 8577 |
| MakeMyTrip Ltd. (c) | 27727 |  | 2718 |
| Max Healthcare Institute Ltd. | 414502 |  | 6168 |
| Pidilite Industries Ltd. | 118595 |  | 4226 |
| Reliance Industries Ltd. | 718263 |  | 12572 |
| Samvardhana Motherson International Ltd. | 1541917 |  | 2783 |
| Shriram Finance Ltd. | 403550 |  | 3328 |
| State Bank of India | 814134 |  | 7788 |
| Swiggy Ltd. (c) | 389407 |  | 1818 |
| United Breweries Ltd. | 167078 |  | 3802 |
|  |  |  | 140760 |
| Indonesia (0.4%) | Indonesia (0.4%) | Indonesia (0.4%) | Indonesia (0.4%) |
| Cisarua Mountain Dairy Tbk. PT | 8566400 |  | 2570 |
| Korea, Republic of (8.5%) | Korea, Republic of (8.5%) | Korea, Republic of (8.5%) | Korea, Republic of (8.5%) |
| HYBE Co. Ltd. | 8221 |  | 1880 |
| KB Financial Group, Inc. | 74240 |  | 6101 |
| Kia Corp. | 45929 |  | 3286 |
| KT&G Corp. | 34398 |  | 3247 |
| NAVER Corp. | 19196 |  | 3727 |
| Samsung Electronics Co. Ltd. | 581159 |  | 25700 |
| SK Hynix, Inc. | 18771 |  | 4045 |
|  |  |  | 47986 |
| Malaysia (1.2%) | Malaysia (1.2%) | Malaysia (1.2%) | Malaysia (1.2%) |
| CIMB Group Holdings Bhd. | 2329100 |  | 3756 |
| Malayan Banking Bhd. | 1387600 |  | 3197 |
|  |  |  | 6953 |
| Mexico (5.0%) | Mexico (5.0%) | Mexico (5.0%) | Mexico (5.0%) |
| Gruma SAB de CV, Class B | 191322 |  | 3300 |
| Grupo Financiero Banorte SAB de CV Series O | 956758 |  | 8779 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 3412551 |  | 6256 |
| Prologis Property Mexico SA de CV REIT | 757463 |  | 2856 |
| Wal-Mart de Mexico SAB de CV | 2207019 |  | 7302 |
|  |  |  | 28493 |
| Poland (2.8%) | Poland (2.8%) | Poland (2.8%) | Poland (2.8%) |
| Allegro.eu SA (c) | 857279 |  | 8254 |
| Budimex SA | 23096 |  | 3580 |
| Powszechny Zaklad Ubezpieczen SA | 239803 |  | 4193 |
|  |  |  | 16027 |
| Saudi Arabia (1.4%) | Saudi Arabia (1.4%) | Saudi Arabia (1.4%) | Saudi Arabia (1.4%) |
| Alinma Bank | 515175 |  | 3683 |
| Bupa Arabia for Cooperative Insurance Co. | 89759 |  | 4262 |
|  |  |  | 7945 |
| South Africa (3.4%) | South Africa (3.4%) | South Africa (3.4%) | South Africa (3.4%) |
| AVI Ltd. | 865573 |  | 4602 |
| Capitec Bank Holdings Ltd. | 45794 |  | 9156 |
| Clicks Group Ltd. | 190647 |  | 3992 |
| OUTsurance Group Ltd. | 329562 |  | 1460 |
|  |  |  | 19210 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

**Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Taiwan (20.5%) | Taiwan (20.5%) | Taiwan (20.5%) |
| Airtac International Group | 94448 | $2812 |
| Alchip Technologies Ltd. | 62000 | 6574 |
| ASE Technology Holding Co. Ltd. | 847000 | 4249 |
| Chailease Holding Co. Ltd. | 715000 | 3097 |
| Delta Electronics, Inc. | 262000 | 3707 |
| Hon Hai Precision Industry Co. Ltd. | 1577000 | 8701 |
| MediaTek, Inc. | 59000 | 2528 |
| Taiwan Semiconductor Manufacturing <br>Co. Ltd. | 2010205 | 73512 |
| Unimicron Technology Corp. | 900000 | 3513 |
| Wiwynn Corp. | 86722 | 7530 |
|  |  | 116223 |
| United Kingdom (1.0%) | United Kingdom (1.0%) | United Kingdom (1.0%) |
| Antofagasta PLC | 232185 | 5773 |
| United States (0.9%) | United States (0.9%) | United States (0.9%) |
| MercadoLibre, Inc. (c) | 1936 | 5060 |
| **Total Common Stocks (Cost $390,309)** | **Total Common Stocks (Cost $390,309)** | 561668 |
| **Short-Term Investments (3.3%)** | **Short-Term Investments (3.3%)** | **Short-Term Investments (3.3%)** |
| Investment Company (2.2%) | Investment Company (2.2%) | Investment Company (2.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.25% (See Note G) <br>**(Cost $12,433)** | 12433395 | 12433 |
| Securities held as Collateral on Loaned Securities (1.1%) | Securities held as Collateral on Loaned Securities (1.1%) | Securities held as Collateral on Loaned Securities (1.1%) |
| Investment Company (1.1%) | Investment Company (1.1%) | Investment Company (1.1%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.25% (See Note G)<br>**(Cost $6,352)** | 6352479 | 6352 |
| **Total Short-Term Investments (Cost $18,785)** | **Total Short-Term Investments (Cost $18,785)** | 18785 |
| **Total Investments (102.4%) (Cost $409,094)<br>Including $6,195 of Securities Loaned (e)(f)** | **Total Investments (102.4%) (Cost $409,094)<br>Including $6,195 of Securities Loaned (e)(f)** | 580453 |
| Liabilities in Excess of Other Assets (–2.4%) | Liabilities in Excess of Other Assets (–2.4%) | (13739) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $566714 |

---

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) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.

(b) Security trades on the Hong Kong exchange.

(c) Non-income producing security.

(d) All or a portion of this security was on loan at June 30, 2025.

(e) The approximate fair value and percentage of net assets, $464,857,000 and 82.0%, 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.

(f) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $182,847,000 and the aggregate gross unrealized depreciation is approximately $11,488,000, resulting in net unrealized appreciation of approximately $171,359,000.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of**<br> **Total Investments** |
| Other\*\* | 45.6% |
| Banks | 20.8 |
| Semiconductors & Semiconductor Equipment | 16.3 |
| Tech Hardware, Storage & Peripherals | 6.5 |
| Interactive Media & Services | 5.8 |
| Broadline Retail | 5.0 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2025.

\*\* 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Global Concentrated Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.0%)** | **Common Stocks (99.0%)** | **Common Stocks (99.0%)** |
| China (6.8%) | China (6.8%) | China (6.8%) |
| Tencent Holdings Ltd. ADR | 311931 | $20119 |
| Italy (5.8%) | Italy (5.8%) | Italy (5.8%) |
| Ferrari NV | 35140 | 17245 |
| Japan (6.5%) | Japan (6.5%) | Japan (6.5%) |
| Mizuho Financial Group, Inc. ADR | 1825584 | 10150 |
| Sumitomo Mitsui Financial Group, Inc. ADR | 613284 | 9267 |
|  |  | 19417 |
| Taiwan (6.2%) | Taiwan (6.2%) | Taiwan (6.2%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 81009 | 18348 |
| United States (73.7%) | United States (73.7%) | United States (73.7%) |
| Ameriprise Financial, Inc. | 29098 | 15531 |
| AutoZone, Inc. (a) | 1248 | 4633 |
| CBRE Group, Inc., Class A (a) | 97519 | 13664 |
| Costco Wholesale Corp. | 16742 | 16574 |
| CRH PLC | 189911 | 17434 |
| Eli Lilly & Co. | 4147 | 3233 |
| JPMorgan Chase & Co. | 55277 | 16025 |
| LPL Financial Holdings, Inc. | 34010 | 12753 |
| Mastercard, Inc., Class A | 15974 | 8976 |
| Microsoft Corp. | 41737 | 20760 |
| Netflix, Inc. (a) | 16999 | 22764 |
| NVIDIA Corp. | 182799 | 28880 |
| Progressive Corp. | 72306 | 19296 |
| United Rentals, Inc. | 9196 | 6928 |
| Waste Management, Inc. | 47609 | 10894 |
|  |  | 218345 |
| **Total Common Stocks (Cost $211,357)** | **Total Common Stocks (Cost $211,357)** | 293474 |
| **Short-Term Investment (0.8%)** | **Short-Term Investment (0.8%)** | **Short-Term Investment (0.8%)** |
| Investment Company (0.8%) | Investment Company (0.8%) | Investment Company (0.8%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $2,394)** | 2394127 | 2394 |
| **Total Investments (99.8%) (Cost $213,751) (b)** | **Total Investments (99.8%) (Cost $213,751) (b)** | 295868 |
| Other Assets in Excess of Liabilities (0.2%) | Other Assets in Excess of Liabilities (0.2%) | 582 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $296450 |

---

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 June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $82,152,000 and the aggregate gross unrealized depreciation is approximately $35,000, resulting in net unrealized appreciation of approximately $82,117,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of**<br> **Total Investments** |
| Other\* | 17.1% |
| Semiconductors & Semiconductor Equipment | 16.0 |
| Banks | 12.0 |
| Capital Markets | 9.6 |
| Entertainment | 7.7 |
| Software | 7.0 |
| Interactive Media & Services | 6.8 |
| Insurance | 6.5 |
| Construction Materials | 5.9 |
| Automobiles | 5.8 |
| Consumer Staples Distribution & Retail | 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Global Core Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (100.1%)** | **Common Stocks (100.1%)** | **Common Stocks (100.1%)** |
| Canada (0.6%) | Canada (0.6%) | Canada (0.6%) |
| Shopify, Inc., Class A (a) | 2438 | $281 |
| China (5.2%) | China (5.2%) | China (5.2%) |
| JD.com, Inc. ADR | 10834 | 354 |
| NetEase, Inc. ADR | 2549 | 343 |
| Tencent Holdings Ltd. ADR | 24863 | 1604 |
|  |  | 2301 |
| France (3.2%) | France (3.2%) | France (3.2%) |
| Hermes International SCA ADR | 4478 | 1214 |
| LVMH Moet Hennessy Louis Vuitton SE | 363 | 190 |
|  |  | 1404 |
| Italy (6.0%) | Italy (6.0%) | Italy (6.0%) |
| Ferrari NV | 5381 | 2641 |
| Japan (4.7%) | Japan (4.7%) | Japan (4.7%) |
| Mitsui & Co. Ltd. ADR | 378 | 154 |
| Mizuho Financial Group, Inc. ADR | 105495 | 586 |
| NTT, Inc. ADR | 3513 | 94 |
| Sumitomo Mitsui Financial Group, Inc. ADR | 83050 | 1255 |
|  |  | 2089 |
| Spain (3.2%) | Spain (3.2%) | Spain (3.2%) |
| Banco Santander SA ADR | 173402 | 1439 |
| Taiwan (4.9%) | Taiwan (4.9%) | Taiwan (4.9%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9547 | 2162 |
| United Kingdom (0.2%) | United Kingdom (0.2%) | United Kingdom (0.2%) |
| Experian PLC ADR | 1717 | 88 |
| United States (72.1%) | United States (72.1%) | United States (72.1%) |
| Alphabet, Inc., Class A | 6308 | 1112 |
| Amazon.com, Inc. (a) | 7915 | 1737 |
| Ameriprise Financial, Inc. | 4294 | 2292 |
| Apple, Inc. | 9312 | 1911 |
| AutoZone, Inc. (a) | 23 | 85 |
| Brown & Brown, Inc. | 9958 | 1104 |
| Cboe Global Markets, Inc. | 2335 | 545 |
| CBRE Group, Inc., Class A (a) | 8917 | 1249 |
| Chevron Corp. | 4107 | 588 |
| Costco Wholesale Corp. | 344 | 341 |
| CRH PLC | 26793 | 2460 |
| General Electric Co. | 2115 | 544 |
| JPMorgan Chase & Co. | 8468 | 2455 |
| Linde PLC | 281 | 132 |
| LPL Financial Holdings, Inc. | 2949 | 1106 |
| Mastercard, Inc., Class A | 1586 | 891 |
| McDonald's Corp. | 282 | 82 |
| MercadoLibre, Inc. (a) | 307 | 802 |
| Microsoft Corp. | 3954 | 1967 |
| Millrose Properties, Inc. REIT | 912 | 26 |
| Netflix, Inc. (a) | 1411 | 1890 |
| NVIDIA Corp. | 18527 | 2927 |
| Progressive Corp. | 5616 | 1499 |
| Tesla, Inc. (a) | 989 | 314 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| TJX Cos., Inc. | 13699 | $1692 |
| Tyler Technologies, Inc. (a) | 628 | 372 |
| United Rentals, Inc. | 1171 | 882 |
| Valero Energy Corp. | 1193 | 160 |
| Waste Management, Inc. | 3463 | 792 |
|  |  | 31957 |
| **Total Investments (100.1%) (Cost $29,442) (b)(c)** | **Total Investments (100.1%) (Cost $29,442) (b)(c)** | 44362 |
| Liabilities in Excess of Other Assets (–0.1%) | Liabilities in Excess of Other Assets (–0.1%) | (51) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $44311 |

---

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, $190,000 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 Financial Statements.

(c) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,045,000 and the aggregate gross unrealized depreciation is approximately $125,000, resulting in net unrealized appreciation of approximately $14,920,000.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 25.8% |
| Banks | 12.8 |
| Semiconductors & Semiconductor Equipment | 11.5 |
| Capital Markets | 8.9 |
| Automobiles | 6.7 |
| Broadline Retail | 6.5 |
| Interactive Media & Services | 6.1 |
| Insurance | 5.9 |
| Construction Materials | 5.5 |
| Software | 5.2 |
| Entertainment | 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Global Endurance Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.5%)** | **Common Stocks (98.5%)** | **Common Stocks (98.5%)** |
| Canada (1.0%) | Canada (1.0%) | Canada (1.0%) |
| Colliers International Group, Inc. (a) | 2208 | $288 |
| Germany (2.2%) | Germany (2.2%) | Germany (2.2%) |
| Delivery Hero SE (b) | 24196 | 657 |
| Israel (5.1%) | Israel (5.1%) | Israel (5.1%) |
| Global-e Online Ltd. (b) | 17464 | 586 |
| Teva Pharmaceutical Industries Ltd. ADR (b) | 54978 | 921 |
|  |  | 1507 |
| Japan (2.2%) | Japan (2.2%) | Japan (2.2%) |
| Sansan, Inc. (b) | 44500 | 658 |
| United Kingdom (16.8%) | United Kingdom (16.8%) | United Kingdom (16.8%) |
| Domino's Pizza Group PLC | 409928 | 1450 |
| Victoria PLC (a)(b) | 3505235 | 3528 |
|  |  | 4978 |
| United States (71.2%) | United States (71.2%) | United States (71.2%) |
| Appian Corp., Class A (b) | 96566 | 2883 |
| Applied Materials, Inc. | 4964 | 909 |
| Arbutus Biopharma Corp. (b) | 402875 | 1245 |
| Avadel Pharmaceuticals PLC (b) | 116446 | 1031 |
| Bill Holdings, Inc. (b) | 8133 | 376 |
| Burford Capital Ltd. | 22947 | 268 |
| Carvana Co. (b) | 3178 | 1071 |
| Chart Industries, Inc. (b) | 2745 | 452 |
| Core & Main, Inc., Class A (b) | 10777 | 650 |
| Core Scientific, Inc. (b) | 71588 | 1222 |
| Floor & Decor Holdings, Inc., Class A (b) | 18479 | 1404 |
| GXO Logistics, Inc. (b) | 14866 | 724 |
| HCA Healthcare, Inc. | 3691 | 1414 |
| ICON PLC ADR (b) | 2005 | 292 |
| Immunovant, Inc. (b) | 57496 | 920 |
| PennyMac Financial Services, Inc. | 2943 | 293 |
| QXO, Inc. (b) | 60362 | 1300 |
| Roivant Sciences Ltd. (b) | 108764 | 1226 |
| Royalty Pharma PLC, Class A | 20558 | 741 |
| Sable Offshore Corp. (b) | 34283 | 754 |
| SharkNinja, Inc. (b) | 5418 | 536 |
| Somnigroup International, Inc. | 9097 | 619 |
| Sotera Health Co. (b) | 69236 | 770 |
|  |  | 21100 |
| **Total Common Stocks (Cost $32,605)** | **Total Common Stocks (Cost $32,605)** | 29188 |
| **Short-Term Investments (2.5%)** | **Short-Term Investments (2.5%)** | **Short-Term Investments (2.5%)** |
| Investment Company (1.4%) | Investment Company (1.4%) | Investment Company (1.4%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $423)** | 423329 | 423 |
| Securities held as Collateral on Loaned Securities (1.1%) | Securities held as Collateral on Loaned Securities (1.1%) | Securities held as Collateral on Loaned Securities (1.1%) |
| Investment Company (0.9%) | Investment Company (0.9%) | Investment Company (0.9%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) | 254259 | 254 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (0.2%) | Repurchase Agreements (0.2%) | Repurchase Agreements (0.2%) |
| Citigroup, Inc., (4.25%, dated 6/30/25, due <br>7/1/25; proceeds $21; fully collateralized <br>by a U.S. Government obligation; 3.00% due <br>9/30/25; valued at $21) | $21 | $21 |
| Merrill Lynch & Co., Inc., (4.39%, dated <br>6/30/25, due 7/1/25; proceeds $45; fully <br>collateralized by a U.S. Government <br>obligation; 2.38% due 1/15/27; <br>valued at $46) | 45 | 45 |
|  |  | 66 |
| **Total Securities held as Collateral on Loaned <br>Securities (Cost $320)** | **Total Securities held as Collateral on Loaned <br>Securities (Cost $320)** | 320 |
| **Total Short-Term Investments (Cost $743)** | **Total Short-Term Investments (Cost $743)** | 743 |
| **Total Investments (101.0%) (Cost $33,348)<br>Including $635 of Securities Loaned (c)(d)** | **Total Investments (101.0%) (Cost $33,348)<br>Including $635 of Securities Loaned (c)(d)** | 29931 |
| Liabilities in Excess of Other Assets (–1.0%) | Liabilities in Excess of Other Assets (–1.0%) | (303) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $29628 |

---

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) All or a portion of this security was on loan at June 30, 2025.

(b) Non-income producing security.

(c) The approximate fair value and percentage of net assets, $6,561,000 and 22.1%, 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.

(d) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,453,000 and the aggregate gross unrealized depreciation is approximately $5,870,000, resulting in net unrealized depreciation of approximately $3,417,000.

ADR American Depositary Receipt.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 24.2% |
| Software | 17.4 |
| Household Durables | 15.8 |
| Biotechnology | 11.4 |
| Pharmaceuticals | 9.1 |
| Specialty Retail | 8.4 |
| Hotels, Restaurants & Leisure | 7.1 |
| Trading Companies & Distributors | 6.6 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2025.

\*\* 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Global Franchise Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.5%)** | **Common Stocks (98.5%)** | **Common Stocks (98.5%)** |
| France (6.2%) | France (6.2%) | France (6.2%) |
| L'Oreal SA | 294687 | $126230 |
| LVMH Moet Hennessy Louis Vuitton SE | 79849 | 41792 |
|  |  | 168022 |
| Germany (7.9%) | Germany (7.9%) | Germany (7.9%) |
| SAP SE | 695622 | 212707 |
| United Kingdom (8.1%) | United Kingdom (8.1%) | United Kingdom (8.1%) |
| Experian PLC | 813474 | 41948 |
| Haleon PLC | 15621061 | 80286 |
| RELX PLC (LSE) | 1392248 | 75457 |
| RELX PLC (Euronext NV) | 364653 | 19705 |
|  |  | 217396 |
| United States (76.3%) | United States (76.3%) | United States (76.3%) |
| Abbott Laboratories | 446585 | 60740 |
| Accenture PLC, Class A | 312121 | 93290 |
| Alphabet, Inc., Class A | 550162 | 96955 |
| Aon PLC, Class A | 315870 | 112690 |
| Arthur J Gallagher & Co. | 249052 | 79726 |
| Automatic Data Processing, Inc. | 239161 | 73757 |
| AutoZone, Inc. (a) | 10313 | 38284 |
| Booking Holdings, Inc. | 16864 | 97630 |
| Broadridge Financial Solutions, Inc. | 171014 | 41562 |
| CDW Corp. | 189108 | 33773 |
| CME Group, Inc. | 235495 | 64907 |
| Coca-Cola Co. | 1405294 | 99425 |
| Equifax, Inc. | 116646 | 30254 |
| FactSet Research Systems, Inc. | 85941 | 38440 |
| Intercontinental Exchange, Inc. | 455141 | 83505 |
| Jack Henry & Associates, Inc. | 176118 | 31731 |
| Microsoft Corp. | 516694 | 257009 |
| Oracle Corp. | 176178 | 38518 |
| Otis Worldwide Corp. | 563563 | 55804 |
| Philip Morris International, Inc. | 212113 | 38632 |
| Procter & Gamble Co. | 499167 | 79527 |
| Roper Technologies, Inc. | 147786 | 83771 |
| S&P Global, Inc. | 151152 | 79701 |
| Steris PLC | 156719 | 37647 |
| Thermo Fisher Scientific, Inc. | 169864 | 68873 |
| Visa, Inc., Class A | 483978 | 171836 |
| Zoetis, Inc. | 413986 | 64561 |
|  |  | 2052548 |
| **Total Common Stocks (Cost $1,604,563)** | **Total Common Stocks (Cost $1,604,563)** | 2650673 |
| **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, 4.09% (See Note G) <br>**(Cost $44,958)** | 44958480 | 44958 |
| **Total Investments (100.2%) (Cost $1,649,521) (b)** | **Total Investments (100.2%) (Cost $1,649,521) (b)** | 2695631 |
| Liabilities in Excess of Other Assets (–0.2%) | Liabilities in Excess of Other Assets (–0.2%) | (6386) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2689245 |

---

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 June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,047,826,000 and the aggregate gross unrealized depreciation is approximately $1,716,000, resulting in net unrealized appreciation of approximately $1,046,110,000.

Euronext NV Euronext Amsterdam Stock Market.

LSE London Stock Exchange.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 37.6% |
| Software | 21.9 |
| Professional Services | 10.4 |
| Capital Markets | 9.9 |
| Financial Services | 7.6 |
| Insurance | 7.2 |
| Pharmaceuticals | 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.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**Global Insight Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.9%)** | **Common Stocks (95.9%)** | **Common Stocks (95.9%)** |
| Brazil (0.3%) | Brazil (0.3%) | Brazil (0.3%) |
| NU Holdings Ltd., Class A (a) | 12687 | $174 |
| Canada (5.5%) | Canada (5.5%) | Canada (5.5%) |
| Shopify, Inc., Class A (a) | 31682 | 3655 |
| Israel (3.6%) | Israel (3.6%) | Israel (3.6%) |
| Global-e Online Ltd. (a) | 71319 | 2392 |
| Korea, Republic of (2.6%) | Korea, Republic of (2.6%) | Korea, Republic of (2.6%) |
| Coupang, Inc. (a) | 56428 | 1691 |
| Netherlands (4.9%) | Netherlands (4.9%) | Netherlands (4.9%) |
| Adyen NV (a) | 1747 | 3208 |
| Singapore (1.5%) | Singapore (1.5%) | Singapore (1.5%) |
| Grab Holdings Ltd., Class A (a) | 134294 | 675 |
| Sea Ltd. ADR (a) | 1873 | 300 |
|  |  | 975 |
| United Kingdom (0.1%) | United Kingdom (0.1%) | United Kingdom (0.1%) |
| Victoria PLC (a) | 70649 | 71 |
| United States (77.4%) | United States (77.4%) | United States (77.4%) |
| Affirm Holdings, Inc. (a) | 62776 | 4340 |
| Agilon Health, Inc. (a) | 184098 | 423 |
| AppLovin Corp., Class A (a) | 6855 | 2400 |
| Arbutus Biopharma Corp. (a) | 173307 | 536 |
| Aurora Innovation, Inc. (a) | 455912 | 2389 |
| Cloudflare, Inc., Class A (a) | 40706 | 7971 |
| Core & Main, Inc., Class A (a) | 16485 | 995 |
| Crowdstrike Holdings, Inc., Class A (a) | 3240 | 1650 |
| DoorDash, Inc., Class A (a) | 6918 | 1705 |
| Federal National Mortgage Association (a) | 135078 | 1289 |
| Intellia Therapeutics, Inc. (a) | 17321 | 163 |
| IonQ, Inc. (a) | 56346 | 2421 |
| Landbridge Co. LLC, Class A | 23772 | 1607 |
| MercadoLibre, Inc. (a) | 1693 | 4425 |
| MicroStrategy, Inc., Class A (a) | 9780 | 3953 |
| ProKidney Corp. (a) | 41771 | 25 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| QXO, Inc. (a) | 102755 | $2213 |
| ROBLOX Corp., Class A (a) | 22276 | 2343 |
| Roivant Sciences Ltd. (a) | 49200 | 555 |
| Royalty Pharma PLC, Class A | 87144 | 3140 |
| Snowflake, Inc., Class A (a) | 10381 | 2323 |
| Tesla, Inc. (a) | 11830 | 3758 |
| XOMA Royalty Corp. (a) | 11734 | 296 |
|  |  | 50920 |
| **Total Common Stocks (Cost $37,457)** | **Total Common Stocks (Cost $37,457)** | 63086 |
| **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 | 28 |
| **Investment Company (2.6%)** | **Investment Company (2.6%)** | **Investment Company (2.6%)** |
| United States (2.6%) | United States (2.6%) | United States (2.6%) |
| iShares Bitcoin Trust ETF (a) **(Cost $1,095)** | 28303 | 1732 |
| **Short-Term Investment (1.5%)** | **Short-Term Investment (1.5%)** | **Short-Term Investment (1.5%)** |
| Investment Company (1.5%) | Investment Company (1.5%) | Investment Company (1.5%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $1,004)** | 1003845 | 1004 |
| **Total Investments Excluding Purchased <br>Options (100.1%) (Cost $39,629)** |  | 65850 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $381)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $381)** | 65 |
| **Total Investments (100.2%) (Cost $40,010) (d)(e)(f)** | **Total Investments (100.2%) (Cost $40,010) (d)(e)(f)** | 65915 |
| Liabilities in Excess of Other Assets (–0.2%) | Liabilities in Excess of Other Assets (–0.2%) | (121) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $65794 |

---

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.

The Fund had the following Derivative Contract — PIPE open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br>Obligation** | **Notional<br>Amount** | **Settlement<br>Date** | **Unrealized<br>Depreciation<br>(000)** | **% of<br>Net Assets** |
| Cantor Equity Partners, Inc. | Twenty One Capital, Inc. (a)(b)(c)(g)(h) | $1274679 | 12/31/25 | $(52) | (0.08)% |

---

(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 and derivative contracts (excluding 144A holdings) at June 30, 2025 amounts to approximately $(24,000) and represents less than 0.05% of net assets.

(c) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(d) The approximate fair value and percentage of net assets, $3,279,000 and 5.0%, 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) Securities are available for collateral in connection with a security purchased on a forward commitment basis, derivative contract — PIPE and purchased options.

(f) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $27,907,000 and the aggregate gross unrealized depreciation is approximately $2,054,000, resulting in net unrealized appreciation of approximately $25,853,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Insight Portfolio**

(g) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.

(h) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 60,699 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

PIPE Private Investment in Public Equity.

SPAC Special Purpose Acquisition Company.

**Call Options Purchased:**

The Fund had the following call options purchased open at June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>Depreciation<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 7437834 | $7438 | $1 |  | $31 | $(30) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 15064889 | 15065 | 31 |  | 63 | (32) |
| Standard Chartered Bank | USD/CNH CNH | 7.76 | Oct-25 | 13974746 | 13975 | 4 |  | 61 | (57) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 6763419 | 6763 |  | @ | 29 | (29) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 15854951 | 15855 | 15 |  | 65 | (50) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 10380714 | 10381 | 10 |  | 50 | (40) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 17249729 | 17250 | 4 |  | 82 | (78) |
|  |  |  |  |  |  | $65 |  | $381 | $(316) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Other\* | 31.0 | % |
| Information Technology Services | 21.1 |  |
| Software | 15.8 |  |
| Financial Services | 13.5 |  |
| Broadline Retail | 12.9 |  |
| Automobiles | 5.7 |  |
| Total Investments | 100.0 | %\*\* |

---

\* Industries and/or investment types representing less than 5% of total investments.

\*\* Does not include an open PIPE contract with unrealized depreciation of approximately $52,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**Global Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.9%)** | **Common Stocks (95.9%)** | **Common Stocks (95.9%)** |
| Brazil (2.0%) | Brazil (2.0%) | Brazil (2.0%) |
| NU Holdings Ltd., Class A (a) | 5054186 | $69343 |
| Canada (2.4%) | Canada (2.4%) | Canada (2.4%) |
| Shopify, Inc., Class A (a) | 726707 | 83826 |
| China (3.4%) | China (3.4%) | China (3.4%) |
| Meituan, Class B (a)(b) | 3541800 | 56974 |
| Trip.com Group Ltd. ADR | 1062312 | 62294 |
|  |  | 119268 |
| Denmark (4.8%) | Denmark (4.8%) | Denmark (4.8%) |
| DSV AS | 704034 | 168866 |
| France (6.8%) | France (6.8%) | France (6.8%) |
| Hermes International SCA | 37192 | 100822 |
| Schneider Electric SE | 512411 | 137575 |
|  |  | 238397 |
| India (6.0%) | India (6.0%) | India (6.0%) |
| HDFC Bank Ltd. | 3986284 | 93061 |
| ICICI Bank Ltd. ADR | 3543633 | 119208 |
|  |  | 212269 |
| Italy (2.3%) | Italy (2.3%) | Italy (2.3%) |
| Moncler SpA | 1429590 | 81546 |
| Japan (0.8%) | Japan (0.8%) | Japan (0.8%) |
| Keyence Corp. | 72100 | 28828 |
| Korea, Republic of (4.0%) | Korea, Republic of (4.0%) | Korea, Republic of (4.0%) |
| Coupang, Inc. (a) | 4203256 | 125929 |
| KakaoBank Corp. | 611700 | 13556 |
|  |  | 139485 |
| Netherlands (1.5%) | Netherlands (1.5%) | Netherlands (1.5%) |
| ASML Holding NV | 63911 | 51214 |
| Singapore (0.8%) | Singapore (0.8%) | Singapore (0.8%) |
| Grab Holdings Ltd., Class A (a) | 5762393 | 28985 |
| Sweden (6.0%) | Sweden (6.0%) | Sweden (6.0%) |
| Spotify Technology SA (a) | 277777 | 213149 |
| Switzerland (0.7%) | Switzerland (0.7%) | Switzerland (0.7%) |
| On Holding AG, Class A (a) | 451165 | 23483 |
| Taiwan (2.3%) | Taiwan (2.3%) | Taiwan (2.3%) |
| Taiwan Semiconductor <br>Manufacturing Co. Ltd. | 2260000 | 82647 |
| United Kingdom (1.3%) | United Kingdom (1.3%) | United Kingdom (1.3%) |
| London Stock Exchange Group PLC | 321233 | 46979 |
| United States (50.8%) | United States (50.8%) | United States (50.8%) |
| Airbnb, Inc., Class A (a) | 593798 | 78583 |
| Amazon.com, Inc. (a) | 623419 | 136772 |
| Block, Inc., Class A (a) | 1054537 | 71635 |
| Crowdstrike Holdings, Inc., Class A (a) | 111130 | 56600 |
| DoorDash, Inc., Class A (a) | 819177 | 201935 |
| Liberty Media Corp.-Liberty <br>Formula One, Class C (a) | 354904 | 37087 |
| Magic Leap, Inc., Class A (a)(c)(d)<br>(acquisition cost — $3,175; <br>acquired 12/22/15) | 6530 |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Mastercard, Inc., Class A | 161658 | $90842 |
| MercadoLibre, Inc. (a) | 80442 | 210246 |
| Meta Platforms, Inc., Class A | 360283 | 265921 |
| Salesforce, Inc. | 92083 | 25110 |
| ServiceNow, Inc. (a) | 155479 | 159845 |
| TKO Group Holdings, Inc. | 364054 | 66240 |
| Uber Technologies, Inc. (a) | 2338732 | 218204 |
| Visa, Inc., Class A | 319869 | 113569 |
| Walt Disney Co. | 458382 | 56844 |
|  |  | 1789433 |
| **Total Common Stocks (Cost $1,407,331)** | **Total Common Stocks (Cost $1,407,331)** | 3377718 |
| **Short-Term Investment (4.3%)** | **Short-Term Investment (4.3%)** | **Short-Term Investment (4.3%)** |
| Investment Company (4.3%) | Investment Company (4.3%) | Investment Company (4.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $151,722)** | 151721643 | 151722 |
| **Total Investments (100.2%) (Cost $1,559,053) (e)(f)** | **Total Investments (100.2%) (Cost $1,559,053) (e)(f)** | 3529440 |
| Liabilities in Excess of Other Assets (–0.2%) | Liabilities in Excess of Other Assets (–0.2%) | (5923) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $3523517 |

---

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 June 30, 2025 amounts to $0 and represents 0.0% of net assets.

(d) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(e) The approximate fair value and percentage of net assets, $862,068,000 and 24.4%, 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.

(f) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,005,273,000 and the aggregate gross unrealized depreciation is approximately $34,886,000, resulting in net unrealized appreciation of approximately $1,970,387,000.

ADR American Depositary Receipt.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Opportunity Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 21.2% |
| Broadline Retail | 13.5 |
| Hotels, Restaurants & Leisure | 11.3 |
| Entertainment | 10.6 |
| Banks | 8.4 |
| Financial Services | 7.8 |
| Interactive Media & Services | 7.5 |
| Ground Transportation | 7.0 |
| Software | 6.8 |
| Textiles, Apparel & Luxury Goods | 5.9 |
| 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 financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**Global Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (91.8%)** | **Common Stocks (91.8%)** | **Common Stocks (91.8%)** |
| Brazil (0.1%) | Brazil (0.1%) | Brazil (0.1%) |
| Vale SA | 342 | $3 |
| Canada (5.9%) | Canada (5.9%) | Canada (5.9%) |
| Cameco Corp. | 672 | 50 |
| Canadian National Railway Co. | 1819 | 189 |
| Constellation Software, Inc. | 1 | 4 |
| FirstService Corp. | 19 | 3 |
| Topicus.com, Inc. (a) | 41 | 5 |
|  |  | 251 |
| France (12.1%) | France (12.1%) | France (12.1%) |
| Airbus SE | 193 | 40 |
| Christian Dior SE | 117 | 59 |
| EssilorLuxottica SA | 15 | 4 |
| Eurofins Scientific SE | 2952 | 210 |
| Hermes International SCA | 2 | 6 |
| L'Oreal SA | 9 | 4 |
| LVMH Moet Hennessy Louis Vuitton SE | 353 | 185 |
| Remy Cointreau SA | 43 | 2 |
|  |  | 510 |
| Germany (0.8%) | Germany (0.8%) | Germany (0.8%) |
| Birkenstock Holding PLC (a) | 690 | 34 |
| India (0.2%) | India (0.2%) | India (0.2%) |
| HDFC Bank Ltd. ADR | 130 | 10 |
| Israel (1.6%) | Israel (1.6%) | Israel (1.6%) |
| Oddity Tech Ltd., Class A (a) | 900 | 68 |
| Italy (0.2%) | Italy (0.2%) | Italy (0.2%) |
| Brunello Cucinelli SpA | 33 | 4 |
| Ferrari NV | 9 | 4 |
|  |  | 8 |
| Mexico (0.5%) | Mexico (0.5%) | Mexico (0.5%) |
| Alsea SAB de CV (a) | 8300 | 23 |
| Netherlands (4.7%) | Netherlands (4.7%) | Netherlands (4.7%) |
| ASML Holding NV (Registered) | 242 | 194 |
| Universal Music Group NV | 142 | 5 |
|  |  | 199 |
| United Kingdom (9.1%) | United Kingdom (9.1%) | United Kingdom (9.1%) |
| Babcock International Group PLC | 17474 | 275 |
| Domino's Pizza Group PLC | 10378 | 37 |
| Rentokil Initial PLC | 7189 | 35 |
| Victoria PLC (a) | 37188 | 37 |
|  |  | 384 |
| United States (56.6%) | United States (56.6%) | United States (56.6%) |
| American Tower Corp. REIT | 457 | 101 |
| Brown & Brown, Inc. | 34 | 4 |
| Celsius Holdings, Inc. (a) | 1047 | 48 |
| Cloudflare, Inc., Class A (a) | 2902 | 568 |
| Core & Main, Inc., Class A (a) | 3391 | 205 |
| Danaher Corp. | 464 | 92 |
| Federal National Mortgage Association (a) | 8311 | 79 |
| Floor & Decor Holdings, Inc., Class A (a) | 1636 | 124 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Intercontinental Exchange, Inc. | 772 | $142 |
| Landbridge Co. LLC, Class A | 2903 | 196 |
| Linde PLC | 8 | 4 |
| MP Materials Corp. (a) | 1731 | 57 |
| MSCI, Inc. | 6 | 3 |
| QXO, Inc. (a) | 12308 | 265 |
| Royal Gold, Inc. | 1072 | 191 |
| Royalty Pharma PLC, Class A | 7624 | 275 |
| S&P Global, Inc. | 7 | 4 |
| Sable Offshore Corp. (a) | 921 | 20 |
| Texas Pacific Land Corp. | 2 | 2 |
| Veralto Corp. | 76 | 8 |
| Waste Connections, Inc. | 20 | 4 |
|  |  | 2392 |
| **Total Common Stocks (Cost $3,055)** | **Total Common Stocks (Cost $3,055)** | 3882 |
| **Investment Company (3.1%)** | **Investment Company (3.1%)** | **Investment Company (3.1%)** |
| United States (3.1%) | United States (3.1%) | United States (3.1%) |
| iShares Bitcoin Trust ETF (a) **(Cost $84)** | 2164 | 132 |
|  | **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 (2.3%)** | **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, 4.09% (See Note G) <br>**(Cost $97)** | 96787 | 97 |
| **Total Investments Excluding Purchased Options (97.2%) <br>(Cost $3,236)** |  | 4111 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $24)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $24)** | 4 |
| **Total Investments (97.3%) (Cost $3,260) (c)(d)(e)** | **Total Investments (97.3%) (Cost $3,260) (c)(d)(e)** | 4115 |
| Other Assets in Excess of Liabilities (2.7%) | Other Assets in Excess of Liabilities (2.7%) | 113 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $4228 |

---

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 is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(c) The approximate fair value and percentage of net assets, $903,000 and 21.4%, 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.

(d) Securities are available for collateral in connection with purchased options.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Permanence Portfolio**

(e) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,161,000 and the aggregate gross unrealized depreciation is approximately $306,000, resulting in net unrealized appreciation of approximately $855,000.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

REIT Real Estate Investment Trust.

**Call Options Purchased:**

The Fund had the following call options purchased open at June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>Depreciation<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 522551 | $523 | $— | @ | $3 | $(3) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 918402 | 918 | 2 |  | 4 | (2) |
| Standard Chartered Bank | USD/CNH CNH | 7.76 | Oct-25 | 955310 | 955 |  | @ | 4 | (4) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 478198 | 478 |  | @ | 2 | (2) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 1014582 | 1015 | 1 |  | 4 | (3) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 656354 | 656 | 1 |  | 3 | (2) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 891152 | 891 |  | @ | 4 | (4) |
|  |  |  |  |  |  | $4 |  | $24 | $(20) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 39.9% |
| Information Technology Services | 13.8 |
| Trading Companies & Distributors | 11.4 |
| Aerospace & Defense | 7.7 |
| Life Sciences Tools & Services | 7.4 |
| Textiles, Apparel & Luxury Goods | 7.0 |
| Pharmaceuticals | 6.7 |
| Metals & Mining | 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Global Stars Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.9%)** | **Common Stocks (97.9%)** | **Common Stocks (97.9%)** |
| Australia (1.6%) | Australia (1.6%) | Australia (1.6%) |
| Xero Ltd.(a) | 6509 | $770 |
| Canada (4.9%) | Canada (4.9%) | Canada (4.9%) |
| Constellation Software, Inc. | 408 | 1496 |
| Shopify, Inc., Class A (a) | 8275 | 955 |
|  |  | 2451 |
| China (6.3%) | China (6.3%) | China (6.3%) |
| Kweichow Moutai Co. Ltd., Class A | 4900 | 965 |
| Shenzhen Mindray Bio-Medical<br>Electronics Co. Ltd., Class A | 20100 | 631 |
| Tencent Holdings Ltd. (b) | 16100 | 1037 |
| Zhejiang Dingli Machinery Co. Ltd., Class A | 76500 | 506 |
|  |  | 3139 |
| Denmark (2.7%) | Denmark (2.7%) | Denmark (2.7%) |
| DSV AS | 5529 | 1326 |
| Germany (7.7%) | Germany (7.7%) | Germany (7.7%) |
| SAP SE | 12594 | 3851 |
| Japan (1.4%) | Japan (1.4%) | Japan (1.4%) |
| BayCurrent, Inc. | 13900 | 715 |
| Netherlands (1.5%) | Netherlands (1.5%) | Netherlands (1.5%) |
| ASML Holding NV | 936 | 750 |
| Switzerland (4.8%) | Switzerland (4.8%) | Switzerland (4.8%) |
| Galderma Group AG | 8169 | 1187 |
| On Holding AG, Class A (a) | 23111 | 1203 |
|  |  | 2390 |
| Taiwan (3.6%) | Taiwan (3.6%) | Taiwan (3.6%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 49000 | 1792 |
| United Kingdom (9.1%) | United Kingdom (9.1%) | United Kingdom (9.1%) |
| Diploma PLC | 13208 | 887 |
| Experian PLC | 25929 | 1337 |
| Halma PLC | 35419 | 1557 |
| RELX PLC | 13478 | 730 |
|  |  | 4511 |
| United States (54.3%) | United States (54.3%) | United States (54.3%) |
| Alphabet, Inc., Class A | 9619 | 1695 |
| Aon PLC, Class A | 2760 | 985 |
| Automatic Data Processing, Inc. | 1566 | 483 |
| Booking Holdings, Inc. | 282 | 1633 |
| Broadridge Financial Solutions, Inc. | 5609 | 1363 |
| Cencora, Inc. | 4861 | 1458 |
| Intercontinental Exchange, Inc. | 7414 | 1360 |
| Mastercard, Inc., Class A | 3039 | 1708 |
| MercadoLibre, Inc. (a) | 500 | 1307 |
| Microsoft Corp. | 3608 | 1795 |
| MSCI, Inc. | 1769 | 1020 |
| Netflix, Inc. (a) | 1282 | 1717 |
| Ryan Specialty Holdings, Inc. | 21122 | 1436 |
| S&P Global, Inc. | 2436 | 1284 |
| Salesforce, Inc. | 2254 | 615 |
| ServiceNow, Inc. (a) | 718 | 738 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Tradeweb Markets, Inc., Class A | 9647 | $1412 |
| Uber Technologies, Inc. (a) | 18692 | 1744 |
| VeriSign, Inc. | 3810 | 1100 |
| Visa, Inc., Class A | 6089 | 2162 |
|  |  | 27015 |
| **Total Common Stocks (Cost $36,236)** | **Total Common Stocks (Cost $36,236)** | 48710 |
|  | **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)(c) **(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, 4.09% (See Note G) <br>**(Cost $712)** | 712246 | 712 |
| **Total Investments (99.3%) (Cost $36,948) (d)(e)** | **Total Investments (99.3%) (Cost $36,948) (d)(e)** | 49422 |
| Other Assets in Excess of Liabilities (0.7%) | Other Assets in Excess of Liabilities (0.7%) | 359 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $49781 |

---

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 is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(d) The approximate fair value and percentage of net assets, $18,041,000 and 36.2%, 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 June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $12,870,000 and the aggregate gross unrealized depreciation is approximately $396,000, resulting in net unrealized appreciation of approximately $12,474,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 43.0% |
| Software | 18.7 |
| Capital Markets | 10.4 |
| Professional Services | 9.4 |
| Financial Services | 7.9 |
| Interactive Media & Services | 5.5 |
| 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 financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**Growth Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (92.8%)** | **Common Stocks (92.8%)** | **Common Stocks (92.8%)** |
| Automobiles (6.5%) | Automobiles (6.5%) | Automobiles (6.5%) |
| Tesla, Inc. (a) | 915227 | $290731 |
| Biotechnology (0.9%) | Biotechnology (0.9%) | Biotechnology (0.9%) |
| Roivant Sciences Ltd. (a) | 3584745 | 40400 |
| Broadline Retail (4.9%) | Broadline Retail (4.9%) | Broadline Retail (4.9%) |
| MercadoLibre, Inc. (a) | 83998 | 219540 |
| Capital Markets (0.8%) | Capital Markets (0.8%) | Capital Markets (0.8%) |
| Coinbase Global, Inc., Class A (a) | 100202 | 35120 |
| Electronic Equipment, Instruments & Components (0.0%) | Electronic Equipment, Instruments & Components (0.0%) | Electronic Equipment, Instruments & Components (0.0%) |
| Magic Leap, Inc., Class A (a)(b)(c) <br>(acquisition cost — $18,812; <br>acquired 12/22/15) | 38705 |  |
| Entertainment (5.9%) | Entertainment (5.9%) | Entertainment (5.9%) |
| ROBLOX Corp., Class A (a) | 2510452 | 264100 |
| Financial Services (8.3%) | Financial Services (8.3%) | Financial Services (8.3%) |
| Affirm Holdings, Inc. (a) | 4130401 | 285576 |
| Federal National Mortgage Association (a) | 9253178 | 88275 |
|  |  | 373851 |
| Hotels, Restaurants & Leisure (5.9%) | Hotels, Restaurants & Leisure (5.9%) | Hotels, Restaurants & Leisure (5.9%) |
| Airbnb, Inc., Class A (a) | 334646 | 44287 |
| DoorDash, Inc., Class A (a) | 907915 | 223810 |
|  |  | 268097 |
| Information Technology Services (24.0%) | Information Technology Services (24.0%) | Information Technology Services (24.0%) |
| Cloudflare, Inc., Class A (a) | 3313719 | 648926 |
| Shopify, Inc., Class A (Canada) (a) | 1843937 | 212698 |
| Snowflake, Inc., Class A (a) | 966604 | 216297 |
|  |  | 1077921 |
| Pharmaceuticals (4.7%) | Pharmaceuticals (4.7%) | Pharmaceuticals (4.7%) |
| Royalty Pharma PLC, Class A | 5944970 | 214197 |
| Software (23.4%) | Software (23.4%) | Software (23.4%) |
| AppLovin Corp., Class A (a) | 665696 | 233047 |
| Aurora Innovation, Inc. (a) | 29693271 | 155593 |
| Crowdstrike Holdings, Inc., Class A (a) | 435762 | 221938 |
| MicroStrategy, Inc., Class A (a) | 715132 | 289078 |
| Samsara, Inc., Class A (a) | 3854013 | 153312 |
|  |  | 1052968 |
| Tech Hardware, Storage & Peripherals (2.6%) | Tech Hardware, Storage & Peripherals (2.6%) | Tech Hardware, Storage & Peripherals (2.6%) |
| IonQ, Inc. (a) | 2711027 | 116493 |
| Trading Companies & Distributors (4.9%) | Trading Companies & Distributors (4.9%) | Trading Companies & Distributors (4.9%) |
| Core & Main, Inc., Class A (a) | 1135804 | 68546 |
| QXO, Inc. (a) | 7052209 | 151904 |
|  |  | 220450 |
| **Total Common Stocks (Cost $2,401,186)** | **Total Common Stocks (Cost $2,401,186)** | 4173868 |
| **Preferred Stocks (3.0%)** | **Preferred Stocks (3.0%)** | **Preferred Stocks (3.0%)** |
| Financial Services (0.4%) | Financial Services (0.4%) | Financial Services (0.4%) |
| Stripe, Inc., Series I (a)(b)(c)<br>(acquisition cost — $12,876;<br>acquired 3/17/23) | 639525 | 18917 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Software (2.6%) | Software (2.6%) | Software (2.6%) |
| Databricks, Inc., Series H (a)(b)(c)<br>(acquisition cost — $102,163;<br>acquired 8/31/21) | 1390269 | $114336 |
| **Total Preferred Stocks (Cost $115,039)** | **Total Preferred Stocks (Cost $115,039)** | 133253 |
| **Investment Company (2.9%)** | **Investment Company (2.9%)** | **Investment Company (2.9%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $84,066)** | 2172579 | 132983 |
| **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, 4.09% (See Note G) <br>**(Cost $64,332)** | 64331712 | 64332 |
| **Total Investments Excluding Purchased<br>Options (100.1%) (Cost $2,664,623)** | **Total Investments Excluding Purchased<br>Options (100.1%) (Cost $2,664,623)** | 4504436 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $23,206)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $23,206)** | 4157 |
| **Total Investments (100.2%) (Cost $2,687,829) (d)(e)** | **Total Investments (100.2%) (Cost $2,687,829) (d)(e)** | 4508593 |
| Liabilities in Excess of Other Assets (–0.2%) | Liabilities in Excess of Other Assets (–0.2%) | (10386) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $4498207 |

---

(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 June 30, 2025 amounts to approximately $133,253,000 and represents 3.0% of net assets.

(c) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(d) Securities are available for collateral in connection with purchased options.

(e) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,864,329,000 and the aggregate gross unrealized depreciation is approximately $43,565,000, resulting in net unrealized appreciation of approximately $1,820,764,000.

ETF Exchange Traded Fund.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Growth Portfolio**

**Call Options Purchased:**

The Fund had the following call options purchased open at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>Depreciation<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 429969490 | $429969 | $40 | $1783 | $(1743) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 987167835 | 987168 | 2064 | 4109 | (2045) |
| Standard Chartered Bank | USD/CNH CNH | 7.77 | Oct-25 | 852322605 | 852323 | 219 | 3710 | (3491) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 392396616 | 392397 | 3 | 1708 | (1705) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 995165827 | 995166 | 952 | 4109 | (3157) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 645084852 | 645085 | 660 | 3135 | (2475) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 981418394 | 981418 | 219 | 4652 | (4433) |
|  |  |  |  |  |  | $4157 | $23206 | $(19049) |

---

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Software | 25.9% |
| Information Technology Services | 23.9 |
| Other\* | 23.2 |
| Financial Services | 8.7 |
| Automobiles | 6.5 |
| Hotels, Restaurants & Leisure | 5.9 |
| Entertainment | 5.9 |
| 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 financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**Inception Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (92.8%)** | **Common Stocks (92.8%)** | **Common Stocks (92.8%)** |
| Beverages (1.8%) | Beverages (1.8%) | Beverages (1.8%) |
| Celsius Holdings, Inc. (a) | 130959 | $6075 |
| Biotechnology (9.5%) | Biotechnology (9.5%) | Biotechnology (9.5%) |
| Arbutus Biopharma Corp. (a) | 2103091 | 6499 |
| Beam Therapeutics, Inc. (a) | 29843 | 508 |
| Immunovant, Inc. (a) | 113325 | 1813 |
| Intellia Therapeutics, Inc. (a) | 186551 | 1750 |
| ProKidney Corp. (a)(b) | 275498 | 163 |
| Recursion Pharmaceuticals, Inc., Class A (a)(b) | 74570 | 377 |
| Roivant Sciences Ltd. (a) | 1465522 | 16516 |
| XOMA Royalty Corp. (a) | 180971 | 4561 |
|  |  | 32187 |
| Broadline Retail (5.3%) | Broadline Retail (5.3%) | Broadline Retail (5.3%) |
| Global-e Online Ltd. (Israel) (a) | 542258 | 18187 |
| Chemicals (0.1%) | Chemicals (0.1%) | Chemicals (0.1%) |
| Ginkgo Bioworks Holdings, Inc. (a)(b) | 28362 | 319 |
| Financial Services (2.4%) | Financial Services (2.4%) | Financial Services (2.4%) |
| Burford Capital Ltd. | 577882 | 8241 |
| Health Care Equipment & Supplies (2.7%) | Health Care Equipment & Supplies (2.7%) | Health Care Equipment & Supplies (2.7%) |
| Outset Medical, Inc. (a)(b) | 25743 | 495 |
| Semler Scientific, Inc. (a)(b) | 224655 | 8703 |
|  |  | 9198 |
| Health Care Providers & Services (3.5%) | Health Care Providers & Services (3.5%) | Health Care Providers & Services (3.5%) |
| Agilon Health, Inc. (a) | 5203472 | 11968 |
| Health Care Technology (0.2%) | Health Care Technology (0.2%) | Health Care Technology (0.2%) |
| Schrodinger, Inc. (a) | 35482 | 714 |
| Hotels, Restaurants & Leisure (5.8%) | Hotels, Restaurants & Leisure (5.8%) | Hotels, Restaurants & Leisure (5.8%) |
| Cheesecake Factory, Inc. | 100722 | 6311 |
| Shake Shack, Inc., Class A (a) | 54043 | 7599 |
| Sweetgreen, Inc., Class A (a) | 380120 | 5656 |
|  |  | 19566 |
| Household Durables (0.5%) | Household Durables (0.5%) | Household Durables (0.5%) |
| Victoria PLC (United Kingdom) (a) | 1613626 | 1624 |
| Information Technology Services (14.6%) | Information Technology Services (14.6%) | Information Technology Services (14.6%) |
| Cloudflare, Inc., Class A (a) | 243825 | 47748 |
| MongoDB, Inc. (a) | 9534 | 2002 |
|  |  | 49750 |
| Interactive Media & Services (0.6%) | Interactive Media & Services (0.6%) | Interactive Media & Services (0.6%) |
| ZoomInfo Technologies, Inc. (a) | 188343 | 1906 |
| Leisure Products (3.8%) | Leisure Products (3.8%) | Leisure Products (3.8%) |
| Peloton Interactive, Inc., Class A (a) | 1873423 | 13001 |
| Life Sciences Tools & Services (1.3%) | Life Sciences Tools & Services (1.3%) | Life Sciences Tools & Services (1.3%) |
| 10X Genomics, Inc., Class A (a) | 78320 | 907 |
| MaxCyte, Inc. (a) | 736601 | 1606 |
| Standard BioTools, Inc. (a) | 1539218 | 1847 |
|  |  | 4360 |
| Metals & Mining (2.3%) | Metals & Mining (2.3%) | Metals & Mining (2.3%) |
| MP Materials Corp. (a) | 232133 | 7723 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Oil, Gas & Consumable Fuels (0.5%) | Oil, Gas & Consumable Fuels (0.5%) | Oil, Gas & Consumable Fuels (0.5%) |
| Sable Offshore Corp. (a) | 75304 | $1655 |
| Passenger Airlines (1.1%) | Passenger Airlines (1.1%) | Passenger Airlines (1.1%) |
| Joby Aviation, Inc. (a) | 352743 | 3721 |
| Personal Care Products (6.8%) | Personal Care Products (6.8%) | Personal Care Products (6.8%) |
| Oddity Tech Ltd., Class A (Israel) (a) | 304296 | 22965 |
| Pharmaceuticals (1.0%) | Pharmaceuticals (1.0%) | Pharmaceuticals (1.0%) |
| ATAI Life Sciences NV (a)(b) | 511994 | 1121 |
| GH Research PLC (a)(b) | 74570 | 909 |
| Structure Therapeutics, Inc. ADR (China) (a) | 65078 | 1350 |
|  |  | 3380 |
| Real Estate Management & Development (5.3%) | Real Estate Management & Development (5.3%) | Real Estate Management & Development (5.3%) |
| Landbridge Co. LLC, Class A | 258692 | 17482 |
| Opendoor Technologies, Inc. (a) | 608891 | 325 |
| Redfin Corp. (a) | 30047 | 336 |
|  |  | 18143 |
| Software (10.6%) | Software (10.6%) | Software (10.6%) |
| Appian Corp., Class A (a) | 58481 | 1746 |
| Aurora Innovation, Inc. (a) | 2590108 | 13572 |
| Gitlab, Inc., Class A (a) | 37024 | 1670 |
| Klaviyo, Inc., Class A (a) | 57095 | 1917 |
| MicroStrategy, Inc., Class A (a) | 42579 | 17212 |
|  |  | 36117 |
| Specialty Retail (3.6%) | Specialty Retail (3.6%) | Specialty Retail (3.6%) |
| Beyond, Inc. (a) | 37577 | 258 |
| Floor & Decor Holdings, Inc., Class A (a) | 66328 | 5038 |
| RH (a) | 9088 | 1718 |
| Wayfair, Inc., Class A (a) | 105588 | 5400 |
|  |  | 12414 |
| Tech Hardware, Storage & Peripherals (6.0%) | Tech Hardware, Storage & Peripherals (6.0%) | Tech Hardware, Storage & Peripherals (6.0%) |
| IonQ, Inc. (a) | 474632 | 20395 |
| Trading Companies & Distributors (3.5%) | Trading Companies & Distributors (3.5%) | Trading Companies & Distributors (3.5%) |
| Core & Main, Inc., Class A (a) | 199084 | 12015 |
| **Total Common Stocks (Cost $267,881)** | **Total Common Stocks (Cost $267,881)** | 315624 |
| **Preferred Stocks (2.5%)** | **Preferred Stocks (2.5%)** | **Preferred Stocks (2.5%)** |
| 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 | 3367 |
| Software (1.5%) | Software (1.5%) | Software (1.5%) |
| Lookout, Inc., Series F (a)(c)(d)<br>(acquisition cost — $13,476;<br>acquired 6/17/14) | 1179743 | 5132 |
| **Total Preferred Stocks (Cost $16,838)** | **Total Preferred Stocks (Cost $16,838)** | 8499 |
| **Investment Company (3.8%)** | **Investment Company (3.8%)** | **Investment Company (3.8%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $8,124)** | 209963 | 12852 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Inception Portfolio**

---

| | | |
|:---|:---|:---|
| | **No. of<br>Warrants** | **Value<br>(000)** |
| **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 $203)** | 61142 | $— |
|  | **Shares** |  |
| **Short-Term Investments (2.7%)** | **Short-Term Investments (2.7%)** | **Short-Term Investments (2.7%)** |
| Investment Company (1.3%) | Investment Company (1.3%) | Investment Company (1.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $4,273)** | 4273152 | 4273 |
| Securities held as Collateral on Loaned Securities (1.4%) | Securities held as Collateral on Loaned Securities (1.4%) | Securities held as Collateral on Loaned Securities (1.4%) |
| Investment Company (1.1%) | Investment Company (1.1%) | Investment Company (1.1%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) | 3902896 | 3903 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreements (0.3%) | Repurchase Agreements (0.3%) | Repurchase Agreements (0.3%) |
| Citigroup, Inc., (4.25%, dated 6/30/25, due <br>7/1/25; proceeds $317; fully collateralized <br>by a U.S. Government obligation; 3.00% due <br>9/30/25; valued at $323) | $317 | 317 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Merrill Lynch & Co., Inc., (4.39%, dated <br>6/30/25, due 7/1/25; proceeds $689; fully <br>collateralized by a U.S. Government obligation; <br>2.38% due 1/15/27; valued at $703) | $| 689 | $689 |
|  |  |  | 1006 |
| **Total Securities held as Collateral on Loaned <br>Securities (Cost $4,909)** | **Total Securities held as Collateral on Loaned <br>Securities (Cost $4,909)** | **Total Securities held as Collateral on Loaned <br>Securities (Cost $4,909)** | 4909 |
| **Total Short-Term Investments (Cost $9,182)** | **Total Short-Term Investments (Cost $9,182)** | **Total Short-Term Investments (Cost $9,182)** | 9182 |
| **Total Investments Excluding Purchased<br>Options (101.8%) (Cost $302,228)** | **Total Investments Excluding Purchased<br>Options (101.8%) (Cost $302,228)** | **Total Investments Excluding Purchased<br>Options (101.8%) (Cost $302,228)** | 346157 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $2,003)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $2,003)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $2,003)** | 352 |
| **Total Investments (101.9%) (Cost $304,231)<br>Including $9,660 of Securities Loaned (e)(f)(g)** | **Total Investments (101.9%) (Cost $304,231)<br>Including $9,660 of Securities Loaned (e)(f)(g)** | **Total Investments (101.9%) (Cost $304,231)<br>Including $9,660 of Securities Loaned (e)(f)(g)** | 346509 |
| Liabilities in Excess of Other Assets (–1.9%) | Liabilities in Excess of Other Assets (–1.9%) | Liabilities in Excess of Other Assets (–1.9%) | (6541) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $339968 |

---

The Fund had the following Derivative Contract — PIPE open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br>Obligation** | **Notional<br>Amount** | **Settlement<br>Date** | **Unrealized<br>Depreciation<br>(000)** | **% of<br>Net Assets** |
| Cantor Equity Partners, Inc. | Twenty One Capital, Inc. (a)(c)(d)(h)(i) | $6444459 | 12/31/25 | $(262) | (0.08)% |

---

(a) Non-income producing security.

(b) All or a portion of this security was on loan at June 30, 2025.

(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 and derivative contract (excluding 144A holdings) at June 30, 2025 amounts to approximately $8,237,000 and represents 2.4% of net assets.

(d) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(e) Securities are available for collateral in connection with a security purchased on a forward commitment basis, derivative contract — PIPE and purchased options.

(f) The approximate fair value and percentage of net assets, $1,624,000 and 0.5%, 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 Financial Statements.

(g) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $102,992,000 and the aggregate gross unrealized depreciation is approximately $60,714,000, resulting in net unrealized appreciation of approximately $42,278,000.

(h) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.

(i) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 306,879 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

PIPE Private Investment in Public Equity.

SPAC Special Purpose Acquisition Company.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Inception Portfolio**

**Call Options Purchased:**

The Fund had the following call options purchased open at June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>Depreciation<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 37545145 | $37545 | $4 |  | $156 | $(152) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 81897594 | 81898 | 171 |  | 341 | (170) |
| Standard Chartered Bank | USD/CNH CNH | 7.76 | Oct-25 | 71643928 | 71644 | 18 |  | 312 | (294) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 37836821 | 37837 |  | @ | 165 | (165) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 85420861 | 85421 | 82 |  | 353 | (271) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 56144765 | 56145 | 58 |  | 272 | (214) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 85292422 | 85292 | 19 |  | 404 | (385) |
|  |  |  |  |  |  | $352 |  | $2003 | $(1651) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Other\*\* | 34.9 | % |
| Information Technology Services | 14.6 |  |
| Software | 12.1 |  |
| Biotechnology | 9.4 |  |
| Personal Care Products | 6.7 |  |
| Tech Hardware, Storage & Peripherals | 6.0 |  |
| Hotels, Restaurants & Leisure | 5.7 |  |
| Broadline Retail | 5.3 |  |
| Real Estate Management & Development | 5.3 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2025.

\*\* Industries and/or investment types representing less than 5% of total investments.

\*\*\* Does not include an open PIPE contract with unrealized depreciation of approximately $262,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**International Advantage Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.9%)** | **Common Stocks (98.9%)** | **Common Stocks (98.9%)** |
| Brazil (1.8%) | Brazil (1.8%) | Brazil (1.8%) |
| NU Holdings Ltd., Class A (a) | 3680850 | $50501 |
| Canada (8.6%) | Canada (8.6%) | Canada (8.6%) |
| Brookfield Corp. | 1082961 | 66981 |
| Canada Goose Holdings, Inc. (See Note G) (a)(b) | 2807545 | 31416 |
| Canadian Pacific Kansas City Ltd. | 1179662 | 93715 |
| Shopify, Inc., Class A (a) | 464552 | 53586 |
|  |  | 245698 |
| Denmark (8.1%) | Denmark (8.1%) | Denmark (8.1%) |
| DSV AS | 968424 | 232281 |
| France (21.0%) | France (21.0%) | France (21.0%) |
| EssilorLuxottica SA | 158509 | 43525 |
| Hermes International SCA | 91702 | 248592 |
| L'Oreal SA | 269756 | 115551 |
| LVMH Moet Hennessy Louis Vuitton SE | 99020 | 51825 |
| Schneider Electric SE | 525817 | 141174 |
|  |  | 600667 |
| Germany (1.1%) | Germany (1.1%) | Germany (1.1%) |
| Birkenstock Holding PLC (a) | 629624 | 30965 |
| Hong Kong (2.8%) | Hong Kong (2.8%) | Hong Kong (2.8%) |
| AIA Group Ltd. | 9030700 | 81804 |
| India (8.0%) | India (8.0%) | India (8.0%) |
| HDFC Bank Ltd. | 3923662 | 91600 |
| ICICI Bank Ltd. ADR | 2955400 | 99419 |
| Titan Co. Ltd. (a) | 918299 | 39522 |
|  |  | 230541 |
| Italy (5.1%) | Italy (5.1%) | Italy (5.1%) |
| Moncler SpA | 2571884 | 146704 |
| Japan (5.0%) | Japan (5.0%) | Japan (5.0%) |
| Keyence Corp. | 251300 | 100477 |
| Sanrio Co. Ltd. | 868800 | 42011 |
|  |  | 142488 |
| Netherlands (5.5%) | Netherlands (5.5%) | Netherlands (5.5%) |
| Adyen NV (a) | 26990 | 49568 |
| ASML Holding NV | 134939 | 108132 |
|  |  | 157700 |
| Sweden (9.0%) | Sweden (9.0%) | Sweden (9.0%) |
| Spotify Technology SA (a) | 338051 | 259401 |
| Switzerland (5.9%) | Switzerland (5.9%) | Switzerland (5.9%) |
| Chocoladefabriken Lindt & Spruengli <br>AG (Registered) | 284 | 47350 |
| Cie Financiere Richemont SA, <br>Class A (Registered) | 246612 | 46667 |
| Straumann Holding AG (Registered) | 572153 | 74889 |
|  |  | 168906 |
| Taiwan (5.4%) | Taiwan (5.4%) | Taiwan (5.4%) |
| Taiwan Semiconductor Manufacturing <br>Co. Ltd. | 4264000 | 155932 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United Kingdom (4.2%) | United Kingdom (4.2%) | United Kingdom (4.2%) |
| London Stock Exchange Group PLC | 584739 | $85516 |
| Rightmove PLC | 3115938 | 33725 |
|  |  | 119241 |
| United States (7.4%) | United States (7.4%) | United States (7.4%) |
| Liberty Media Corp.-Liberty Formula One, <br>Class C (a) | 685583 | 71644 |
| MercadoLibre, Inc. (a) | 53368 | 139484 |
|  |  | 211128 |
| **Total Common Stocks (Cost $1,690,575)** | **Total Common Stocks (Cost $1,690,575)** | 2833957 |
| **Short-Term Investments (1.7%)** | **Short-Term Investments (1.7%)** | **Short-Term Investments (1.7%)** |
| Investment Company (1.2%) | Investment Company (1.2%) | Investment Company (1.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $34,425)** | 34425043 | 34425 |
| Securities held as Collateral on Loaned Securities (0.5%) | Securities held as Collateral on Loaned Securities (0.5%) | Securities held as Collateral on Loaned Securities (0.5%) |
| Investment Company (0.4%) | Investment Company (0.4%) | Investment Company (0.4%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) | 11970210 | 11970 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreements (0.1%) | Repurchase Agreements (0.1%) | Repurchase Agreements (0.1%) |
| Citigroup, Inc., (4.25%, dated 6/30/25, due <br>7/1/25; proceeds $972; fully collateralized <br>by a U.S. Government obligation; 3.00% <br>due 9/30/25; valued at $991) | $972 | 972 |
| Merrill Lynch & Co., Inc., (4.39%, dated <br>6/30/25, due 7/1/25; proceeds $2,113; <br>fully collateralized by a U.S. Government <br>obligation; 2.38% due 1/15/27; valued <br>at $2,155) | 2112 | 2112 |
|  |  | 3084 |
| **Total Securities held as Collateral on Loaned <br>Securities (Cost $15,054)** | **Total Securities held as Collateral on Loaned <br>Securities (Cost $15,054)** | 15054 |
| **Total Short-Term Investments (Cost $49,479)** | **Total Short-Term Investments (Cost $49,479)** | 49479 |
| **Total Investments (100.6%) (Cost $1,740,054)<br>Including $14,388 of Securities Loaned (c)(d)** | **Total Investments (100.6%) (Cost $1,740,054)<br>Including $14,388 of Securities Loaned (c)(d)** | 2883436 |
| Liabilities in Excess of Other Assets (–0.6%) | Liabilities in Excess of Other Assets (–0.6%) | (17330) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2866106 |

---

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 June 30, 2025.

(c) The approximate fair value and percentage of net assets, $1,936,845,000 and 67.6%, 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.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**International Advantage Portfolio**

(d) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,206,672,000 and the aggregate gross unrealized depreciation is approximately $63,290,000, resulting in net unrealized appreciation of approximately $1,143,382,000.

ADR American Depositary Receipt.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 36.7% |
| Textiles, Apparel & Luxury Goods | 20.8 |
| Entertainment | 11.5 |
| Semiconductors & Semiconductor Equipment | 9.2 |
| Banks | 8.4 |
| Air Freight & Logistics | 8.1 |
| Capital Markets | 5.3 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2025.

\*\* 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**International Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.5%)** | **Common Stocks (97.5%)** | **Common Stocks (97.5%)** |
| Belgium (1.1%) | Belgium (1.1%) | Belgium (1.1%) |
| KBC Group NV | 49061 | $5064 |
| Canada (4.1%) | Canada (4.1%) | Canada (4.1%) |
| Agnico Eagle Mines Ltd. | 39200 | 4670 |
| Constellation Software, Inc. | 2743 | 10059 |
| Tourmaline Oil Corp. | 101668 | 4905 |
|  |  | 19634 |
| China (2.6%) | China (2.6%) | China (2.6%) |
| ANTA Sports Products Ltd. (a) | 349600 | 4230 |
| Tencent Holdings Ltd. (a) | 71700 | 4620 |
| Tsingtao Brewery Co. Ltd., Class H (a) | 558000 | 3651 |
|  |  | 12501 |
| Denmark (4.1%) | Denmark (4.1%) | Denmark (4.1%) |
| DSV AS | 40695 | 9761 |
| Tryg AS | 381683 | 9867 |
|  |  | 19628 |
| Finland (4.3%) | Finland (4.3%) | Finland (4.3%) |
| Kone OYJ, Class B | 162036 | 10675 |
| Nordea Bank Abp | 646647 | 9595 |
|  |  | 20270 |
| France (16.5%) | France (16.5%) | France (16.5%) |
| Capgemini SE | 69547 | 11909 |
| Dassault Systemes SE | 187637 | 6800 |
| Legrand SA | 84822 | 11369 |
| L'Oreal SA | 38432 | 16463 |
| LVMH Moet Hennessy Louis Vuitton SE | 13145 | 6880 |
| Pernod Ricard SA | 53515 | 5338 |
| Safran SA | 43355 | 14139 |
| Sanofi SA | 56440 | 5464 |
|  |  | 78362 |
| Germany (10.2%) | Germany (10.2%) | Germany (10.2%) |
| Infineon Technologies AG | 264646 | 11293 |
| Merck KGaA | 55515 | 7198 |
| Qiagen NV (b) | 229285 | 11047 |
| SAP SE | 62249 | 19034 |
|  |  | 48572 |
| Hong Kong (1.9%) | Hong Kong (1.9%) | Hong Kong (1.9%) |
| AIA Group Ltd. | 970400 | 8790 |
| Italy (2.3%) | Italy (2.3%) | Italy (2.3%) |
| Davide Campari-Milano NV | 937363 | 6311 |
| Moncler SpA | 76145 | 4343 |
|  |  | 10654 |
| Japan (7.6%) | Japan (7.6%) | Japan (7.6%) |
| Keyence Corp. | 31000 | 12394 |
| Murata Manufacturing Co. Ltd. | 527300 | 7794 |
| SMC Corp. | 22600 | 8099 |
| Sony Group Corp. | 299800 | 7795 |
|  |  | 36082 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Korea, Republic of (1.7%) | Korea, Republic of (1.7%) | Korea, Republic of (1.7%) |
| Samsung Electronics Co. Ltd. | 179561 | $7940 |
| Netherlands (6.1%) | Netherlands (6.1%) | Netherlands (6.1%) |
| ASML Holding NV | 14773 | 11838 |
| EXOR NV | 89811 | 9066 |
| Universal Music Group NV | 254508 | 8257 |
|  |  | 29161 |
| Singapore (1.0%) | Singapore (1.0%) | Singapore (1.0%) |
| DBS Group Holdings Ltd. | 131910 | 4657 |
| Spain (2.5%) | Spain (2.5%) | Spain (2.5%) |
| Amadeus IT Group SA | 141597 | 11962 |
| Sweden (3.3%) | Sweden (3.3%) | Sweden (3.3%) |
| Atlas Copco AB, Class A | 494846 | 7999 |
| Hexagon AB, Class B | 746438 | 7524 |
|  |  | 15523 |
| Taiwan (2.6%) | Taiwan (2.6%) | Taiwan (2.6%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 342881 | 12539 |
| United Kingdom (25.6%) | United Kingdom (25.6%) | United Kingdom (25.6%) |
| Anglo American PLC | 226362 | 6673 |
| Associated British Foods PLC | 270657 | 7647 |
| AstraZeneca PLC | 73264 | 10196 |
| Diploma PLC | 120028 | 8057 |
| Experian PLC | 103076 | 5315 |
| Haleon PLC | 2659940 | 13671 |
| Halma PLC | 294760 | 12956 |
| Hiscox Ltd. | 250874 | 4330 |
| InterContinental Hotels Group PLC | 42039 | 4807 |
| London Stock Exchange Group PLC | 50965 | 7454 |
| NatWest Group PLC | 976190 | 6856 |
| Reckitt Benckiser Group PLC | 61159 | 4167 |
| RELX PLC (LSE) | 63646 | 3450 |
| RELX PLC (Euronext NV) | 70660 | 3818 |
| Rightmove PLC | 813620 | 8806 |
| Shell PLC | 143032 | 4990 |
| St. James's Place PLC | 513178 | 8362 |
|  |  | 121555 |
| **Total Common Stocks (Cost $322,660)** | **Total Common Stocks (Cost $322,660)** | 462894 |
|  | **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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

**International Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investment (0.9%)** | **Short-Term Investment (0.9%)** | **Short-Term Investment (0.9%)** |
| Investment Company (0.9%) | Investment Company (0.9%) | Investment Company (0.9%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $4,236)** | 4235565 | $4236 |
| **Total Investments (98.4%) (Cost $326,896) (d)(e)** | **Total Investments (98.4%) (Cost $326,896) (d)(e)** | 467130 |
| Other Assets in Excess of Liabilities (1.6%) | Other Assets in Excess of Liabilities (1.6%) | 7817 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $474947 |

---

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) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(d) The approximate fair value and percentage of net assets, $443,260,000 and 93.3%, 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 June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $146,743,000 and the aggregate gross unrealized depreciation is approximately $6,509,000, resulting in net unrealized appreciation of approximately $140,234,000.

Euronext NV Euronext Amsterdam Stock Market.

LSE London Stock Exchange.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 56.8% |
| Electronic Equipment, Instruments & Components | 8.7 |
| Pharmaceuticals | 7.8 |
| Software | 7.8 |
| Semiconductors & Semiconductor Equipment | 7.6 |
| Machinery | 5.7 |
| Banks | 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.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**International Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.0%)** | **Common Stocks (99.0%)** | **Common Stocks (99.0%)** |
| Brazil (6.2%) | Brazil (6.2%) | Brazil (6.2%) |
| Cia de Saneamento Basico do Estado de Sao <br>Paulo SABESP | 769420 | $16871 |
| NU Holdings Ltd., Class A (a) | 2454066 | 33670 |
|  |  | 50541 |
| Canada (4.1%) | Canada (4.1%) | Canada (4.1%) |
| Canadian Pacific Kansas City Ltd. | 110473 | 8776 |
| Shopify, Inc., Class A (a) | 214210 | 24709 |
|  |  | 33485 |
| China (10.1%) | China (10.1%) | China (10.1%) |
| Kweichow Moutai Co. Ltd., Class A | 66531 | 13097 |
| Meituan, Class B (a)(b) | 1432520 | 23044 |
| PDD Holdings, Inc. ADR (a) | 86771 | 9081 |
| Tencent Holdings Ltd. (b) | 204100 | 13151 |
| Trip.com Group Ltd. ADR | 415128 | 24343 |
|  |  | 82716 |
| Denmark (6.2%) | Denmark (6.2%) | Denmark (6.2%) |
| DSV AS | 211697 | 50776 |
| France (11.6%) | France (11.6%) | France (11.6%) |
| Hermes International SCA | 12590 | 34130 |
| L'Oreal SA | 30523 | 13075 |
| LVMH Moet Hennessy Louis Vuitton SE | 21734 | 11375 |
| Schneider Electric SE | 137469 | 36908 |
|  |  | 95488 |
| India (12.8%) | India (12.8%) | India (12.8%) |
| Axis Bank Ltd. | 854662 | 11953 |
| Eternal Ltd. (a) | 4093968 | 12609 |
| HDFC Bank Ltd. | 1169277 | 27297 |
| ICICI Bank Ltd. ADR | 923425 | 31064 |
| MakeMyTrip Ltd. (a) | 71799 | 7038 |
| Titan Co. Ltd. (a) | 349621 | 15047 |
|  |  | 105008 |
| Italy (3.1%) | Italy (3.1%) | Italy (3.1%) |
| Moncler SpA | 439846 | 25090 |
| Japan (6.0%) | Japan (6.0%) | Japan (6.0%) |
| Keyence Corp. | 37200 | 14874 |
| Sanrio Co. Ltd. | 716900 | 34666 |
|  |  | 49540 |
| Korea, Republic of (8.1%) | Korea, Republic of (8.1%) | Korea, Republic of (8.1%) |
| Coupang, Inc. (a) | 1354558 | 40583 |
| KakaoBank Corp. | 1167589 | 25874 |
|  |  | 66457 |
| Netherlands (4.2%) | Netherlands (4.2%) | Netherlands (4.2%) |
| Adyen NV (a) | 6884 | 12643 |
| ASML Holding NV | 27425 | 21976 |
|  |  | 34619 |
| Singapore (1.8%) | Singapore (1.8%) | Singapore (1.8%) |
| Grab Holdings Ltd., Class A (a) | 2877530 | 14474 |
| Sweden (7.0%) | Sweden (7.0%) | Sweden (7.0%) |
| Spotify Technology SA (a) | 74801 | 57398 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Switzerland (1.6%) | Switzerland (1.6%) | Switzerland (1.6%) |
| On Holding AG, Class A (a) | 253655 | $13203 |
| Taiwan (3.9%) | Taiwan (3.9%) | Taiwan (3.9%) |
| Taiwan Semiconductor Manufacturing <br>Co. Ltd. | 879000 | 32144 |
| United Kingdom (2.6%) | United Kingdom (2.6%) | United Kingdom (2.6%) |
| London Stock Exchange Group PLC | 144447 | 21125 |
| United States (9.7%) | United States (9.7%) | United States (9.7%) |
| Liberty Media Corp.-Liberty Formula One, <br>Class C (a) | 185735 | 19409 |
| MercadoLibre, Inc. (a) | 23029 | 60190 |
|  |  | 79599 |
| **Total Common Stocks (Cost $477,108)** | **Total Common Stocks (Cost $477,108)** | 811663 |
| **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, 4.09% (See Note G) <br>**(Cost $10,279)** | 10279391 | 10279 |
| **Total Investments (100.3%) (Cost $487,387) (c)(d)** | **Total Investments (100.3%) (Cost $487,387) (c)(d)** | 821942 |
| Liabilities in Excess of Other Assets (–0.3%) | Liabilities in Excess of Other Assets (–0.3%) | (2238) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $819704 |

---

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, $450,854,000 and 55.0%, 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 June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $367,025,000 and the aggregate gross unrealized depreciation is approximately $32,470,000, resulting in net unrealized appreciation of approximately $334,555,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 28.5% |
| Banks | 15.8 |
| Broadline Retail | 13.4 |
| Textiles, Apparel & Luxury Goods | 12.0 |
| Entertainment | 9.3 |
| Hotels, Restaurants & Leisure | 8.2 |
| Semiconductors & Semiconductor Equipment | 6.6 |
| Air Freight & Logistics | 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**International Resilience Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (96.9%)** | **Common Stocks (96.9%)** | **Common Stocks (96.9%)** |
| Canada (2.5%) | Canada (2.5%) | Canada (2.5%) |
| Constellation Software, Inc. | 15 | $55 |
| Denmark (2.6%) | Denmark (2.6%) | Denmark (2.6%) |
| DSV AS | 232 | 56 |
| Finland (3.1%) | Finland (3.1%) | Finland (3.1%) |
| Kone OYJ, Class B | 997 | 66 |
| France (17.3%) | France (17.3%) | France (17.3%) |
| Capgemini SE | 362 | 62 |
| Dassault Systemes SE | 944 | 34 |
| Legrand SA | 513 | 69 |
| L'Oreal SA | 212 | 91 |
| LVMH Moet Hennessy Louis Vuitton SE | 72 | 38 |
| Safran SA | 253 | 82 |
|  |  | 376 |
| Germany (12.3%) | Germany (12.3%) | Germany (12.3%) |
| Deutsche Boerse AG | 32 | 11 |
| Infineon Technologies AG | 745 | 32 |
| Merck KGaA | 227 | 29 |
| Qiagen NV (a) | 1284 | 62 |
| SAP SE | 439 | 134 |
|  |  | 268 |
| Hong Kong (1.4%) | Hong Kong (1.4%) | Hong Kong (1.4%) |
| AIA Group Ltd. | 3200 | 29 |
| Italy (2.7%) | Italy (2.7%) | Italy (2.7%) |
| Davide Campari-Milano NV | 4727 | 32 |
| Moncler SpA | 481 | 27 |
|  |  | 59 |
| Japan (3.7%) | Japan (3.7%) | Japan (3.7%) |
| Keyence Corp. | 200 | 80 |
| Netherlands (5.7%) | Netherlands (5.7%) | Netherlands (5.7%) |
| ASML Holding NV | 91 | 73 |
| Universal Music Group NV | 1577 | 51 |
|  |  | 124 |
| Spain (3.2%) | Spain (3.2%) | Spain (3.2%) |
| Amadeus IT Group SA | 825 | 70 |
| Sweden (4.9%) | Sweden (4.9%) | Sweden (4.9%) |
| Atlas Copco AB, Class A | 3546 | 57 |
| Hexagon AB, Class B | 4961 | 50 |
|  |  | 107 |
| Switzerland (0.8%) | Switzerland (0.8%) | Switzerland (0.8%) |
| Alcon AG | 200 | 18 |
| Taiwan (3.6%) | Taiwan (3.6%) | Taiwan (3.6%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2166 | 79 |
| United Kingdom (24.1%) | United Kingdom (24.1%) | United Kingdom (24.1%) |
| AstraZeneca PLC | 350 | 49 |
| Diploma PLC | 758 | 51 |
| Experian PLC | 1014 | 52 |
| Haleon PLC | 15970 | 82 |
| Halma PLC | 1774 | 78 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| InterContinental Hotels Group PLC | 326 | $37 |
| London Stock Exchange Group PLC | 422 | 62 |
| RELX PLC | 1026 | 55 |
| Rightmove PLC | 5345 | 58 |
|  |  | 524 |
| United States (9.0%) | United States (9.0%) | United States (9.0%) |
| Aon PLC, Class A | 117 | 42 |
| Procter & Gamble Co. | 295 | 47 |
| Thermo Fisher Scientific, Inc. | 97 | 39 |
| Visa, Inc., Class A | 188 | 67 |
|  |  | 195 |
| **Total Common Stocks (Cost $1,714)** | **Total Common Stocks (Cost $1,714)** | 2106 |
|  | **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 (0.4%)** | **Short-Term Investment (0.4%)** | **Short-Term Investment (0.4%)** |
| Investment Company (0.4%) | Investment Company (0.4%) | Investment Company (0.4%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $9)** | 9469 | 9 |
| **Total Investments (97.3%) (Cost $1,723) (c)(d)** | **Total Investments (97.3%) (Cost $1,723) (c)(d)** | 2115 |
| Other Assets in Excess of Liabilities (2.7%) | Other Assets in Excess of Liabilities (2.7%) | 59 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2174 |

---

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 is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(c) The approximate fair value and percentage of net assets, $1,856,000 and 85.4%, 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.

(d) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $441,000 and the aggregate gross unrealized depreciation is approximately $49,000, resulting in net unrealized appreciation of approximately $392,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

**International Resilience Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 47.4% |
| Software | 10.5 |
| Electronic Equipment, Instruments & Components | 9.8 |
| Semiconductors & Semiconductor Equipment | 8.7 |
| Pharmaceuticals | 7.6 |
| Machinery | 5.8 |
| Professional Services | 5.1 |
| Hotels, Restaurants & Leisure | 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.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**Multi-Asset Real Return Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (18.2%)** | **Common Stocks (18.2%)** | **Common Stocks (18.2%)** |
| Australia (1.3%) | Australia (1.3%) | Australia (1.3%) |
| Ampol Ltd. | 49 | $1 |
| BHP Group Ltd. | 1392 | 33 |
| BlueScope Steel Ltd. | 136 | 2 |
| Capricorn Metals Ltd. (a) | 334 | 2 |
| Emerald Resources NL (a) | 538 | 1 |
| Evolution Mining Ltd. | 1766 | 9 |
| Fortescue Ltd. | 466 | 5 |
| Genesis Minerals Ltd. (a) | 1018 | 3 |
| Gold Road Resources Ltd. | 1015 | 2 |
| James Hardie Industries PLC (a) | 123 | 3 |
| Mineral Resources Ltd. (a) | 56 | 1 |
| Northern Star Resources Ltd. | 1216 | 15 |
| Orica Ltd. | 147 | 2 |
| Perseus Mining Ltd. | 1229 | 3 |
| Pilbara Minerals Ltd. (a)(b) | 873 | 1 |
| Ramelius Resources Ltd. | 1048 | 2 |
| Regis Resources Ltd. (a) | 657 | 2 |
| Rio Tinto Ltd. | 102 | 7 |
| Santos Ltd. | 604 | 3 |
| South32 Ltd. | 1258 | 2 |
| Vault Minerals Ltd. (a) | 5829 | 2 |
| West African Resources Ltd. (a) | 923 | 1 |
| Westgold Resources Ltd. | 460 | 1 |
| Woodside Energy Group Ltd. | 368 | 6 |
|  |  | 109 |
| Austria (0.0%)‡ | Austria (0.0%)‡ | Austria (0.0%)‡ |
| OMV AG | 28 | 2 |
| voestalpine AG | 39 | 1 |
|  |  | 3 |
| Belgium (0.0%)‡ | Belgium (0.0%)‡ | Belgium (0.0%)‡ |
| Syensqo SA | 22 | 2 |
| Umicore SA | 71 | 1 |
|  |  | 3 |
| Canada (3.8%) | Canada (3.8%) | Canada (3.8%) |
| Agnico Eagle Mines Ltd. (NYSE) | 278 | 33 |
| Agnico Eagle Mines Ltd. (TSX) | 136 | 16 |
| Alamos Gold, Inc., Class A | 346 | 9 |
| ARC Resources Ltd. | 111 | 2 |
| Aya Gold & Silver, Inc. (a)(b) | 118 | 1 |
| B2Gold Corp. | 1107 | 4 |
| Barrick Mining Corp. (NYSE) | 1020 | 21 |
| Barrick Mining Corp. (TSX) | 483 | 10 |
| Cameco Corp. | 83 | 6 |
| Canadian Natural Resources Ltd. | 411 | 13 |
| CCL Industries, Inc., Class B | 44 | 3 |
| Cenovus Energy, Inc. | 272 | 4 |
| Centerra Gold, Inc. | 183 | 1 |
| Dundee Precious Metals, Inc. (b) | 161 | 3 |
| Eldorado Gold Corp. (a) | 175 | 4 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Enbridge, Inc. | 411 | $| 19 |
| Equinox Gold Corp. (NYSE) (a) | 276 |  | 2 |
| Equinox Gold Corp. (TSX) (a)(b) | 221 |  | 1 |
| First Majestic Silver Corp. | 246 |  | 2 |
| First Quantum Minerals Ltd. (a) | 196 |  | 4 |
| Fortuna Mining Corp. (a) | 263 |  | 2 |
| Franco-Nevada Corp. (NYSE) | 108 |  | 18 |
| Franco-Nevada Corp. (TSX) | 52 |  | 9 |
| IAMGOLD Corp. (a) | 426 |  | 3 |
| Imperial Oil Ltd. | 34 |  | 3 |
| Ivanhoe Mines Ltd., Class A (a)(b) | 194 |  | 1 |
| K92 Mining, Inc. (a) | 204 |  | 2 |
| Keyera Corp. | 43 |  | 1 |
| Kinross Gold Corp. (NYSE) | 1056 |  | 17 |
| Kinross Gold Corp. (TSX) | 337 |  | 5 |
| Lundin Mining Corp. | 201 |  | 2 |
| MAG Silver Corp. | 88 |  | 2 |
| MEG Energy Corp. (b) | 57 |  | 1 |
| New Gold, Inc. (a) | 593 |  | 3 |
| Nutrien Ltd. | 135 |  | 8 |
| OceanaGold Corp. | 200 |  | 3 |
| OR Royalties, Inc. (b) | 161 |  | 4 |
| Pan American Silver Corp. (NYSE) | 311 |  | 9 |
| Pan American Silver Corp. (TSX) | 102 |  | 3 |
| Parkland Corp. | 31 |  | 1 |
| Pembina Pipeline Corp. (b) | 112 |  | 4 |
| Sandstorm Gold Ltd. | 256 |  | 2 |
| South Bow Corp. (b) | 43 |  | 1 |
| SSR Mining, Inc. (a) | 174 |  | 2 |
| Suncor Energy, Inc. | 248 |  | 9 |
| TC Energy Corp. (b) | 200 |  | 10 |
| Teck Resources Ltd., Class B | 129 |  | 5 |
| Torex Gold Resources, Inc. (a) | 75 |  | 2 |
| Tourmaline Oil Corp. | 65 |  | 3 |
| Wesdome Gold Mines Ltd. (a) | 130 |  | 2 |
| West Fraser Timber Co. Ltd. | 17 |  | 1 |
| Wheaton Precious Metals Corp. (NYSE) | 255 |  | 23 |
| Wheaton Precious Metals Corp. (TSX) | 126 |  | 11 |
|  |  |  | 330 |
| China (0.2%) | China (0.2%) | China (0.2%) | China (0.2%) |
| Zhaojin Mining Industry Co. Ltd., H Shares (c) | 2495 |  | 6 |
| Zijin Mining Group Co. Ltd., H Shares (c) | 4601 |  | 12 |
|  |  |  | 18 |
| Denmark (0.1%) | Denmark (0.1%) | Denmark (0.1%) | Denmark (0.1%) |
| Novonesis Novozymes B Series B | 103 |  | 7 |
| Finland (0.1%) | Finland (0.1%) | Finland (0.1%) | Finland (0.1%) |
| Neste OYJ | 90 |  | 1 |
| Stora Enso OYJ, Class R (b) | 179 |  | 2 |
| UPM-Kymmene OYJ (b) | 147 |  | 4 |
|  |  |  | 7 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Multi-Asset Real Return Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| France (0.8%) | France (0.8%) | France (0.8%) | France (0.8%) |
| Air Liquide SA | 158 | $33 |  |
| ArcelorMittal SA | 140 | 4 |  |
| Arkema SA | 18 | 1 |  |
| TotalEnergies SE | 421 | 26 |  |
|  |  | 64 |  |
| Germany (0.3%) | Germany (0.3%) | Germany (0.3%) | Germany (0.3%) |
| BASF SE | 245 | 12 |  |
| Covestro AG (a) | 52 | 4 |  |
| Evonik Industries AG | 72 | 1 |  |
| Heidelberg Materials AG | 35 | 8 |  |
| Symrise AG | 36 | 4 |  |
|  |  | 29 |  |
| Israel (0.0%)‡ | Israel (0.0%)‡ | Israel (0.0%)‡ | Israel (0.0%)‡ |
| ICL Group Ltd. | 234 | 2 |  |
| Italy (0.1%) | Italy (0.1%) | Italy (0.1%) | Italy (0.1%) |
| Eni SpA | 425 | 7 |  |
| Tenaris SA | 89 | 2 |  |
|  |  | 9 |  |
| Japan (0.6%) | Japan (0.6%) | Japan (0.6%) | Japan (0.6%) |
| Asahi Kasei Corp. | 349 | 3 |  |
| ENEOS Holdings, Inc. | 556 | 3 |  |
| Idemitsu Kosan Co. Ltd. | 180 | 1 |  |
| Inpex Corp. (b) | 188 | 3 |  |
| JFE Holdings, Inc. | 168 | 2 |  |
| Mitsubishi Chemical Group Corp. | 393 | 2 |  |
| Mitsui Chemicals, Inc. | 54 | 1 |  |
| Nippon Paint Holdings Co. Ltd. | 290 | 2 |  |
| Nippon Sanso Holdings Corp. | 54 | 2 |  |
| Nippon Steel Corp. | 234 | 4 |  |
| Nissan Chemical Corp. | 37 | 1 |  |
| Nitto Denko Corp. | 200 | 4 |  |
| Shin-Etsu Chemical Co. Ltd. | 494 | 16 |  |
| Sumitomo Metal Mining Co. Ltd. | 76 | 2 |  |
| Toray Industries, Inc. | 385 | 3 |  |
|  |  | 49 |  |
| Netherlands (0.1%) | Netherlands (0.1%) | Netherlands (0.1%) | Netherlands (0.1%) |
| Akzo Nobel NV | 48 | 4 |  |
| DSM-Firmenich AG | 50 | 5 |  |
| OCI NV (a) | 36 |  | @ |
|  |  | 9 |  |
| Norway (0.1%) | Norway (0.1%) | Norway (0.1%) | Norway (0.1%) |
| Aker BP ASA | 59 | 2 |  |
| Equinor ASA | 174 | 4 |  |
| Norsk Hydro ASA | 388 | 2 |  |
| Yara International ASA | 52 | 2 |  |
|  |  | 10 |  |
| Peru (0.1%) | Peru (0.1%) | Peru (0.1%) | Peru (0.1%) |
| Cia de Minas Buenaventura SAA ADR | 216 | 4 |  |
| Portugal (0.0%)‡ | Portugal (0.0%)‡ | Portugal (0.0%)‡ | Portugal (0.0%)‡ |
| Galp Energia SGPS SA | 87 | 2 |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| South Africa (0.3%) | South Africa (0.3%) | South Africa (0.3%) |
| DRDGOLD Ltd. ADR (b) | 76 | $1 |
| Gold Fields Ltd. ADR | 631 | 15 |
| Harmony Gold Mining Co. Ltd. ADR | 541 | 8 |
| Valterra Platinum Ltd. (a) | 35 | 1 |
|  |  | 25 |
| Spain (0.0%)‡ | Spain (0.0%)‡ | Spain (0.0%)‡ |
| Repsol SA (b) | 237 | 3 |
| Sweden (0.1%) | Sweden (0.1%) | Sweden (0.1%) |
| Boliden AB (a) | 75 | 3 |
| Holmen AB, Class B | 24 | 1 |
| Svenska Cellulosa AB SCA, Class B | 169 | 2 |
|  |  | 6 |
| Switzerland (0.6%) | Switzerland (0.6%) | Switzerland (0.6%) |
| Amrize Ltd. (a) | 144 | 7 |
| Clariant AG (Registered) (a) | 74 | 1 |
| EMS-Chemie Holding AG (Registered) | 2 | 1 |
| Givaudan SA (Registered) | 3 | 14 |
| Holcim AG (a) | 144 | 11 |
| SIG Group AG (a) | 93 | 2 |
| Sika AG (Registered) (a) | 43 | 12 |
|  |  | 48 |
| United Kingdom (1.6%) | United Kingdom (1.6%) | United Kingdom (1.6%) |
| Anglo American PLC | 307 | 9 |
| Anglogold Ashanti PLC (LSE) | 176 | 8 |
| Anglogold Ashanti PLC (NYSE) | 366 | 17 |
| Antofagasta PLC | 110 | 3 |
| BP PLC | 3319 | 16 |
| Croda International PLC | 40 | 2 |
| Endeavour Mining PLC (LSE) | 58 | 2 |
| Endeavour Mining PLC (TSX) | 213 | 6 |
| Glencore PLC (a) | 2845 | 11 |
| Mondi PLC | 135 | 2 |
| Rio Tinto PLC | 309 | 18 |
| Shell PLC | 1261 | 44 |
|  |  | 138 |
| United States (8.0%) | United States (8.0%) | United States (8.0%) |
| Air Products & Chemicals, Inc. | 61 | 17 |
| Albemarle Corp. | 32 | 2 |
| Amcor PLC | 401 | 4 |
| APA Corp. | 70 | 1 |
| Avery Dennison Corp. | 22 | 4 |
| Baker Hughes Co. | 196 | 8 |
| Ball Corp. | 87 | 5 |
| Celanese Corp. | 32 | 2 |
| CF Industries Holdings, Inc. | 52 | 5 |
| Cheniere Energy, Inc. | 46 | 11 |
| Chevron Corp. | 346 | 50 |
| Cleveland-Cliffs, Inc. (a) | 155 | 1 |
| Coeur Mining, Inc. (a) | 535 | 5 |
| ConocoPhillips | 260 | 23 |
| Corteva, Inc. | 193 | 14 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

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) |
| Coterra Energy, Inc. | 148 | $4 |
| CRH PLC | 191 | 18 |
| Crown Holdings, Inc. | 33 | 3 |
| Devon Energy Corp. | 125 | 4 |
| Diamondback Energy, Inc. | 32 | 4 |
| Dow, Inc. | 192 | 5 |
| DuPont de Nemours, Inc. | 119 | 8 |
| Eastman Chemical Co. | 32 | 2 |
| Ecolab, Inc. | 70 | 19 |
| EOG Resources, Inc. | 114 | 14 |
| EQT Corp. | 76 | 5 |
| Expand Energy Corp. | 22 | 3 |
| Exxon Mobil Corp. | 878 | 95 |
| FMC Corp. | 37 | 2 |
| Freeport-McMoRan, Inc. | 394 | 17 |
| Halliburton Co. | 174 | 4 |
| Hecla Mining Co. | 541 | 3 |
| Hess Corp. | 53 | 7 |
| HF Sinclair Corp. | 33 | 1 |
| International Flavors & Fragrances, Inc. | 70 | 5 |
| International Paper Co. | 91 | 4 |
| Kinder Morgan, Inc. | 389 | 12 |
| Linde PLC | 132 | 62 |
| LyondellBasell Industries NV, Class A | 71 | 4 |
| Marathon Petroleum Corp. | 73 | 12 |
| Martin Marietta Materials, Inc. | 17 | 9 |
| Mosaic Co. | 91 | 3 |
| Newmont Corp. | 959 | 56 |
| Nucor Corp. | 67 | 9 |
| Occidental Petroleum Corp. | 128 | 5 |
| ONEOK, Inc. | 113 | 9 |
| Ovintiv, Inc. | 48 | 2 |
| Packaging Corp. of America | 25 | 5 |
| Phillips 66 | 84 | 10 |
| PPG Industries, Inc. | 65 | 7 |
| Reliance, Inc. | 16 | 5 |
| Royal Gold, Inc. | 56 | 10 |
| RPM International, Inc. | 35 | 4 |
| Schlumberger NV | 277 | 9 |
| Sherwin-Williams Co. | 67 | 23 |
| Smurfit WestRock PLC | 142 | 6 |
| Steel Dynamics, Inc. | 44 | 6 |
| Targa Resources Corp. | 42 | 7 |
| Texas Pacific Land Corp. | 4 | 4 |
| Valero Energy Corp. | 67 | 9 |
| Vulcan Materials Co. | 36 | 9 |
| Westlake Corp. | 12 | 1 |
| Williams Cos., Inc. | 237 | 15 |
|  |  | 692 |
| **Total Common Stocks (Cost $1,385)** | **Total Common Stocks (Cost $1,385)** | 1567 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| **U.S. Treasury Security (62.4%)** | **U.S. Treasury Security (62.4%)** | **U.S. Treasury Security (62.4%)** |
| United States (62.4%) | United States (62.4%) | United States (62.4%) |
| U.S. Treasury Inflation-Indexed Notes, <br>2.13%, 1/15/35 **(Cost $5,370)** | $5292 | $5382 |
|  | **Shares** |  |
| **Short-Term Investments (17.0%)** | **Short-Term Investments (17.0%)** | **Short-Term Investments (17.0%)** |
| Investment Company (16.9%) | Investment Company (16.9%) | Investment Company (16.9%) |
| Morgan Stanley Institutional <br>Liquidity Funds — Treasury Portfolio — <br>Institutional Class 4.18% (See Note G) <br>**(Cost $1,457)** | 1457386 | 1457 |
| 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 4.09% (See Note G) | 9243 | 9 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreements (0.0%)‡ | Repurchase Agreements (0.0%)‡ | Repurchase Agreements (0.0%)‡ |
| Citigroup, Inc., (4.25%, dated <br>6/30/25, due 7/1/25; proceeds $1; fully <br>collateralized by a U.S. Government obligation; <br>3.00% due 9/30/25; valued at $1) | $1 | 1 |
| Merrill Lynch & Co., Inc., (4.39%, dated <br>6/30/25, due 7/1/25; proceeds $2; fully <br>collateralized by a U.S. Government obligation; <br>2.38% due 1/15/27; valued at $2) | 2 | 2 |
|  |  | 3 |
| **Total Securities held as Collateral on Loaned <br>Securities (Cost $12)** | **Total Securities held as Collateral on Loaned <br>Securities (Cost $12)** | 12 |
| **Total Short-Term Investments (Cost $1,469)** | **Total Short-Term Investments (Cost $1,469)** | 1469 |
| **Total Investments (97.6%) (Cost $8,224)<br>Including $38 of Securities Loaned (d)(e)(f)** | **Total Investments (97.6%) (Cost $8,224)<br>Including $38 of Securities Loaned (d)(e)(f)** | 8418 |
| Other Assets in Excess of Liabilities (2.4%) | Other Assets in Excess of Liabilities (2.4%) | 210 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $8628 |

---

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 June 30, 2025.

(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 agreements.

(e) The approximate fair value and percentage of net assets, $496,000 and 5.7%, 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.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Multi-Asset Real Return Portfolio**

(f) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $293,000 and the aggregate gross unrealized depreciation is approximately $95,000, resulting in net unrealized appreciation of approximately $198,000.

ADR American Depositary Receipt.

LSE London Stock Exchange.

NYSE New York Stock Exchange.

TSX Toronto Stock Exchange.

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 |  | $14 |  | 9/17/25 | $(— | @) |
| Citibank NA | 12 |  | $17 |  | 9/17/25 | (— | @) |
| Goldman Sachs International | $— | @ |  | @ | 9/17/25 |  | @ |
| Goldman Sachs International | $17 |  | 15 |  | 9/17/25 |  | @ |
| Goldman Sachs International | $1 |  | 10 |  | 9/17/25 | (— | @) |
| JPMorgan Chase Bank NA | 1 |  | $1 |  | 9/17/25 | (— | @) |
| JPMorgan Chase Bank NA | $— | @ |  | @ | 9/17/25 |  | @ |
| JPMorgan Chase Bank NA | $10 |  | 1361 |  | 9/17/25 | (— | @) |
|  |  |  |  |  |  | $(— | @) |

---

@ Value is less than $500.

**Futures Contract:**

The Fund had the following futures contract open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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) | 5 | Aug-25 | $1 | $1654 | $(4) |

---

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>Appreciation<br>(000)** |
| Goldman Sachs <br>International | S&P GSCI <br>Total Return Index | Pay | USB3MTA + 0.10% | Maturity | 4/15/26 | $260 | $7 | $— | $7 |
| Goldman Sachs <br>International | S&P GSCI <br>Total Return Index | Pay | USB3MTA + 0.10% | Maturity | 4/15/26 | 16 | 1 |  | 1 |
|  |  |  |  |  |  |  | $8 | $— | $8 |

---

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| U.S. Treasury Security | 64.0 | % |
| Investment Company | 17.3 |  |
| Metals & Mining | 7.0 |  |
| Oil, Gas & Consumable Fuels | 6.0 |  |
| Other\*\* | 5.7 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2025.

\*\* Industries and/or investment types representing less than 5% of total investments.

\*\*\* Does not include an open futures contract with a value of approximately $1,654,000 and unrealized depreciation of approximately $4,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of less than $500. Also does not include open swap agreements with unrealized appreciation of approximately $8,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Next Gen Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (96.3%)** | **Common Stocks (96.3%)** | **Common Stocks (96.3%)** |
| Argentina (1.1%) | Argentina (1.1%) | Argentina (1.1%) |
| Vista Energy SAB de CV ADR (a) | 4782 | $229 |
| Australia (1.3%) | Australia (1.3%) | Australia (1.3%) |
| Perseus Mining Ltd. | 116575 | 265 |
| Bangladesh (4.9%) | Bangladesh (4.9%) | Bangladesh (4.9%) |
| BRAC Bank PLC | 910686 | 376 |
| Square Pharmaceuticals PLC | 374127 | 636 |
|  |  | 1012 |
| Egypt (6.1%) | Egypt (6.1%) | Egypt (6.1%) |
| Commercial International Bank — Egypt (CIB) GDR | 427596 | 718 |
| Fawry for Banking & Payment Technology <br>Services SAE (a) | 2263555 | 550 |
|  |  | 1268 |
| Germany (0.8%) | Germany (0.8%) | Germany (0.8%) |
| Jumia Technologies AG ADR (a) | 39584 | 159 |
| Indonesia (11.1%) | Indonesia (11.1%) | Indonesia (11.1%) |
| Cisarua Mountain Dairy Tbk. PT | 1512600 | 454 |
| Map Aktif Adiperkasa PT | 11430800 | 460 |
| Medikaloka Hermina Tbk. PT | 8760200 | 764 |
| Selamat Sempurna Tbk. PT | 2447900 | 288 |
| Sumber Alfaria Trijaya Tbk. PT | 2251800 | 332 |
|  |  | 2298 |
| Kazakhstan (9.3%) | Kazakhstan (9.3%) | Kazakhstan (9.3%) |
| Halyk Savings Bank of Kazakhstan JSC GDR | 25206 | 620 |
| Kaspi.KZ JSC ADR | 4963 | 421 |
| NAC Kazatomprom JSC GDR (a) | 20484 | 887 |
|  |  | 1928 |
| Kenya (3.0%) | Kenya (3.0%) | Kenya (3.0%) |
| Safaricom PLC | 3207641 | 622 |
| Nigeria (2.3%) | Nigeria (2.3%) | Nigeria (2.3%) |
| Guaranty Trust Holding Co. PLC | 9168020 | 485 |
| Pakistan (6.4%) | Pakistan (6.4%) | Pakistan (6.4%) |
| Meezan Bank Ltd. | 514196 | 602 |
| Systems Ltd. | 1903410 | 720 |
|  |  | 1322 |
| Peru (3.5%) | Peru (3.5%) | Peru (3.5%) |
| Credicorp Ltd. | 2386 | 533 |
| Southern Copper Corp. | 2016 | 204 |
|  |  | 737 |
| Philippines (9.2%) | Philippines (9.2%) | Philippines (9.2%) |
| Bank of the Philippine Islands | 184920 | 427 |
| BDO Unibank, Inc. | 140221 | 380 |
| Century Pacific Food, Inc. | 1225900 | 876 |
| International Container Terminal Services, Inc. | 31520 | 230 |
|  |  | 1913 |
| Slovenia (4.2%) | Slovenia (4.2%) | Slovenia (4.2%) |
| Nova Ljubljanska Banka DD GDR | 24874 | 881 |
| South Africa (1.3%) | South Africa (1.3%) | South Africa (1.3%) |
| Standard Bank Group Ltd. | 20691 | 266 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United Arab Emirates (2.8%) | United Arab Emirates (2.8%) | United Arab Emirates (2.8%) |
| Emaar Properties PJSC | 160122 | $594 |
| United States (8.7%) | United States (8.7%) | United States (8.7%) |
| EPAM Systems, Inc. (a) | 1594 | 282 |
| Grid Dynamics Holdings, Inc. (a) | 21352 | 247 |
| MercadoLibre, Inc. (a) | 488 | 1275 |
|  |  | 1804 |
| Vietnam (20.3%) | Vietnam (20.3%) | Vietnam (20.3%) |
| Bank for Foreign Trade of Vietnam JSC (a) | 268736 | 587 |
| Binh Minh Plastics JSC | 108900 | 585 |
| FPT Corp. | 297014 | 1344 |
| Mobile World Investment Corp. (a) | 253488 | 636 |
| Phu Nhuan Jewelry JSC | 216200 | 688 |
| Vietnam Dairy Products JSC | 174692 | 388 |
|  |  | 4228 |
| **Total Common Stocks (Cost $15,021)** | **Total Common Stocks (Cost $15,021)** | 20011 |
| **Short-Term Investment (3.5%)** | **Short-Term Investment (3.5%)** | **Short-Term Investment (3.5%)** |
| Investment Company (3.5%) | Investment Company (3.5%) | Investment Company (3.5%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.25% (See Note G) <br>**(Cost $719)** | 718936 | 719 |
| **Total Investments (99.8%) (Cost $15,740) (b)(c)** | **Total Investments (99.8%) (Cost $15,740) (b)(c)** | 20730 |
| Other Assets in Excess of Liabilities (0.2%) | Other Assets in Excess of Liabilities (0.2%) | 41 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $20771 |

---

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, $16,661,000 and 80.2%, 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.

(c) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,888,000 and the aggregate gross unrealized depreciation is approximately $898,000, resulting in net unrealized appreciation of approximately $4,990,000.

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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

**Next Gen Emerging Markets Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 33.3% |
| Banks | 28.2 |
| Information Technology Services | 12.6 |
| Food Products | 8.3 |
| Broadline Retail | 6.9 |
| Oil, Gas & Consumable Fuels | 5.4 |
| Specialty Retail | 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Passport Overseas Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.4%)** | **Common Stocks (95.4%)** | **Common Stocks (95.4%)** |
| Australia (0.9%) | Australia (0.9%) | Australia (0.9%) |
| Perseus Mining Ltd. | 656183 | $1490 |
| Canada (7.1%) | Canada (7.1%) | Canada (7.1%) |
| Agnico Eagle Mines Ltd. | 18826 | 2243 |
| Canadian Imperial Bank of Commerce (a) | 33610 | 2386 |
| Canadian Natural Resources Ltd. | 21963 | 690 |
| Constellation Software, Inc. | 261 | 957 |
| Royal Bank of Canada | 20065 | 2644 |
| Suncor Energy, Inc. | 47726 | 1788 |
| Tourmaline Oil Corp. | 17229 | 831 |
|  |  | 11539 |
| China (2.3%) | China (2.3%) | China (2.3%) |
| Alibaba Group Holding Ltd. ADR | 11100 | 1259 |
| Tencent Holdings Ltd. (b) | 38400 | 2474 |
|  |  | 3733 |
| Denmark (0.7%) | Denmark (0.7%) | Denmark (0.7%) |
| Novo Nordisk AS, Class B | 15457 | 1071 |
| Egypt (0.4%) | Egypt (0.4%) | Egypt (0.4%) |
| Commercial International Bank — Egypt (CIB) | 405712 | 690 |
| France (8.6%) | France (8.6%) | France (8.6%) |
| Air Liquide SA | 8531 | 1759 |
| Airbus SE | 15792 | 3304 |
| BNP Paribas SA | 14608 | 1311 |
| L'Oreal SA | 2965 | 1270 |
| Sanofi SA | 19701 | 1907 |
| Schneider Electric SE | 11433 | 3070 |
| SCOR SE | 39635 | 1316 |
|  |  | 13937 |
| Germany (9.6%) | Germany (9.6%) | Germany (9.6%) |
| Commerzbank AG | 87185 | 2748 |
| Heidelberg Materials AG | 6217 | 1464 |
| Rheinmetall AG | 2012 | 4261 |
| SAP SE | 12375 | 3784 |
| Siemens AG (Registered) | 12911 | 3316 |
|  |  | 15573 |
| Hungary (1.4%) | Hungary (1.4%) | Hungary (1.4%) |
| OTP Bank Nyrt | 28835 | 2305 |
| India (9.1%) | India (9.1%) | India (9.1%) |
| Apollo Hospitals Enterprise Ltd. | 18435 | 1557 |
| Grasim Industries Ltd. | 48144 | 1597 |
| HDFC Bank Ltd. ADR | 52453 | 4022 |
| ICICI Bank Ltd. | 168630 | 2850 |
| Reliance Industries Ltd. | 82156 | 1438 |
| Shriram Finance Ltd. | 213763 | 1763 |
| State Bank of India | 145889 | 1395 |
|  |  | 14622 |
| Indonesia (0.8%) | Indonesia (0.8%) | Indonesia (0.8%) |
| Bank Central Asia Tbk. PT | 2390800 | 1278 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Ireland (3.8%) | Ireland (3.8%) | Ireland (3.8%) |
| AIB Group PLC | 461383 | $3808 |
| Ryanair Holdings PLC ADR | 39700 | 2289 |
|  |  | 6097 |
| Israel (1.7%) | Israel (1.7%) | Israel (1.7%) |
| CyberArk Software Ltd. (c) | 6700 | 2726 |
| Japan (11.9%) | Japan (11.9%) | Japan (11.9%) |
| Hoya Corp. | 5900 | 701 |
| Keyence Corp. | 7400 | 2959 |
| Mitsubishi Corp. | 81100 | 1620 |
| Mitsui & Co. Ltd. | 62300 | 1270 |
| Mizuho Financial Group, Inc. | 116700 | 3240 |
| OBIC Business Consultants Co. Ltd. | 16500 | 976 |
| Recruit Holdings Co. Ltd. | 29900 | 1758 |
| Sony Group Corp. | 146465 | 3808 |
| Sumitomo Mitsui Trust Group, Inc. | 30400 | 808 |
| TIS, Inc. | 24100 | 808 |
| USS Co. Ltd. | 111700 | 1231 |
|  |  | 19179 |
| Korea, Republic of (5.8%) | Korea, Republic of (5.8%) | Korea, Republic of (5.8%) |
| Hanwha Aerospace Co. Ltd. | 6821 | 4280 |
| Samsung Electronics Co. Ltd. | 113200 | 5006 |
|  |  | 9286 |
| Malaysia (0.9%) | Malaysia (0.9%) | Malaysia (0.9%) |
| CIMB Group Holdings Bhd. | 431100 | 695 |
| Malayan Banking Bhd. | 334600 | 771 |
|  |  | 1466 |
| Netherlands (3.1%) | Netherlands (3.1%) | Netherlands (3.1%) |
| ASML Holding NV | 1700 | 1362 |
| Universal Music Group NV | 69479 | 2254 |
| Wolters Kluwer NV | 8554 | 1431 |
|  |  | 5047 |
| Norway (1.7%) | Norway (1.7%) | Norway (1.7%) |
| Var Energi ASA | 864676 | 2771 |
| Singapore (2.0%) | Singapore (2.0%) | Singapore (2.0%) |
| Sea Ltd. ADR (c) | 20628 | 3299 |
| Slovenia (1.6%) | Slovenia (1.6%) | Slovenia (1.6%) |
| Nova Ljubljanska Banka DD GDR | 74073 | 2622 |
| Spain (2.8%) | Spain (2.8%) | Spain (2.8%) |
| CaixaBank SA | 411029 | 3562 |
| Iberdrola SA | 49921 | 960 |
|  |  | 4522 |
| Switzerland (3.7%) | Switzerland (3.7%) | Switzerland (3.7%) |
| Nestle SA (Registered) | 10898 | 1084 |
| Novartis AG (Registered) | 21272 | 2582 |
| Roche Holding AG (Genusschein) | 7077 | 2310 |
|  |  | 5976 |
| Taiwan (4.5%) | Taiwan (4.5%) | Taiwan (4.5%) |
| MediaTek, Inc. | 22000 | 943 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 173000 | 6326 |
|  |  | 7269 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

**Passport Overseas Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United Kingdom (6.7%) | United Kingdom (6.7%) | United Kingdom (6.7%) |
| AstraZeneca PLC | 22494 | $3130 |
| BAE Systems PLC | 52061 | 1351 |
| Shell PLC | 81138 | 2831 |
| Unilever PLC CVA | 56188 | 3429 |
|  |  | 10741 |
| United States (4.3%) | United States (4.3%) | United States (4.3%) |
| Eli Lilly & Co. | 1102 | 859 |
| Linde PLC | 4266 | 2002 |
| MercadoLibre, Inc. (c) | 1578 | 4124 |
|  |  | 6985 |
| **Total Common Stocks (Cost $101,528)** | **Total Common Stocks (Cost $101,528)** | 154224 |
| **Preferred Stock (0.8%)** | **Preferred Stock (0.8%)** | **Preferred Stock (0.8%)** |
| United States (0.8%) | United States (0.8%) | United States (0.8%) |
| Neurogenesis, Inc., Series A (c)(d)(e)<br>(acquisition cost — $1,250; <br>acquired 12/16/21) | 32692 | 1375 |
| **Short-Term Investment (3.5%)** | **Short-Term Investment (3.5%)** | **Short-Term Investment (3.5%)** |
| Investment Company (3.5%) | Investment Company (3.5%) | Investment Company (3.5%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $5,584)** | 5583772 | 5584 |
| **Total Investments (99.7%) (Cost $108,362)<br>Including $2,337 of Securities Loaned (f)(g)(h)** | **Total Investments (99.7%) (Cost $108,362)<br>Including $2,337 of Securities Loaned (f)(g)(h)** | 161183 |
| Other Assets in Excess of Liabilities (0.3%) | Other Assets in Excess of Liabilities (0.3%) | 520 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $161703 |

---

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) All or a portion of this security was on loan at June 30, 2025.

(b) Security trades on the Hong Kong exchange.

(c) Non-income producing security.

(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 June 30, 2025 amounts to approximately $1,375,000 and represents 0.9% of net assets.

(e) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(f) The approximate fair value and percentage of net assets, $122,105,000 and 75.5%, 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 Financial Statements.

(g) Securities are available for collateral in connection with an open futures contract.

(h) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $53,830,000 and the aggregate gross unrealized depreciation is approximately $986,000, resulting in net unrealized appreciation of approximately $52,844,000.

ADR American Depositary Receipt.

CVA Certificaten Van Aandelen.

GDR Global Depositary Receipt.

**Futures Contract:**

The Fund had the following futures contract open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **<br>Number of<br>Contracts** | **<br>Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **<br>Value<br>(000)** | **Unrealized<br>Appreciation<br>(000)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| Hang Seng Index (Hong Kong) | 22 | Jul-25<br> HKD | 1 | $3375 | $23 |

---

HKD — Hong Kong Dollar

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

**Passport Overseas Equity Portfolio**

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Other\* | 44.4 | % |
| Banks | 23.0 |  |
| Aerospace & Defense | 8.2 |  |
| Pharmaceuticals | 7.4 |  |
| Oil, Gas & Consumable Fuels | 6.4 |  |
| Semiconductors & Semiconductor Equipment | 5.4 |  |
| Software | 5.2 |  |
| Total Investments | 100.0 | %\*\* |

---

\* Industries and/or investment types representing less than 5% of total investments.

\*\* Does not include an open futures contract with a value of approximately $3,375,000 and unrealized appreciation of approximately $23,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments

**Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (94.0%)** | **Common Stocks (94.0%)** | **Common Stocks (94.0%)** |
| Aerospace & Defense (0.3%) | Aerospace & Defense (0.3%) | Aerospace & Defense (0.3%) |
| Axon Enterprise, Inc. (a) | 7 | $6 |
| HEICO Corp., Class A | 22 | 6 |
| TransDigm Group, Inc. | 4 | 6 |
|  |  | 18 |
| Beverages (1.2%) | Beverages (1.2%) | Beverages (1.2%) |
| Celsius Holdings, Inc. (a) | 1411 | 65 |
| Broadline Retail (2.4%) | Broadline Retail (2.4%) | Broadline Retail (2.4%) |
| Amazon.com, Inc. (a) | 604 | 132 |
| Capital Markets (5.1%) | Capital Markets (5.1%) | Capital Markets (5.1%) |
| Intercontinental Exchange, Inc. | 1491 | 273 |
| MSCI, Inc. | 8 | 5 |
| S&P Global, Inc. | 9 | 5 |
|  |  | 283 |
| 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 | 5 |
| Copart, Inc. (a) | 75 | 4 |
| Rollins, Inc. | 93 | 5 |
| Veralto Corp. | 110 | 11 |
|  |  | 25 |
| 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 | 3 |
| Diversified Consumer Services (1.0%) | Diversified Consumer Services (1.0%) | Diversified Consumer Services (1.0%) |
| Service Corp. International | 649 | 53 |
| Entertainment (1.3%) | Entertainment (1.3%) | Entertainment (1.3%) |
| Netflix, Inc. (a) | 5 | 6 |
| Walt Disney Co. | 514 | 64 |
|  |  | 70 |
| Financial Services (1.9%) | Financial Services (1.9%) | Financial Services (1.9%) |
| Federal National Mortgage Association (a) | 11175 | 107 |
| Food Products (1.0%) | Food Products (1.0%) | Food Products (1.0%) |
| Hershey Co. | 33 | 6 |
| McCormick & Co., Inc. | 675 | 51 |
|  |  | 57 |
| Ground Transportation (3.4%) | Ground Transportation (3.4%) | Ground Transportation (3.4%) |
| Union Pacific Corp. | 816 | 188 |
| 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 (0.3%) | Health Care Technology (0.3%) | Health Care Technology (0.3%) |
| Veeva Systems, Inc., Class A (a) | 54 | 16 |
| Hotels, Restaurants & Leisure (4.9%) | Hotels, Restaurants & Leisure (4.9%) | Hotels, Restaurants & Leisure (4.9%) |
| Cheesecake Factory, Inc. | 966 | 61 |
| Domino's Pizza, Inc. | 28 | 13 |
| McDonald's Corp. | 15 | 4 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Shake Shack, Inc., Class A (a) | 540 | $| 76 |
| Starbucks Corp. | 53 |  | 5 |
| Sweetgreen, Inc., Class A (a) | 4112 |  | 61 |
| Vail Resorts, Inc. | 334 |  | 52 |
|  |  |  | 272 |
| Household Durables (0.8%) | Household Durables (0.8%) | Household Durables (0.8%) | Household Durables (0.8%) |
| NVR, Inc. (a) | 1 |  | 7 |
| Victoria PLC (United Kingdom) (a) | 35776 |  | 36 |
|  |  |  | 43 |
| Information Technology Services (13.9%) | Information Technology Services (13.9%) | Information Technology Services (13.9%) | Information Technology Services (13.9%) |
| Cloudflare, Inc., Class A (a) | 3890 |  | 762 |
| Gartner, Inc. (a) | 9 |  | 3 |
|  |  |  | 765 |
| Insurance (0.1%) | Insurance (0.1%) | Insurance (0.1%) | Insurance (0.1%) |
| Brown & Brown, Inc. | 44 |  | 5 |
| Life Sciences Tools & Services (3.8%) | Life Sciences Tools & Services (3.8%) | Life Sciences Tools & Services (3.8%) | Life Sciences Tools & Services (3.8%) |
| Danaher Corp. | 889 |  | 175 |
| Illumina, Inc. (a) | 137 |  | 13 |
| Thermo Fisher Scientific, Inc. | 51 |  | 21 |
|  |  |  | 209 |
| Metals & Mining (6.2%) | Metals & Mining (6.2%) | Metals & Mining (6.2%) | Metals & Mining (6.2%) |
| MP Materials Corp. (a) | 2368 |  | 79 |
| Royal Gold, Inc. | 1462 |  | 260 |
|  |  |  | 339 |
| Oil, Gas & Consumable Fuels (1.8%) | Oil, Gas & Consumable Fuels (1.8%) | Oil, Gas & Consumable Fuels (1.8%) | Oil, Gas & Consumable Fuels (1.8%) |
| Cameco Corp. (Canada) | 911 |  | 68 |
| Sable Offshore Corp. (a) | 1219 |  | 27 |
| Texas Pacific Land Corp. | 3 |  | 3 |
|  |  |  | 98 |
| Personal Care Products (1.7%) | Personal Care Products (1.7%) | Personal Care Products (1.7%) | Personal Care Products (1.7%) |
| Oddity Tech Ltd., Class A (Israel) (a) | 1218 |  | 92 |
| Pharmaceuticals (5.9%) | Pharmaceuticals (5.9%) | Pharmaceuticals (5.9%) | Pharmaceuticals (5.9%) |
| Royalty Pharma PLC, Class A | 8920 |  | 321 |
| Zoetis, Inc. | 22 |  | 4 |
|  |  |  | 325 |
| Real Estate Management & Development (6.2%) | Real Estate Management & Development (6.2%) | Real Estate Management & Development (6.2%) | Real Estate Management & Development (6.2%) |
| CoStar Group, Inc. (a) | 989 |  | 80 |
| Landbridge Co. LLC, Class A | 3896 |  | 263 |
|  |  |  | 343 |
| Semiconductors & Semiconductor Equipment (4.7%) | Semiconductors & Semiconductor Equipment (4.7%) | Semiconductors & Semiconductor Equipment (4.7%) | Semiconductors & Semiconductor Equipment (4.7%) |
| ASML Holding NV (Registered) (Netherlands) | 326 |  | 261 |
| Software (1.4%) | Software (1.4%) | Software (1.4%) | Software (1.4%) |
| Appfolio, Inc., Class A (a) | 19 |  | 4 |
| Cadence Design Systems, Inc. (a) | 15 |  | 5 |
| Guidewire Software, Inc. (a) | 23 |  | 5 |
| Procore Technologies, Inc. (a) | 743 |  | 51 |
| Roper Technologies, Inc. | 8 |  | 5 |
| Synopsys, Inc. (a) | 8 |  | 4 |
| Tyler Technologies, Inc. (a) | 8 |  | 5 |
|  |  |  | 79 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Specialized REITs (3.4%) | Specialized REITs (3.4%) | Specialized REITs (3.4%) |
| American Tower Corp. REIT | 860 | $190 |
| Specialty Retail (4.8%) | Specialty Retail (4.8%) | Specialty Retail (4.8%) |
| AutoZone, Inc. (a) | 3 | 11 |
| Floor & Decor Holdings, Inc., Class A (a) | 3101 | 236 |
| Home Depot, Inc. | 31 | 11 |
| Tractor Supply Co. | 85 | 5 |
|  |  | 263 |
| Textiles, Apparel & Luxury Goods (3.2%) | Textiles, Apparel & Luxury Goods (3.2%) | Textiles, Apparel & Luxury Goods (3.2%) |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 342 | 179 |
| Trading Companies & Distributors (12.3%) | Trading Companies & Distributors (12.3%) | Trading Companies & Distributors (12.3%) |
| Core & Main, Inc., Class A (a) | 4877 | 294 |
| Fastenal Co. | 114 | 5 |
| QXO, Inc. (a) | 17466 | 376 |
| Watsco, Inc. | 9 | 4 |
|  |  | 679 |
| **Total Common Stocks (Cost $4,104)** | **Total Common Stocks (Cost $4,104)** | 5177 |
| **Investment Company (3.2%)** | **Investment Company (3.2%)** | **Investment Company (3.2%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $113)** | 2924 | 179 |
|  | **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** | **Value<br>(000)** |
| **Short-Term Investment (1.6%)** | **Short-Term Investment (1.6%)** | **Short-Term Investment (1.6%)** |
| Investment Company (1.6%) | Investment Company (1.6%) | Investment Company (1.6%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $85)** | 85025 | $85 |
| **Total Investments Excluding Purchased<br>Options (98.8%) (Cost $4,302)** | **Total Investments Excluding Purchased<br>Options (98.8%) (Cost $4,302)** | 5441 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $28)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $28)** | 5 |
| **Total Investments (98.9%) (Cost $4,330) (c)(d)(e)** | **Total Investments (98.9%) (Cost $4,330) (c)(d)(e)** | 5446 |
| Other Assets in Excess of Liabilities (1.1%) | Other Assets in Excess of Liabilities (1.1%) | 62 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $5508 |

---

(a) Non-income producing security.

(b) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(c) The approximate fair value and percentage of net assets, $215,000 and 3.9%, 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.

(d) Securities are available for collateral in connection with purchased options.

(e) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,412,000 and the aggregate gross unrealized depreciation is approximately $296,000, resulting in net unrealized appreciation of approximately $1,116,000.

ETF Exchange Traded Fund.

REIT Real Estate Investment Trust.

**Call Options Purchased:**

The Fund had the following call options purchased open at June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>Depreciation<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 565030 | $565 | $— | @ | $3 | $(3) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 1197751 | 1198 | 3 |  | 5 | (2) |
| Standard Chartered Bank | USD/CNH CNH | 7.76 | Oct-25 | 1064506 | 1065 |  | @ | 5 | (5) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 517348 | 517 |  | @ | 2 | (2) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 1202830 | 1203 | 1 |  | 5 | (4) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 859760 | 860 | 1 |  | 4 | (3) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 1001958 | 1002 |  | @ | 4 | (4) |
|  |  |  |  |  |  | $5 |  | $28 | $(23) |

---

@&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 financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**June 30, 2025 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Permanence Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 44.7% |
| Information Technology Services | 14.1 |
| Trading Companies & Distributors | 12.5 |
| Real Estate Management & Development | 6.3 |
| Metals & Mining | 6.2 |
| Pharmaceuticals | 6.0 |
| Capital Markets | 5.2 |
| Hotels, Restaurants & Leisure | 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**US Core Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
| Aerospace & Defense (3.3%) | Aerospace & Defense (3.3%) | Aerospace & Defense (3.3%) |
| General Electric Co. | 50623 | $13030 |
| Automobiles (1.6%) | Automobiles (1.6%) | Automobiles (1.6%) |
| Tesla, Inc. (a) | 19908 | 6324 |
| Banks (6.0%) | Banks (6.0%) | Banks (6.0%) |
| JPMorgan Chase & Co. | 81564 | 23646 |
| Broadline Retail (5.8%) | Broadline Retail (5.8%) | Broadline Retail (5.8%) |
| Amazon.com, Inc. (a) | 103828 | 22779 |
| Capital Markets (10.6%) | Capital Markets (10.6%) | Capital Markets (10.6%) |
| Ameriprise Financial, Inc. | 32521 | 17358 |
| Cboe Global Markets, Inc. | 35194 | 8208 |
| Jefferies Financial Group, Inc. | 13502 | 738 |
| LPL Financial Holdings, Inc. | 41095 | 15409 |
|  |  | 41713 |
| Commercial Services & Supplies (3.8%) | Commercial Services & Supplies (3.8%) | Commercial Services & Supplies (3.8%) |
| Waste Management, Inc. | 65367 | 14957 |
| Construction Materials (1.3%) | Construction Materials (1.3%) | Construction Materials (1.3%) |
| CRH PLC | 57210 | 5252 |
| Consumer Staples Distribution & Retail (4.7%) | Consumer Staples Distribution & Retail (4.7%) | Consumer Staples Distribution & Retail (4.7%) |
| Costco Wholesale Corp. | 18528 | 18341 |
| Entertainment (5.2%) | Entertainment (5.2%) | Entertainment (5.2%) |
| Netflix, Inc. (a) | 15302 | 20491 |
| Financial Services (3.3%) | Financial Services (3.3%) | Financial Services (3.3%) |
| Mastercard, Inc., Class A | 22783 | 12803 |
| Hotels, Restaurants & Leisure (1.0%) | Hotels, Restaurants & Leisure (1.0%) | Hotels, Restaurants & Leisure (1.0%) |
| McDonald's Corp. | 12869 | 3760 |
| Household Durables (0.2%) | Household Durables (0.2%) | Household Durables (0.2%) |
| Lennar Corp., Class A | 6392 | 707 |
| Information Technology Services (2.0%) | Information Technology Services (2.0%) | Information Technology Services (2.0%) |
| Shopify, Inc., Class A (Canada) (a) | 67880 | 7830 |
| Insurance (8.0%) | Insurance (8.0%) | Insurance (8.0%) |
| Brown & Brown, Inc. | 137129 | 15203 |
| Progressive Corp. | 60761 | 16215 |
|  |  | 31418 |
| Interactive Media & Services (5.6%) | Interactive Media & Services (5.6%) | Interactive Media & Services (5.6%) |
| Alphabet, Inc., Class A | 124218 | 21891 |
| Oil, Gas & Consumable Fuels (1.8%) | Oil, Gas & Consumable Fuels (1.8%) | Oil, Gas & Consumable Fuels (1.8%) |
| Chevron Corp. | 32848 | 4703 |
| Valero Energy Corp. | 18885 | 2539 |
|  |  | 7242 |
| Pharmaceuticals (1.1%) | Pharmaceuticals (1.1%) | Pharmaceuticals (1.1%) |
| Eli Lilly & Co. | 5372 | 4188 |
| Real Estate Management & Development (3.2%) | Real Estate Management & Development (3.2%) | Real Estate Management & Development (3.2%) |
| CBRE Group, Inc., Class A (a) | 88088 | 12343 |
| Retail REITs (0.2%) | Retail REITs (0.2%) | Retail REITs (0.2%) |
| Agree Realty Corp. REIT | 10020 | 732 |
| Semiconductors & Semiconductor Equipment (10.9%) | Semiconductors & Semiconductor Equipment (10.9%) | Semiconductors & Semiconductor Equipment (10.9%) |
| NVIDIA Corp. | 270053 | 42666 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Software (8.1%) | Software (8.1%) | Software (8.1%) |
| Microsoft Corp. | 55853 | $27782 |
| Tyler Technologies, Inc. (a) | 6727 | 3988 |
|  |  | 31770 |
| Specialized REITs (0.1%) | Specialized REITs (0.1%) | Specialized REITs (0.1%) |
| Millrose Properties, Inc. REIT | 10164 | 290 |
| Specialty Retail (4.2%) | Specialty Retail (4.2%) | Specialty Retail (4.2%) |
| AutoZone, Inc. (a) | 297 | 1102 |
| TJX Cos., Inc. | 123897 | 15300 |
|  |  | 16402 |
| Tech Hardware, Storage & Peripherals (5.7%) | Tech Hardware, Storage & Peripherals (5.7%) | Tech Hardware, Storage & Peripherals (5.7%) |
| Apple, Inc. | 108954 | 22354 |
| Trading Companies & Distributors (1.6%) | Trading Companies & Distributors (1.6%) | Trading Companies & Distributors (1.6%) |
| United Rentals, Inc. | 8278 | 6237 |
| **Total Common Stocks (Cost $244,150)** | **Total Common Stocks (Cost $244,150)** | 389166 |
| **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 <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $2,966)** | 2965961 | 2966 |
| **Total Investments (100.0%) (Cost $247,116) (b)** | **Total Investments (100.0%) (Cost $247,116) (b)** | 392132 |
| Liabilities in Excess of Other Assets (–0.0%)‡ | Liabilities in Excess of Other Assets (–0.0%)‡ | (59) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $392073 |

---

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $146,032,000 and the aggregate gross unrealized depreciation is approximately $1,016,000, resulting in net unrealized appreciation of approximately $145,016,000.

REIT Real Estate Investment Trust.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 34.1% |
| Semiconductors & Semiconductor Equipment | 10.9 |
| Capital Markets | 10.6 |
| Software | 8.1 |
| Insurance | 8.0 |
| Banks | 6.0 |
| Broadline Retail | 5.8 |
| Tech Hardware, Storage & Peripherals | 5.7 |
| Interactive Media & Services | 5.6 |
| Entertainment | 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.**

**June 30, 2025 (unaudited)**

Portfolio of Investments

**Vitality Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (89.4%)** | **Common Stocks (89.4%)** | **Common Stocks (89.4%)** |
| Biotechnology (36.4%) | Biotechnology (36.4%) | Biotechnology (36.4%) |
| Alnylam Pharmaceuticals, Inc. (a) | 335 | $109 |
| Argenx SE ADR (Belgium) (a) | 241 | 133 |
| Ascendis Pharma AS ADR (Denmark) (a) | 512 | 88 |
| Beam Therapeutics, Inc. (a) | 951 | 16 |
| Biohaven Ltd. (a) | 1286 | 18 |
| Exact Sciences Corp. (a) | 2200 | 117 |
| Intellia Therapeutics, Inc. (a)(b) | 5293 | 50 |
| Newamsterdam Pharma Co. NV (a)(b) | 2383 | 43 |
| Ultragenyx Pharmaceutical, Inc. (a) | 758 | 28 |
| Vertex Pharmaceuticals, Inc. (a) | 169 | 75 |
|  |  | 677 |
| Health Care Equipment & Supplies (11.1%) | Health Care Equipment & Supplies (11.1%) | Health Care Equipment & Supplies (11.1%) |
| Align Technology, Inc. (a) | 433 | 82 |
| Inspire Medical Systems, Inc. (a) | 406 | 52 |
| Intuitive Surgical, Inc. (a) | 132 | 72 |
|  |  | 206 |
| Health Care Providers & Services (4.7%) | Health Care Providers & Services (4.7%) | Health Care Providers & Services (4.7%) |
| Agilon Health, Inc. (a) | 7516 | 18 |
| UnitedHealth Group, Inc. | 222 | 69 |
|  |  | 87 |
| Health Care Technology (9.2%) | Health Care Technology (9.2%) | Health Care Technology (9.2%) |
| Doximity, Inc., Class A (a) | 1037 | 64 |
| Schrodinger, Inc. (a) | 2552 | 51 |
| Veeva Systems, Inc., Class A (a) | 190 | 55 |
|  |  | 170 |
| Life Sciences Tools & Services (12.1%) | Life Sciences Tools & Services (12.1%) | Life Sciences Tools & Services (12.1%) |
| 10X Genomics, Inc., Class A (a) | 3801 | 44 |
| Illumina, Inc. (a) | 295 | 28 |
| MaxCyte, Inc. (a) | 21067 | 46 |
| Thermo Fisher Scientific, Inc. | 186 | 75 |
| West Pharmaceutical Services, Inc. | 146 | 32 |
|  |  | 225 |
| Pharmaceuticals (15.9%) | Pharmaceuticals (15.9%) | Pharmaceuticals (15.9%) |
| ATAI Life Sciences NV (a) | 14368 | 32 |
| Eli Lilly & Co. | 181 | 141 |
| Enliven Therapeutics, Inc. (a)(b) | 1067 | 21 |
| Structure Therapeutics, Inc. ADR (China) (a) | 1787 | 37 |
| Zoetis, Inc. | 411 | 64 |
|  |  | 295 |
| **Total Common Stocks (Cost $2,158)** | **Total Common Stocks (Cost $2,158)** | 1660 |
| **Short-Term Investments (11.6%)** | **Short-Term Investments (11.6%)** | **Short-Term Investments (11.6%)** |
| Investment Company (7.6%) | Investment Company (7.6%) | Investment Company (7.6%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) <br>**(Cost $142)** | 141537 | 142 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Securities held as Collateral on Loaned Securities (4.0%) | Securities held as Collateral on Loaned Securities (4.0%) | Securities held as Collateral on Loaned Securities (4.0%) |
| Investment Company (3.2%) | Investment Company (3.2%) | Investment Company (3.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 4.09% (See Note G) | 59040 | $59 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreements (0.8%) | Repurchase Agreements (0.8%) | Repurchase Agreements (0.8%) |
| Citigroup, Inc., (4.25%, dated 6/30/25, <br>due 7/1/25; proceeds $5; fully <br>collateralized by a U.S. Government <br>obligation; 3.00% due 9/30/25; valued at $5) | $5 | 5 |
| Merrill Lynch & Co., Inc., (4.39%, dated 6/30/25, <br>due 7/1/25; proceeds $10; fully collateralized <br>by a U.S. Government obligation; 2.38% <br>due 1/15/27; valued at $11) | 10 | 10 |
|  |  | 15 |
| **Total Securities held as Collateral on Loaned <br>Securities (Cost $74)** | **Total Securities held as Collateral on Loaned <br>Securities (Cost $74)** | 74 |
| **Total Short-Term Investments (Cost $216)** | **Total Short-Term Investments (Cost $216)** | 216 |
| **Total Investments (101.0%) (Cost $2,374)<br>Including $79 of Securities Loaned (c)** | **Total Investments (101.0%) (Cost $2,374)<br>Including $79 of Securities Loaned (c)** | 1876 |
| Liabilities in Excess of Other Assets (–1.0%) | Liabilities in Excess of Other Assets (–1.0%) | (18) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $1858 |

---

(a) Non-income producing security.

(b) All or a portion of this security was on loan at June 30, 2025.

(c) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $317,000 and the aggregate gross unrealized depreciation is approximately $815,000, resulting in net unrealized depreciation of approximately $498,000.

ADR American Depositary Receipt.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Biotechnology | 37.6% |
| Pharmaceuticals | 16.4 |
| Life Sciences Tools & Services | 12.5 |
| Health Care Equipment & Supplies | 11.4 |
| Health Care Technology | 9.4 |
| Investment Company | 7.9 |
| Other\*\* | 4.8 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2025.

\*\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Advantage<br>Portfolio<br>(consolidated)<br>(000)** | **American<br>Resilience<br>Portfolio<br>(000)** | **American<br>Resilience<br>Portfolio<br>(000)** | **Asia<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** | **Developing<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $125650 | $1063 |  | $85066 | $27574 |
| Investments in Securities of Affiliated Issuers, at Cost | 15134 | 27 |  | 4324 | 1774 |
| Total Investments in Securities, at Cost | 140784 | 1090 |  | 89390 | 29348 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 214565 | 1293 |  | 124554 | 40753 |
| Investments in Securities of Affiliated Issuers, at Value | 15134 | 27 |  | 4324 | 1774 |
| Total Investments in Securities, at Value | 229699 | 1320 |  | 128878 | 42527 |
| Foreign Currency, at Value (Cost of $2, $—@, $—@ and $—@, respectively) | 2 |  | @ |  |  |
| Cash |  |  |  | 1 | 1 |
| Dividends Receivable | 31 | 1 |  | 178 | 47 |
| Receivable for Fund Shares Sold | 190 |  | @ | 33 | 5 |
| Due from Adviser |  | 65 |  |  |  |
| Receivable from Affiliate | 37 |  | @ | 15 | 5 |
| Tax Reclaim Receivable | 3 |  |  |  |  |
| Receivable from Securities Lending Income |  |  |  |  |  |
| Other Assets | 101 | 40 |  | 61 | 54 |
| **Total Assets** | 230063 | 1426 |  | 129166 | 42639 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax |  |  |  | 881 | 208 |
| Payable for Advisory Fees | 242 |  |  | 175 | 10 |
| Due to Broker | 320 |  |  |  |  |
| Collateral on Securities Loaned, at Value |  |  |  | 262 |  |
| Payable for Fund Shares Redeemed | 252 | 1 |  | 5 | 4 |
| Payable for Professional Fees | 73 | 46 |  | 66 | 58 |
| Payable for Custodian Fees | 7 | 4 |  | 45 | 13 |
| Payable for Shareholder Services Fees — Class A | 11 |  | @ | 4 | 1 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |  |  |  |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 14 |  | @ | 6 | 2 |
| Payable for Sub Transfer Agency Fees — Class I | 8 |  |  | 13 |  |
| Payable for Sub Transfer Agency Fees — Class A | 4 |  |  | 3 | 1 |
| Payable for Sub Transfer Agency Fees — Class L |  |  |  |  |  |
| Payable for Sub Transfer Agency Fees — Class C | 2 |  |  |  |  |
| Payable for Administration Fees | 14 |  | @ | 8 | 3 |
| Payable for Transfer Agency Fees — Class I |  |  |  |  |  |
| 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 |  |  |  |  |  |
| Other Liabilities | 49 | 10 |  | 27 | 13 |
| **Total Liabilities** | 996 | 61 |  | 1495 | 313 |
| **Net Assets** | $229067 | $1365 |  | $127671 | $42326 |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $288789 | $1144 |  | $228289 | $113037 |
| Total Distributable Earnings (Accumulated Loss) | (59722 | 221 |  | (100618 | (70711 |
| **Net Assets** | $229067 | $1365 |  | $127671 | $42326 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advantage<br>Portfolio<br>(consolidated)<br>(000)** | **American<br>Resilience<br>Portfolio<br>(000)** | **Asia<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** | **Developing<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** |
| **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $125455 | $1173 | $97802 | $36814 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 4357414 | 96657 | 4224907 | 3243717 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $28.79 | $12.13 | $23.15 | $11.35 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $54633 | $66 | $19640 | $2856 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 2017034 | 5469 | 867154 | 255061 |
| **Net Asset Value, Redemption Price Per Share** | $27.09 | $12.08 | $22.65 | $11.20 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $1.50 | $0.67 | $1.26 | $0.62 |
| **Maximum Offering Price Per Share** | $28.59 | $12.75 | $23.91 | $11.82 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $1859 | $— | $— | $— |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 65491 |  |  |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $28.38 | $— | $— | $— |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $17440 | $62 | $6861 | $2645 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 707963 | 5201 | 320238 | 245210 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $24.63 | $11.96 | $21.42 | $10.79 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $29680 | $64 | $3368 | $11 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 1023624 | 5302 | 144937 | 1009 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $29.00 | $12.13 | $23.24 | $11.38 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $— | $— | $405 | $— |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Emerging <br>Markets<br>ex China<br>Portfolio<br>(000)** | **Emerging <br>Markets<br>ex China<br>Portfolio<br>(000)** | **Emerging <br>Markets<br>Leaders<br>Portfolio<br>(000)** | **Emerging<br>Markets<br>Portfolio<br>(000)** | **Emerging<br>Markets<br>Portfolio<br>(000)** | **Global<br>Concentrated<br>Portfolio<br>(000)** | **Global<br>Concentrated<br>Portfolio<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $5574 |  | $119559 | $390309 |  | $211357 |  |
| Investments in Securities of Affiliated Issuers, at Cost | 282 |  | 2954 | 18785 |  | 2394 |  |
| Total Investments in Securities, at Cost | 5856 |  | 122513 | 409094 |  | 213751 |  |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 7681 |  | 151303 | 561668 |  | 293474 |  |
| Investments in Securities of Affiliated Issuers, at Value | 282 |  | 2954 | 18785 |  | 2394 |  |
| Total Investments in Securities, at Value | 7963 |  | 154257 | 580453 |  | 295868 |  |
| Foreign Currency, at Value (Cost of $5, $524, $825 and $—, respectively) | 5 |  | 522 | 854 |  |  |  |
| Receivable for Investments Sold |  |  | 2991 |  |  | 596 |  |
| Dividends Receivable | 15 |  | 262 | 1342 |  | 51 |  |
| Receivable for Fund Shares Sold |  |  | 78 | 69 |  | 461 |  |
| Tax Reclaim Receivable | 2 |  | 8 | 168 |  | 7 |  |
| Receivable from Affiliate | 1 |  | 17 | 44 |  | 8 |  |
| Due from Adviser | 64 |  |  |  |  |  |  |
| Receivable from Securities Lending Income |  |  |  | 1 |  |  |  |
| Other Assets | 45 |  | 85 | 147 |  | 86 |  |
| **Total Assets** | 8095 |  | 158220 | 583078 |  | 297077 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax | 117 |  | 1509 | 8571 |  |  |  |
| Collateral on Securities Loaned, at Value |  |  |  | 6352 |  |  |  |
| Payable for Advisory Fees |  |  | 148 | 945 |  | 491 |  |
| Payable for Investments Purchased | 1 |  | 627 | 52 |  |  |  |
| Payable for Fund Shares Redeemed |  |  | 350 | 124 |  | 51 |  |
| Payable for Professional Fees | 66 |  | 66 | 62 |  | 42 |  |
| Payable for Custodian Fees | 6 |  | 78 | 117 |  | 3 |  |
| Payable for Sub Transfer Agency Fees — Class I |  |  | 38 | 23 |  |  |  |
| Payable for Sub Transfer Agency Fees — Class A |  |  | 2 | 1 |  |  |  |
| Payable for Sub Transfer Agency Fees — Class L |  |  |  |  | @ |  |  |
| Payable for Sub Transfer Agency Fees — Class C |  |  |  |  | @ |  |  |
| Payable for Administration Fees | 1 |  | 10 | 24 |  | 19 |  |
| Payable for Shareholder Services Fees — Class A |  | @ | 2 | 1 |  | 4 |  |
| Payable for Distribution and Shareholder Services Fees — Class L |  |  |  |  | @ |  |  |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ | 2 |  | @ | 8 |  |
| Payable for Transfer Agency Fees — Class I |  | @ | 1 | 4 |  |  | @ |
| 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 |  | @ |  | 5 |  |  | @ |
| Payable for Transfer Agency Fees — Class IR |  |  |  |  | @ |  |  |
| Other Liabilities | 12 |  | 37 | 83 |  | 9 |  |
| **Total Liabilities** | 203 |  | 2870 | 16364 |  | 627 |  |
| **Net Assets** | $7892 |  | $155350 | $566714 |  | $296450 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $5813 |  | $208408 | $379531 |  | $219338 |  |
| Total Distributable Earnings (Accumulated Loss) | 2079 |  | (53058 | 187183 |  | 77112 |  |
| **Net Assets** | $7892 |  | $155350 | $566714 |  | $296450 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Emerging <br>Markets<br>ex China<br>Portfolio<br>(000)** | **Emerging <br>Markets<br>Leaders<br>Portfolio<br>(000)** | **Emerging<br>Markets<br>Portfolio<br>(000)** | **Global<br>Concentrated<br>Portfolio<br>(000)** |
| **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $7658 | $144246 | $128594 | $268358 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 548883 | 8820091 | 5271229 | 10261114 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $13.95 | $16.35 | $24.40 | $26.15 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $78 | $8343 | $5111 | $18148 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5620 | 526813 | 216546 | 703450 |
| **Net Asset Value, Redemption Price Per Share** | $13.91 | $15.84 | $23.60 | $25.80 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $0.77 | $0.88 | $1.31 | $1.43 |
| **Maximum Offering Price Per Share** | $14.68 | $16.72 | $24.91 | $27.23 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $— | $— | $193 | $— |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  |  | 8469 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $22.85 | $— |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $77 | $2408 | $401 | $9866 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5543 | 163436 | 17643 | 401929 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $13.81 | $14.73 | $22.76 | $24.55 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $79 | $345 | $432402 | $78 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5662 | 20999 | 17736407 | 2991 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $13.96 | $16.43 | $24.38 | $26.20 |
| **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $— | $8 | $13 | $— |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  | 517 | 522 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $16.41 | $24.38 | $— |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $— | $— | $6195 | $— |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global<br>Core<br>Portfolio<br>(000)** | **Global<br>Core<br>Portfolio<br>(000)** | **Global<br>Endurance<br>Portfolio<br>(000)** | **Global<br>Franchise<br>Portfolio<br>(000)** | **Global<br>Franchise<br>Portfolio<br>(000)** | **Global<br>Insight<br>Portfolio<br>(consolidated)<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $29442 |  | $32671 | $1604563 |  | $39006 |
| Investments in Securities of Affiliated Issuers, at Cost |  |  | 677 | 44958 |  | 1004 |
| Total Investments in Securities, at Cost | 29442 |  | 33348 | 1649521 |  | 40010 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 44362 |  | 29254 | 2650673 |  | 64911 |
| Investments in Securities of Affiliated Issuers, at Value |  |  | 677 | 44958 |  | 1004 |
| Total Investments in Securities, at Value | 44362 |  | 29931 | 2695631 |  | 65915 |
| Foreign Currency, at Value (Cost of $—, $1, $1,529 and $5, respectively) |  |  | 1 | 1555 |  | 6 |
| Dividends Receivable | 8 |  |  | 1955 |  |  |
| Tax Reclaim Receivable | 1 |  |  | 1212 |  | 6 |
| Receivable for Fund Shares Sold | 5 |  |  | 638 |  | 23 |
| Receivable for Investments Sold | 221 |  |  |  |  |  |
| Receivable from Affiliate |  | @ | 1 | 160 |  | 4 |
| Due from Adviser |  |  | 25 |  |  |  |
| Receivable from Securities Lending Income |  |  | 6 |  |  |  |
| Other Assets | 73 |  | 56 | 181 |  | 71 |
| **Total Assets** | 44670 |  | 30020 | 2701332 |  | 66025 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Fund Shares Redeemed | 14 |  | 2 | 6378 |  | 38 |
| Payable for Advisory Fees | 19 |  |  | 4794 |  | 30 |
| Collateral on Securities Loaned, at Value |  |  | 320 |  |  |  |
| Payable for Sub Transfer Agency Fees — Class I |  |  | 1 | 244 |  | 3 |
| Payable for Sub Transfer Agency Fees — Class A |  |  |  | 33 |  | 2 |
| Payable for Sub Transfer Agency Fees — Class L |  |  |  | 1 |  |  |
| Payable for Sub Transfer Agency Fees — Class C |  | @ |  | 8 |  |  |
| Payable for Professional Fees | 39 |  | 59 | 66 |  | 65 |
| Payable for Investments Purchased | 218 |  |  |  |  |  |
| Payable for Administration Fees | 3 |  | 2 | 176 |  | 4 |
| Payable for Shareholder Services Fees — Class A | 2 |  |  | 61 |  | 5 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |  |  | 5 |  |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 3 |  | 1 | 63 |  | 3 |
| Unrealized Depreciation on Derivative Contracts — PIPE |  |  |  |  |  | 52 |
| Payable to Bank | 50 |  |  |  |  |  |
| Payable for Custodian Fees | 1 |  | 2 | 36 |  | 5 |
| Payable for Transfer Agency Fees — Class I |  | @ | 1 | 2 |  | 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 |  | @ |  |  |  |  |
| Other Liabilities | 10 |  | 4 | 220 |  | 23 |
| **Total Liabilities** | 359 |  | 392 | 12087 |  | 231 |
| **Net Assets** | $44311 |  | $29628 | $2689245 |  | $65794 |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $28953 |  | $71699 | $1581458 |  | $144712 |
| Total Distributable Earnings (Accumulated Loss) | 15358 |  | (42071 | 1107787 |  | (78918 |
| **Net Assets** | $44311 |  | $29628 | $2689245 |  | $65794 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global<br>Core<br>Portfolio<br>(000)** | **Global<br>Endurance<br>Portfolio<br>(000)** | **Global<br>Franchise<br>Portfolio<br>(000)** | **Global<br>Insight<br>Portfolio<br>(consolidated)<br>(000)** |
| **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $31864 | $26443 | $1862796 | $36716 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 1413861 | 1435317 | 51790587 | 1834824 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $22.54 | $18.42 | $35.97 | $20.01 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $9064 | $2055 | $296626 | $24769 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 407576 | 113249 | 8507549 | 1306815 |
| **Net Asset Value, Redemption Price Per Share** | $22.24 | $18.14 | $34.87 | $18.95 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $1.23 | $1.01 | $1.93 | $1.05 |
| **Maximum Offering Price Per Share** | $23.47 | $19.15 | $36.80 | $20.00 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $— | $— | $7986 | $298 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  |  | 230187 | 17529 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $34.70 | $17.01 |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $3369 | $1100 | $75624 | $3980 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 159824 | 63372 | 2251162 | 244235 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $21.08 | $17.36 | $33.59 | $16.30 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $14 | $30 | $446213 | $31 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 612 | 1633 | 12395092 | 1544 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $22.56 | $18.45 | $36.00 | $20.00 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $— | $635 | $— | $— |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Global<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Stars<br>Portfolio<br>(000)** | **Global<br>Stars<br>Portfolio<br>(000)** | **Growth<br>Portfolio<br>(consolidated)<br>(000)** | **Growth<br>Portfolio<br>(consolidated)<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $1407331 |  | $3163 |  | $36236 |  | $2623497 |  |
| Investments in Securities of Affiliated Issuers, at Cost | 151722 |  | 97 |  | 712 |  | 64332 |  |
| Total Investments in Securities, at Cost | 1559053 |  | 3260 |  | 36948 |  | 2687829 |  |
| Investments in Securities of Unaffiliated Issuers, at Value | 3377718 |  | 4018 |  | 48710 |  | 4444261 |  |
| Investments in Securities of Affiliated Issuers, at Value | 151722 |  | 97 |  | 712 |  | 64332 |  |
| Total Investments in Securities, at Value | 3529440 |  | 4115 |  | 49422 |  | 4508593 |  |
| Foreign Currency, at Value (Cost of $3, $—@, $269 and $2, respectively) | 4 |  |  | @ | 274 |  | 2 |  |
| Cash | 3 |  | 1 |  |  |  |  |  |
| Receivable for Fund Shares Sold | 4446 |  | 50 |  | 40 |  | 3937 |  |
| Dividends Receivable | 1352 |  | 1 |  | 26 |  | 43 |  |
| Receivable from Affiliate | 478 |  |  | @ | 2 |  | 355 |  |
| Tax Reclaim Receivable | 746 |  |  |  | 55 |  |  |  |
| Due from Adviser |  |  | 69 |  | 12 |  |  |  |
| Other Assets | 311 |  | 64 |  | 55 |  | 529 |  |
| **Total Assets** | 3536780 |  | 4300 |  | 49886 |  | 4513459 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Advisory Fees | 5808 |  |  |  |  |  | 4127 |  |
| Payable for Fund Shares Redeemed | 2092 |  |  |  | 3 |  | 4209 |  |
| Due to Broker |  |  |  |  |  |  | 4840 |  |
| Deferred Capital Gain Country Tax | 3976 |  |  |  |  |  |  |  |
| Payable for Shareholder Services Fees — Class A | 221 |  |  | @ | 1 |  | 480 |  |
| Payable for Distribution and Shareholder Services Fees — Class L | 10 |  |  |  | 1 |  | 49 |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 140 |  |  | @ | 3 |  | 131 |  |
| Payable for Sub Transfer Agency Fees — Class I | 198 |  |  |  | 12 |  | 215 |  |
| Payable for Sub Transfer Agency Fees — Class A | 101 |  |  | @ |  |  | 146 |  |
| Payable for Sub Transfer Agency Fees — Class L | 2 |  |  |  |  | @ |  |  |
| Payable for Sub Transfer Agency Fees — Class C | 22 |  |  | @ |  |  | 12 |  |
| Payable for Administration Fees | 223 |  |  | @ | 3 |  | 287 |  |
| Payable for Professional Fees | 78 |  | 57 |  | 54 |  | 67 |  |
| Payable for Custodian Fees | 80 |  | 2 |  | 10 |  | 32 |  |
| Payable for Directors' Fees and Expenses |  |  |  |  |  |  | 34 |  |
| Payable for Transfer Agency Fees — Class I | 3 |  |  | @ |  | @ | 8 |  |
| Payable for Transfer Agency Fees — Class A | 6 |  |  | @ |  | @ | 2 |  |
| Payable for Transfer Agency Fees — Class L | 1 |  |  |  |  | @ | 1 |  |
| Payable for Transfer Agency Fees — Class C |  | @ |  | @ |  | @ | 1 |  |
| Payable for Transfer Agency Fees — Class R6 | 1 |  |  | @ |  | @ | 1 |  |
| Payable for Transfer Agency Fees — Class IR |  |  |  |  |  |  |  | @ |
| Other Liabilities | 301 |  | 13 |  | 18 |  | 610 |  |
| **Total Liabilities** | 13263 |  | 72 |  | 105 |  | 15252 |  |
| **Net Assets** | $3523517 |  | $4228 |  | $49781 |  | $4498207 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $1397502 |  | $3058 |  | $28895 |  | $4483693 |  |
| Total Distributable Earnings | 2126015 |  | 1170 |  | 20886 |  | 14514 |  |
| **Net Assets** | $3523517 |  | $4228 |  | $49781 |  | $4498207 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Stars<br>Portfolio<br>(000)** | **Growth<br>Portfolio<br>(consolidated)<br>(000)** |
| **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $2012428 | $3581 | $38225 | $1695641 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 49115692 | 247912 | 2088053 | 25446768 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $40.97 | $14.45 | $18.31 | $66.63 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $1111701 | $377 | $6696 | $2429229 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 29170140 | 26549 | 368595 | 40807575 |
| **Net Asset Value, Redemption Price Per Share** | $38.11 | $14.20 | $18.17 | $59.53 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $2.11 | $0.79 | $1.01 | $3.30 |
| **Maximum Offering Price Per Share** | $40.22 | $14.99 | $19.18 | $62.83 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $40756 | $— | $1398 | $82538 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 1096130 |  | 80282 | 1596355 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $37.18 | $— | $17.41 | $51.70 |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $172719 | $247 | $3356 | $163487 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5087653 | 18310 | 200889 | 3286967 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $33.95 | $13.46 | $16.71 | $49.74 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $184313 | $23 | $106 | $127290 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 4455876 | 1599 | 5814 | 1875236 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $41.36 | $14.48 | $18.31 | $67.88 |
| **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $1600 | $— | $— | $22 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 38640 |  |  | 331 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $41.41 | $— | $— | $67.68 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Inception<br>Portfolio<br>(consolidated)<br>(000)** | **International<br>Advantage<br>Portfolio<br>(consolidated)<br>(000)** | **International<br>Advantage<br>Portfolio<br>(consolidated)<br>(000)** | **International<br>Equity<br>Portfolio<br>(000)** | **International<br>Equity<br>Portfolio<br>(000)** | **International<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $296055 | $1632953 |  | $322660 |  | $477108 |
| Investments in Securities of Affiliated Issuers, at Cost | 8176 | 107101 |  | 4236 |  | 10279 |
| Total Investments in Securities, at Cost | 304231 | 1740054 |  | 326896 |  | 487387 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 338333 | 2805625 |  | 462894 |  | 811663 |
| Investments in Securities of Affiliated Issuers, at Value | 8176 | 77811 |  | 4236 |  | 10279 |
| Total Investments in Securities, at Value | 346509 | 2883436 |  | 467130 |  | 821942 |
| Foreign Currency, at Value (Cost of $2, $1, $2,531 and $1, respectively) | 2 | 1 |  | 2579 |  | 1 |
| Cash |  | 84 |  |  |  | 2 |
| Tax Reclaim Receivable |  | 5094 |  | 6065 |  | 678 |
| Receivable for Fund Shares Sold | 98 | 2755 |  | 156 |  | 645 |
| Dividends Receivable |  | 1484 |  | 333 |  | 360 |
| Receivable from Affiliate | 18 | 83 |  | 16 |  | 31 |
| Receivable from Securities Lending Income | 24 | 19 |  |  |  |  |
| Other Assets | 103 | 259 |  | 190 |  | 200 |
| **Total Assets** | 346754 | 2893215 |  | 476469 |  | 823859 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Collateral on Securities Loaned, at Value | 4909 | 15054 |  |  |  |  |
| Payable for Advisory Fees | 524 | 5136 |  | 801 |  | 1424 |
| Deferred Capital Gain Country Tax |  | 4163 |  |  |  | 1236 |
| Payable for Fund Shares Redeemed | 323 | 1514 |  | 134 |  | 966 |
| Payable for Sub Transfer Agency Fees — Class I | 44 | 400 |  | 220 |  | 66 |
| Payable for Sub Transfer Agency Fees — Class A | 17 | 67 |  | 24 |  | 36 |
| Payable for Sub Transfer Agency Fees — Class L |  |  | @ | 1 |  |  |
| Payable for Sub Transfer Agency Fees — Class C | 1 | 1 |  |  | @ | 3 |
| Due to Broker | 500 |  |  |  |  |  |
| Payable for Custodian Fees | 7 | 169 |  | 58 |  | 82 |
| Payable for Administration Fees | 22 | 185 |  | 31 |  | 53 |
| Payable for Professional Fees | 60 | 70 |  | 66 |  | 78 |
| Unrealized Depreciation on Derivative Contracts — PIPE | 262 |  |  |  |  |  |
| Payable for Shareholder Services Fees — Class A | 23 | 68 |  | 10 |  | 37 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |  | @ | 2 |  |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 8 | 10 |  |  | @ | 14 |
| Payable for Transfer Agency Fees — Class I | 3 | 6 |  | 1 |  | 4 |
| 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 | 1 |  |  | @ | 2 |
| Other Liabilities | 82 | 264 |  | 174 |  | 154 |
| **Total Liabilities** | 6786 | 27109 |  | 1522 |  | 4155 |
| **Net Assets** | $339968 | $2866106 |  | $474947 |  | $819704 |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $1171866 | $2123216 |  | $173550 |  | $837118 |
| Total Distributable Earnings (Accumulated Loss) | (831898 | 742890 |  | 301397 |  | (17414 |
| **Net Assets** | $339968 | $2866106 |  | $474947 |  | $819704 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Inception<br>Portfolio<br>(consolidated)<br>(000)** | **International<br>Advantage<br>Portfolio<br>(consolidated)<br>(000)** | **International<br>Equity<br>Portfolio<br>(000)** | **International<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** |
| **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $154454 | $2375236 | $316559 | $614124 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 9371451 | 84521926 | 26747764 | 18388581 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.48 | $28.10 | $11.83 | $33.40 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $117124 | $336564 | $37481 | $184536 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 10744630 | 12337187 | 3127219 | 5737708 |
| **Net Asset Value, Redemption Price Per Share** | $10.90 | $27.28 | $11.99 | $32.16 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $0.60 | $1.51 | $0.66 | $1.78 |
| **Maximum Offering Price Per Share** | $11.50 | $28.79 | $12.65 | $33.94 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $689 | $512 | $3155 | $167 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 77438 | 20014 | 275610 | 5608 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $8.90 | $25.58 | $11.45 | $29.81 |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $10222 | $11495 | $440 | $17180 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 1029415 | 459019 | 39794 | 589911 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.93 | $25.04 | $11.06 | $29.12 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $57479 | $142299 | $117312 | $3682 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 3447088 | 5042826 | 9930119 | 109625 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.67 | $28.22 | $11.81 | $33.58 |
| **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $— | $— | $— | $15 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  |  |  | 442 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $— | $33.59 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $9660 | $14388 | $— | $— |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **International<br>Resilience<br>Portfolio<br>(000)** | **International<br>Resilience<br>Portfolio<br>(000)** | **Multi-Asset <br>Real Return<br>Portfolio<br>(consolidated)<br>(000)** | **Next Gen <br>Emerging<br>Markets<br>Portfolio<br>(000)** | **Passport<br>Overseas<br>Equity<br>Portfolio<br>(000)** | **Passport<br>Overseas<br>Equity<br>Portfolio<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $1714 |  | $6758 | $15021 | $102778 |  |
| Investments in Securities of Affiliated Issuers, at Cost | 9 |  | 1466 | 719 | 5584 |  |
| Total Investments in Securities, at Cost | 1723 |  | 8224 | 15740 | 108362 |  |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 2106 |  | 6952 | 20011 | 155599 |  |
| Investments in Securities of Affiliated Issuers, at Value | 9 |  | 1466 | 719 | 5584 |  |
| Total Investments in Securities, at Value | 2115 |  | 8418 | 20730 | 161183 |  |
| Foreign Currency, at Value (Cost of $20, $2, $44 and $139, respectively) | 20 |  | 2 | 44 | 141 |  |
| Receivable for Variation Margin on Futures Contracts |  |  | 150 |  | 741 |  |
| Cash |  |  |  | 21 |  |  |
| Tax Reclaim Receivable |  | @ | 1 | 29 | 362 |  |
| Due from Adviser | 73 |  | 77 | 49 |  |  |
| Dividends Receivable | 1 |  | 1 | 35 | 157 |  |
| Receivable for Fund Shares Sold |  |  |  | 1 | 121 |  |
| Interest Receivable |  |  | 52 |  |  |  |
| Receivable from Affiliate |  | @ | 5 | 2 | 37 |  |
| Unrealized Appreciation on Swap Agreements |  |  | 8 |  |  |  |
| Receivable from Securities Lending Income |  |  |  |  | 1 |  |
| Unrealized Appreciation on Foreign Currency Forward Exchange Contracts |  |  |  |  |  |  |
| Other Assets | 42 |  | 77 | 75 | 88 |  |
| **Total Assets** | 2251 |  | 8791 | 20986 | 162831 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax |  |  | 2 | 44 | 667 |  |
| Payable for Professional Fees | 51 |  | 70 | 91 | 77 |  |
| Payable for Advisory Fees |  |  |  |  | 164 |  |
| Payable for Fund Shares Redeemed |  |  |  | 12 | 127 |  |
| Payable for Custodian Fees | 14 |  | 15 | 29 | 14 |  |
| Payable for Sub Transfer Agency Fees — Class I |  |  |  | 5 | 9 |  |
| Payable for Sub Transfer Agency Fees — Class A |  |  |  | 1 | 5 |  |
| Payable for Sub Transfer Agency Fees — Class L |  |  |  |  |  | @ |
| Payable for Sub Transfer Agency Fees — Class C |  |  |  |  |  | @ |
| Payable for Shareholder Services Fees — Class A |  | @ | 1 | 1 | 11 |  |
| Payable for Distribution and Shareholder Services Fees — Class L |  |  |  |  | 3 |  |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ | 2 |  |  | @ |
| Payable for Administration Fees |  | @ | 1 | 1 | 11 |  |
| Collateral on Securities Loaned, at Value |  |  | 12 |  |  |  |
| Unrealized Depreciation on Foreign Currency Forward Exchange Contracts |  |  |  |  |  |  |
| Payable for Investments Purchased |  |  |  |  |  | @ |
| Payable for Transfer Agency Fees — Class I |  | @ |  |  |  | @ |
| 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 |  | @ |  |  |  |  |
| Other Liabilities | 12 |  | 60 | 31 | 40 |  |
| **Total Liabilities** | 77 |  | 163 | 215 | 1128 |  |
| **Net Assets** | $2174 |  | $8628 | $20771 | $161703 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $1712 |  | $8691 | $132249 | $90143 |  |
| Total Distributable Earnings (Accumulated Loss) | 462 |  | (63 | (111478 | 71560 |  |
| **Net Assets** | $2174 |  | $8628 | $20771 | $161703 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **International<br>Resilience<br>Portfolio<br>(000)** | **Multi-Asset <br>Real Return<br>Portfolio<br>(consolidated)<br>(000)** | **Next Gen <br>Emerging<br>Markets<br>Portfolio<br>(000)** | **Passport<br>Overseas<br>Equity<br>Portfolio<br>(000)** |
| **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $1952 | $2437 | $17291 | $101621 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 151774 | 224200 | 1032615 | 5287582 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $12.86 | $10.87 | $16.75 | $19.22 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $88 | $3879 | $3083 | $55049 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 6907 | 358093 | 185943 | 2797685 |
| **Net Asset Value, Redemption Price Per Share** | $12.80 | $10.83 | $16.58 | $19.68 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $0.71 | $0.60 | $0.92 | $1.09 |
| **Maximum Offering Price Per Share** | $13.51 | $11.43 | $17.50 | $20.77 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $— | $— | $124 | $4704 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  |  | 7590 | 242144 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $16.30 | $19.43 |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $66 | $2297 | $234 | $278 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5223 | 214723 | 14720 | 14421 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $12.61 | $10.70 | $15.87 | $19.28 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $68 | $15 | $39 | $34 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5297 | 1385 | 2310 | 1765 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $12.86 | $10.83 | $16.82 | $19.25 |
| **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $— | $— | $— | $17 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  |  |  | 872 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $— | $19.23 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $— | $38 | $— | $2337 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **US Core<br>Portfolio<br>(000)** | **US Core<br>Portfolio<br>(000)** | **Vitality<br>Portfolio<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $4245 |  | $244150 |  | $2173 |
| Investments in Securities of Affiliated Issuers, at Cost | 85 |  | 2966 |  | 201 |
| Total Investments in Securities, at Cost | 4330 |  | 247116 |  | 2374 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 5361 |  | 389166 |  | 1675 |
| Investments in Securities of Affiliated Issuers, at Value | 85 |  | 2966 |  | 201 |
| Total Investments in Securities, at Value | 5446 |  | 392132 |  | 1876 |
| Foreign Currency, at Value (Cost of $7, $— and $—, respectively) | 7 |  |  |  |  |
| Receivable for Investments Sold |  |  | 1046 |  |  |
| Receivable for Fund Shares Sold | 1 |  | 501 |  |  |
| Due from Adviser | 69 |  |  |  | 63 |
| Dividends Receivable | 3 |  | 5 |  |  |
| Receivable from Affiliate |  | @ | 6 |  |  |
| Receivable from Securities Lending Income |  |  |  |  |  |
| Other Assets | 54 |  | 100 |  | 49 |
| **Total Assets** | 5580 |  | 393790 |  | 1988 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased |  |  | 1016 |  |  |
| Payable for Advisory Fees |  |  | 478 |  |  |
| Payable for Professional Fees | 56 |  | 40 |  | 47 |
| Collateral on Securities Loaned, at Value |  |  |  |  | 74 |
| Payable for Fund Shares Redeemed | 1 |  | 62 |  |  |
| Payable for Shareholder Services Fees — Class A |  | @ | 17 |  |  |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ | 41 |  |  |
| Payable for Administration Fees |  | @ | 25 |  |  |
| Payable for Sub Transfer Agency Fees — Class I |  |  | 10 |  |  |
| Payable for Sub Transfer Agency Fees — Class A |  | @ | 1 |  |  |
| Payable for Sub Transfer Agency Fees — Class C |  |  |  | @ |  |
| Payable for Custodian Fees | 2 |  | 4 |  | 1 |
| 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 | 13 |  | 23 |  | 8 |
| **Total Liabilities** | 72 |  | 1717 |  | 130 |
| **Net Assets** | $5508 |  | $392073 |  | $1858 |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $4047 |  | $283332 |  | $3237 |
| Total Distributable Earnings (Accumulated Loss) | 1461 |  | 108741 |  | (1379 |
| **Net Assets** | $5508 |  | $392073 |  | $1858 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Assets and Liabilities (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| | **Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **US Core<br>Portfolio<br>(000)** | **Vitality<br>Portfolio<br>(000)** |
| **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $4759 | $256480 | $1776 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) <br>(not in 000's) | 310922 | 8134603 | 332437 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.31 | $31.53 | $5.34 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $627 | $83107 | $27 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) <br>(not in 000's) | 41678 | 2670661 | 5132 |
| **Net Asset Value, Redemption Price Per Share** | $15.06 | $31.12 | $5.30 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $0.83 | $1.72 | $0.29 |
| **Maximum Offering Price Per Share** | $15.89 | $32.84 | $5.59 |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $39 | $51740 | $27 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) <br>(not in 000's) | 2659 | 1765307 | 5090 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $14.55 | $29.31 | $5.21 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $83 | $746 | $28 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) <br>(not in 000's) | 5400 | 23631 | 5160 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $15.33 | $31.56 | $5.35 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $— | $— | $79 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advantage<br>Portfolio<br>(consolidated)<br>(000)** | **American<br>Resilience<br>Portfolio<br>(000)** | **Asia<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** | **Developing<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $14, $—@, $54 and $20 of <br>Foreign Taxes Withheld) | $317 | $8 | $821 | $220 |
| Dividends from Security of Affiliated Issuer (Note G) | 123 | 1 | 69 | 24 |
| Income from Securities Loaned — Net |  |  | 1 |  |
| Total Investment Income | 440 | 9 | 891 | 244 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 649 | 4 | 492 | 164 |
| Shareholder Services Fees — Class A (Note D) | 59 |  | 24 | 4 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 6 |  |  |  |
| Distribution and Shareholder Services Fees — Class C (Note D) | 86 |  | 33 | 13 |
| Professional Fees | 103 | 81 | 102 | 99 |
| Sub Transfer Agency Fees — Class I | 50 |  | 51 | 12 |
| Sub Transfer Agency Fees — Class A | 25 |  | 10 | 2 |
| Sub Transfer Agency Fees — Class L | 1 |  |  |  |
| Sub Transfer Agency Fees — Class C | 7 |  | 3 | 1 |
| Administration Fees (Note C) | 80 | 1 | 49 | 15 |
| Registration Fees | 27 | 19 | 26 | 24 |
| Shareholder Reporting Fees | 19 | 8 | 11 | 9 |
| Transfer Agency Fees — Class I (Note E) | 4 | 1 | 3 | 2 |
| Transfer Agency Fees — Class A (Note E) | 3 | 1 | 2 | 1 |
| Transfer Agency Fees — Class L (Note E) | 1 |  |  |  |
| Transfer Agency Fees — Class C (Note E) | 3 | 1 | 1 | 1 |
| Transfer Agency Fees — Class R6 (Note E) | 1 | 1 | 1 | 1 |
| Custodian Fees (Note F) | 11 | 5 | 40 | 12 |
| Pricing Fees | 1 | 1 | 1 | 1 |
| Directors' Fees and Expenses | 1 | 2 | 2 | 2 |
| Interest Expenses | 1 |  | 1 | 5 |
| Other Expenses | 15 | 9 | 13 | 10 |
| Total Expenses | 1153 | 134 | 865 | 378 |
| Waiver of Advisory Fees (Note B) | (96 | (4 | (90) | (134) |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (33 | (1 | (30) | (6) |
| Reimbursement of Class Specific Expenses — Class A (Note B) |  | (1 |  | (1) |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (1 |  |  |  |
| Reimbursement of Class Specific Expenses — Class C (Note B) |  | (1 |  | (1) |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (1 | (1 | (1) | (1) |
| Rebate from Morgan Stanley Affiliate (Note G) | (6 | (— | (3) | (1) |
| Distribution Fees — Class L Shares waived (Note D) | (6 |  |  |  |
| Expenses Reimbursed by Adviser (Note B) |  | (121 |  |  |
| Net Expenses | 1010 | 5 | 741 | 234 |
| **Net Investment Income (Loss)** | (570 | 4 | 150 | 10 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $—, $—, $48 and $84, respectively of Capital Gain Country Tax) | 8214 | (24 | 2511 | (260) |
| Payment from the Adviser (Note B) | 85 |  |  |  |
| Foreign Currency Transaction | 7 | (— | (2) | (23) |
| Net Realized Gain (Loss) | 8306 | (24 | 2509 | (283) |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $—, $—, $25 <br>and $18, respectively) | 30153 | 76 | 7633 | 4555 |
| Foreign Currency Translation |  |  |  |  |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)** | 38459 | 52 | 10142 | 4272 |
| Net Increase in Net Assets Resulting from Operations | $37889 | $56 | $10292 | $4282 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Emerging<br>Markets<br>ex China<br>Portfolio<br>(000)** | **Emerging <br>Markets<br>Leaders<br>Portfolio<br>(000)** | **Emerging<br>Markets<br>Portfolio<br>(000)** | **Global<br>Concentrated<br>Portfolio<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $12, $155, $799 and $50 of <br>Foreign Taxes Withheld) | $67 | $938 | $6012 | $1473 |
| Dividends from Security of Affiliated Issuer (Note G) | 4 | 148 | 297 | 49 |
| Income from Securities Loaned — Net |  |  | 15 | 22 |
| Total Investment Income | 71 | 1086 | 6324 | 1544 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Professional Fees | 94 | 119 | 103 | 87 |
| Advisory Fees (Note B) | 26 | 600 | 1954 | 988 |
| Registration Fees | 22 | 34 | 34 | 24 |
| Custodian Fees (Note F) | 12 | 82 | 183 | 5 |
| Shareholder Reporting Fees | 7 | 19 | 17 | 12 |
| Transfer Agency Fees — Class I (Note E) | 1 | 5 | 18 | 2 |
| Transfer Agency Fees — Class A (Note E) | 1 | 2 | 2 | 1 |
| Transfer Agency Fees — Class L (Note E) |  |  | 1 |  |
| Transfer Agency Fees — Class C (Note E) | 1 | 1 | 1 | 1 |
| Transfer Agency Fees — Class R6 (Note E) | 1 | 2 | 3 | 1 |
| Transfer Agency Fees — Class IR (Note E) |  | 1 | 1 |  |
| Administration Fees (Note C) | 3 | 64 | 208 | 105 |
| Pricing Fees | 3 | 1 | 3 | 1 |
| Directors' Fees and Expenses | 2 | 3 | 5 | 3 |
| Shareholder Services Fees — Class A (Note D) |  | 10 | 7 | 20 |
| Distribution and Shareholder Services Fees — Class L (Note D) |  |  | 1 |  |
| Distribution and Shareholder Services Fees — Class C (Note D) |  | 12 | 2 | 43 |
| Sub Transfer Agency Fees — Class I |  | 91 | 63 | 94 |
| Sub Transfer Agency Fees — Class A |  | 5 | 4 | 6 |
| Sub Transfer Agency Fees — Class L |  |  |  |  |
| Sub Transfer Agency Fees — Class C |  | 1 |  | 3 |
| Interest Expenses |  |  |  | 1 |
| Other Expenses | 9 | 13 | 21 | 11 |
| Total Expenses | 182 | 1065 | 2631 | 1408 |
| Expenses Reimbursed by Adviser (Note B) | (119 |  |  |  |
| Waiver of Advisory Fees (Note B) | (26 | (175) | (54 |  |
| Reimbursement of Class Specific Expenses — Class I (Note B) |  | (66) | (57 | (21) |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (1 | (1) | (2 |  |
| Reimbursement of Class Specific Expenses — Class L (Note B) |  |  | (1 |  |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (1 | (1) | (1 |  |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (1 | (2) | (3 | (1) |
| Reimbursement of Class Specific Expenses — Class IR (Note B) |  | (1) | (1 |  |
| Rebate from Morgan Stanley Affiliate (Note G) | (— | (5) | (10 | (2) |
| Net Expenses | 34 | 814 | 2502 | 1384 |
| **Net Investment Income** | 37 | 272 | 3822 | 160 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $6, $218, $837 and $—, respectively of Capital Gain Country Tax) | 45 | 15166 | 12158 | 7141 |
| Foreign Currency Transaction | (2 | (38) | (211 |  |
| Net Realized Gain | 43 | 15128 | 11947 | 7141 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $39, $1,186, $1,329 <br>and $—, respectively) | 842 | (4279) | 56748 | 21244 |
| Foreign Currency Translation |  | 13 | 96 |  |
| Net Change in Unrealized Appreciation (Depreciation) | 842 | (4266) | 56844 | 21244 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 885 | 10862 | 68791 | 28385 |
| Net Increase in Net Assets Resulting from Operations | $922 | $11134 | $72613 | $28545 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global<br>Core<br>Portfolio<br>(000)** | **Global<br>Endurance<br>Portfolio<br>(000)** | **Global<br>Franchise<br>Portfolio<br>(000)** | **Global<br>Insight<br>Portfolio<br>(consolidated)<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $11, $—@, $736 and $2 of <br>Foreign Taxes Withheld) | $248 | $60 | $19257 | $49 |
| Dividends from Security of Affiliated Issuer (Note G) | 6 | 9 | 945 | 28 |
| Income from Securities Loaned — Net | 1 | 10 |  |  |
| Other Income (Note H) | 3 |  | 631 |  |
| Total Investment Income | 258 | 79 | 20833 | 77 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 150 | 114 | 9835 | 250 |
| Professional Fees | 82 | 90 | 95 | 91 |
| Shareholder Services Fees — Class A (Note D) | 10 | 3 | 363 | 28 |
| Distribution and Shareholder Services Fees — Class L (Note D) |  |  | 29 | 1 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 15 | 5 | 398 | 19 |
| Registration Fees | 19 | 25 | 41 | 28 |
| Administration Fees (Note C) | 16 | 11 | 1081 | 25 |
| Sub Transfer Agency Fees — Class I | 11 | 9 | 958 | 24 |
| Sub Transfer Agency Fees — Class A | 4 | 1 | 154 | 13 |
| Sub Transfer Agency Fees — Class L |  |  | 4 |  |
| Sub Transfer Agency Fees — Class C | 1 |  | 38 | 2 |
| Shareholder Reporting Fees | 7 | 9 | 40 | 11 |
| Transfer Agency Fees — Class I (Note E) | 1 | 5 | 13 | 3 |
| Transfer Agency Fees — Class A (Note E) | 1 | 2 | 3 | 2 |
| Transfer Agency Fees — Class L (Note E) |  |  | 1 | 1 |
| Transfer Agency Fees — Class C (Note E) | 1 | 1 | 2 | 1 |
| Transfer Agency Fees — Class R6 (Note E) | 1 | 1 | 3 | 1 |
| Custodian Fees (Note F) | 3 | 7 | 49 | 11 |
| Pricing Fees | 2 | 1 | 1 | 1 |
| Directors' Fees and Expenses | 2 | 2 | 22 | 2 |
| Interest Expenses |  | 3 |  | 3 |
| Other Expenses | 7 | 10 | 86 | 12 |
| Total Expenses | 333 | 299 | 13216 | 529 |
| Waiver of Advisory Fees (Note B) | (98 | (114 |  | (135 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (5 | (7 |  | (17 |
| Reimbursement of Class Specific Expenses — Class A (Note B) |  | (1 |  | (2 |
| Reimbursement of Class Specific Expenses — Class L (Note B) |  |  |  | (1 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (— | (1 |  | (1 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (1 | (1 |  | (1 |
| Rebate from Morgan Stanley Affiliate (Note G) | (— | (— | (45) | (1 |
| Expenses Reimbursed by Adviser (Note B) |  | (19 |  |  |
| Net Expenses | 229 | 156 | 13171 | 371 |
| **Net Investment Income (Loss)** | 29 | (77 | 7662 | (294 |
| **Realized Gain:** | **Realized Gain:** | **Realized Gain:** | **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 1092 | 2825 | 28253 | 11095 |
| Payment from the Adviser (Note B) |  |  |  | 11 |
| Foreign Currency Transaction | (— | 8 | 113 | 3 |
| Net Realized Gain | 1092 | 2833 | 28366 | 11109 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 2471 | (130 | 151823 | (1513 |
| Foreign Currency Translation |  | (1 | 202 | 1 |
| Derivative Contracts — PIPE |  |  |  | (52 |
| Net Change in Unrealized Appreciation (Depreciation) | 2471 | (131 | 152025 | (1564 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 3563 | 2702 | 180391 | 9545 |
| Net Increase in Net Assets Resulting from Operations | $3592 | $2625 | $188053 | $9251 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Stars<br>Portfolio<br>(000)** | **Growth<br>Portfolio<br>(consolidated)<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $1,244, $2, $13 and $37 of <br>Foreign Taxes Withheld) | $9456 | $20 | $235 | $2626 |
| Dividends from Security of Affiliated Issuer (Note G) | 2110 | 2 | 14 | 1732 |
| Income from Securities Loaned — Net |  |  |  | 19 |
| Other Income (Note H) | 97 | 1 | 4 |  |
| Total Investment Income | 11663 | 23 | 253 | 4377 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 11638 | 15 | 169 | 8508 |
| Shareholder Services Fees — Class A (Note D) | 1249 |  | 8 | 2654 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 140 |  | 5 | 272 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 832 | 1 | 17 | 779 |
| Sub Transfer Agency Fees — Class I | 779 |  | 25 | 768 |
| Sub Transfer Agency Fees — Class A | 517 |  | 3 | 1089 |
| Sub Transfer Agency Fees — Class L | 12 |  | 1 | 31 |
| Sub Transfer Agency Fees — Class C | 79 |  | 2 | 79 |
| Administration Fees (Note C) | 1266 | 2 | 21 | 1605 |
| Transfer Agency Fees — Class I (Note E) | 21 | 1 | 2 | 35 |
| Transfer Agency Fees — Class A (Note E) | 92 | 1 | 2 | 86 |
| Transfer Agency Fees — Class L (Note E) | 17 |  | 1 | 6 |
| Transfer Agency Fees — Class C (Note E) | 3 | 1 | 1 | 4 |
| Transfer Agency Fees — Class R6 (Note E) | 5 | 1 | 1 | 5 |
| Transfer Agency Fees — Class IR (Note E) | 1 |  |  | 1 |
| Custodian Fees (Note F) | 130 | 6 | 18 | 56 |
| Professional Fees | 114 | 90 | 87 | 94 |
| Shareholder Reporting Fees | 68 | 8 | 12 | 106 |
| Registration Fees | 44 | 19 | 27 | 42 |
| Directors' Fees and Expenses | 25 | 2 | 3 | 33 |
| Interest Expenses | 5 |  |  | 16 |
| Pricing Fees | 1 | 2 | 1 | 1 |
| Other Expenses | 104 | 9 | 8 | 124 |
| Total Expenses | 17142 | 158 | 414 | 16394 |
| Rebate from Morgan Stanley Affiliate (Note G) | (97) | (— | (1) | (79 |
| Distribution Fees — Class L Shares waived (Note D) | (84) |  |  |  |
| Reimbursement of Class Specific Expenses — Class I (Note B) |  | (1 | (17) |  |
| Reimbursement of Class Specific Expenses — Class A (Note B) |  | (1 | (1) |  |
| Reimbursement of Class Specific Expenses — Class L (Note B) |  |  | (1) |  |
| Reimbursement of Class Specific Expenses — Class C (Note B) |  | (1 | (1) |  |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) |  | (1 | (1) |  |
| Reimbursement of Class Specific Expenses — Class IR (Note B) | (1) |  |  | (1 |
| Waiver of Advisory Fees (Note B) |  | (15 | (151) |  |
| Expenses Reimbursed by Adviser (Note B) |  | (119 |  |  |
| Net Expenses | 16960 | 20 | 241 | 16314 |
| **Net Investment Income (Loss)** | (5297) | 3 | 12 | (11937 |
| **Realized Gain:** | **Realized Gain:** | **Realized Gain:** | **Realized Gain:** | **Realized Gain:** |
| Investments Sold (Net of $112, $—, $— and $—, respectively of Capital Gain Country Tax) | 78885 | 141 | 4572 | 444178 |
| Payment from the Adviser (Note B) |  |  |  | 6849 |
| Foreign Currency Transaction | 113 |  | 1 | 113 |
| Net Realized Gain | 78998 | 141 | 4573 | 451140 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $1,439, $—, $— <br>and $—, respectively) | 450211 | 785 | 505 | 291805 |
| Foreign Currency Translation | 83 |  | 14 |  |
| Net Change in Unrealized Appreciation (Depreciation) | 450294 | 785 | 519 | 291805 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 529292 | 926 | 5092 | 742945 |
| Net Increase in Net Assets Resulting from Operations | $523995 | $929 | $5104 | $731008 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Inception<br>Portfolio<br>(consolidated)<br>(000)** | **International<br>Advantage<br>Portfolio<br>(consolidated)<br>(000)** | **International<br>Equity<br>Portfolio<br>(000)** | **International<br>Opportunity<br>Portfolio<br>(consolidated)<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Security of Affiliated Issuer (Note G) | $156 | $708 | $150 | $305 |
| Income from Securities Loaned — Net | 101 | 128 |  |  |
| Dividends from Securities of Unaffiliated Issuers (Net of $—, $2,776, $785 <br>and $747 of Foreign Taxes Withheld) | 96 | 18656 | 7847 | 4105 |
| Other Income (Note H) |  | 566 | 861 |  |
| Total Investment Income | 353 | 20058 | 8858 | 4410 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1549 | 10492 | 2147 | 3045 |
| Shareholder Services Fees — Class A (Note D) | 145 | 398 | 44 | 214 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 2 | 2 | 11 | 1 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 49 | 60 | 2 | 85 |
| Administration Fees (Note C) | 135 | 1093 | 215 | 304 |
| Sub Transfer Agency Fees — Class I | 45 | 1219 | 287 | 274 |
| Sub Transfer Agency Fees — Class A | 76 | 220 | 55 | 114 |
| Sub Transfer Agency Fees — Class L |  |  | 1 |  |
| Sub Transfer Agency Fees — Class C | 7 | 6 |  | 10 |
| Professional Fees | 95 | 110 | 98 | 115 |
| Registration Fees | 31 | 48 | 28 | 33 |
| Shareholder Reporting Fees | 26 | 84 | 29 | 32 |
| Transfer Agency Fees — Class I (Note E) | 8 | 68 | 9 | 20 |
| Transfer Agency Fees — Class A (Note E) | 5 | 5 | 3 | 4 |
| Transfer Agency Fees — Class L (Note E) | 2 | 1 | 2 | 1 |
| Transfer Agency Fees — Class C (Note E) | 2 | 2 | 1 | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 3 | 5 | 2 | 5 |
| Transfer Agency Fees — Class IR (Note E) |  |  |  | 1 |
| Custodian Fees (Note F) | 14 | 228 | 78 | 92 |
| Directors' Fees and Expenses | 4 | 19 | 8 | 7 |
| Pricing Fees | 2 | 1 | 2 | 1 |
| Interest Expenses | 1 | 14 |  | 24 |
| Other Expenses | 19 | 102 | 33 | 36 |
| Total Expenses | 2220 | 14177 | 3055 | 4420 |
| Waiver of Advisory Fees (Note B) | (309 |  | (195 | (88 |
| Rebate from Morgan Stanley Affiliate (Note G) | (7 | (33 | (7 | (14 |
| Reimbursement of Class Specific Expenses — Class I (Note B) |  | (73 | (218 | (123 |
| Reimbursement of Class Specific Expenses — Class A (Note B) |  |  | (34 |  |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (1 | (1 | (1 | (1 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (— |  | (1 |  |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (3 |  | (2 | (5 |
| Reimbursement of Class Specific Expenses — Class IR (Note B) |  |  |  | (1 |
| Net Expenses | 1900 | 14070 | 2597 | 4188 |
| **Net Investment Income (Loss)** | (1547 | 5988 | 6261 | 222 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $—, $133, $— and $58, respectively of Capital Gain Country Tax) | 14631 | 87543 | 84562 | 10871 |
| Investments in Affiliates |  | (4941 |  |  |
| Foreign Currency Transaction | (1 | 486 | 118 | 41 |
| Net Realized Gain | 14630 | 83088 | 84680 | 10912 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $—, $1,893, $— <br>and $672, respectively) | (977 | 341397 | (3661 | 109381 |
| Investments in Affiliates |  | 8040 |  |  |
| Foreign Currency Translation |  | 580 | 799 | 52 |
| Derivative Contracts — PIPE | (262 |  |  |  |
| Net Change in Unrealized Appreciation (Depreciation) | (1239 | 350017 | (2862 | 109433 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 13391 | 433105 | 81818 | 120345 |
| Net Increase in Net Assets Resulting from Operations | $11844 | $439093 | $88079 | $120567 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **International<br>Resilience<br>Portfolio<br>(000)** | **Multi-Asset Real<br>Return<br>Portfolio<br>(consolidated)<br>(000)** | **Next Gen<br>Emerging<br>Markets<br>Portfolio<br>(000)** | **Passport<br>Overseas<br>Equity<br>Portfolio<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $2, $2, $37 and $288 of <br>Foreign Taxes Withheld) | $19 | $24 | $378 | $2006 |
| Dividends from Security of Affiliated Issuer (Note G) | 1 | 35 | 6 | 192 |
| Interest from Securities of Unaffiliated Issuers |  | 113 |  |  |
| Income from Securities Loaned — Net |  |  |  | 9 |
| Other Income (Note H) |  |  |  | 32 |
| Total Investment Income | 20 | 172 | 384 | 2239 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Professional Fees | 83 | 98 | 97 | 107 |
| Custodian Fees (Note F) | 19 | 27 | 37 | 25 |
| Registration Fees | 19 | 20 | 27 | 35 |
| Advisory Fees (Note B) | 7 | 23 | 119 | 480 |
| Shareholder Reporting Fees | 7 |  | 9 | 19 |
| Transfer Agency Fees — Class I (Note E) | 1 | 1 | 4 | 3 |
| Transfer Agency Fees — Class A (Note E) | 1 | 2 | 2 | 4 |
| Transfer Agency Fees — Class L (Note E) |  |  | 1 | 2 |
| Transfer Agency Fees — Class C (Note E) | 1 | 1 | 1 | 1 |
| Transfer Agency Fees — Class R6 (Note E) | 1 | 1 | 1 | 1 |
| Transfer Agency Fees — Class IR (Note E) |  |  |  | 1 |
| Directors' Fees and Expenses | 2 | 2 | 2 | 3 |
| Administration Fees (Note C) | 1 | 3 | 8 | 59 |
| Pricing Fees | 1 | 5 | 1 | 3 |
| Shareholder Services Fees — Class A (Note D) |  | 5 | 4 | 63 |
| Distribution and Shareholder Services Fees — Class L (Note D) |  |  |  | 16 |
| Distribution and Shareholder Services Fees — Class C (Note D) |  | 11 | 1 | 1 |
| Sub Transfer Agency Fees — Class I |  | 1 | 9 | 42 |
| Sub Transfer Agency Fees — Class A |  | 2 | 3 | 26 |
| Sub Transfer Agency Fees — Class L |  |  |  | 2 |
| Sub Transfer Agency Fees — Class C |  | 1 |  |  |
| Other Expenses | 9 | 11 | 10 | 14 |
| Total Expenses | 152 | 214 | 336 | 907 |
| Expenses Reimbursed by Adviser (Note B) | (133 | (137 | (73 |  |
| Waiver of Advisory Fees (Note B) | (7 | (23 | (119 | (116 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (1 | (2 | (9 | (22 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (1 | (1 | (2 |  |
| Reimbursement of Class Specific Expenses — Class L (Note B) |  |  | (1 | (— |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (1 | (1 | (1 | (1 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (1 | (1 | (1 | (1 |
| Reimbursement of Class Specific Expenses — Class IR (Note B) |  |  |  | (1 |
| Rebate from Morgan Stanley Affiliate (Note G) | (— | (2 | (— | (9 |
| Net Expenses | 8 | 47 | 130 | 757 |
| **Net Investment Income** | 12 | 125 | 254 | 1482 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 53 | (54 | 644 | 13744 |
| Foreign Currency Forward Exchange Contracts |  | (— |  |  |
| Foreign Currency Transaction | 1 |  | (4 | (64 |
| Futures Contracts |  | 249 |  | 1024 |
| Swap Agreements |  | (43 |  |  |
| Net Realized Gain | 54 | 152 | 640 | 14704 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Operations (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **International<br>Resilience<br>Portfolio<br>(000)** | **International<br>Resilience<br>Portfolio<br>(000)** | **Multi-Asset Real<br>Return<br>Portfolio<br>(consolidated)<br>(000)** | **Multi-Asset Real<br>Return<br>Portfolio<br>(consolidated)<br>(000)** | **Next Gen<br>Emerging<br>Markets<br>Portfolio<br>(000)** | **Passport<br>Overseas<br>Equity<br>Portfolio<br>(000)** |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $—, $—, $15 <br>and $165, respectively) | $219 |  | $443 |  | $(75) | $15154 |
| Foreign Currency Forward Exchange Contracts | (— | @) |  |  |  |  |
| Foreign Currency Translation | 1 |  |  | @ | 4 | 94 |
| Futures Contracts |  |  | 53 |  |  | 33 |
| Swap Agreements |  |  | 37 |  |  |  |
| Net Change in Unrealized Appreciation (Depreciation) | 220 |  | 533 |  | (71) | 15281 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 274 |  | 685 |  | 569 | 29985 |
| Net Increase in Net Assets Resulting from Operations | $286 |  | $810 |  | $823 | $31467 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| | **Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **US Core<br>Portfolio<br>(000)** | **Vitality<br>Portfolio<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $1, $— and $— of Foreign Taxes Withheld) | $21 | $1716 | $2 |
| Dividends from Security of Affiliated Issuer (Note G) | 2 | 48 | 1 |
| Non-Cash Dividends from Securities of Unaffiliated Issuers |  | 112 |  |
| Income from Securities Loaned — Net |  |  |  |
| Total Investment Income | 23 | 1876 | 3 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Professional Fees | 87 | 83 | 77 |
| Registration Fees | 23 | 27 | 25 |
| Advisory Fees (Note B) | 16 | 1078 | 7 |
| Shareholder Reporting Fees | 7 | 14 | 7 |
| Custodian Fees (Note F) | 5 | 6 | 2 |
| Transfer Agency Fees — Class I (Note E) | 1 | 2 | 2 |
| Transfer Agency Fees — Class A (Note E) | 1 | 2 | 1 |
| Transfer Agency Fees — Class C (Note E) | 1 | 2 | 1 |
| Transfer Agency Fees — Class R6 (Note E) | 1 | 1 | 1 |
| Administration Fees (Note C) | 2 | 144 | 1 |
| Pricing Fees | 2 | 1 | 1 |
| Directors' Fees and Expenses | 2 | 4 | 2 |
| Shareholder Services Fees — Class A (Note D) | 1 | 96 |  |
| Distribution and Shareholder Services Fees — Class C (Note D) |  | 242 |  |
| Sub Transfer Agency Fees — Class I |  | 106 |  |
| Sub Transfer Agency Fees — Class A |  | 33 |  |
| Sub Transfer Agency Fees — Class C |  | 21 |  |
| Interest Expenses |  | 9 |  |
| Other Expenses | 13 | 15 | 5 |
| Total Expenses | 162 | 1886 | 132 |
| Waiver of Advisory Fees (Note B) | (16 | (25) | (7 |
| Expenses Reimbursed by Adviser (Note B) | (122 |  | (112 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (— | (50) | (1 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (1 |  | (1 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (1 |  | (1 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (1 | (1) | (1 |
| Rebate from Morgan Stanley Affiliate (Note G) | (— | (2) | (— |
| Net Expenses | 21 | 1808 | 9 |
| **Net Investment Income (Loss)** | 2 | 68 | (6 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 151 | 2094 | (160 |
| Foreign Currency Transaction |  |  |  |
| Net Realized Gain (Loss) | 151 | 2094 | (160 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 757 | 22726 | 2 |
| Foreign Currency Transaction |  |  |  |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)** | 908 | 24820 | (158 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $910 | $24888 | $(164 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** | **American Resilience Portfolio** | **American Resilience Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $(570) | $(1106) | $4 | $8 |
| Net Realized Gain (Loss) | 8306 | 30804 | (24) | 69 |
| Net Change in Unrealized Appreciation (Depreciation) | 30153 | 23324 | 76 | 43 |
| Net Increase in Net Assets Resulting from Operations | 37889 | 53022 | 56 | 120 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (1623) |  | (53) |
| **Class A** |  | (593) |  | (3) |
| **Class L** |  | (23) |  |  |
| **Class C** |  | (117) |  | (2) |
| **Class R6** |  | (339) |  | (3) |
| Total Dividends and Distributions to Shareholders |  | (2695) |  | (61) |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 39144 | 14034 | 45 | 135 |
| Distributions Reinvested |  | 1553 |  | 53 |
| Redeemed | (38431) | (61067) | (108) | (4) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 4416 | 4999 | 3 |  |
| Distributions Reinvested |  | 582 |  | 3 |
| Redeemed | (6002) | (17153) |  |  |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested |  | 23 |  |  |
| Redeemed | (129) | (417) |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 1045 | 1113 |  |  |
| Distributions Reinvested |  | 115 |  | 2 |
| Redeemed | (5002) | (9926) |  |  |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 3263 | 17997 |  |  |
| Distributions Reinvested |  | 339 |  | 3 |
| Redeemed | (2122) | (14953) |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | (3818) | (62761) | (60) | 192 |
| Total Increase (Decrease) in Net Assets | 34071 | (12434) | (4) | 251 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 194996 | 207430 | 1369 | 1118 |
| End of Period | $229067 | $194996 | $1365 | $1369 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** | **American Resilience Portfolio** | **American Resilience Portfolio** | **American Resilience Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 1548 | 725 | 4 | 11 |  |
| Shares Issued on Distributions Reinvested |  | 61 |  | 4 |  |
| Shares Redeemed | (1603) | (3187) | (9 | (— | @) |
| Net Increase (Decrease) in Class I Shares Outstanding | (55) | (2401) | (5 | 15 |  |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 182 | 261 |  |  |  |
| Shares Issued on Distributions Reinvested |  | 24 |  |  | @ |
| Shares Redeemed | (251) | (961) |  |  |  |
| Net Decrease in Class A Shares Outstanding | (69) | (676) |  |  | @ |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  | 1 |  |  |  |
| Shares Redeemed | (5) | (23) |  |  |  |
| Net Decrease in Class L Shares Outstanding | (5) | (22) |  |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 48 | 59 |  |  |  |
| Shares Issued on Distributions Reinvested |  | 5 |  |  | @ |
| Shares Redeemed | (232) | (601) |  |  |  |
| Net Decrease in Class C Shares Outstanding | (184) | (537) |  |  | @ |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 131 | 791 |  |  |  |
| Shares Issued on Distributions Reinvested |  | 13 |  |  | @ |
| Shares Redeemed | (88) | (794) |  |  |  |
| Net Increase in Class R6 Shares Outstanding | 43 | 10 |  |  | @ |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asia Opportunity <br>Portfolio (consolidated)** | **Asia Opportunity <br>Portfolio (consolidated)** | **Developing Opportunity <br>Portfolio (consolidated)** | **Developing Opportunity <br>Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $150 | $322 | $10 | $(90 |
| Net Realized Gain (Loss) | 2509 | 4274 | (283) | 599 |
| Net Change in Unrealized Appreciation (Depreciation) | 7633 | 17717 | 4555 | 4722 |
| Net Increase in Net Assets Resulting from Operations | 10292 | 22313 | 4282 | 5231 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (1725) |  | (184 |
| **Class A** |  | (293) |  | (22 |
| **Class C** |  | (51) |  |  |
| **Class R6** |  | (58) |  | (— |
| Total Dividends and Distributions to Shareholders |  | (2127) |  | (206 |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 7567 | 19915 | 22437 | 6186 |
| Distributions Reinvested |  | 1710 |  | 178 |
| Redeemed | (13785) | (40571) | (12597) | (13892 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 514 | 4170 | 201 | 283 |
| Distributions Reinvested |  | 245 |  | 22 |
| Redeemed | (1555) | (11805) | (2608) | (1081 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 266 | 110 | 4 | 64 |
| Distributions Reinvested |  | 51 |  |  |
| Redeemed | (681) | (3792) | (302) | (1110 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 5 | 137 |  |  |
| Distributions Reinvested |  | 58 |  |  |
| Redeemed | (50) | (6752) |  | (1 |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | (7719) | (36524) | 7135 | (9351 |
| Redemption Fees | 4 | 2 |  |  |
| Total Increase (Decrease) in Net Assets | 2577 | (16336) | 11417 | (4326 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 125094 | 141430 | 30909 | 35235 |
| End of Period | $127671 | $125094 | $42326 | $30909 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asia Opportunity <br>Portfolio (consolidated)** | **Asia Opportunity <br>Portfolio (consolidated)** | **Developing Opportunity <br>Portfolio (consolidated)** | **Developing Opportunity <br>Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 356 | 1056 | 2156 | 702 |
| Shares Issued on Distributions Reinvested |  | 77 |  | 17 |
| Shares Redeemed | (640 | (2097) | (1237) | (1515 |
| Net Increase (Decrease) in Class I Shares Outstanding | (284 | (964) | 919 | (796 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 24 | 216 | 20 | 32 |
| Shares Issued on Distributions Reinvested |  | 11 |  | 2 |
| Shares Redeemed | (73 | (630) | (263) | (118 |
| Net Decrease in Class A Shares Outstanding | (49 | (403) | (243) | (84 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 13 | 7 | 1 | 7 |
| Shares Issued on Distributions Reinvested |  | 2 |  |  |
| Shares Redeemed | (34 | (212) | (31) | (125 |
| Net Decrease in Class C Shares Outstanding | (21 | (203) | (30) | (118 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  | 7 |  |  |
| Shares Issued on Distributions Reinvested |  | 3 |  |  |
| Shares Redeemed | (2 | (399) |  | (— |
| Net Decrease in Class R6 Shares Outstanding | (2 | (389) |  | (— |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Emerging Markets ex China Portfolio** | **Emerging Markets ex China Portfolio** | **Emerging Markets Leaders Portfolio** | **Emerging Markets Leaders Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $37 | $83 | $272 | $(453 |
| Net Realized Gain | 43 | 339 | 15128 | 21925 |
| Net Change in Unrealized Appreciation (Depreciation) | 842 | (68) | (4266 | (12777 |
| Net Increase in Net Assets Resulting from Operations | 922 | 354 | 11134 | 8695 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (417) |  |  |
| **Class A** |  | (4) |  |  |
| **Class C** |  | (4) |  |  |
| **Class R6** |  | (4) |  |  |
| Total Dividends and Distributions to Shareholders |  | (429) |  |  |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed |  |  | 11693 | 66017 |
| Distributions Reinvested |  | 417 |  |  |
| Redeemed |  |  | (54142 | (154030 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed |  |  | 289 | 1528 |
| Distributions Reinvested |  | 4 |  |  |
| Redeemed |  |  | (1384 | (3851 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed |  |  | 30 | 126 |
| Distributions Reinvested |  | 4 |  |  |
| Redeemed |  |  | (330 | (1060 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  |  | 90 | 137 |
| Distributions Reinvested |  | 4 |  |  |
| Redeemed |  |  | (178 | (125 |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions |  | 429 | (43932 | (91258 |
| Redemption Fees |  |  |  |  |
| Total Increase (Decrease) in Net Assets | 922 | 354 | (32798 | (82563 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 6970 | 6616 | 188148 | 270711 |
| End of Period | $7892 | $6970 | $155350 | $188148 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Emerging Markets ex China Portfolio** | **Emerging Markets ex China Portfolio** | **Emerging Markets ex China Portfolio** | **Emerging Markets Leaders Portfolio** | **Emerging Markets Leaders Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed |  |  |  | 792 | 4363 |
| Shares Issued on Distributions Reinvested |  | 32 |  |  |  |
| Shares Redeemed |  |  |  | (3669) | (10016) |
| Net Increase (Decrease) in Class I Shares Outstanding |  | 32 |  | (2877) | (5653) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed |  |  |  | 20 | 102 |
| Shares Issued on Distributions Reinvested |  |  | @@ |  |  |
| Shares Redeemed |  |  |  | (97) | (257) |
| Net Increase (Decrease) in Class A Shares Outstanding |  |  | @@ | (77) | (155) |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed |  |  |  | 2 | 9 |
| Shares Issued on Distributions Reinvested |  |  | @@ |  |  |
| Shares Redeemed |  |  |  | (25) | (76) |
| Net Increase (Decrease) in Class C Shares Outstanding |  |  | @@ | (23) | (67) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  |  |  | 6 | 9 |
| Shares Issued on Distributions Reinvested |  |  | @@ |  |  |
| Shares Redeemed |  |  |  | (11) | (8) |
| Net Increase (Decrease) in Class R6 Shares Outstanding |  |  | @@ | (5) | 1 |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Emerging Markets Portfolio** | **Emerging Markets Portfolio** | **Global Concentrated Portfolio** | **Global Concentrated Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $3822 | $7260 | $160 | $(96 |
| Net Realized Gain | 11947 | 23602 | 7141 | 1404 |
| Net Change in Unrealized Appreciation (Depreciation) | 56844 | 7466 | 21244 | 39302 |
| Net Increase in Net Assets Resulting from Operations | 72613 | 38328 | 28545 | 40610 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (1533 |  | (393 |
| **Class A** |  | (53 |  |  |
| **Class L** |  | (1 |  |  |
| **Class C** |  | (2 |  |  |
| **Class R6** |  | (5025 |  | (— |
| **Class IR** |  | (— |  |  |
| Total Dividends and Distributions to Shareholders |  | (6614 |  | (393 |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 16130 | 43650 | 74372 | 94143 |
| Distributions Reinvested |  | 1476 |  | 393 |
| Redeemed | (26256 | (78466 | (35540) | (22105 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 427 | 2258 | 3545 | 7442 |
| Distributions Reinvested |  | 53 |  |  |
| Redeemed | (1586 | (2117 | (1819) | (3651 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested |  | 1 |  |  |
| Redeemed |  | (12 |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 40 | 181 | 2080 | 2674 |
| Distributions Reinvested |  | 2 |  |  |
| Redeemed | (9 | (35 | (915) | (1657 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 10784 | 50694 | 60 | 40 |
| Distributions Reinvested |  | 5025 |  |  |
| Redeemed | (24328 | (52753 |  | (42 |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested |  |  |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | (24798 | (30043 | 41783 | 77237 |
| Redemption Fees |  |  |  |  |
| Total Increase in Net Assets | 47815 | 1671 | 70328 | 117454 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 518899 | 517228 | 226122 | 108668 |
| End of Period | $566714 | $518899 | $296450 | $226122 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Emerging Markets Portfolio** | **Emerging Markets Portfolio** | **Global Concentrated Portfolio** | **Global Concentrated Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 721 | 2050 | 3046 | 4271 |
| Shares Issued on Distributions Reinvested |  | 67 |  | 16 |
| Shares Redeemed | (1189) | (3792 | (1478) | (993 |
| Net Increase (Decrease) in Class I Shares Outstanding | (468) | (1675 | 1568 | 3294 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 20 | 109 | 149 | 333 |
| Shares Issued on Distributions Reinvested |  | 2 |  |  |
| Shares Redeemed | (74) | (100 | (76) | (165 |
| Net Increase (Decrease) in Class A Shares Outstanding | (54) | 11 | 73 | 168 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed |  | (1 |  |  |
| Net Decrease in Class L Shares Outstanding |  | (1 |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 2 | 9 | 92 | 124 |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed | (1) | (2 | (40) | (81 |
| Net Increase in Class C Shares Outstanding | 1 | 7 | 52 | 43 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 486 | 2303 | 2 | 2 |
| Shares Issued on Distributions Reinvested |  | 228 |  |  |
| Shares Redeemed | (1106) | (2437 |  | (2 |
| Net Increase (Decrease) in Class R6 Shares Outstanding | (620) | 94 | 2 |  |
| **Class IR:** | **Class IR:** | **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.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Core Portfolio** | **Global Core Portfolio** | **Global Endurance Portfolio** | **Global Endurance Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $29 | $(25 | $(77) | $104 |
| Net Realized Gain | 1092 | 1484 | 2833 | 2291 |
| Net Change in Unrealized Appreciation (Depreciation) | 2471 | 4771 | (131) | 270 |
| Net Increase in Net Assets Resulting from Operations | 3592 | 6230 | 2625 | 2665 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (44 |  | (137 |
| **Class R6** |  | (— |  | (— |
| Total Dividends and Distributions to Shareholders |  | (44 |  | (137 |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 9117 | 9465 | 9459 | 4445 |
| Distributions Reinvested |  | 44 |  | 137 |
| Redeemed | (5976) | (3937 | (10107) | (18417 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 1035 | 2131 | 602 | 1044 |
| Redeemed | (507) | (743 | (912) | (6369 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 414 | 418 | 61 | 171 |
| Redeemed | (133) | (760 | (93) | (98 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Distributions Reinvested |  |  |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | 3950 | 6618 | (990) | (19087 |
| Total Increase (Decrease) in Net Assets | 7542 | 12804 | 1635 | (16559 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 36769 | 23965 | 27993 | 44552 |
| End of Period | $44311 | $36769 | $29628 | $27993 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 459 | 490 | 524 | 283 |
| Shares Issued on Distributions Reinvested |  | 2 |  | 8 |
| Shares Redeemed | (286) | (202 | (567) | (1090 |
| Net Increase (Decrease) in Class I Shares Outstanding | 173 | 290 | (43) | (799 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 52 | 107 | 33 | 66 |
| Shares Redeemed | (24) | (39 | (53) | (410 |
| Net Increase (Decrease) in Class A Shares Outstanding | 28 | 68 | (20) | (344 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 22 | 23 | 4 | 11 |
| Shares Redeemed | (7) | (41 | (6) | (6 |
| Net Increase (Decrease) in Class C Shares Outstanding | 15 | (18 | (2) | 5 |
| **Class R6:** | **Class R6:** | **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.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Franchise Portfolio** | **Global Franchise Portfolio** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $7662 | $17727 | $(294) | $(522) |
| Net Realized Gain | 28366 | 333159 | 11109 | 19690 |
| Net Change in Unrealized Appreciation (Depreciation) | 152025 | (104397) | (1564) | 6817 |
| Net Increase in Net Assets Resulting from Operations | 188053 | 246489 | 9251 | 25985 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (215059) |  | (633) |
| **Class A** |  | (32968) |  | (260) |
| **Class L** |  | (846) |  | (2) |
| **Class C** |  | (9319) |  | (27) |
| **Class R6** |  | (44297) |  | (1) |
| Total Dividends and Distributions to Shareholders |  | (302489) |  | (923) |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 164048 | 357569 | 7598 | 9317 |
| Distributions Reinvested |  | 209335 |  | 633 |
| Redeemed | (392382) | (734749) | (18600) | (36075) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 16378 | 43740 | 2124 | 3861 |
| Distributions Reinvested |  | 31210 |  | 260 |
| Redeemed | (35796) | (111660) | (3207) | (9926) |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested |  | 846 |  | 2 |
| Redeemed | (393) | (836) |  | (83) |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 2674 | 7409 | 41 | 149 |
| Distributions Reinvested |  | 9171 |  | 27 |
| Redeemed | (17232) | (33469) | (783) | (1852) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 22656 | 111868 | 8 | 79 |
| Distributions Reinvested |  | 44297 |  | 1 |
| Redeemed | (22247) | (46528) | (21) | (53) |
| Net Decrease in Net Assets Resulting from Capital Share <br>Transactions | (262294) | (111797) | (12840) | (33660) |
| Total Decrease in Net Assets | (74241) | (167797) | (3589) | (8598) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 2763486 | 2931283 | 69383 | 77981 |
| End of Period | $2689245 | $2763486 | $65794 | $69383 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Franchise Portfolio** | **Global Franchise Portfolio** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 4728 | 9846 | 421 | 668 |
| Shares Issued on Distributions Reinvested |  | 6089 |  | 33 |
| Shares Redeemed | (11316) | (20425) | (1070 | (2682 |
| Net Decrease in Class I Shares Outstanding | (6588) | (4490) | (649 | (1981 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 486 | 1243 | 122 | 266 |
| Shares Issued on Distributions Reinvested |  | 935 |  | 14 |
| Shares Redeemed | (1062) | (3195) | (196 | (795 |
| Net Decrease in Class A Shares Outstanding | (576) | (1017) | (74 | (515 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  | 25 |  |  |
| Shares Redeemed | (12) | (24) |  | (8 |
| Net Increase (Decrease) in Class L Shares Outstanding | (12) | 1 |  | (8 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 82 | 218 | 3 | 14 |
| Shares Issued on Distributions Reinvested |  | 284 |  | 2 |
| Shares Redeemed | (532) | (985) | (56 | (181 |
| Net Decrease in Class C Shares Outstanding | (450) | (483) | (53 | (165 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 676 | 2984 |  | 6 |
| Shares Issued on Distributions Reinvested |  | 1288 |  |  |
| Shares Redeemed | (650) | (1251) | (1 | (4 |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 26 | 3021 | (1 | 2 |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Opportunity <br>Portfolio (consolidated)** | **Global Opportunity <br>Portfolio (consolidated)** | **Global Permanence <br>Portfolio (consolidated)** | **Global Permanence <br>Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $(5297) | $(19688) | $3 | $7 |
| Net Realized Gain | 78998 | 412431 | 141 | 942 |
| Net Change in Unrealized Appreciation (Depreciation) | 450294 | 327658 | 785 | (554) |
| Net Increase in Net Assets Resulting from Operations | 523995 | 720401 | 929 | 395 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (151464) |  | (595) |
| **Class A** |  | (89475) |  | (73) |
| **Class L** |  | (3492) |  |  |
| **Class C** |  | (17473) |  | (42) |
| **Class R6** |  | (13791) |  | (3) |
| **Class IR** |  | (2) |  |  |
| Total Dividends and Distributions to Shareholders |  | (275697) |  | (713) |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 222822 | 275265 | 54 | 294 |
| Distributions Reinvested |  | 146476 |  | 595 |
| Redeemed | (255606) | (494469) | (510) | (1483) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 45858 | 48623 | 86 | 35 |
| Distributions Reinvested |  | 88122 |  | 73 |
| Redeemed | (69086) | (180421) | (193) | (1564) |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Exchanged | 1 | 1 |  |  |
| Distributions Reinvested |  | 3350 |  |  |
| Redeemed | (2338) | (4717) |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 3584 | 7319 |  | 40 |
| Distributions Reinvested |  | 17143 |  | 42 |
| Redeemed | (28256) | (55175) |  | (82) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 7550 | 139005 | 1 |  |
| Distributions Reinvested |  | 13327 |  | 3 |
| Redeemed | (19554) | (40474) |  |  |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Subscribed | 2201 |  |  |  |
| Distributions Reinvested |  | 2 |  |  |
| Redeemed | (690) | (151848) |  |  |
| Net Decrease in Net Assets Resulting from Capital Share <br>Transactions | (93514) | (188471) | (562) | (2047) |
| Total Increase (Decrease) in Net Assets | 430481 | 256233 | 367 | (2365) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 3093036 | 2836803 | 3861 | 6226 |
| End of Period | $3523517 | $3093036 | $4228 | $3861 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Opportunity <br>Portfolio (consolidated)** | **Global Opportunity <br>Portfolio (consolidated)** | **Global Permanence <br>Portfolio (consolidated)** | **Global Permanence <br>Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 6066 | 8078 | 4 | 23 |
| Shares Issued on Distributions Reinvested |  | 4006 |  | 50 |
| Shares Redeemed | (6991 | (14451 | (42 | (117 |
| Net Decrease in Class I Shares Outstanding | (925 | (2367 | (38 | (44 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 1327 | 1544 | 6 | 3 |
| Shares Issued on Distributions Reinvested |  | 2588 |  | 6 |
| Shares Redeemed | (2015 | (5694 | (15 | (129 |
| Net Decrease in Class A Shares Outstanding | (688 | (1562 | (9 | (120 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Exchanged |  |  |  |  |
| Shares Issued on Distributions Reinvested |  | 101 |  |  |
| Shares Redeemed | (70 | (148 |  |  |
| Net Decrease in Class L Shares Outstanding | (70 | (47 |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 117 | 256 |  | 3 |
| Shares Issued on Distributions Reinvested |  | 563 |  | 4 |
| Shares Redeemed | (920 | (1925 |  | (7 |
| Net Decrease in Class C Shares Outstanding | (803 | (1106 |  | (— |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 203 | 3641 |  |  |
| Shares Issued on Distributions Reinvested |  | 361 |  |  |
| Shares Redeemed | (517 | (1235 |  |  |
| Net Increase (Decrease) in Class R6 Shares Outstanding | (314 | 2767 |  |  |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Subscribed | 56 |  |  |  |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed | (18 | (4079 |  |  |
| Net Increase (Decrease) in Class IR Shares Outstanding | 38 | (4079 |  |  |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Stars Portfolio** | **Global Stars Portfolio** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $12 | $210 | $(11937) | $(19215 |
| Net Realized Gain | 4573 | 25093 | 451140 | 515093 |
| Net Change in Unrealized Appreciation (Depreciation) | 519 | (11519) | 291805 | 1026813 |
| Net Increase in Net Assets Resulting from Operations | 5104 | 13784 | 731008 | 1522691 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (12607) |  | (8733 |
| **Class A** |  | (1537) |  | (9058 |
| **Class L** |  | (344) |  | (91 |
| **Class C** |  | (1035) |  |  |
| **Class R6** |  | (13) |  | (2390 |
| **Class IR** |  |  |  | (— |
| Total Dividends and Distributions to Shareholders |  | (15536) |  | (20272 |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 2996 | 7502 | 241900 | 466163 |
| Distributions Reinvested |  | 12289 |  | 7708 |
| Redeemed | (16172) | (52338) | (372550) | (1013772 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 526 | 1156 | 103843 | 64625 |
| Distributions Reinvested |  | 1537 |  | 8754 |
| Redeemed | (589) | (1738) | (204569) | (522920 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Exchanged |  |  |  | 4 |
| Distributions Reinvested |  | 312 |  | 90 |
| Redeemed | (70) | (265) | (3621) | (11240 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 16 | 83 | 3170 | 6137 |
| Distributions Reinvested |  | 1035 |  |  |
| Redeemed | (864) | (688) | (35086) | (68103 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 65 | 29 | 24860 | 106093 |
| Distributions Reinvested |  | 13 |  | 2289 |
| Redeemed | (25) | (14888) | (181695) | (1898961 |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested |  |  |  |  |
| Redeemed |  |  |  | (31 |
| Net Decrease in Net Assets Resulting from Capital Share <br>Transactions | (14117) | (45961) | (423748) | (2853164 |
| Total Increase (Decrease) in Net Assets | (9013) | (47713) | 307260 | (1350745 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 58794 | 106507 | 4190947 | 5541692 |
| End of Period | $49781 | $58794 | $4498207 | $4190947 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Stars Portfolio** | **Global Stars Portfolio** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 176 | 388 | 4206 | 10030 |
| Shares Issued on Distributions Reinvested |  | 728 |  | 127 |
| Shares Redeemed | (969) | (2652) | (6573) | (23661 |
| Net Decrease in Class I Shares Outstanding | (793) | (1536) | (2367) | (13504 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 31 | 60 | 1951 | 1625 |
| Shares Issued on Distributions Reinvested |  | 92 |  | 162 |
| Shares Redeemed | (36) | (94) | (3967) | (14068 |
| Net Increase (Decrease) in Class A Shares Outstanding | (5) | 58 | (2016) | (12281 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Exchanged |  |  |  |  |
| Shares Issued on Distributions Reinvested |  | 19 |  | 2 |
| Shares Redeemed | (4) | (14) | (82) | (349 |
| Net Increase (Decrease) in Class L Shares Outstanding | (4) | 5 | (82) | (347 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 1 | 4 | 73 | 199 |
| Shares Issued on Distributions Reinvested |  | 67 |  |  |
| Shares Redeemed | (56) | (40) | (810) | (2187 |
| Net Increase (Decrease) in Class C Shares Outstanding | (55) | 31 | (737) | (1988 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 4 | 2 | 424 | 2638 |
| Shares Issued on Distributions Reinvested |  | 1 |  | 37 |
| Shares Redeemed | (2) | (765) | (2798) | (45049 |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 2 | (762) | (2374) | (42374 |
| **Class IR:** | **Class IR:** | **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 financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **International Advantage <br>Portfolio (consolidated)** | **International Advantage <br>Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $(1547 | $(2680) | $5988 | $597 |
| Net Realized Gain | 14630 | 111563 | 83088 | 248078 |
| Net Change in Unrealized Appreciation (Depreciation) | (1239 | (30258) | 350017 | (41662) |
| Net Increase in Net Assets Resulting from Operations | 11844 | 78625 | 439093 | 207013 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (1717) |  | (3090) |
| **Class A** |  | (1484) |  |  |
| **Class L** |  | (7) |  |  |
| **Class C** |  | (63) |  |  |
| **Class R6** |  | (547) |  | (449) |
| **Paid-In-Capital:** | **Paid-In-Capital:** | **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) |  | (3539) |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 16125 | 66164 | 189892 | 407392 |
| Distributions Reinvested |  | 1772 |  | 3057 |
| Redeemed | (50172 | (122530) | (418416) | (960992) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 5664 | 13919 | 17668 | 38873 |
| Distributions Reinvested |  | 1534 |  |  |
| Redeemed | (23628 | (90069) | (42059) | (126767) |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested |  | 7 |  |  |
| Redeemed | (7 | (122) | (4) | (4) |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 373 | 879 | 380 | 491 |
| Distributions Reinvested |  | 65 |  |  |
| Redeemed | (1018 | (3589) | (3034) | (8211) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 4877 | 6102 | 26998 | 26809 |
| Distributions Reinvested |  | 566 |  | 407 |
| Redeemed | (7205 | (21231) | (89110) | (55127) |
| Net Decrease in Net Assets Resulting from Capital Share <br>Transactions | (54991 | (146533) | (317685) | (674072) |
| Redemption Fees | 2 | 88 |  |  |
| Total Increase (Decrease) (Decrease) in Net Assets | (43145 | (71767) | 121408 | (470598) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 383113 | 454880 | 2744698 | 3215296 |
| End of Period | $339968 | $383113 | $2866106 | $2744698 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **International Advantage <br>Portfolio (consolidated)** | **International Advantage <br>Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 1041 | 5245 | 7429 | 17340 |
| Shares Issued on Distributions Reinvested |  | 105 |  | 123 |
| Shares Redeemed | (3230) | (10106) | (16290 | (40847 |
| Net Decrease in Class I Shares Outstanding | (2189) | (4756) | (8861 | (23384 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 545 | 1610 | 725 | 1704 |
| Shares Issued on Distributions Reinvested |  | 138 |  |  |
| Shares Redeemed | (2274) | (11326) | (1702 | (5554 |
| Net Decrease in Class A Shares Outstanding | (1729) | (9578) | (977 | (3850 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  | 1 |  |  |
| Shares Redeemed | (1) | (20) | (— | (— |
| Net Decrease in Class L Shares Outstanding | (1) | (19) | (— | (— |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 39 | 117 | 17 | 23 |
| Shares Issued on Distributions Reinvested |  | 6 |  |  |
| Shares Redeemed | (109) | (492) | (131 | (390 |
| Net Decrease in Class C Shares Outstanding | (70) | (369) | (114 | (367 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 304 | 486 | 1059 | 1126 |
| Shares Issued on Distributions Reinvested |  | 33 |  | 16 |
| Shares Redeemed | (459) | (1759) | (3461 | (2332 |
| Net Decrease in Class R6 Shares Outstanding | (155) | (1240) | (2402 | (1190 |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **International Equity Portfolio** | **International Equity Portfolio** | **International Opportunity <br>Portfolio (consolidated)** | **International Opportunity <br>Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $6261 | $20597 | $222 | $(4179 |
| Net Realized Gain | 84680 | 288451 | 10912 | 187912 |
| Net Change in Unrealized Appreciation (Depreciation) | (2862) | (251983) | 109433 | (4853 |
| Net Increase in Net Assets Resulting from Operations | 88079 | 57065 | 120567 | 178880 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (161214) |  | (851 |
| **Class A** |  | (10455) |  |  |
| **Class L** |  | (1069) |  |  |
| **Class C** |  | (275) |  |  |
| **Class R6** |  | (41663) |  | (7 |
| **Class IR** |  |  |  | (— |
| Total Dividends and Distributions to Shareholders |  | (214676) |  | (858 |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 29049 | 98444 | 76790 | 75619 |
| Distributions Reinvested |  | 160765 |  | 830 |
| Redeemed | (242460) | (761118) | (87712) | (331767 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 525 | 747 | 9720 | 25246 |
| Distributions Reinvested |  | 10142 |  |  |
| Redeemed | (3227) | (10842) | (19747) | (96570 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested |  | 1057 |  |  |
| Redeemed | (295) | (953) | (61) | (32 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 14 | 50 | 548 | 464 |
| Distributions Reinvested |  | 275 |  |  |
| Redeemed | (20) | (793) | (3841) | (11145 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 3738 | 9368 | 498 | 1218 |
| Distributions Reinvested |  | 40504 |  | 7 |
| Redeemed | (42028) | (115610) | (512) | (33774 |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested |  |  |  |  |
| Redeemed |  |  |  | (161578 |
| Net Decrease in Net Assets Resulting from Capital Share <br>Transactions | (254704) | (567964) | (24317) | (531482 |
| Redemption Fees |  |  | 1 | 5 |
| Total Increase (Decrease) in Net Assets | (166625) | (725575) | 96251 | (353455 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 641572 | 1367147 | 723453 | 1076908 |
| End of Period | $474947 | $641572 | $819704 | $723453 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **International Equity Portfolio** | **International Equity Portfolio** | **International Opportunity <br>Portfolio (consolidated)** | **International Opportunity <br>Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 2660 | 7126 | 2561 | 2856 |
| Shares Issued on Distributions Reinvested |  | 15639 |  | 28 |
| Shares Redeemed | (22437) | (55652) | (2884) | (12650 |
| Net Decrease in Class I Shares Outstanding | (19777) | (32887) | (323) | (9766 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 49 | 54 | 329 | 989 |
| Shares Issued on Distributions Reinvested |  | 972 |  |  |
| Shares Redeemed | (296) | (821) | (676) | (3737 |
| Net Increase (Decrease) in Class A Shares Outstanding | (247) | 205 | (347) | (2748 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  | 106 |  |  |
| Shares Redeemed | (28) | (91) | (2) | (2 |
| Net Increase (Decrease) in Class L Shares Outstanding | (28) | 15 | (2) | (2 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 1 | 4 | 20 | 19 |
| Shares Issued on Distributions Reinvested |  | 28 |  |  |
| Shares Redeemed | (2) | (77) | (144) | (478 |
| Net Decrease in Class C Shares Outstanding | (1) | (45) | (124) | (459 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 356 | 682 | 16 | 48 |
| Shares Issued on Distributions Reinvested |  | 3948 |  |  |
| Shares Redeemed | (4125) | (8650) | (17) | (1355 |
| Net Decrease in Class R6 Shares Outstanding | (3769) | (4020) | (1) | (1307 |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed |  |  |  | (5400 |
| Net Decrease in Class IR Shares Outstanding |  |  |  | (5400 |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **International Resilience Portfolio** | **International Resilience Portfolio** | **Multi-Asset Real Return <br>Portfolio (consolidated)** | **Multi-Asset Real Return <br>Portfolio (consolidated)** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $12 | $11 | $125 | $755 |
| Net Realized Gain | 54 | 85 | 152 | 710 |
| Net Change in Unrealized Appreciation (Depreciation) | 220 | (32 | 533 | (1267 |
| Net Increase in Net Assets Resulting from Operations | 286 | 64 | 810 | 198 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (61 |  | (193 |
| **Class A** |  | (3 |  | (400 |
| **Class C** |  | (2 |  | (275 |
| **Class R6** |  | (2 |  | (1 |
| Total Dividends and Distributions to Shareholders |  | (68 |  | (869 |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 56 | 106 | 602 | 44 |
| Distributions Reinvested |  | 61 |  | 193 |
| Redeemed | (60) | (2 | (187 | (26386 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed |  | 18 | 424 | 766 |
| Distributions Reinvested |  | 3 |  | 400 |
| Redeemed |  |  | (380 | (1635 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed |  |  | 353 | 139 |
| Distributions Reinvested |  | 2 |  | 275 |
| Redeemed |  |  | (413 | (1491 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  |  | 15 | 7 |
| Distributions Reinvested |  | 2 |  | 1 |
| Redeemed |  |  | (11 | (12 |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | (4) | 190 | 403 | (27699 |
| Total Increase (Decrease) in Net Assets | 282 | 186 | 1213 | (28370 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 1892 | 1706 | 7415 | 35785 |
| End of Period | $2174 | $1892 | $8628 | $7415 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 4 | 9 | 57 | 4 |
| Shares Issued on Distributions Reinvested |  | 5 |  | 19 |
| Shares Redeemed | (5) | (— | (18 | (2408 |
| Net Increase (Decrease) in Class I Shares Outstanding | (1) | 14 | 39 | (2385 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed |  | 2 | 40 | 71 |
| Shares Issued on Distributions Reinvested |  |  |  | 39 |
| Shares Redeemed |  |  | (37 | (155 |
| Net Increase (Decrease) in Class A Shares Outstanding |  | 2 | 3 | (45 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed |  |  | 34 | 13 |
| Shares Issued on Distributions Reinvested |  |  |  | 27 |
| Shares Redeemed |  |  | (41 | (146 |
| Net Increase (Decrease) in Class C Shares Outstanding |  |  | (7 | (106 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  |  | 1 | 1 |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed |  |  | (1 | (1 |
| Net Increase (Decrease) in Class R6 Shares Outstanding |  |  |  | (— |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Next Gen Emerging Markets Portfolio** | **Next Gen Emerging Markets Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $254 | $567 | $1482 | $1441 |
| Net Realized Gain | 640 | 2582 | 14704 | 11005 |
| Net Change in Unrealized Appreciation (Depreciation) | (71 | (196) | 15281 | (1502 |
| Net Increase in Net Assets Resulting from Operations | 823 | 2953 | 31467 | 10944 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (565) |  | (2922 |
| **Class A** |  | (104) |  | (1437 |
| **Class L** |  | (2) |  | (98 |
| **Class C** |  | (6) |  | (6 |
| **Class R6** |  | (1) |  | (1 |
| **Class IR** |  |  |  | (— |
| Total Dividends and Distributions to Shareholders |  | (678) |  | (4464 |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 518 | 2333 | 3158 | 11133 |
| Distributions Reinvested |  | 549 |  | 2900 |
| Redeemed | (1499 | (14784) | (7566 | (51894 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 145 | 176 | 1754 | 2495 |
| Distributions Reinvested |  | 104 |  | 1419 |
| Redeemed | (687 | (1322) | (4359 | (9535 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested |  | 2 |  | 96 |
| Redeemed | (2 | (134) | (174 | (489 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed |  |  | 14 | 3 |
| Distributions Reinvested |  | 6 |  | 6 |
| Redeemed | (74 | (154) | (73 | (177 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 1 | 2 |  | 13 |
| Distributions Reinvested |  | 1 |  | 1 |
| Redeemed | (— | (9) |  | (4 |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested |  |  |  |  |
| Net Decrease in Net Assets Resulting from Capital Share <br>Transactions | (1598 | (13230) | (7246 | (44033 |
| Total Increase (Decrease) in Net Assets | (775 | (10955) | 24221 | (37553 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 21546 | 32501 | 137482 | 175035 |
| End of Period | $20771 | $21546 | $161703 | $137482 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Next Gen Emerging Markets Portfolio** | **Next Gen Emerging Markets Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 37 | 150 | 184 | 700 |
| Shares Issued on Distributions Reinvested |  | 34 |  | 182 |
| Shares Redeemed | (97 | (938 | (442 | (3325 |
| Net Decrease in Class I Shares Outstanding | (60 | (754 | (258 | (2443 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 10 | 11 | 99 | 153 |
| Shares Issued on Distributions Reinvested |  | 7 |  | 87 |
| Shares Redeemed | (46 | (85 | (246 | (585 |
| Net Decrease in Class A Shares Outstanding | (36 | (67 | (147 | (345 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  |  |  | 6 |
| Shares Redeemed | (— | (9 | (10 | (30 |
| Net Decrease in Class L Shares Outstanding | (— | (9 | (10 | (24 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed |  |  | 1 |  |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed | (5 | (10 | (4 | (11 |
| Net Decrease in Class C Shares Outstanding | (5 | (10 | (3 | (11 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  |  |  | 1 |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed |  | (— |  | (— |
| Net Increase (Decrease) in Class R6 Shares Outstanding |  | (— |  | 1 |
| **Class IR:** | **Class IR:** | **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.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** | **US Core Portfolio** | **US Core Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $2 | $12 | $68 | $(325 |
| Net Realized Gain | 151 | 770 | 2094 | 2737 |
| Net Change in Unrealized Appreciation (Depreciation) | 757 | (193 | 22726 | 65871 |
| Net Increase in Net Assets Resulting from Operations | 910 | 589 | 24888 | 68283 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** |  | (503 |  | (195 |
| **Class A** |  | (76 |  |  |
| **Class C** |  | (4 |  |  |
| **Class R6** |  | (9 |  | (1 |
| Total Dividends and Distributions to Shareholders |  | (592 |  | (196 |
| **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 1 | 15 | 63994 | 124076 |
| Distributions Reinvested |  | 503 |  | 194 |
| Redeemed |  | (167 | (84368 | (54548 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 7 | 175 | 9568 | 26311 |
| Distributions Reinvested |  | 76 |  |  |
| Redeemed | (35 | (359 | (7684 | (10204 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed |  |  | 5960 | 14538 |
| Distributions Reinvested |  | 4 |  |  |
| Redeemed |  | (21 | (5148 | (6458 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  |  | 317 | 716 |
| Distributions Reinvested |  | 9 |  | 1 |
| Redeemed |  |  | (324 | (70 |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | (27 | 235 | (17685 | 94556 |
| Total Increase in Net Assets | 883 | 232 | 7203 | 162643 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 4625 | 4393 | 384870 | 222227 |
| End of Period | $5508 | $4625 | $392073 | $384870 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed |  | 1 | 2174 | 4513 |
| Shares Issued on Distributions Reinvested |  | 37 |  | 6 |
| Shares Redeemed |  | (11 | (2817 | (2032 |
| Net Increase (Decrease) in Class I Shares Outstanding |  | 27 | (643 | 2487 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 1 | 12 | 330 | 961 |
| Shares Issued on Distributions Reinvested |  | 6 |  |  |
| Shares Redeemed | (3 | (26 | (263 | (379 |
| Net Increase (Decrease) in Class A Shares Outstanding | (2 | (8 | 67 | 582 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed |  |  | 215 | 554 |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed |  | (1 | (189 | (249 |
| Net Increase (Decrease) in Class C Shares Outstanding |  | (1 | 26 | 305 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  |  | 11 | 25 |
| Shares Issued on Distributions Reinvested |  | 1 |  |  |
| Shares Redeemed |  |  | (11 | (2 |
| Net Increase (Decrease) in Class R6 Shares Outstanding |  | 1 | (— | 23 |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **Vitality Portfolio** | **Vitality Portfolio** |
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(6) | $(8 |
| Net Realized Loss | (160) | (152 |
| Net Change in Unrealized Appreciation (Depreciation) | 2 | (36 |
| Net Decrease in Net Assets Resulting from Operations | (164) | (196 |
| **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, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges <br>pursuant to share class conversions for all periods <br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** |
| Distributions Reinvested |  | 2 |
| Redeemed |  | (69 |
| **Class A:** | **Class A:** | **Class A:** |
| Redeemed |  | (3 |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Distributions Reinvested |  |  |
| Net Decrease in Net Assets Resulting from Capital Share Transactions |  | (70 |
| Total Decrease in Net Assets | (164) | (268 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 2022 | 2290 |
| End of Period | $1858 | $2022 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed |  | (11 |
| Net Decrease in Class I Shares Outstanding |  | (11 |
| **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.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Advantage Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $23.77 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.05) | (0.08) | (0.08) | (0.14) | (0.32) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 5.07 | 6.51 | 5.68 | (17.90) | (1.61) | 19.64 |
| Total from Investment Operations | 5.02 | 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:** | **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** | $28.79 | $23.77 | $17.70 | $12.10 | $33.57 | $43.28 |
| **Total Return<sup>(3)</sup>** | 21.12%<sup>(4)</sup> | 36.16% | 46.28%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $125455 | $104895 | $120584 | $112250 | $576158 | $656030 |
| Ratio of Expenses Before Expense Limitation | 1.01%<sup>(6)</sup> | 1.03% | 1.01% | 0.97% | 0.88% | 0.89% |
| Ratio of Expenses After Expense Limitation | 0.84%<sup>(6)(7)</sup> | 0.85%<sup>(7)</sup> | 0.81%<sup>(7)(8)</sup> | 0.85%<sup>(7)</sup> | 0.85%<sup>(7)</sup> | 0.84%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.84%<sup>(6)(7)</sup> | 0.85%<sup>(7)</sup> | N/A | 0.85%<sup>(7)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.40)%<sup>(6)(7)</sup> | (0.43)%<sup>(7)</sup> | (0.54)%<sup>(7)(8)</sup> | (0.68)%<sup>(7)</sup> | (0.73)%<sup>(7)</sup> | (0.54)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 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 | 27%<sup>(4)</sup> | 57% | 42% | 51% | 69% | 73% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $22.40 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.08) | (0.14) | (0.12) | (0.19) | (0.44) | (0.28) |
| Net Realized and Unrealized Gain (Loss) | 4.77 | 6.13 | 5.37 | (17.19) | (1.54) | 19.11 |
| Total from Investment Operations | 4.69 | 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:** | **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** | $27.09 | $22.40 | $16.70 | $11.45 | $32.26 | $42.02 |
| **Total Return<sup>(10)</sup>** | 20.94%<sup>(4)</sup> | 35.75% | 45.85%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $54633 | $46723 | $46114 | $39913 | $117424 | $130176 |
| Ratio of Expenses Before Expense Limitation | 1.27%<sup>(6)</sup> | 1.29% | 1.26% | 1.23% | 1.14% | N/A |
| Ratio of Expenses After Expense Limitation | 1.17%<sup>(6)(7)</sup> | 1.17%<sup>(7)</sup> | 1.13%<sup>(7)(8)</sup> | 1.19%<sup>(7)</sup> | 1.14%<sup>(7)</sup> | 1.15%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.17%<sup>(6)(7)</sup> | 1.17%<sup>(7)</sup> | N/A | 1.19%<sup>(7)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.73)%<sup>(6)(7)</sup> | (0.76)%<sup>(7)</sup> | (0.87)%<sup>(7)(8)</sup> | (1.02)%<sup>(7)</sup> | (1.02)%<sup>(7)</sup> | (0.84)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 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 | 27%<sup>(4)</sup> | 57% | 42% | 51% | 69% | 73% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Advantage Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $23.45 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.07) | (0.11) | (0.10) | (0.16) | (0.36) | (0.21) |
| Net Realized and Unrealized Gain (Loss) | 5.00 | 6.42 | 5.61 | (17.76) | (1.59) | 19.53 |
| Total from Investment Operations | 4.93 | 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:** | **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** | $28.38 | $23.45 | $17.47 | $11.96 | $33.31 | $43.04 |
| **Total Return<sup>(3)</sup>** | 21.02%<sup>(4)</sup> | 35.97% | 46.07%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1859 | $1659 | $1616 | $1261 | $4120 | $5391 |
| Ratio of Expenses Before Expense Limitation | 1.90%<sup>(6)</sup> | 1.95% | 1.92% | 1.79% | 1.65% | 1.66% |
| Ratio of Expenses After Expense Limitation | 0.98%<sup>(6)(7)</sup> | 0.99%<sup>(7)</sup> | 0.94%<sup>(7)(8)</sup> | 0.99%<sup>(7)</sup> | 0.94%<sup>(7)</sup> | 0.95%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.98%<sup>(6)(7)</sup> | 0.99%<sup>(7)</sup> | N/A | 0.99%<sup>(7)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.54)%<sup>(6)(7)</sup> | (0.57)%<sup>(7)</sup> | (0.68)%<sup>(7)(8)</sup> | (0.81)%<sup>(7)</sup> | (0.82)%<sup>(7)</sup> | (0.64)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 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 | 27%<sup>(4)</sup> | 57% | 42% | 51% | 69% | 73% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $20.45 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.16) | (0.25) | (0.21) | (0.31) | (0.71) | (0.50) |
| Net Realized and Unrealized Gain (Loss) | 4.34 | 5.57 | 4.92 | (16.19) | (1.47) | 18.49 |
| Total from Investment Operations | 4.18 | 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:** | **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** | $24.63 | $20.45 | $15.26 | $10.55 | $30.48 | $40.44 |
| **Total Return<sup>(10)</sup>** | 20.44%<sup>(4)</sup> | 34.81% | 44.64%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $17440 | $18241 | $21811 | $20422 | $68793 | $71419 |
| Ratio of Expenses Before Expense Limitation | 2.03%<sup>(6)</sup> | 2.04% | 2.01% | 1.95% | 1.84% | N/A |
| Ratio of Expenses After Expense Limitation | 1.93%<sup>(6)(7)</sup> | 1.92%<sup>(7)</sup> | 1.89%<sup>(7)(8)</sup> | 1.90%<sup>(7)</sup> | 1.84%<sup>(7)</sup> | 1.85%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.93%<sup>(6)(7)</sup> | 1.92%<sup>(7)</sup> | N/A | 1.90%<sup>(7)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (1.49)%<sup>(6)(7)</sup> | (1.50)%<sup>(7)</sup> | (1.62)%<sup>(7)(8)</sup> | (1.72)%<sup>(7)</sup> | (1.72)%<sup>(7)</sup> | (1.55)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 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 | 27%<sup>(4)</sup> | 57% | 42% | 51% | 69% | 73% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Advantage Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $23.93 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.05) | (0.08) | (0.07) | (0.13) | (0.29) | (0.16) |
| Net Realized and Unrealized Gain (Loss) | 5.12 | 6.55 | 5.71 | (18.00) | (1.60) | 19.68 |
| Total from Investment Operations | 5.07 | 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:** | **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** | $29.00 | $23.93 | $17.82 | $12.18 | $33.74 | $43.41 |
| **Total Return<sup>(3)</sup>** | 21.19%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $29680 | $23478 | $17305 | $18157 | $47842 | $41263 |
| Ratio of Expenses Before Expense Limitation | 0.92%<sup>(6)</sup> | 0.96% | 0.90% | 0.86% | 0.77% | N/A |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(6)(7)</sup> | 0.81%<sup>(7)</sup> | 0.77%<sup>(7)(8)</sup> | 0.81%<sup>(7)</sup> | 0.77%<sup>(7)</sup> | 0.79%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.80%<sup>(6)(7)</sup> | 0.81%<sup>(7)</sup> | N/A | 0.81%<sup>(7)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.36)%<sup>(6)(7)</sup> | (0.39)%<sup>(7)</sup> | (0.50)%<sup>(7)(8)</sup> | (0.64)%<sup>(7)</sup> | (0.65)%<sup>(7)</sup> | (0.47)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 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 | 27%<sup>(4)</sup> | 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) Not annualized.

(5) Reflects prior period sub transfer agency and/or 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 the shares.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Loss Ratio |
| Class I | December 31, 2023 | 0.85% | (0.58)% |
| Class A | December 31, 2023 | 1.18 | (0.92) |
| Class L | December 31, 2023 | 0.99 | (0.73) |
| Class C | December 31, 2023 | 1.93 | (1.66) |
| Class R6 | December 31, 2023 | 0.81 | (0.54) |

---

(9) Amount is less than 0.005%.

(10) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(11) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**American Resilience Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.64 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.03 | 0.07 | 0.10 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 0.46 | 1.11 | 1.72 | (0.71) |
| Total from Investment Operations | 0.49 | 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:** | **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** | $12.13 | $11.64 | $11.01 | $9.33 |
| **Total Return<sup>(3)</sup>** | 4.21%<sup>(4)</sup> | 10.56% | 19.54%<sup>(5)</sup> | (6.70)%<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:** |
| Net Assets, End of Period (Thousands) | $1173 | $1186 | $952 | $793 |
| Ratio of Expenses Before Expense Limitation | 18.90%<sup>(6)</sup> | 21.08% | 29.44% | 36.85%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.70%<sup>(6)(7)</sup> | 0.70%<sup>(7)</sup> | 0.50%<sup>(7)(8)</sup> | 0.70%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 0.56%<sup>(6)(7)</sup> | 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>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 30%<sup>(4)</sup> | 43% | 35% | 6%<sup>(4)</sup> |
|  | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Period from<br>July 29, 2022<sup>(1)</sup> to** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.62 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.01 | 0.03 | 0.06 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | 0.45 | 1.10 | 1.73 | (0.71) |
| Total from Investment Operations | 0.46 | 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:** | **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** | $12.08 | $11.62 | $10.99 | $9.31 |
| **Total Return<sup>(10)</sup>** | 3.96%<sup>(4)</sup> | 10.21% | 19.20%<sup>(5)</sup> | (6.90)%<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:** |
| Net Assets, End of Period (Thousands) | $66 | $61 | $55 | $47 |
| Ratio of Expenses Before Expense Limitation | 22.05%<sup>(6)</sup> | 24.76% | 33.82% | 41.47%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 1.05%<sup>(6)(7)</sup> | 1.05%<sup>(7)</sup> | 0.85%<sup>(7)(8)</sup> | 1.05%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 0.21%<sup>(6)(7)</sup> | 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>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 30%<sup>(4)</sup> | 43% | 35% | 6%<sup>(4)</sup> |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**American Resilience Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.54 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.03) | (0.05) | (0.02) | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 0.45 | 1.08 | 1.71 | (0.70) |
| Total from Investment Operations | 0.42 | 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:** | **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** | $11.96 | $11.54 | $10.95 | $9.29 |
| **Total Return<sup>(10)</sup>** | 3.64%<sup>(4)</sup> | 9.31% | 18.21%<sup>(5)</sup> | (7.10)%<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:** |
| Net Assets, End of Period (Thousands) | $62 | $60 | $55 | $46 |
| Ratio of Expenses Before Expense Limitation | 22.92%<sup>(6)</sup> | 25.56% | 34.58% | 42.21%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 1.80%<sup>(6)(7)</sup> | 1.80%<sup>(7)</sup> | 1.60%<sup>(7)(8)</sup> | 1.80%<sup>(6)(7)</sup> |
| Ratio of Net Investment Loss | (0.53)%<sup>(6)(7)</sup> | (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>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 30%<sup>(4)</sup> | 43% | 35% | 6%<sup>(4)</sup> |
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Period from<br>July 29, 2022<sup>(1)</sup> to** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.64 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.04 | 0.08 | 0.10 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 0.45 | 1.10 | 1.73 | (0.71) |
| Total from Investment Operations | 0.49 | 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:** | **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** | $12.13 | $11.64 | $11.01 | $9.33 |
| **Total Return<sup>(3)</sup>** | 4.21%<sup>(4)</sup> | 10.61% | 19.60%<sup>(5)</sup> | (6.70)%<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:** |
| Net Assets, End of Period (Thousands) | $64 | $62 | $56 | $47 |
| Ratio of Expenses Before Expense Limitation | 21.74%<sup>(6)</sup> | 24.27% | 33.36% | 41.22%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.65%<sup>(6)(7)</sup> | 0.65%<sup>(7)</sup> | 0.45%<sup>(7)(8)</sup> | 0.65%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 0.62%<sup>(6)(7)</sup> | 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>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 30%<sup>(4)</sup> | 43% | 35% | 6%<sup>(4)</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) Not annualized.

(5) Performance was positively impacted by approximately 0.22% for all share classes due to the reimbursement of sub transfer agency and/or transfer agency fees from prior years. Had this reimbursement not occurred, the total return would have been 19.32% for Class I shares, 18.98% for Class A shares, 17.99% for Class C shares and 19.38% for Class R6 shares, respectively.

(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."

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**American Resilience Portfolio**

(8) If the Fund had not received the reimbursement of sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class I | December 31, 2023 | 0.70% | 0.75% |
| Class A | December 31, 2023 | 1.05 | 0.41 |
| Class C | December 31, 2023 | 1.80 | (0.35) |
| Class R6 | December 31, 2023 | 0.65 | 0.80 |

---

(9) Amount is less than 0.005%.

(10) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Asia Opportunity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $21.31 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.04 | 0.07 | 0.05 | 0.00<br><sup>(3)</sup> | (0.12) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 1.80 | 3.52 | (1.38) | (5.50) | (6.39) | 11.16 |
| Total from Investment Operations | 1.84 | 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:** | **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> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $23.15 | $21.31 | $18.11 | $19.49 | $24.99 | $31.72 |
| **Total Return<sup>(4)</sup>** | 8.63%<sup>(5)</sup> | 19.72% | (6.83)%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $97802 | $96057 | $99101 | $154092 | $320534 | $366758 |
| Ratio of Expenses Before Expense Limitation | 1.31%<sup>(7)</sup> | 1.28% | 1.22% | 1.17% | 1.05% | N/A |
| Ratio of Expenses After Expense Limitation | 1.09%<sup>(7)(8)</sup> | 1.10%<sup>(8)</sup> | 1.07%<sup>(8)(9)</sup> | 1.10%<sup>(8)</sup> | 1.05%<sup>(8)</sup> | 1.06%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.09%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.36%<sup>(7)(8)</sup> | 0.36%<sup>(8)</sup> | 0.25%<sup>(8)(9)</sup> | 0.01%<sup>(8)</sup> | (0.41)%<sup>(8)</sup> | (0.48)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(7)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 1%<sup>(5)</sup> | 19% | 16% | 14% | 65% | 44% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $20.88 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.00<br><sup>(3)</sup> | 0.01 | (0.02) | (0.06) | (0.20) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 1.77 | 3.44 | (1.35) | (5.40) | (6.29) | 11.03 |
| Total from Investment Operations | 1.77 | 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:** | **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> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $22.65 | $20.88 | $17.75 | $19.12 | $24.58 | $31.29 |
| **Total Return<sup>(11)</sup>** | 8.48%<sup>(5)</sup> | 19.36% | (7.17)%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $19640 | $19120 | $23418 | $29072 | $77496 | $98559 |
| Ratio of Expenses Before Expense Limitation | 1.57%<sup>(7)</sup> | 1.54% | 1.53% | 1.42% | 1.32% | N/A |
| Ratio of Expenses After Expense Limitation | 1.42%<sup>(7)(8)</sup> | 1.40%<sup>(8)</sup> | 1.40%<sup>(8)(9)</sup> | 1.38%<sup>(8)</sup> | 1.32%<sup>(8)</sup> | 1.34%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.42%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.03%<sup>(7)(8)</sup> | 0.05%<sup>(8)</sup> | (0.08)%<sup>(8)(9)</sup> | (0.29)%<sup>(8)</sup> | (0.69)%<sup>(8)</sup> | (0.76)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(7)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 1%<sup>(5)</sup> | 19% | 16% | 14% | 65% | 44% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Asia Opportunity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $19.83 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.07) | (0.12) | (0.15) | (0.19) | (0.41) | (0.36) |
| Net Realized and Unrealized Gain (Loss) | 1.66 | 3.24 | (1.28) | (5.21) | (6.07) | 10.74 |
| Total from Investment Operations | 1.59 | 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:** | **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> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $21.42 | $19.83 | $16.86 | $18.29 | $23.69 | $30.39 |
| **Total Return<sup>(11)</sup>** | 8.02%<sup>(5)</sup> | 18.47% | (7.82)%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $6861 | $6772 | $9174 | $13816 | $18947 | $19042 |
| Ratio of Expenses Before Expense Limitation | 2.34%<sup>(7)</sup> | 2.29% | 2.26% | 2.15% | 2.05% | N/A |
| Ratio of Expenses After Expense Limitation | 2.19%<sup>(7)(8)</sup> | 2.15%<sup>(8)</sup> | 2.14%<sup>(8)(9)</sup> | 2.11%<sup>(8)</sup> | 2.05%<sup>(8)</sup> | 2.08%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 2.18%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.74)%<sup>(7)(8)</sup> | (0.70)%<sup>(8)</sup> | (0.82)%<sup>(8)(9)</sup> | (1.00)%<sup>(8)</sup> | (1.41)%<sup>(8)</sup> | (1.49)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(7)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 1%<sup>(5)</sup> | 19% | 16% | 14% | 65% | 44% |
|  | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $21.38 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.04 | 0.08 | 0.06 | 0.01 | (0.09) | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 1.81 | 3.54 | (1.40) | (5.50) | (6.41) | 11.15 |
| Total from Investment Operations | 1.85 | 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:** | **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 | 0.01 | 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** | $23.24 | $21.38 | $18.15 | $19.55 | $25.04 | $31.76 |
| **Total Return<sup>(4)</sup>** | 8.70%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3368 | $3145 | $9737 | $10510 | $13400 | $26707 |
| Ratio of Expenses Before Expense Limitation | 1.26%<sup>(7)</sup> | 1.28% | 1.17% | 1.12% | 0.98% | 1.03% |
| Ratio of Expenses After Expense Limitation | 1.04%<sup>(7)(8)</sup> | 1.05%<sup>(8)</sup> | 1.02%<sup>(8)(9)</sup> | 1.05%<sup>(8)</sup> | 0.98%<sup>(8)</sup> | 1.01%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.04%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.41%<sup>(7)(8)</sup> | 0.41%<sup>(8)</sup> | 0.29%<sup>(8)(9)</sup> | 0.06%<sup>(8)</sup> | (0.31)%<sup>(8)</sup> | (0.32)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(7)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 1%<sup>(5)</sup> | 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.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Asia Opportunity Portfolio**

(5) Not annualized.

(6) Reflects prior period sub transfer agency and/or 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 the shares.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class I | December 31, 2023 | 1.09% | 0.23% |
| Class A | December 31, 2023 | 1.43 | (0.11) |
| Class C | December 31, 2023 | 2.16 | (0.84) |
| Class R6 | December 31, 2023 | 1.04 | 0.27 |

---

(10) Amount is less than 0.005%.

(11) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(12) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Developing Opportunity Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **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** | $10.03 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(3)</sup> | 0.01 | (0.01) | (0.00)<sup>(4)</sup> | (0.04) | (0.10) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 1.31 | 1.47 | 0.44 | (3.54) | (2.61) | 4.60 |
| Total from Investment Operations | 1.32 | 1.46 | 0.44 | (3.58) | (2.71) | 4.50 |
| 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** | $11.35 | $10.03 | $8.65 | $8.21 | $11.79 | $14.50 |
| **Total Return<sup>(5)</sup>** | 13.16%<sup>(6)</sup> | 16.79% | 5.36%<sup>(7)</sup> | (30.36)% | (18.69)% | 45.00%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $36814 | $23319 | $26984 | $66056 | $197435 | $234923 |
| Ratio of Expenses Before Expense Limitation | 1.96%<sup>(8)</sup> | 2.00% | 1.69% | 1.45% | 1.23% | 1.41%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.17%<sup>(8)(9)(10)</sup> | 1.15%<sup>(10)</sup> | 1.12%<sup>(10)(11)</sup> | 1.15%<sup>(10)</sup> | 1.15%<sup>(10)</sup> | 1.14%<sup>(8)(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.14%<sup>(8)(10)</sup> | N/A | N/A | 1.15%<sup>(10)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.16%<sup>(8)(10)</sup> | (0.12)%<sup>(10)</sup> | (0.04)%<sup>(10)(11)</sup> | (0.42)%<sup>(10)</sup> | (0.73)%<sup>(10)</sup> | (0.87)%<sup>(8)(10)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(8)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.01%<sup>(8)</sup> |
| Portfolio Turnover Rate | 34%<sup>(6)</sup> | 29% | 15% | 31% | 64% | 18%<sup>(6)</sup> |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period from<br>February 14, 2020<sup>(1)</sup> to** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **December 31, 2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $9.91 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.01) | (0.04) | (0.03) | (0.06) | (0.14) | (0.13) |
| Net Realized and Unrealized Gain (Loss) | 1.30 | 1.44 | 0.43 | (3.52) | (2.60) | 4.60 |
| Total from Investment Operations | 1.29 | 1.40 | 0.40 | (3.58) | (2.74) | 4.47 |
| 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** | $11.20 | $9.91 | $8.55 | $8.15 | $11.73 | $14.47 |
| **Total Return<sup>(13)</sup>** | 13.02%<sup>(6)</sup> | 16.40% | 4.91%<sup>(7)</sup> | (30.52)% | (18.94)% | 44.70%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2856 | $4940 | $4981 | $5057 | $11974 | $11721 |
| Ratio of Expenses Before Expense Limitation | 2.36%<sup>(8)</sup> | 2.32% | 1.99% | 1.69% | 1.48% | 1.72%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.52%<sup>(8)(9)(10)</sup> | 1.47%<sup>(10)</sup> | 1.44%<sup>(10)(11)</sup> | 1.45%<sup>(10)</sup> | 1.46%<sup>(10)</sup> | 1.44%<sup>(8)(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.49%<sup>(8)(10)</sup> | N/A | N/A | 1.44%<sup>(10)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.18)%<sup>(8)(10)</sup> | (0.44)%<sup>(10)</sup> | (0.38)%<sup>(10)(11)</sup> | (0.69)%<sup>(10)</sup> | (1.03)%<sup>(10)</sup> | (1.17)%<sup>(8)(10)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(8)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.01%<sup>(8)</sup> |
| Portfolio Turnover Rate | 34%<sup>(6)</sup> | 29% | 15% | 31% | 64% | 18%<sup>(6)</sup> |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Developing Opportunity Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **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** | $9.58 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.05) | (0.11) | (0.09) | (0.12) | (0.24) | (0.22) |
| Net Realized and Unrealized Gain (Loss) | 1.26 | 1.40 | 0.41 | (3.46) | (2.57) | 4.58 |
| Total from Investment Operations | 1.21 | 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** | $10.79 | $9.58 | $8.29 | $7.97 | $11.55 | $14.36 |
| **Total Return<sup>(13)</sup>** | 12.63%<sup>(6)</sup> | 15.56% | 4.15%<sup>(7)</sup> | (31.08)% | (19.57)% | 43.60%<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:** | **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) | $2645 | $2640 | $3260 | $4076 | $6911 | $5893 |
| Ratio of Expenses Before Expense Limitation | 3.06%<sup>(8)</sup> | 3.10% | 2.74% | 2.45% | 2.21% | 2.53%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 2.27%<sup>(8)(9)(10)</sup> | 2.25%<sup>(10)</sup> | 2.20%<sup>(10)(11)</sup> | 2.21%<sup>(10)</sup> | 2.19%<sup>(10)</sup> | 2.24%<sup>(8)(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 2.24%<sup>(8)(10)</sup> | N/A | N/A | 2.20%<sup>(10)</sup> | N/A | N/A |
| Ratio of Net Investment Loss | (0.93)%<sup>(8)(10)</sup> | (1.22)%<sup>(10)</sup> | (1.12)%<sup>(10)(11)</sup> | (1.44)%<sup>(10)</sup> | (1.78)%<sup>(10)</sup> | (1.97)%<sup>(8)(10)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(8)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.01%<sup>(8)</sup> |
| Portfolio Turnover Rate | 34%<sup>(6)</sup> | 29% | 15% | 31% | 64% | 18%<sup>(6)</sup> |
|  | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period from<br>February 14, 2020<sup>(1)</sup> to** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **December 31, 2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $10.05 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(3)</sup> | 0.01 | 0.00<br><sup>(4)</sup> | 0.00<br><sup>(4)</sup> | (0.03) | (0.10) | (0.07) |
| Net Realized and Unrealized Gain (Loss) | 1.32 | 1.46 | 0.44 | (3.54) | (2.61) | 4.58 |
| Total from Investment Operations | 1.33 | 1.46 | 0.44 | (3.57) | (2.71) | 4.51 |
| 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** | $11.38 | $10.05 | $8.67 | $8.23 | $11.80 | $14.51 |
| **Total Return<sup>(5)</sup>** | 13.23%<sup>(6)</sup> | 16.81% | 5.35%<sup>(7)</sup> | (30.25)% | (18.68)% | 45.10%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $11 | $10 | $10 | $8 | $12 | $15 |
| Ratio of Expenses Before Expense Limitation | 17.89%<sup>(8)</sup> | 25.49% | 29.92% | 24.48% | 17.42% | 17.67%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.12%<sup>(8)(9)(10)</sup> | 1.10%<sup>(10)</sup> | 1.03%<sup>(10)(11)</sup> | 1.11%<sup>(9)(10)</sup> | 1.10%<sup>(10)</sup> | 1.09%<sup>(8)(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.09%<sup>(8)(10)</sup> | N/A | N/A | 1.10%<sup>(10)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.21%<sup>(8)(10)</sup> | (0.07)%<sup>(10)</sup> | 0.05%<sup>(10)(11)</sup> | (0.34)%<sup>(10)</sup> | (0.69)%<sup>(10)</sup> | (0.67)%<sup>(8)(10)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(8)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.01%<sup>(8)</sup> |
| Portfolio Turnover Rate | 34%<sup>(6)</sup> | 29% | 15% | 31% | 64% | 18%<sup>(6)</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) Not annualized.

(7) Reflects prior period sub transfer agency and/or 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 the shares.

(8) Annualized.

(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 the Financial Statements.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Developing Opportunity Portfolio** 

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Loss Ratio |
| Class I | December 31, 2023 | 1.15% | (0.07)% |
| Class A | December 31, 2023 | 1.50 | (0.44) |
| Class C | December 31, 2023 | 2.25 | (1.17) |
| Class R6 | December 31, 2023 | 1.09 | (0.01) |

---

(12) Amount is less than 0.005%.

(13) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(14) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Emerging Markets ex China Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **Period from<br>September 30, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $12.32 | $12.43 | $10.89 | $10.00 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.07 | 0.16 | 0.20 | 0.01 |
| Net Realized and Unrealized Gain | 1.56 | 0.53 | 2.13 | 0.88 |
| Total from Investment Operations | 1.63 | 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:** | **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** | $13.95 | $12.32 | $12.43 | $10.89 |
| **Total Return<sup>(3)</sup>** | 13.23%<sup>(4)</sup> | 5.31% | 21.57%<sup>(5)</sup> | 8.90%<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:** |
| Net Assets, End of Period (Thousands) | $7658 | $6763 | $6419 | $5283 |
| Ratio of Expenses Before Expense Limitation | 5.13%<sup>(6)</sup> | 5.26% | 7.05% | 8.64%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.98%<sup>(6)(7)</sup> | 0.98%<sup>(7)</sup> | 0.96%<sup>(7)(8)</sup> | 0.98%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 1.05%<sup>(6)(7)</sup> | 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>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01%<sup>(6)</sup> |
| Portfolio Turnover Rate | 9%<sup>(4)</sup> | 32% | 40% | 21%<sup>(4)</sup> |
|  | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Period from<br>September 30, 2022<sup>(1)</sup> to** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $12.30 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.04 | 0.11 | 0.16 | (0.00)<sup>(10)</sup> |
| Net Realized and Unrealized Gain | 1.57 | 0.53 | 2.11 | 0.88 |
| Total from Investment Operations | 1.61 | 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:** | **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** | $13.91 | $12.30 | $12.41 | $10.88 |
| **Total Return<sup>(11)</sup>** | 13.09%<sup>(4)</sup> | 4.94% | 21.10%<sup>(5)</sup> | 8.80%<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:** |
| Net Assets, End of Period (Thousands) | $78 | $69 | $66 | $54 |
| Ratio of Expenses Before Expense Limitation | 8.09%<sup>(6)</sup> | 8.43% | 10.80% | 13.28%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(6)(7)</sup> | 1.35%<sup>(7)</sup> | 1.32%<sup>(7)(8)</sup> | 1.34%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income (Loss) | 0.68%<sup>(6)(7)</sup> | 0.84%<sup>(7)</sup> | 1.34%<sup>(7)(8)</sup> | (0.11)%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01%<sup>(6)</sup> |
| Portfolio Turnover Rate | 9%<sup>(4)</sup> | 32% | 40% | 21%<sup>(4)</sup> |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Emerging Markets ex China Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **Period from<br>September 30, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $12.27 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | (0.00)<sup>(10)</sup> | 0.01 | 0.07 | (0.02) |
| Net Realized and Unrealized Gain | 1.54 | 0.53 | 2.11 | 0.88 |
| Total from Investment Operations | 1.54 | 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:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.00)<sup>(10)</sup> | (0.08) |  |
| Net Realized Gain |  | (0.65) | (0.58) |  |
| Total Distributions |  | (0.65) | (0.66) |  |
| **Net Asset Value, End of Period** | $13.81 | $12.27 | $12.38 | $10.86 |
| **Total Return<sup>(11)</sup>** | 12.55%<sup>(4)</sup> | 4.19% | 20.22%<sup>(5)</sup> | 8.60%<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:** |
| Net Assets, End of Period (Thousands) | $77 | $68 | $65 | $54 |
| Ratio of Expenses Before Expense Limitation | 8.89%<sup>(6)</sup> | 9.22% | 11.57% | 14.04%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(6)(7)</sup> | 2.10%<sup>(7)</sup> | 2.07%<sup>(7)(8)</sup> | 2.09%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income (Loss) | (0.06)%<sup>(6)(7)</sup> | 0.09%<sup>(7)</sup> | 0.58%<sup>(7)(8)</sup> | (0.85)%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01%<sup>(6)</sup> |
| Portfolio Turnover Rate | 9%<sup>(4)</sup> | 32% | 40% | 21%<sup>(4)</sup> |
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Period from<br>September 30, 2022<sup>(1)</sup> to** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $12.32 | $12.43 | $10.89 | $10.00 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.07 | 0.17 | 0.20 | 0.01 |
| Net Realized and Unrealized Gain | 1.57 | 0.53 | 2.13 | 0.88 |
| Total from Investment Operations | 1.64 | 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:** | **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** | $13.96 | $12.32 | $12.43 | $10.89 |
| **Total Return<sup>(3)</sup>** | 13.31%<sup>(4)</sup> | 5.34% | 21.61%<sup>(5)</sup> | 8.90%<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:** |
| Net Assets, End of Period (Thousands) | $79 | $70 | $66 | $54 |
| Ratio of Expenses Before Expense Limitation | 7.81%<sup>(6)</sup> | 8.16% | 10.54% | 13.03%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(6)(7)</sup> | 0.95%<sup>(7)</sup> | 0.92%<sup>(7)(8)</sup> | 0.94%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 1.08%<sup>(6)(7)</sup> | 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>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01%<sup>(6)</sup> |
| Portfolio Turnover Rate | 9%<sup>(4)</sup> | 32% | 40% | 21%<sup>(4)</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) Not annualized.

(5) Reflects prior period sub transfer agency and/or 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 the shares.

(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."

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Emerging Markets ex China Portfolio**

(8) If the Fund had not received the reimbursement of sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income Ratio |
| Class I | December 31, 2023 | 0.99% | 1.67% |
| Class A | December 31, 2023 | 1.35 | 1.31 |
| Class C | December 31, 2023 | 2.10 | 0.55 |
| Class R6 | December 31, 2023 | 0.95 | 1.71 |

---

(9) Amount is less than 0.005%.

(10) Amount is less than $0.005 per share.

(11) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Emerging Markets Leaders Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.08 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.03 | (0.02) | (0.01) | (0.08) | (0.19) | (0.11) |
| Net Realized and Unrealized Gain (Loss) | 1.24 | 0.35 | 1.61 | (6.54) | 0.55 | 7.62 |
| Total from Investment Operations | 1.27 | 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:** | **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> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $16.35 | $15.08 | $14.75 | $13.15 | $19.77 | $19.43 |
| **Total Return<sup>(3)</sup>** | 8.49%<sup>(4)</sup> | 2.24% | 12.17%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $144246 | $176361 | $255999 | $259940 | $339152 | $80465 |
| Ratio of Expenses Before Expense Limitation | 1.30%<sup>(6)</sup> | 1.16% | 1.13% | 1.27% | 1.23% | 1.47% |
| Ratio of Expenses After Expense Limitation | 0.98%<sup>(6)(7)</sup> | 1.02%<sup>(7)(8)</sup> | 1.03%<sup>(7)(9)</sup> | 1.15%<sup>(7)(10)</sup> | 1.18%<sup>(7)</sup> | 1.15%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.18%<sup>(7)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | 0.37%<sup>(6)(7)</sup> | (0.17)%<sup>(7)</sup> | (0.08)%<sup>(7)(9)</sup> | (0.50)%<sup>(7)</sup> | (0.92)%<sup>(7)</sup> | (0.73)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% | 0.00%<sup>(11)</sup> | 0.01% |
| Portfolio Turnover Rate | 29%<sup>(4)</sup> | 58% | 54% | 62% | 27% | 57% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $14.63 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | 0.00<br><sup>(2)</sup> | (0.08) | (0.05) | (0.12) | (0.24) | (0.17) |
| Net Realized and Unrealized Gain (Loss) | 1.21 | 0.35 | 1.57 | (6.41) | 0.54 | 7.51 |
| Total from Investment Operations | 1.21 | 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:** | **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> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $15.84 | $14.63 | $14.36 | $12.84 | $19.37 | $19.09 |
| **Total Return<sup>(12)</sup>** | 8.27%<sup>(4)</sup> | 1.88% | 11.84%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $8343 | $8839 | $10912 | $13113 | $25015 | $7925 |
| Ratio of Expenses Before Expense Limitation | 1.58%<sup>(6)</sup> | 1.46% | 1.40% | 1.55% | 1.52% | 1.82% |
| Ratio of Expenses After Expense Limitation | 1.34%<sup>(6)(7)</sup> | 1.37%<sup>(7)(8)</sup> | 1.36%<sup>(7)(9)</sup> | 1.45%<sup>(7)(10)</sup> | 1.47%<sup>(7)</sup> | 1.50%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.47%<sup>(7)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | 0.01%<sup>(6)(7)</sup> | (0.51)%<sup>(7)</sup> | (0.41)%<sup>(7)(9)</sup> | (0.83)%<sup>(7)</sup> | (1.21)%<sup>(7)</sup> | (1.13)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% | 0.00%<sup>(11)</sup> | 0.01% |
| Portfolio Turnover Rate | 29%<sup>(4)</sup> | 58% | 54% | 62% | 27% | 57% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Emerging Markets Leaders Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $13.66 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.05) | (0.18) | (0.15) | (0.22) | (0.38) | (0.27) |
| Net Realized and Unrealized Gain (Loss) | 1.12 | 0.33 | 1.49 | (6.10) | 0.52 | 7.25 |
| Total from Investment Operations | 1.07 | 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:** | **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> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $14.73 | $13.66 | $13.51 | $12.17 | $18.49 | $18.37 |
| **Total Return<sup>(12)</sup>** | 7.83%<sup>(4)</sup> | 1.11% | 11.01%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2408 | $2542 | $3421 | $4179 | $8220 | $3395 |
| Ratio of Expenses Before Expense Limitation | 2.40%<sup>(6)</sup> | 2.24% | 2.16% | 2.28% | 2.29% | 2.63% |
| Ratio of Expenses After Expense Limitation | 2.09%<sup>(6)(7)</sup> | 2.12%<sup>(7)(8)</sup> | 2.12%<sup>(7)(9)</sup> | 2.17%<sup>(7)(10)</sup> | 2.24%<sup>(7)</sup> | 2.29%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | 2.24%<sup>(7)</sup> | N/A |
| Ratio of Net Investment Loss | (0.74)%<sup>(6)(7)</sup> | (1.26)%<sup>(7)</sup> | (1.17)%<sup>(7)(9)</sup> | (1.56)%<sup>(7)</sup> | (1.98)%<sup>(7)</sup> | (1.88)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% | 0.00%<sup>(11)</sup> | 0.01% |
| Portfolio Turnover Rate | 29%<sup>(4)</sup> | 58% | 54% | 62% | 27% | 57% |
|  | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.14 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.03 | (0.02) | (0.01) | (0.09) | (0.17) | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 1.26 | 0.34 | 1.63 | (6.53) | 0.55 | 7.61 |
| Total from Investment Operations | 1.29 | 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:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  |  | (0.02) | (0.78) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.01 | 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** | $16.43 | $15.14 | $14.81 | $13.19 | $19.81 | $19.45 |
| **Total Return<sup>(3)</sup>** | 8.52%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $345 | $398 | $371 | $9360 | $41692 | $27230 |
| Ratio of Expenses Before Expense Limitation | 2.47%<sup>(6)</sup> | 2.35% | 1.08% | 1.20% | 1.16% | 1.42% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(6)(7)</sup> | 0.97%<sup>(7)(8)</sup> | 0.99%<sup>(7)(9)</sup> | 1.08%<sup>(7)(10)</sup> | 1.10%<sup>(7)</sup> | 1.09%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.10%<sup>(7)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | 0.41%<sup>(6)(7)</sup> | (0.12)%<sup>(7)</sup> | (0.03)%<sup>(7)(9)</sup> | (0.59)%<sup>(7)</sup> | (0.84)%<sup>(7)</sup> | (0.65)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% | 0.00%<sup>(11)</sup> | 0.01% |
| Portfolio Turnover Rate | 29%<sup>(4)</sup> | 58% | 54% | 62% | 27% | 57% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Emerging Markets Leaders Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **Period from<br>April 12, 2021<sup>(14)</sup> to**<br>**December 31, 2021** |
| **Net Asset Value, Beginning of Period** | $15.13 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.03 | (0.02) | (0.01) | (0.07) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 1.25 | 0.35 | 1.63 | (6.56) | 0.58 |
| Total from Investment Operations | 1.28 | 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:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  |  | (0.02) |
| **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** | $16.41 | $15.13 | $14.80 | $13.18 | $19.81 |
| **Total Return<sup>(3)</sup>** | 8.53%<sup>(4)</sup> | 2.23% | 12.29%<sup>(5)</sup> | (33.47)% | 2.36%<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) | $8 | $8 | $8 | $7 | $10 |
| Ratio of Expenses Before Expense Limitation | 26.05%<sup>(6)</sup> | 26.19% | 29.98% | 11.47% | 14.15%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(6)(7)</sup> | 0.97%<sup>(7)(8)</sup> | 0.98%<sup>(7)(9)</sup> | 1.08%<sup>(7)(10)</sup> | 1.10%<sup>(6)(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.10%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income (Loss) | 0.39%<sup>(6)(7)</sup> | (0.11)%<sup>(7)</sup> | (0.04)%<sup>(7)(9)</sup> | (0.44)%<sup>(7)</sup> | (0.80)%<sup>(6)(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% | 0.00%<sup>(11)</sup> |
| Portfolio Turnover Rate | 29%<sup>(4)</sup> | 58% | 54% | 62% | 27% |

---

(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) Not annualized.

(5) Reflects prior period sub transfer agency and/or 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 the shares.

(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) 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, 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. Prior to June 18, 2024, the maximum ratio was 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.

(9) If the Fund had not received the reimbursement of sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Loss Ratio |
| Class I | December 31, 2023 | 1.05% | (0.10)% |
| Class A | December 31, 2023 | 1.38 | (0.43) |
| Class C | December 31, 2023 | 2.14 | (1.19) |
| Class R6 | December 31, 2023 | 1.00 | (0.04) |
| Class IR | December 31, 2023 | 1.00 | (0.06) |

---

(10) 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, 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. Prior to October 1, 2022, the maximum ratio was 1.20% for Class I shares, 1.55% for Class A shares, 2.30% for Class C shares, 1.10% for Class R6 shares and 1.10% for Class IR shares.

(11) Amount is less than 0.005%.

(12) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(13) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(14) Commencement of Offering.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Emerging Markets Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $21.30 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.16 | 0.29 | 0.35 | 0.34 | 0.17 | 0.13 |
| Net Realized and Unrealized Gain (Loss) | 2.94 | 1.33 | 1.85 | (6.72) | 0.73 | 3.32 |
| Total from Investment Operations | 3.10 | 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:** | **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> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $24.40 | $21.30 | $19.95 | $18.24 | $25.44 | $26.85 |
| **Total Return<sup>(3)</sup>** | 14.55%<sup>(4)</sup> | 8.07% | 12.16%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $128594 | $122217 | $147876 | $145218 | $272406 | $312834 |
| Ratio of Expenses Before Expense Limitation | 1.11%<sup>(6)</sup> | 1.10% | 1.12% | 1.16% | 1.09% | 1.10% |
| Ratio of Expenses After Expense Limitation | 0.99%<sup>(6)(7)</sup> | 0.99%<sup>(7)</sup> | 0.97%<sup>(7)(8)(9)</sup> | 1.05%<sup>(7)</sup> | 1.05%<sup>(7)</sup> | 1.05%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 1.05%<sup>(7)</sup> | 1.05%<sup>(7)</sup> | 1.05%<sup>(7)</sup> |
| Ratio of Net Investment Income | 1.44%<sup>(6)(7)</sup> | 1.37%<sup>(7)</sup> | 1.84%<sup>(7)(8)</sup> | 1.68%<sup>(7)</sup> | 0.61%<sup>(7)</sup> | 0.58%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 16%<sup>(4)</sup> | 41% | 34% | 38% | 39% | 57% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $20.64 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.11 | 0.21 | 0.27 | 0.26 | 0.08 | 0.05 |
| Net Realized and Unrealized Gain (Loss) | 2.85 | 1.29 | 1.79 | (6.51) | 0.71 | 3.22 |
| Total from Investment Operations | 2.96 | 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:** | **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> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $23.60 | $20.64 | $19.34 | $17.70 | $24.69 | $26.13 |
| **Total Return<sup>(11)</sup>** | 14.34%<sup>(4)</sup> | 7.69% | 11.73%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $5111 | $5579 | $5011 | $4978 | $9222 | $7907 |
| Ratio of Expenses Before Expense Limitation | 1.43%<sup>(6)</sup> | 1.40% | 1.44% | 1.48% | 1.39% | 1.43% |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(6)(7)</sup> | 1.35%<sup>(7)</sup> | 1.33%<sup>(7)(8)(9)</sup> | 1.38%<sup>(7)</sup> | 1.36%<sup>(7)</sup> | 1.38%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 1.38%<sup>(7)</sup> | 1.36%<sup>(7)</sup> | 1.38%<sup>(7)</sup> |
| Ratio of Net Investment Income | 1.08%<sup>(6)(7)</sup> | 1.01%<sup>(7)</sup> | 1.48%<sup>(7)(8)</sup> | 1.30%<sup>(7)</sup> | 0.28%<sup>(7)</sup> | 0.24%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 16%<sup>(4)</sup> | 41% | 34% | 38% | 39% | 57% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Emerging Markets Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $20.03 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.06 | 0.10 | 0.18 | 0.16 | (0.06) | (0.08) |
| Net Realized and Unrealized Gain (Loss) | 2.76 | 1.24 | 1.74 | (6.34) | 0.68 | 3.15 |
| Total from Investment Operations | 2.82 | 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:** | **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> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $22.85 | $20.03 | $18.78 | $17.20 | $24.05 | $25.51 |
| **Total Return<sup>(3)</sup>** | 14.08%<sup>(4)</sup> | 7.12% | 11.19%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $193 | $170 | $170 | $169 | $233 | $215 |
| Ratio of Expenses Before Expense Limitation | 2.93%<sup>(6)</sup> | 3.03% | 3.19% | 2.88% | 2.69% | 3.06% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(6)(7)</sup> | 1.85%<sup>(7)</sup> | 1.83%<sup>(7)(8)(9)</sup> | 1.90%<sup>(7)</sup> | 1.90%<sup>(7)</sup> | 1.90%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 1.90%<sup>(7)</sup> | 1.90%<sup>(7)</sup> | 1.90%<sup>(7)</sup> |
| Ratio of Net Investment Income (Loss) | 0.58%<sup>(6)(7)</sup> | 0.51%<sup>(7)</sup> | 0.98%<sup>(7)(8)</sup> | 0.87%<sup>(7)</sup> | (0.23)%<sup>(7)</sup> | (0.40)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 16%<sup>(4)</sup> | 41% | 34% | 38% | 39% | 57% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $19.98 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.03 | 0.05 | 0.13 | 0.09 | (0.10) | (0.11) |
| Net Realized and Unrealized Gain (Loss) | 2.75 | 1.25 | 1.74 | (6.31) | 0.67 | 3.10 |
| Total from Investment Operations | 2.78 | 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:** | **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> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $22.76 | $19.98 | $18.78 | $17.12 | $24.01 | $25.29 |
| **Total Return<sup>(11)</sup>** | 13.91%<sup>(4)</sup> | 6.89% | 10.93%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $401 | $325 | $173 | $338 | $531 | $530 |
| Ratio of Expenses Before Expense Limitation | 2.82%<sup>(6)</sup> | 3.13% | 3.13% | 2.97% | 2.42% | 2.60% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(6)(7)</sup> | 2.10%<sup>(7)</sup> | 2.10%<sup>(7)(8)(9)</sup> | 2.15%<sup>(7)</sup> | 2.15%<sup>(7)</sup> | 2.15%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 2.15%<sup>(7)</sup> | 2.15%<sup>(7)</sup> | 2.15%<sup>(7)</sup> |
| Ratio of Net Investment Income (Loss) | 0.33%<sup>(6)(7)</sup> | 0.26%<sup>(7)</sup> | 0.71%<sup>(7)(8)</sup> | 0.47%<sup>(7)</sup> | (0.39)%<sup>(7)</sup> | (0.53)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 16%<sup>(4)</sup> | 41% | 34% | 38% | 39% | 57% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Emerging Markets Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $21.28 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.16 | 0.30 | 0.36 | 0.35 | 0.20 | 0.15 |
| Net Realized and Unrealized Gain (Loss) | 2.94 | 1.33 | 1.85 | (6.71) | 0.72 | 3.33 |
| Total from Investment Operations | 3.10 | 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:** | **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> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $24.38 | $21.28 | $19.93 | $18.23 | $25.43 | $26.85 |
| **Total Return<sup>(3)</sup>** | 14.57%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $432402 | $390597 | $363988 | $327910 | $439730 | $440346 |
| Ratio of Expenses Before Expense Limitation | 0.97%<sup>(6)</sup> | 0.98% | 1.00% | 1.06% | 0.98% | 1.00% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(6)(7)</sup> | 0.95%<sup>(7)</sup> | 0.91%<sup>(7)(8)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> |
| Ratio of Net Investment Income | 1.48%<sup>(6)(7)</sup> | 1.41%<sup>(7)</sup> | 1.90%<sup>(7)(8)</sup> | 1.75%<sup>(7)</sup> | 0.71%<sup>(7)</sup> | 0.67%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 16%<sup>(4)</sup> | 41% | 34% | 38% | 39% | 57% |
|  | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $21.28 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.16 | 0.30 | 0.36 | 0.35 | 0.20 | 0.12 |
| Net Realized and Unrealized Gain (Loss) | 2.94 | 1.33 | 1.85 | (6.71) | 0.72 | 3.36 |
| Total from Investment Operations | 3.10 | 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:** | **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> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $24.38 | $21.28 | $19.93 | $18.23 | $25.43 | $26.85 |
| **Total Return<sup>(3)</sup>** | 14.57%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $13 | $11 | $10 | $9 | $12 | $12 |
| Ratio of Expenses Before Expense Limitation | 17.19%<sup>(6)</sup> | 19.80% | 22.94% | 22.06% | 16.98% | 21.21% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(6)(7)</sup> | 0.95%<sup>(7)</sup> | 0.91%<sup>(7)(8)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> |
| Ratio of Net Investment Income | 1.50%<sup>(6)(7)</sup> | 1.40%<sup>(7)</sup> | 1.89%<sup>(7)(8)</sup> | 1.75%<sup>(7)</sup> | 0.71%<sup>(7)</sup> | 0.55%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 16%<sup>(4)</sup> | 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) Not annualized.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Emerging Markets Portfolio**

(5) Reflects prior period sub transfer agency and/or 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 the shares.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income Ratio |
| Class I | December 31, 2023 | 1.01% | 1.80% |
| Class A | December 31, 2023 | 1.37 | 1.44 |
| Class L | December 31, 2023 | 1.87 | 0.94 |
| Class C | December 31, 2023 | 2.12 | 0.69 |
| Class R6 | December 31, 2023 | 0.95 | 1.86 |
| Class IR | December 31, 2023 | 0.95 | 1.85 |

---

(9) 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, 1.35% for Class A shares, 1.85% for Class L shares and 2.10% for Class C shares. Prior to April 28, 2023, the maximum ratio was 1.05% for Class I shares, 1.40% for Class A shares, 1.90% for Class L shares and 2.15% for Class C shares.

(10) Amount is less than 0.005%.

(11) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(12) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Concentrated Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $23.44 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.02 | 0.00<br><sup>(2)</sup> | 0.13 | 0.03 | 0.01 | 0.03 |
| Net Realized and Unrealized Gain (Loss) | 2.69 | 5.82 | 2.64 | (4.36) | 3.02 | 3.23 |
| Total from Investment Operations | 2.71 | 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:** | **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** | $26.15 | $23.44 | $17.67 | $15.04 | $19.41 | $17.12 |
| **Total Return<sup>(3)</sup>** | 11.56%<sup>(4)</sup> | 32.91% | 18.42%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $268358 | $203761 | $95405 | $70730 | $98522 | $45946 |
| Ratio of Expenses Before Expense Limitation | 1.02%<sup>(6)</sup> | 1.06% | 1.12% | 1.20% | 1.17% | 1.81% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(6)(7)</sup> | 1.00%<sup>(7)</sup> | 0.99%<sup>(7)(8)</sup> | 1.00%<sup>(7)</sup> | 1.00%<sup>(7)</sup> | 0.99%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.00%<sup>(6)(7)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.17%<sup>(6)(7)</sup> | 0.00%<sup>(7)(9)</sup> | 0.78%<sup>(7)(8)</sup> | 0.20%<sup>(7)</sup> | 0.04%<sup>(7)</sup> | 0.21%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 26%<sup>(4)</sup> | 43% | 51% | 34% | 33% | 54% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $23.15 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.01) | (0.06) | 0.08 | (0.01) | (0.05) | (0.02) |
| Net Realized and Unrealized Gain (Loss) | 2.66 | 5.74 | 2.60 | (4.31) | 2.99 | 3.22 |
| Total from Investment Operations | 2.65 | 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:** | **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** | $25.80 | $23.15 | $17.47 | $14.88 | $19.20 | $17.00 |
| **Total Return<sup>(10)</sup>** | 11.45%<sup>(4)</sup> | 32.51% | 18.05%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $18148 | $14600 | $8088 | $6631 | $8245 | $6091 |
| Ratio of Expenses Before Expense Limitation | 1.29%<sup>(6)</sup> | 1.33% | 1.41% | 1.49% | 1.45% | 2.13% |
| Ratio of Expenses After Expense Limitation | 1.29%<sup>(6)(7)</sup> | 1.29%<sup>(7)</sup> | 1.27%<sup>(7)(8)</sup> | 1.30%<sup>(7)</sup> | 1.30%<sup>(7)</sup> | 1.31%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.29%<sup>(6)(7)</sup> | N/A | N/A | N/A | (0.00)% | N/A |
| Ratio of Net Investment Income (Loss) | (0.11)%<sup>(6)(7)</sup> | (0.29)%<sup>(7)</sup> | 0.49%<sup>(7)(8)</sup> | (0.08)%<sup>(7)</sup> | (0.29)%<sup>(7)</sup> | (0.14)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 26%<sup>(4)</sup> | 43% | 51% | 34% | 33% | 54% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Concentrated Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $22.11 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.10) | (0.22) | (0.04) | (0.13) | (0.18) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 2.54 | 5.51 | 2.51 | (4.18) | 2.92 | 3.15 |
| Total from Investment Operations | 2.44 | 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:** | **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** | $24.55 | $22.11 | $16.82 | $14.35 | $18.66 | $16.66 |
| **Total Return<sup>(10)</sup>** | 11.04%<sup>(4)</sup> | 31.45% | 17.21%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $9866 | $7746 | $5164 | $5040 | $7969 | $3568 |
| Ratio of Expenses Before Expense Limitation | 2.04%<sup>(6)</sup> | 2.10% | 2.17% | 2.24% | 2.21% | 2.91% |
| Ratio of Expenses After Expense Limitation | 2.04%<sup>(6)(7)</sup> | 2.06%<sup>(7)</sup> | 2.04%<sup>(7)(8)</sup> | 2.05%<sup>(7)</sup> | 2.06%<sup>(7)</sup> | 2.09%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 2.04%<sup>(6)(7)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.87)%<sup>(6)(7)</sup> | (1.06)%<sup>(7)</sup> | (0.27)%<sup>(7)(8)</sup> | (0.83)%<sup>(7)</sup> | (1.00)%<sup>(7)</sup> | (0.91)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 26%<sup>(4)</sup> | 43% | 51% | 34% | 33% | 54% |
|  | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $23.47 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.03 | 0.01 | 0.14 | 0.03 | 0.04 | 0.03 |
| Net Realized and Unrealized Gain (Loss) | 2.70 | 5.82 | 2.65 | (4.36) | 3.00 | 3.25 |
| Total from Investment Operations | 2.73 | 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:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.06) | (0.15) | (0.04) |  | (0.00)<sup>(2)</sup> |
| Net Realized Gain |  |  |  | (0.00)<sup>(2)</sup> | (0.74) |  |
| Paid-in-Capital |  |  |  | (0.01) |  |  |
| Total Distributions |  | (0.06) | (0.15) | (0.05) | (0.74) | (0.00)<sup>(2)</sup> |
| **Net Asset Value, End of Period** | $26.20 | $23.47 | $17.70 | $15.06 | $19.44 | $17.14 |
| **Total Return<sup>(3)</sup>** | 11.63%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $78 | $15 | $11 | $16 | $73 | $43 |
| Ratio of Expenses Before Expense Limitation | 10.06%<sup>(6)</sup> | 9.05% | 19.78% | 9.89% | 7.26% | 9.20% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(6)(7)</sup> | 0.95%<sup>(7)</sup> | 0.93%<sup>(7)(8)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> |
| Ratio of Net Investment Income | 0.23%<sup>(6)(7)</sup> | 0.06%<sup>(7)</sup> | 0.84%<sup>(7)(8)</sup> | 0.17%<sup>(7)</sup> | 0.21%<sup>(7)</sup> | 0.22%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 26%<sup>(4)</sup> | 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) Not annualized.

(5) Reflects prior period sub transfer agency and/or 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 the shares.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Concentrated Portfolio**

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class I | December 31, 2023 | 1.00% | 0.77% |
| Class A | December 31, 2023 | 1.29 | 0.47 |
| Class C | December 31, 2023 | 2.05 | (0.28) |
| Class R6 | December 31, 2023 | 0.95 | 0.82 |

---

(9) Amount is less than 0.005%.

(10) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(11) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Core Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $20.98 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.03 | 0.02 | 0.11 | 0.07 | 0.01 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | 1.53 | 4.05 | 2.49 | (3.56) | 2.78 | 2.78 |
| Total from Investment Operations | 1.56 | 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:** | **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** | $22.54 | $20.98 | $16.95 | $14.47 | $18.01 | $15.99 |
| **Total Return<sup>(2)</sup>** | 7.39%<sup>(3)</sup> | 23.98% | 17.96%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $31864 | $26030 | $16116 | $14324 | $18041 | $9849 |
| Ratio of Expenses Before Expense Limitation | 1.53%<sup>(5)</sup> | 1.72% | 1.99% | 2.25% | 2.13% | 2.93% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(5)(6)</sup> | 1.00%<sup>(6)</sup> | 0.96%<sup>(6)(7)</sup> | 0.99%<sup>(6)</sup> | 0.99%<sup>(6)</sup> | 0.99%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.00%<sup>(5)(6)</sup> | 1.00%<sup>(6)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.30%<sup>(5)(6)</sup> | 0.09%<sup>(6)</sup> | 0.70%<sup>(6)(7)</sup> | 0.48%<sup>(6)</sup> | 0.06%<sup>(6)</sup> | 0.18%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 22%<sup>(3)</sup> | 39% | 18% | 17% | 23% | 30% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $20.73 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.00) | (0.04) | 0.06 | 0.01 | (0.05) | (0.02) |
| Net Realized and Unrealized Gain (Loss) | 1.51 | 3.99 | 2.46 | (3.52) | 2.75 | 2.77 |
| Total from Investment Operations | 1.51 | 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:** | **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** | $22.24 | $20.73 | $16.78 | $14.33 | $17.85 | $15.92 |
| **Total Return<sup>(9)</sup>** | 7.28%<sup>(3)</sup> | 23.54% | 17.62%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $9064 | $7869 | $5221 | $3978 | $2678 | $1869 |
| Ratio of Expenses Before Expense Limitation | 1.82%<sup>(5)</sup> | 2.00% | 2.32% | 2.60% | 2.51% | 3.32% |
| Ratio of Expenses After Expense Limitation | 1.32%<sup>(5)(6)</sup> | 1.30%<sup>(6)</sup> | 1.29%<sup>(6)(7)</sup> | 1.35%<sup>(6)</sup> | 1.35%<sup>(6)</sup> | 1.35%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.32%<sup>(5)(6)</sup> | 1.30%<sup>(6)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.02)%<sup>(5)(6)</sup> | (0.21)%<sup>(6)</sup> | 0.36%<sup>(6)(7)</sup> | 0.09%<sup>(6)</sup> | (0.31)%<sup>(6)</sup> | (0.18)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 22%<sup>(3)</sup> | 39% | 18% | 17% | 23% | 30% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Core Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $19.72 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.08) | (0.19) | (0.06) | (0.09) | (0.18) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 1.44 | 3.82 | 2.36 | (3.41) | 2.69 | 2.70 |
| Total from Investment Operations | 1.36 | 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:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  |  | (0.77) |  |
| **Net Asset Value, End of Period** | $21.08 | $19.72 | $16.09 | $13.79 | $17.29 | $15.55 |
| **Total Return<sup>(9)</sup>** | 6.79%<sup>(3)</sup> | 22.62% | 16.68%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3369 | $2857 | $2618 | $2186 | $2893 | $1998 |
| Ratio of Expenses Before Expense Limitation | 2.62%<sup>(5)</sup> | 2.80% | 3.12% | 3.38% | 3.25% | 4.11% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(5)(6)</sup> | 2.10%<sup>(6)</sup> | 2.07%<sup>(6)(7)</sup> | 2.10%<sup>(6)</sup> | 2.10%<sup>(6)</sup> | 2.10%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 2.10%<sup>(5)(6)</sup> | 2.10%<sup>(6)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.80)%<sup>(5)(6)</sup> | (1.01)%<sup>(6)</sup> | (0.41)%<sup>(6)(7)</sup> | (0.65)%<sup>(6)</sup> | (1.06)%<sup>(6)</sup> | (0.94)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 22%<sup>(3)</sup> | 39% | 18% | 17% | 23% | 30% |
|  | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $20.99 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.04 | 0.03 | 0.11 | 0.08 | 0.02 | 0.03 |
| Net Realized and Unrealized Gain (Loss) | 1.53 | 4.05 | 2.50 | (3.55) | 2.77 | 2.78 |
| Total from Investment Operations | 1.57 | 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:** | **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** | $22.56 | $20.99 | $16.96 | $14.48 | $18.01 | $15.99 |
| **Total Return<sup>(2)</sup>** | 7.43%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $14 | $13 | $10 | $15 | $29 | $16 |
| Ratio of Expenses Before Expense Limitation | 16.96%<sup>(5)</sup> | 20.37% | 16.70% | 15.01% | 13.09% | 18.19% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(5)(6)</sup> | 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 Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.95%<sup>(5)(6)</sup> | 0.95%<sup>(6)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.37%<sup>(5)(6)</sup> | 0.13%<sup>(6)</sup> | 0.72%<sup>(6)(7)</sup> | 0.49%<sup>(6)</sup> | 0.10%<sup>(6)</sup> | 0.22%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 22%<sup>(3)</sup> | 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) Not annualized.

(4) Reflects prior period sub transfer agency and/or 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 the shares.

(5) Annualized.

(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."

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Core Portfolio**

(7) If the Fund had not received the reimbursement of sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class I | December 31, 2023 | 1.00% | 0.66% |
| Class A | December 31, 2023 | 1.32 | 0.33 |
| Class C | December 31, 2023 | 2.10 | (0.44) |
| Class R6 | December 31, 2023 | 0.95 | 0.70 |

---

(8) Amount is less than 0.005%.

(9) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(10) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Endurance Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.73 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.04) | 0.05 | 0.31 | (0.13) | (0.28) | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 1.73 | 0.90 | 6.48 | (18.25) | 2.82 | 14.41 |
| Total from Investment Operations | 1.69 | 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:** | **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** | $18.42 | $16.73 | $15.87 | $9.37 | $27.75 | $26.51 |
| **Total Return<sup>(2)</sup>** | 10.10%<sup>(3)</sup> | 5.98% | 72.56%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $26443 | $24735 | $36150 | $17152 | $70478 | $7854 |
| Ratio of Expenses Before Expense Limitation | 2.01%<sup>(5)</sup> | 1.69% | 1.62% | 1.67% | 1.34% | 5.12% |
| Ratio of Expenses After Expense Limitation | 1.01%<sup>(5)(6)(7)</sup> | 1.00%<sup>(7)</sup> | 0.87%<sup>(7)(8)</sup> | 1.00%<sup>(7)</sup> | 0.99%<sup>(7)</sup> | 1.00%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.00%<sup>(5)(7)</sup> | 1.00%<sup>(7)</sup> | N/A | 1.00%<sup>(7)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.47)%<sup>(5)(7)</sup> | 0.32%<sup>(7)</sup> | 2.23%<sup>(7)(8)</sup> | (0.87)%<sup>(7)</sup> | (0.85)%<sup>(7)</sup> | (0.52)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(9)</sup> | 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 | 104%<sup>(3)</sup> | 157% | 130% | 67% | 75% | 46% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.50 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.07) | (0.00)<sup>(10)</sup> | 0.26 | (0.17) | (0.38) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 1.71 | 0.87 | 6.38 | (18.05) | 2.80 | 14.34 |
| Total from Investment Operations | 1.64 | 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:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  | (0.24) |  | (0.02) | (0.00)<sup>(10)</sup> |
| Net Realized Gain |  |  |  |  | (1.28) | (0.81) |
| Total Distributions |  |  | (0.24) |  | (1.30) | (0.81) |
| **Net Asset Value, End of Period** | $18.14 | $16.50 | $15.63 | $9.23 | $27.45 | $26.33 |
| **Total Return<sup>(11)</sup>** | 9.94%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2055 | $2197 | $7463 | $2898 | $5239 | $2462 |
| Ratio of Expenses Before Expense Limitation | 2.41%<sup>(5)</sup> | 2.04% | 1.95% | 1.99% | 1.70% | 5.67% |
| Ratio of Expenses After Expense Limitation | 1.36%<sup>(5)(6)(7)</sup> | 1.35%<sup>(7)</sup> | 1.23%<sup>(7)(8)</sup> | 1.35%<sup>(7)</sup> | 1.35%<sup>(7)</sup> | 1.35%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.35%<sup>(5)(7)</sup> | 1.35%<sup>(7)</sup> | N/A | 1.35%<sup>(7)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.81)%<sup>(5)(7)</sup> | (0.06)%<sup>(7)</sup> | 1.87%<sup>(7)(8)</sup> | (1.22)%<sup>(7)</sup> | (1.16)%<sup>(7)</sup> | (0.86)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(9)</sup> | 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 | 104%<sup>(3)</sup> | 157% | 130% | 67% | 75% | 46% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Endurance Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.85 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.13) | (0.12) | 0.15 | (0.28) | (0.62) | (0.33) |
| Net Realized and Unrealized Gain (Loss) | 1.64 | 0.85 | 6.17 | (17.57) | 2.80 | 14.18 |
| Total from Investment Operations | 1.51 | 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:** | **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** | $17.36 | $15.85 | $15.12 | $8.96 | $26.81 | $25.93 |
| **Total Return<sup>(11)</sup>** | 9.53%<sup>(3)</sup> | 4.83% | 70.62%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1100 | $1034 | $913 | $519 | $1547 | $439 |
| Ratio of Expenses Before Expense Limitation | 3.24%<sup>(5)</sup> | 2.96% | 3.03% | 3.05% | 2.53% | 7.61% |
| Ratio of Expenses After Expense Limitation | 2.12%<sup>(5)(6)(7)</sup> | 2.10%<sup>(7)</sup> | 1.96%<sup>(7)(8)</sup> | 2.10%<sup>(7)</sup> | 2.10%<sup>(7)</sup> | 2.10%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 2.10%<sup>(5)(7)</sup> | 2.10%<sup>(7)</sup> | N/A | 2.10%<sup>(7)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (1.57)%<sup>(5)(7)</sup> | (0.78)%<sup>(7)</sup> | 1.14%<sup>(7)(8)</sup> | (1.97)%<sup>(7)</sup> | (1.92)%<sup>(7)</sup> | (1.62)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(9)</sup> | 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 | 104%<sup>(3)</sup> | 157% | 130% | 67% | 75% | 46% |
|  | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.75 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.03) | 0.06 | 0.31 | (0.12) | (0.24) | (0.08) |
| Net Realized and Unrealized Gain (Loss) | 1.73 | 0.91 | 6.50 | (18.28) | 2.79 | 14.41 |
| Total from Investment Operations | 1.70 | 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:** | **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** | $18.45 | $16.75 | $15.89 | $9.38 | $27.78 | $26.53 |
| **Total Return<sup>(2)</sup>** | 10.15%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $30 | $27 | $26 | $12 | $31 | $28 |
| Ratio of Expenses Before Expense Limitation | 9.46%<sup>(5)</sup> | 11.05% | 17.07% | 15.13% | 7.59% | 16.93% |
| Ratio of Expenses After Expense Limitation | 0.97%<sup>(5)(6)(7)</sup> | 0.95%<sup>(7)</sup> | 0.79%<sup>(7)(8)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.95%<sup>(5)(7)</sup> | 0.95%<sup>(7)</sup> | N/A | 0.95%<sup>(7)</sup> | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.40)%<sup>(5)(7)</sup> | 0.35%<sup>(7)</sup> | 2.31%<sup>(7)(8)</sup> | (0.82)%<sup>(7)</sup> | (0.71)%<sup>(7)</sup> | (0.47)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(9)</sup> | 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 | 104%<sup>(3)</sup> | 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) Not annualized.

(4) Reflects prior period sub transfer agency and/or 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 the shares.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Endurance Portfolio**

(6) 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 the Financial Statements.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income Ratio |
| Class I | December 31, 2023 | 0.99% | 2.11% |
| Class A | December 31, 2023 | 1.34 | 1.76 |
| Class C | December 31, 2023 | 2.09 | 1.01 |
| Class R6 | December 31, 2023 | 0.94 | 2.16 |

---

(9) Amount is less than 0.005%.

(10) Amount is less than $0.005 per share.

(11) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(12) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Franchise Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $33.56 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.11 | 0.24 | 0.29 | 0.25 | 0.27 | 0.30 |
| Net Realized and Unrealized Gain (Loss) | 2.30 | 2.93 | 4.64 | (6.63) | 6.54 | 3.45 |
| Total from Investment Operations | 2.41 | 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:** | **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** | $35.97 | $33.56 | $34.36 | $30.10 | $36.99 | $31.20 |
| **Total Return<sup>(2)</sup>** | 7.18%<sup>(3)</sup> | 8.97% | 16.42%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1862796 | $1959326 | $2160291 | $2046621 | $2790499 | $2300448 |
| Ratio of Expenses Before Expense Limitation | 0.93%<sup>(5)</sup> | 0.93% | 0.92% | 0.92% | 0.91% | N/A |
| Ratio of Expenses After Expense Limitation | 0.93%<sup>(5)(6)</sup> | 0.93%<sup>(6)</sup> | 0.92%<sup>(6)</sup> | 0.92%<sup>(6)</sup> | 0.91%<sup>(6)</sup> | 0.92%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | N/A | 0.92%<sup>(6)</sup> |
| Ratio of Net Investment Income | 0.61%<sup>(5)(6)</sup> | 0.66%<sup>(6)</sup> | 0.88%<sup>(6)</sup> | 0.79%<sup>(6)</sup> | 0.79%<sup>(6)</sup> | 1.04%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(7)</sup> | 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 | 14%<sup>(3)</sup> | 35% | 15% | 15% | 17% | 19% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $32.58 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.06 | 0.15 | 0.20 | 0.17 | 0.18 | 0.22 |
| Net Realized and Unrealized Gain (Loss) | 2.23 | 2.85 | 4.53 | (6.46) | 6.37 | 3.37 |
| Total from Investment Operations | 2.29 | 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:** | **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** | $34.87 | $32.58 | $33.46 | $29.32 | $36.05 | $30.44 |
| **Total Return<sup>(8)</sup>** | 7.03%<sup>(3)</sup> | 8.71% | 16.16%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $296626 | $295908 | $337938 | $328979 | $395450 | $317673 |
| Ratio of Expenses Before Expense Limitation | 1.19%<sup>(5)</sup> | 1.16% | 1.17% | 1.16% | 1.16% | N/A |
| Ratio of Expenses After Expense Limitation | 1.19%<sup>(5)(6)</sup> | 1.16%<sup>(6)</sup> | 1.16%<sup>(6)(9)</sup> | 1.16%<sup>(6)</sup> | 1.16%<sup>(6)</sup> | 1.16%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | N/A | 1.16%<sup>(6)</sup> |
| Ratio of Net Investment Income | 0.35%<sup>(5)(6)</sup> | 0.43%<sup>(6)</sup> | 0.64%<sup>(6)(9)</sup> | 0.57%<sup>(6)</sup> | 0.54%<sup>(6)</sup> | 0.77%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(7)</sup> | 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 | 14%<sup>(3)</sup> | 35% | 15% | 15% | 17% | 19% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Franchise Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $32.50 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.03) | (0.03) | 0.04 | 0.02 | 0.01 | 0.07 |
| Net Realized and Unrealized Gain (Loss) | 2.23 | 2.84 | 4.51 | (6.45) | 6.36 | 3.36 |
| Total from Investment Operations | 2.20 | 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:** | **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** | $34.70 | $32.50 | $33.41 | $29.29 | $36.01 | $30.41 |
| **Total Return<sup>(2)</sup>** | 6.77%<sup>(3)</sup> | 8.15% | 15.57%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $7986 | $7868 | $8048 | $7397 | $9473 | $8390 |
| Ratio of Expenses Before Expense Limitation | 1.71%<sup>(5)</sup> | 1.67% | 1.67% | 1.66% | 1.66% | N/A |
| Ratio of Expenses After Expense Limitation | 1.71%<sup>(5)(6)</sup> | 1.67%<sup>(6)</sup> | 1.66%<sup>(6)(9)</sup> | 1.66%<sup>(6)</sup> | 1.66%<sup>(6)</sup> | 1.66%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | N/A | 1.66%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | (0.17)%<sup>(5)(6)</sup> | (0.08)%<sup>(6)</sup> | 0.13%<sup>(6)(9)</sup> | 0.06%<sup>(6)</sup> | 0.05%<sup>(6)</sup> | 0.26%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(7)</sup> | 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 | 14%<sup>(3)</sup> | 35% | 15% | 15% | 17% | 19% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $31.50 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.06) | (0.11) | (0.03) | (0.06) | (0.06) | 0.01 |
| Net Realized and Unrealized Gain (Loss) | 2.15 | 2.77 | 4.39 | (6.29) | 6.21 | 3.27 |
| Total from Investment Operations | 2.09 | 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:** | **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>(10)</sup> |  |
| Total Distributions |  | (3.72) | (0.37) | (0.26) | (0.74) | (0.81) |
| **Net Asset Value, End of Period** | $33.59 | $31.50 | $32.56 | $28.57 | $35.18 | $29.77 |
| **Total Return<sup>(8)</sup>** | 6.63%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $75624 | $85085 | $103671 | $110399 | $157721 | $125919 |
| Ratio of Expenses Before Expense Limitation | 1.93%<sup>(5)</sup> | 1.90% | 1.91% | 1.90% | 1.90% | N/A |
| Ratio of Expenses After Expense Limitation | 1.93%<sup>(5)(6)</sup> | 1.90%<sup>(6)</sup> | 1.90%<sup>(6)(9)</sup> | 1.90%<sup>(6)</sup> | 1.90%<sup>(6)</sup> | 1.91%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | N/A | 1.91%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | (0.39)%<sup>(5)(6)</sup> | (0.31)%<sup>(6)</sup> | (0.10)%<sup>(6)(9)</sup> | (0.19)%<sup>(6)</sup> | (0.20)%<sup>(6)</sup> | 0.03%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(7)</sup> | 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 | 14%<sup>(3)</sup> | 35% | 15% | 15% | 17% | 19% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Franchise Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $33.57 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.12 | 0.28 | 0.31 | 0.29 | 0.31 | 0.33 |
| Net Realized and Unrealized Gain (Loss) | 2.31 | 2.93 | 4.65 | (6.64) | 6.54 | 3.45 |
| Total from Investment Operations | 2.43 | 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:** | **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** | $36.00 | $33.57 | $34.37 | $30.11 | $37.01 | $31.21 |
| **Total Return<sup>(2)</sup>** | 7.24%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $446213 | $415299 | $321335 | $512423 | $605486 | $370127 |
| Ratio of Expenses Before Expense Limitation | 0.83%<sup>(5)</sup> | 0.83% | 0.83% | 0.83% | 0.82% | N/A |
| Ratio of Expenses After Expense Limitation | 0.83%<sup>(5)(6)</sup> | 0.83%<sup>(6)</sup> | 0.82%<sup>(6)(9)</sup> | 0.83%<sup>(6)</sup> | 0.82%<sup>(6)</sup> | 0.83%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | N/A | 0.83%<sup>(6)</sup> |
| Ratio of Net Investment Income | 0.71%<sup>(5)(6)</sup> | 0.76%<sup>(6)</sup> | 0.97%<sup>(6)(9)</sup> | 0.90%<sup>(6)</sup> | 0.90%<sup>(6)</sup> | 1.14%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(7)</sup> | 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 | 14%<sup>(3)</sup> | 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) Not annualized.

(4) Reflects prior period sub transfer agency and/or 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 the shares.

(5) Annualized.

(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) Amount is less than 0.005%.

(8) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(9) If the Fund had not received the reimbursement of sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class A | December 31, 2023 | 1.17% | 0.63% |
| Class L | December 31, 2023 | 1.67 | 0.12 |
| Class C | December 31, 2023 | 1.91 | (0.11) |
| Class R6 | December 31, 2023 | 0.83 | 0.96 |

---

(10) Amount is less than $0.005.

(11) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Insight Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $17.11 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.07) | (0.08) | (0.06) | (0.07) | (0.04) | (0.24) |
| Net Realized and Unrealized Gain (Loss) | 2.97 | 5.73 | 4.00 | (10.49) | (5.05) | 17.29 |
| Total from Investment Operations | 2.90 | 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:** | **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** | $20.01 | $17.11 | $11.69 | $7.75 | $18.32 | $33.83 |
| **Total Return<sup>(3)</sup>** | 16.95%<sup>(4)</sup> | 48.13% | 50.84%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $36716 | $42508 | $52218 | $55114 | $201294 | $314038 |
| Ratio of Expenses Before Expense Limitation | 1.54%<sup>(6)</sup> | 1.40% | 1.37% | 1.34% | 1.08% | N/A |
| Ratio of Expenses After Expense Limitation | 1.01%<sup>(6)(7)(8)</sup> | 1.00%<sup>(8)</sup> | 0.96%<sup>(8)(9)</sup> | 1.00%<sup>(8)</sup> | 1.00%<sup>(8)(10)</sup>  | 1.09%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.00%<sup>(6)(8)</sup> | N/A | N/A | 1.00%<sup>(8)</sup> | 1.00%<sup>(8)(10)</sup>  | N/A |
| Ratio of Net Investment Loss | (0.76)%<sup>(6)(8)</sup> | (0.62)%<sup>(8)</sup> | (0.67)%<sup>(8)(9)</sup> | (0.71)%<sup>(8)</sup> | (0.12)%<sup>(8)</sup> | (0.94)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% |
| Portfolio Turnover Rate | 44%<sup>(4)</sup> | 54% | 43% | 51% | 112% | 85% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $16.24 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.09) | (0.12) | (0.09) | (0.11) | (0.13) | (0.29) |
| Net Realized and Unrealized Gain (Loss) | 2.80 | 5.44 | 3.82 | (10.02) | (4.92) | 16.88 |
| Total from Investment Operations | 2.71 | 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:** | **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** | $18.95 | $16.24 | $11.11 | $7.38 | $17.52 | $32.98 |
| **Total Return<sup>(12)</sup>** | 16.69%<sup>(4)</sup> | 47.68% | 50.54%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $24769 | $22411 | $21056 | $19176 | $72157 | $103550 |
| Ratio of Expenses Before Expense Limitation | 1.78%<sup>(6)</sup> | 1.69% | 1.69% | 1.64% | 1.36% | N/A |
| Ratio of Expenses After Expense Limitation | 1.33%<sup>(6)(7)(8)</sup> | 1.32%<sup>(8)</sup> | 1.28%<sup>(8)(9)</sup> | 1.32%<sup>(8)</sup> | 1.30%<sup>(8)(10)</sup> | 1.35%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.32%<sup>(6)(8)</sup> | N/A | N/A | 1.32%<sup>(8)</sup> | 1.30%<sup>(8)(10)</sup> | N/A |
| Ratio of Net Investment Loss | (1.08)%<sup>(6)(8)</sup> | (0.94)%<sup>(8)</sup> | (0.99)%<sup>(8)(9)</sup> | (1.03)%<sup>(8)</sup> | (0.41)%<sup>(8)</sup> | (1.20)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% |
| Portfolio Turnover Rate | 44%<sup>(4)</sup> | 54% | 43% | 51% | 112% | 85% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Insight Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $14.61 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.12) | (0.16) | (0.13) | (0.14) | (0.30) | (0.40) |
| Net Realized and Unrealized Gain (Loss) | 2.52 | 4.87 | 3.46 | (9.13) | (4.66) | 16.10 |
| Total from Investment Operations | 2.40 | 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:** | **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** | $17.01 | $14.61 | $10.02 | $6.69 | $15.97 | $31.34 |
| **Total Return<sup>(3)</sup>** | 16.43%<sup>(4)</sup> | 46.85% | 49.78%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $298 | $256 | $253 | $171 | $602 | $923 |
| Ratio of Expenses Before Expense Limitation | 3.00%<sup>(6)</sup> | 3.07% | 3.18% | 2.72% | 2.04% | 2.09% |
| Ratio of Expenses After Expense Limitation | 1.86%<sup>(6)(7)(8)</sup> | 1.85%<sup>(8)</sup> | 1.80%<sup>(8)(9)</sup> | 1.85%<sup>(8)</sup> | 1.87%<sup>(8)(10)</sup> | 1.94%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.85%<sup>(6)(8)</sup> | N/A | N/A | 1.85%<sup>(8)</sup> | 1.87%<sup>(8)(10)</sup> | N/A |
| Ratio of Net Investment Loss | (1.61)%<sup>(6)(8)</sup> | (1.47)%<sup>(8)</sup> | (1.51)%<sup>(8)(9)</sup> | (1.54)%<sup>(8)</sup> | (0.98)%<sup>(8)</sup> | (1.79)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% |
| Portfolio Turnover Rate | 44%<sup>(4)</sup> | 54% | 43% | 51% | 112% | 85% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $14.01 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.13) | (0.18) | (0.14) | (0.16) | (0.34) | (0.43) |
| Net Realized and Unrealized Gain (Loss) | 2.42 | 4.66 | 3.31 | (8.78) | (4.58) | 15.80 |
| Total from Investment Operations | 2.29 | 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:** | **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** | $16.30 | $14.01 | $9.62 | $6.45 | $15.40 | $30.73 |
| **Total Return<sup>(12)</sup>** | 16.35%<sup>(4)</sup> | 46.49% | 49.15%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3980 | $4169 | $4448 | $4298 | $17824 | $20633 |
| Ratio of Expenses Before Expense Limitation | 2.57%<sup>(6)</sup> | 2.47% | 2.44% | 2.36% | 2.08% | N/A |
| Ratio of Expenses After Expense Limitation | 2.11%<sup>(6)(7)(8)</sup> | 2.10%<sup>(8)</sup> | 2.06%<sup>(8)(9)</sup> | 2.06%<sup>(8)</sup> | 2.04%<sup>(8)(10)</sup> | 2.11%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 2.10%<sup>(6)(8)</sup> | N/A | N/A | 2.06%<sup>(8)</sup> | 2.04%<sup>(8)(10)</sup> | N/A |
| Ratio of Net Investment Loss | (1.86)%<sup>(6)(8)</sup> | (1.72)%<sup>(8)</sup> | (1.77)%<sup>(8)(9)</sup> | (1.76)%<sup>(8)</sup> | (1.14)%<sup>(8)</sup> | (1.96)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% |
| Portfolio Turnover Rate | 44%<sup>(4)</sup> | 54% | 43% | 51% | 112% | 85% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Insight Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **Period from<br>June 14, 2021<sup>(14)</sup> to**<br>**December 31, 2021** |
| **Net Asset Value, Beginning of Period** | $17.10 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.06) | (0.07) | (0.06) | (0.07) | (0.20) |
| Net Realized and Unrealized Gain (Loss) | 2.96 | 5.72 | 4.01 | (10.48) | (4.45) |
| Total from Investment Operations | 2.90 | 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:** | **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** | $20.00 | $17.10 | $11.69 | $7.74 | $18.30 |
| **Total Return<sup>(3)</sup>** | 16.96%<sup>(4)</sup> | 48.11% | 51.03%<sup>(5)</sup> | (57.66)% | (13.11)%<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) | $31 | $39 | $6 | $4 | $9 |
| Ratio of Expenses Before Expense Limitation | 8.25%<sup>(6)</sup> | 9.95% | 51.28% | 44.13% | 17.00%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.96%<sup>(6)(7)(8)</sup> | 0.95%<sup>(8)</sup> | 0.90%<sup>(8)(9)</sup> | 0.95%<sup>(8)</sup> | 0.95%<sup>(6)(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.95%<sup>(6)(8)</sup> | N/A | N/A | 0.95%<sup>(8)</sup> | 0.95%<sup>(6)(8)</sup> |
| Ratio of Net Investment Loss | (0.71)%<sup>(6)(8)</sup> | (0.57)%<sup>(8)</sup> | (0.60)%<sup>(8)(9)</sup> | (0.67)%<sup>(8)</sup> | (0.62)%<sup>(6)(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(6)(11)</sup> |
| Portfolio Turnover Rate | 44%<sup>(4)</sup> | 54% | 43% | 51% | 112% |

---

(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) Not annualized.

(5) Reflects prior period sub transfer agency and/or 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 the shares.

(6) Annualized.

(7) 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 the Financial Statements.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Loss Ratio |
| Class I | December 31, 2023 | 1.00% | (0.71)% |
| Class A | December 31, 2023 | 1.32 | (1.03) |
| Class L | December 31, 2023 | 1.85 | (1.56) |
| Class C | December 31, 2023 | 2.10 | (1.81) |
| Class R6 | December 31, 2023 | 0.95 | (0.65) |

---

(10) 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, 1.32% for Class A shares, 1.85% for Class L shares, 2.10% for Class C shares. Prior to March 31, 2021, the maximum ratio was 1.10% for Class I shares, 1.42% for Class A shares, 1.95% for Class L shares, 2.20% for Class C shares.

(11) Amount is less than 0.005%.

(12) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(13) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(14) Commencement of Offering.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $34.90 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.04) | (0.17) | (0.13) | (0.19) | (0.36) | (0.28) |
| Net Realized and Unrealized Gain (Loss) | 6.11 | 8.49 | 10.24 | (17.49) | 0.40 | 16.43 |
| Total from Investment Operations | 6.07 | 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:** | **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** | $40.97 | $34.90 | $29.81 | $20.34 | $42.69 | $44.75 |
| **Total Return<sup>(3)</sup>** | 17.39%<sup>(4)</sup> | 27.43% | 49.70%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2012428 | $1746323 | $1562251 | $1219122 | $4591358 | $4498617 |
| Ratio of Expenses Before Expense Limitation | 0.94%<sup>(6)</sup> | 0.93% | 0.95% | 0.95% | 0.92% | N/A |
| Ratio of Expenses After Expense Limitation | 0.93%<sup>(6)(7)</sup> | 0.93%<sup>(7)</sup> | 0.90%<sup>(7)(8)</sup> | 0.95%<sup>(7)</sup> | 0.92%<sup>(7)</sup> | 0.92%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.93%<sup>(6)(7)</sup> | 0.93%<sup>(7)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.19)%<sup>(6)(7)</sup> | (0.50)%<sup>(7)</sup> | (0.52)%<sup>(7)(8)</sup> | (0.64)%<sup>(7)</sup> | (0.78)%<sup>(7)</sup> | (0.79)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 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 | 1%<sup>(4)</sup> | 19% | 11% | 23% | 21% | 22% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $32.51 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.08) | (0.25) | (0.20) | (0.26) | (0.47) | (0.35) |
| Net Realized and Unrealized Gain (Loss) | 5.68 | 7.98 | 9.65 | (16.73) | 0.39 | 15.81 |
| Total from Investment Operations | 5.60 | 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:** | **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** | $38.11 | $32.51 | $28.01 | $19.20 | $40.86 | $43.04 |
| **Total Return<sup>(10)</sup>** | 17.23%<sup>(4)</sup> | 27.09% | 49.29%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1111701 | $970542 | $880157 | $676246 | $1539078 | $1697016 |
| Ratio of Expenses Before Expense Limitation | 1.22%<sup>(6)</sup> | 1.22% | 1.25% | 1.24% | 1.20% | N/A |
| Ratio of Expenses After Expense Limitation | 1.21%<sup>(6)(7)</sup> | 1.22%<sup>(7)</sup> | 1.20%<sup>(7)(8)</sup> | 1.24%<sup>(7)</sup> | 1.20%<sup>(7)</sup> | 1.20%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.21%<sup>(6)(7)</sup> | 1.22%<sup>(7)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.48)%<sup>(6)(7)</sup> | (0.79)%<sup>(7)</sup> | (0.82)%<sup>(7)(8)</sup> | (0.94)%<sup>(7)</sup> | (1.06)%<sup>(7)</sup> | (1.06)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 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 | 1%<sup>(4)</sup> | 19% | 11% | 23% | 21% | 22% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $31.73 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.09) | (0.27) | (0.22) | (0.28) | (0.48) | (0.36) |
| Net Realized and Unrealized Gain (Loss) | 5.54 | 7.81 | 9.46 | (16.46) | 0.37 | 15.60 |
| Total from Investment Operations | 5.45 | 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:** | **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** | $37.18 | $31.73 | $27.42 | $18.82 | $40.23 | $42.44 |
| **Total Return<sup>(3)</sup>** | 17.18%<sup>(4)</sup> | 26.98% | 49.17%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $40756 | $36990 | $33251 | $24766 | $48426 | $53675 |
| Ratio of Expenses Before Expense Limitation | 1.75%<sup>(6)</sup> | 1.74% | 1.80% | 1.76% | 1.69% | 1.71% |
| Ratio of Expenses After Expense Limitation | 1.29%<sup>(6)(7)</sup> | 1.29%<sup>(7)</sup> | 1.30%<sup>(7)(8)</sup> | 1.31%<sup>(7)</sup> | 1.24%<sup>(7)</sup> | 1.25%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.29%<sup>(6)(7)</sup> | 1.29%<sup>(7)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.56)%<sup>(6)(7)</sup> | (0.86)%<sup>(7)</sup> | (0.92)%<sup>(7)(8)</sup> | (1.01)%<sup>(7)</sup> | (1.10)%<sup>(7)</sup> | (1.10)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 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 | 1%<sup>(4)</sup> | 19% | 11% | 23% | 21% | 22% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $29.06 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.18) | (0.43) | (0.34) | (0.43) | (0.74) | (0.57) |
| Net Realized and Unrealized Gain (Loss) | 5.07 | 7.24 | 8.83 | (15.70) | 0.37 | 15.09 |
| Total from Investment Operations | 4.89 | 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:** | **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** | $33.95 | $29.06 | $25.48 | $17.63 | $38.43 | $40.90 |
| **Total Return<sup>(10)</sup>** | 16.83%<sup>(4)</sup> | 26.16% | 48.23%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $172719 | $171195 | $178304 | $148874 | $411765 | $436790 |
| Ratio of Expenses Before Expense Limitation | 1.95%<sup>(6)</sup> | 1.94% | 1.96% | 1.95% | 1.90% | N/A |
| Ratio of Expenses After Expense Limitation | 1.94%<sup>(6)(7)</sup> | 1.94%<sup>(7)</sup> | 1.91%<sup>(7)(8)</sup> | 1.95%<sup>(7)</sup> | 1.90%<sup>(7)</sup> | 1.91%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.94%<sup>(6)(7)</sup> | 1.94%<sup>(7)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.20)%<sup>(6)(7)</sup> | (1.52)%<sup>(7)</sup> | (1.53)%<sup>(7)(8)</sup> | (1.64)%<sup>(7)</sup> | (1.76)%<sup>(7)</sup> | (1.77)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 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 | 1%<sup>(4)</sup> | 19% | 11% | 23% | 21% | 22% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $35.22 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.15) | (0.12) | (0.17) | (0.31) | (0.25) |
| Net Realized and Unrealized Gain (Loss) | 6.16 | 8.57 | 10.32 | (17.58) | 0.40 | 16.49 |
| Total from Investment Operations | 6.14 | 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:** | **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** | $41.36 | $35.22 | $30.03 | $20.47 | $42.89 | $44.90 |
| **Total Return<sup>(3)</sup>** | 17.43%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $184313 | $167967 | $60134 | $75921 | $287811 | $367927 |
| Ratio of Expenses Before Expense Limitation | 0.85%<sup>(6)</sup> | 0.87% | 0.88% | 0.87% | 0.82% | N/A |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(6)(7)</sup> | 0.85%<sup>(7)</sup> | 0.83%<sup>(7)(8)</sup> | 0.86%<sup>(7)</sup> | 0.82%<sup>(7)</sup> | 0.82%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.85%<sup>(6)(7)</sup> | 0.85%<sup>(7)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.11)%<sup>(6)(7)</sup> | (0.43)%<sup>(7)</sup> | (0.45)%<sup>(7)(8)</sup> | (0.57)%<sup>(7)</sup> | (0.68)%<sup>(7)</sup> | (0.70)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 1%<sup>(4)</sup> | 19% | 11% | 23% | 21% | 22% |
|  | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $35.26 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.14) | (0.11) | (0.16) | (0.32) | (0.24) |
| Net Realized and Unrealized Gain (Loss) | 6.17 | 8.55 | 10.33 | (17.61) | 0.40 | 16.50 |
| Total from Investment Operations | 6.15 | 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:** | **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** | $41.41 | $35.26 | $30.08 | $20.50 | $42.94 | $44.96 |
| **Total Return<sup>(3)</sup>** | 17.44%<sup>(4)</sup> | 27.48% | 49.85%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1600 | $19 | $122706 | $105368 | $154979 | $114510 |
| Ratio of Expenses Before Expense Limitation | 1.02%<sup>(6)</sup> | 0.85% | 0.86% | 0.86% | 0.82% | N/A |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(6)(7)</sup> | 0.85%<sup>(7)</sup> | 0.81%<sup>(7)(8)</sup> | 0.86%<sup>(7)</sup> | 0.82%<sup>(7)</sup> | 0.82%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.85%<sup>(6)(7)</sup> | 0.85%<sup>(7)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.11)%<sup>(6)(7)</sup> | (0.42)%<sup>(7)</sup> | (0.43)%<sup>(7)(8)</sup> | (0.57)%<sup>(7)</sup> | (0.68)%<sup>(7)</sup> | (0.69)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 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 | 1%<sup>(4)</sup> | 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) Not annualized.

(5) Performance was positively impacted by approximately 0.10% for Class I shares, 0.05% for Class A shares, Class L shares and Class R6 shares and 0.06% for Class C shares due to the reimbursement of sub transfer agency and/or transfer agency fees from prior years. Had this reimbursement not occurred, the total return would have been 49.60% for Class I shares, 49.24% for Class A shares, 49.12% for Class L shares, 48.17% for Class C shares, 49.77% for Class R6 shares and 49.80% for Class IR shares, respectively.

(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."

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

(8) If the Fund had not received the reimbursement of sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Loss Ratio |
| Class I | December 31, 2023 | 0.95% | (0.57)% |
| Class A | December 31, 2023 | 1.25 | (0.87) |
| Class L | December 31, 2023 | 1.35 | (0.97) |
| Class C | December 31, 2023 | 1.96 | (1.58) |
| Class R6 | December 31, 2023 | 0.86 | (0.48) |
| Class IR | December 31, 2023 | 0.86 | (0.48) |

---

(9) Amount is less than 0.005%.

(10) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(11) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Global Permanence Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $11.39 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.01 | 0.03 | 0.03 | (0.00)<sup>(3)</sup> | (0.01) | (0.03) |
| Net Realized and Unrealized Gain (Loss) | 3.05 | 1.38 | 2.22 | (2.73) | 2.56 | 2.90 |
| Total from Investment Operations | 3.06 | 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:** | **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** | $14.45 | $11.39 | $12.40 | $10.80 | $13.72 | $13.41 |
| **Total Return<sup>(4)</sup>** | 26.87%<sup>(5)</sup> | 10.69% | 20.92%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3581 | $3252 | $4089 | $3278 | $3947 | $3202 |
| Ratio of Expenses Before Expense Limitation | 8.07%<sup>(7)</sup> | 7.60% | 4.40% | 7.62% | 7.77% | 8.62% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(7)(8)</sup> | 1.00%<sup>(8)</sup> | 0.85%<sup>(8)(9)</sup> | 1.00%<sup>(8)</sup> | 1.00%<sup>(8)</sup> | 1.00%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.00%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.19%<sup>(7)(8)</sup> | 0.24%<sup>(8)</sup> | 0.21%<sup>(8)(9)</sup> | (0.02)%<sup>(8)</sup> | (0.04)%<sup>(8)</sup> | (0.30)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 37%<sup>(5)</sup> | 62% | 107% | 68% | 57% | 113% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $11.22 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.01) | (0.02) | (0.02) | (0.02) | (0.06) | (0.07) |
| Net Realized and Unrealized Gain (Loss) | 2.99 | 1.37 | 2.19 | (2.72) | 2.54 | 2.89 |
| Total from Investment Operations | 2.98 | 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:** | **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** | $14.20 | $11.22 | $12.22 | $10.68 | $13.61 | $13.37 |
| **Total Return<sup>(11)</sup>** | 26.56%<sup>(5)</sup> | 10.37% | 20.42%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $377 | $396 | $1903 | $858 | $29 | $19 |
| Ratio of Expenses Before Expense Limitation | 8.98%<sup>(7)</sup> | 8.22% | 4.69% | 8.05% | 17.77% | 26.08% |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(7)(8)</sup> | 1.35%<sup>(8)</sup> | 1.24%<sup>(8)(9)</sup> | 1.35%<sup>(8)</sup> | 1.35%<sup>(8)</sup> | 1.35%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.35%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.16)%<sup>(7)(8)</sup> | (0.13)%<sup>(8)</sup> | (0.18)%<sup>(8)(9)</sup> | (0.20)%<sup>(8)</sup> | (0.42)%<sup>(8)</sup> | (0.65)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 37%<sup>(5)</sup> | 62% | 107% | 68% | 57% | 113% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Global Permanence Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $10.68 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.05) | (0.11) | (0.12) | (0.14) | (0.16) | (0.15) |
| Net Realized and Unrealized Gain (Loss) | 2.83 | 1.32 | 2.14 | (2.63) | 2.50 | 2.85 |
| Total from Investment Operations | 2.78 | 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:** | **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** | $13.46 | $10.68 | $11.77 | $10.38 | $13.34 | $13.24 |
| **Total Return<sup>(11)</sup>** | 26.03%<sup>(5)</sup> | 9.60% | 19.56%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $247 | $196 | $218 | $84 | $16 | $13 |
| Ratio of Expenses Before Expense Limitation | 9.95%<sup>(7)</sup> | 9.66% | 5.69% | 15.54% | 24.91% | 28.45% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(7)(8)</sup> | 2.10%<sup>(8)</sup> | 2.04%<sup>(8)(9)</sup> | 2.10%<sup>(8)</sup> | 2.10%<sup>(8)</sup> | 2.10%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 2.10%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.91)%<sup>(7)(8)</sup> | (0.85)%<sup>(8)</sup> | (0.98)%<sup>(8)(9)</sup> | (1.29)%<sup>(8)</sup> | (1.13)%<sup>(8)</sup> | (1.40)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 37%<sup>(5)</sup> | 62% | 107% | 68% | 57% | 113% |
|  | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $11.42 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.01 | 0.04 | 0.03 | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | (0.03) |
| Net Realized and Unrealized Gain (Loss) | 3.05 | 1.39 | 2.23 | (2.72) | 2.55 | 2.91 |
| Total from Investment Operations | 3.06 | 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:** | **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** | $14.48 | $11.42 | $12.42 | $10.82 | $13.73 | $13.42 |
| **Total Return<sup>(4)</sup>** | 26.80%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $23 | $17 | $16 | $13 | $16 | $14 |
| Ratio of Expenses Before Expense Limitation | 18.65%<sup>(7)</sup> | 21.44% | 21.25% | 22.37% | 22.49% | 26.62% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(7)(8)</sup> | 0.95%<sup>(8)</sup> | 0.77%<sup>(8)(9)</sup> | 0.95%<sup>(8)</sup> | 0.95%<sup>(8)</sup> | 0.95%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.95%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.23%<sup>(7)(8)</sup> | 0.29%<sup>(8)</sup> | 0.28%<sup>(8)(9)</sup> | 0.02%<sup>(8)</sup> | 0.01%<sup>(8)</sup> | (0.24)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> |
| Portfolio Turnover Rate | 37%<sup>(5)</sup> | 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) Not annualized.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Global Permanence Portfolio**

(6) Performance was positively impacted by approximately 0.19% for Class I shares and Class R6 shares and 0.20% for Class A shares and Class C shares due to the reimbursement of sub transfer agency and/or transfer agency fees from prior years. Had this reimbursement not occurred, the total return would have been 20.73% for Class I shares, 20.22% for Class A shares, 19.36% for Class C shares and 20.76% for Class R6 shares, respectively.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class I | December 31, 2023 | 0.99% | 0.07% |
| Class A | December 31, 2023 | 1.34 | (0.28) |
| Class C | December 31, 2023 | 2.09 | (1.03) |
| Class R6 | December 31, 2023 | 0.94 | 0.11 |

---

(10) Amount is less than 0.005%.

(11) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(12) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Stars Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.47 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.01 | 0.06 | 0.08 | 0.08 | 0.09 | 0.08 |
| Net Realized and Unrealized Gain (Loss) | 1.83 | 3.06 | 3.22 | (4.08) | 2.98 | 2.25 |
| Total from Investment Operations | 1.84 | 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:** | **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** | $18.31 | $16.47 | $18.41 | $15.20 | $19.30 | $16.57 |
| **Total Return<sup>(2)</sup>** | 11.17%<sup>(3)</sup> | 16.27% | 21.69%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $38225 | $47436 | $81322 | $55997 | $80097 | $34042 |
| Ratio of Expenses Before Expense Limitation | 1.46%<sup>(5)</sup> | 1.35% | 1.20% | 1.24% | 1.17% | 1.45% |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(5)(6)</sup> | 0.85%<sup>(6)(7)</sup> | 0.87%<sup>(6)(8)</sup> | 0.90%<sup>(6)</sup> | 0.90%<sup>(6)</sup> | 0.90%<sup>(6)</sup> |
| Ratio of Net Investment Income | 0.18%<sup>(5)(6)</sup> | 0.30%<sup>(6)</sup> | 0.50%<sup>(6)(8)</sup> | 0.47%<sup>(6)</sup> | 0.51%<sup>(6)</sup> | 0.52%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 20%<sup>(3)</sup> | 73% | 34% | 26% | 11% | 20% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.37 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.01) | (0.01) | 0.02 | 0.02 | 0.03 | 0.03 |
| Net Realized and Unrealized Gain (Loss) | 1.81 | 3.05 | 3.19 | (4.04) | 2.96 | 2.23 |
| Total from Investment Operations | 1.80 | 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:** | **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** | $18.17 | $16.37 | $18.33 | $15.14 | $19.21 | $16.51 |
| **Total Return<sup>(10)</sup>** | 11.00%<sup>(3)</sup> | 15.91% | 21.19%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $6696 | $6107 | $5775 | $5816 | $10812 | $4839 |
| Ratio of Expenses Before Expense Limitation | 1.75%<sup>(5)</sup> | 1.63% | 1.51% | 1.51% | 1.46% | 1.76% |
| Ratio of Expenses After Expense Limitation | 1.15%<sup>(5)(6)</sup> | 1.17%<sup>(6)(7)</sup> | 1.22%<sup>(6)(8)</sup> | 1.25%<sup>(6)</sup> | 1.22%<sup>(6)</sup> | 1.24%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | (0.17)%<sup>(5)(6)</sup> | (0.05)%<sup>(6)</sup> | 0.16%<sup>(6)(8)</sup> | 0.13%<sup>(6)</sup> | 0.18%<sup>(6)</sup> | 0.17%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 20%<sup>(3)</sup> | 73% | 34% | 26% | 11% | 20% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Stars Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.73 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.05) | (0.11) | (0.06) | (0.06) | (0.05) | (0.05) |
| Net Realized and Unrealized Gain (Loss) | 1.73 | 2.96 | 3.11 | (3.97) | 2.90 | 2.21 |
| Total from Investment Operations | 1.68 | 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:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  | (4.95) |  | (0.05) | (0.27) | (0.36) |
| **Net Asset Value, End of Period** | $17.41 | $15.73 | $17.83 | $14.78 | $18.86 | $16.28 |
| **Total Return<sup>(2)</sup>** | 10.68%<sup>(3)</sup> | 15.29% | 20.64%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1398 | $1328 | $1421 | $1253 | $1684 | $1441 |
| Ratio of Expenses Before Expense Limitation | 2.34%<sup>(5)</sup> | 2.24% | 2.07% | 2.05% | 2.08% | 2.32% |
| Ratio of Expenses After Expense Limitation | 1.65%<sup>(5)(6)</sup> | 1.70%<sup>(6)(7)</sup> | 1.72%<sup>(6)(8)</sup> | 1.75%<sup>(6)</sup> | 1.75%<sup>(6)</sup> | 1.75%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.67)%<sup>(5)(6)</sup> | (0.58)%<sup>(6)</sup> | (0.34)%<sup>(6)(8)</sup> | (0.37)%<sup>(6)</sup> | (0.27)%<sup>(6)</sup> | (0.33)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 20%<sup>(3)</sup> | 73% | 34% | 26% | 11% | 20% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.11 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.07) | (0.15) | (0.09) | (0.09) | (0.09) | (0.08) |
| Net Realized and Unrealized Gain (Loss) | 1.67 | 2.88 | 3.02 | (3.87) | 2.83 | 2.16 |
| Total from Investment Operations | 1.60 | 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:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  | (4.95) |  | (0.05) | (0.27) | (0.36) |
| **Net Asset Value, End of Period** | $16.71 | $15.11 | $17.33 | $14.40 | $18.41 | $15.94 |
| **Total Return<sup>(10)</sup>** | 10.59%<sup>(3)</sup> | 15.03% | 20.35%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3356 | $3865 | $3890 | $4279 | $5551 | $3594 |
| Ratio of Expenses Before Expense Limitation | 2.52%<sup>(5)</sup> | 2.37% | 2.23% | 2.25% | 2.22% | 2.51% |
| Ratio of Expenses After Expense Limitation | 1.90%<sup>(5)(6)</sup> | 1.92%<sup>(6)(7)</sup> | 1.96%<sup>(6)(8)</sup> | 1.98%<sup>(6)</sup> | 1.97%<sup>(6)</sup> | 1.99%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.92)%<sup>(5)(6)</sup> | (0.80)%<sup>(6)</sup> | (0.60)%<sup>(6)(8)</sup> | (0.61)%<sup>(6)</sup> | (0.52)%<sup>(6)</sup> | (0.56)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 20%<sup>(3)</sup> | 73% | 34% | 26% | 11% | 20% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Global Stars Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.47 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.02 | 0.11 | 0.09 | 0.09 | 0.11 | 0.09 |
| Net Realized and Unrealized Gain (Loss) | 1.82 | 3.02 | 3.21 | (4.07) | 2.96 | 2.25 |
| Total from Investment Operations | 1.84 | 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:** | **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** | $18.31 | $16.47 | $18.41 | $15.20 | $19.29 | $16.57 |
| **Total Return<sup>(2)</sup>** | 11.17%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $106 | $58 | $14099 | $11562 | $14563 | $9317 |
| Ratio of Expenses Before Expense Limitation | 5.85%<sup>(5)</sup> | 1.07% | 1.12% | 1.14% | 1.12% | 1.41% |
| Ratio of Expenses After Expense Limitation | 0.75%<sup>(5)(6)</sup> | 0.85%<sup>(6)(7)</sup> | 0.82%<sup>(6)(8)</sup> | 0.85%<sup>(6)</sup> | 0.85%<sup>(6)</sup> | 0.85%<sup>(6)</sup> |
| Ratio of Net Investment Income | 0.22%<sup>(5)(6)</sup> | 0.55%<sup>(6)</sup> | 0.55%<sup>(6)(8)</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>(5)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 20%<sup>(3)</sup> | 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) Not annualized.

(4) Reflects prior period sub transfer agency and/or 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 the shares.

(5) Annualized.

(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) 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, 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. Prior to June 27, 2024, the maximum ratio was 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.

(8) If the Fund had not received the reimbursement of sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class I | December 31, 2023 | 0.90% | 0.47% |
| Class A | December 31, 2023 | 1.25 | 0.13 |
| Class L | December 31, 2023 | 1.75 | (0.37) |
| Class C | December 31, 2023 | 1.99 | (0.63) |
| Class R6 | December 31, 2023 | 0.85 | 0.52 |

---

(9) Amount is less than 0.005%.

(10) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(11) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $56.05 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.12) | (0.13) | (0.09) | (0.20) | (0.50) | (0.38) |
| Net Realized and Unrealized Gain (Loss) | 10.70 | 18.07 | 12.93 | (44.22) | 1.32 | 54.08 |
| Total from Investment Operations | 10.58 | 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:** | **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** | $66.63 | $56.05 | $38.42 | $25.58 | $74.29 | $91.47 |
| **Total Return<sup>(3)</sup>** | 18.88%<sup>(4)(13)</sup> | 46.63% | 50.25%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1695641 | $1558991 | $1587293 | $1469843 | $6234787 | $6816690 |
| Ratio of Expenses Before Expense Limitation | 0.64%<sup>(6)</sup> | 0.62% | 0.56% | 0.64% | 0.56% | N/A |
| Ratio of Expenses After Expense Limitation | 0.63%<sup>(6)(7)</sup> | 0.61%<sup>(7)</sup> | 0.53%<sup>(7)(8)</sup> | 0.64%<sup>(7)</sup> | 0.56%<sup>(7)</sup> | 0.54%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.63%<sup>(6)(7)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.41)%<sup>(6)(7)</sup> | (0.32)%<sup>(7)</sup> | (0.29)%<sup>(7)(8)</sup> | (0.46)%<sup>(7)</sup> | (0.51)%<sup>(7)</sup> | (0.53)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 39%<sup>(4)</sup> | 39% | 29% | 40% | 59% | 60% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $50.14 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.17) | (0.21) | (0.15) | (0.27) | (0.70) | (0.51) |
| Net Realized and Unrealized Gain (Loss) | 9.56 | 16.15 | 11.59 | (40.35) | 1.27 | 50.81 |
| Total from Investment Operations | 9.39 | 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:** | **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** | $59.53 | $50.14 | $34.41 | $22.97 | $67.88 | $85.31 |
| **Total Return<sup>(10)</sup>** | 18.73%<sup>(4)(13)</sup> | 46.28% | 49.87%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2429229 | $2146997 | $1896005 | $1577172 | $5307929 | $5465808 |
| Ratio of Expenses Before Expense Limitation | 0.89%<sup>(6)</sup> | 0.87% | 0.82% | 0.89% | 0.82% | N/A |
| Ratio of Expenses After Expense Limitation | 0.88%<sup>(6)(7)</sup> | 0.86%<sup>(7)</sup> | 0.79%<sup>(7)(8)</sup> | 0.89%<sup>(7)</sup> | 0.82%<sup>(7)</sup> | 0.79%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.88%<sup>(6)(7)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.67)%<sup>(6)(7)</sup> | (0.57)%<sup>(7)</sup> | (0.55)%<sup>(7)(8)</sup> | (0.71)%<sup>(7)</sup> | (0.77)%<sup>(7)</sup> | (0.77)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 39%<sup>(4)</sup> | 39% | 29% | 40% | 59% | 60% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $43.65 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.26) | (0.35) | (0.26) | (0.40) | (1.03) | (0.76) |
| Net Realized and Unrealized Gain (Loss) | 8.31 | 14.02 | 10.15 | (36.22) | 1.23 | 47.40 |
| Total from Investment Operations | 8.05 | 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:** | **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** | $51.70 | $43.65 | $30.03 | $20.14 | $61.05 | $78.85 |
| **Total Return<sup>(3)</sup>** | 18.44%<sup>(4)(13)</sup> | 45.52% | 49.11%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $82538 | $73277 | $60812 | $46313 | $151668 | $173317 |
| Ratio of Expenses Before Expense Limitation | 1.38%<sup>(6)</sup> | 1.37% | 1.31% | 1.36% | 1.28% | N/A |
| Ratio of Expenses After Expense Limitation | 1.38%<sup>(6)(7)</sup> | 1.36%<sup>(7)</sup> | 1.28%<sup>(7)(8)</sup> | 1.36%<sup>(7)</sup> | 1.28%<sup>(7)</sup> | 1.29%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.38%<sup>(6)(7)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.16)%<sup>(6)(7)</sup> | (1.06)%<sup>(7)</sup> | (1.04)%<sup>(7)(8)</sup> | (1.18)%<sup>(7)</sup> | (1.24)%<sup>(7)</sup> | (1.27)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 39%<sup>(4)</sup> | 39% | 29% | 40% | 59% | 60% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $42.05 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.30) | (0.41) | (0.31) | (0.48) | (1.23) | (0.93) |
| Net Realized and Unrealized Gain (Loss) | 7.99 | 13.50 | 9.79 | (35.24) | 1.23 | 46.75 |
| Total from Investment Operations | 7.69 | 13.09 | 9.48 | (35.72) | 0.00<br><sup>(11)</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:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (4.29) | (18.00) | (8.56) |
| **Net Asset Value, End of Period** | $49.74 | $42.05 | $28.96 | $19.48 | $59.49 | $77.49 |
| **Total Return<sup>(10)</sup>** | 18.29%<sup>(4)(13)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $163487 | $169191 | $174107 | $147014 | $524748 | $514190 |
| Ratio of Expenses Before Expense Limitation | 1.63%<sup>(6)</sup> | 1.62% | 1.57% | 1.61% | 1.55% | N/A |
| Ratio of Expenses After Expense Limitation | 1.63%<sup>(6)(7)</sup> | 1.61%<sup>(7)</sup> | 1.54%<sup>(7)(8)</sup> | 1.61%<sup>(7)</sup> | 1.55%<sup>(7)</sup> | 1.53%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.63%<sup>(6)(7)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.41)%<sup>(6)(7)</sup> | (1.31)%<sup>(7)</sup> | (1.30)%<sup>(7)(8)</sup> | (1.43)%<sup>(7)</sup> | (1.50)%<sup>(7)</sup> | (1.51)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 39%<sup>(4)</sup> | 39% | 29% | 40% | 59% | 60% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $57.07 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.09) | (0.09) | (0.08) | (0.13) | (0.41) | (0.32) |
| Net Realized and Unrealized Gain (Loss) | 10.90 | 18.40 | 13.16 | (44.87) | 1.31 | 54.57 |
| Total from Investment Operations | 10.81 | 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:** | **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** | $67.88 | $57.07 | $39.11 | $26.03 | $75.32 | $92.42 |
| **Total Return<sup>(3)</sup>** | 18.94%<sup>(4)(13)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $127290 | $242472 | $1823436 | $1413983 | $3585865 | $3743697 |
| Ratio of Expenses Before Expense Limitation | 0.53%<sup>(6)</sup> | 0.52% | 0.51% | 0.50% | 0.46% | N/A |
| Ratio of Expenses After Expense Limitation | 0.53%<sup>(6)(7)</sup> | 0.52%<sup>(7)</sup> | 0.48%<sup>(7)(8)</sup> | 0.50%<sup>(7)</sup> | 0.46%<sup>(7)</sup> | 0.47%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.53%<sup>(6)(7)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.32)%<sup>(6)(7)</sup> | (0.22)%<sup>(7)</sup> | (0.24)%<sup>(7)(8)</sup> | (0.32)%<sup>(7)</sup> | (0.41)%<sup>(7)</sup> | (0.45)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 39%<sup>(4)</sup> | 39% | 29% | 40% | 59% | 60% |
|  | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $56.90 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.09) | (0.09) | (0.08) | (0.16) | (0.41) | (0.31) |
| Net Realized and Unrealized Gain (Loss) | 10.87 | 18.36 | 13.12 | (44.93) | 1.32 | 54.55 |
| Total from Investment Operations | 10.78 | 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:** | **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** | $67.68 | $56.90 | $38.98 | $25.94 | $75.32 | $92.41 |
| **Total Return<sup>(3)</sup>** | 18.95%<sup>(4)(13)</sup> | 46.81% | 50.33%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $22 | $19 | $39 | $33 | $319566 | $389971 |
| Ratio of Expenses Before Expense Limitation | 10.24%<sup>(6)</sup> | 6.79% | 7.94% | 0.49% | 0.46% | N/A |
| Ratio of Expenses After Expense Limitation | 0.53%<sup>(6)(7)</sup> | 0.52%<sup>(7)</sup> | 0.48%<sup>(7)(8)</sup> | 0.49%<sup>(7)</sup> | 0.46%<sup>(7)</sup> | 0.47%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.53%<sup>(6)(7)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.32)%<sup>(6)(7)</sup> | (0.21)%<sup>(7)</sup> | (0.23)%<sup>(7)(8)</sup> | (0.33)%<sup>(7)</sup> | (0.41)%<sup>(7)</sup> | (0.45)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% |
| Portfolio Turnover Rate | 39%<sup>(4)</sup> | 39% | 29% | 40% | 59% | 60% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Growth Portfolio**

(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) Not annualized.

(5) Reflects prior period sub transfer agency and/or 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 the shares.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Loss Ratio |
| Class I | December 31, 2023 | 0.56% | (0.32)% |
| Class A | December 31, 2023 | 0.82 | (0.58) |
| Class L | December 31, 2023 | 1.31 | (1.07) |
| Class C | December 31, 2023 | 1.57 | (1.33) |
| Class R6 | December 31, 2023 | 0.51 | (0.27) |
| Class IR | December 31, 2023 | 0.51 | (0.26) |

---

(9) Amount is less than 0.005%.

(10) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(11) Amount is less than $0.005 per share.

(12) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(13) Performance was positively impacted by approximately 0.21% for all share classes due to a payment from the Adviser related to a class action suit involving the Fund's past holdings. Had the payment not occurred, the total return would have been 18.67% for Class I shares, 18.52% for Class A shares, 18.23% for Class L shares, 18.08% for Class C shares, 18.73% for Class R6 shares and 18.74% for Class IR shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Inception Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $15.85 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.06) | (0.07) | (0.02) | (0.05) | (0.15) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 0.69 | 3.74 | 4.37 | (11.68) | (0.74) | 16.84 |
| Total from Investment Operations | 0.63 | 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:** | **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> | 0.00<br><sup>(3)</sup> | 0.03 | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $16.48 | $15.85 | $12.34 | $7.99 | $19.75 | $25.48 |
| **Total Return<sup>(4)</sup>** | 3.97%<sup>(5)</sup> | 29.64% | 54.44%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $154454 | $183204 | $201414 | $157990 | $743854 | $464639 |
| Ratio of Expenses Before Expense Limitation | 1.18%<sup>(7)</sup> | 1.13% | 1.11% | 1.41% | 1.12% | 1.18% |
| Ratio of Expenses After Expense Limitation | 0.99%<sup>(7)(8)</sup> | 0.94%<sup>(8)</sup> | 0.91%<sup>(8)(9)</sup> | 1.00%<sup>(8)</sup> | 1.00%<sup>(8)</sup> | 0.99%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.99%<sup>(7)(8)</sup> | N/A | N/A | 1.00%<sup>(8)</sup> | N/A | 0.99%<sup>(8)</sup> |
| Ratio of Net Investment Loss | (0.78)%<sup>(7)(8)</sup> | (0.59)%<sup>(8)</sup> | (0.21)%<sup>(8)(9)</sup> | (0.43)%<sup>(8)</sup> | (0.49)%<sup>(8)</sup> | (0.54)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 38%<sup>(5)</sup> | 100% | 72% | 100% | 111% | 132% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $10.50 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.06) | (0.07) | (0.03) | (0.06) | (0.19) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 0.46 | 2.47 | 2.92 | (7.80) | (0.53) | 12.72 |
| Total from Investment Operations | 0.40 | 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:** | **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> | 0.00<br><sup>(3)</sup> | 0.03 | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $10.90 | $10.50 | $8.22 | $5.33 | $13.20 | $18.68 |
| **Total Return<sup>(11)</sup>** | 3.81%<sup>(5)</sup> | 29.14% | 54.22%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $117124 | $130950 | $181264 | $132493 | $450058 | $229641 |
| Ratio of Expenses Before Expense Limitation | 1.50%<sup>(7)</sup> | 1.46% | 1.36% | 1.62% | 1.40% | 1.44% |
| Ratio of Expenses After Expense Limitation | 1.32%<sup>(7)(8)</sup> | 1.28%<sup>(8)</sup> | 1.16%<sup>(8)(9)</sup> | 1.35%<sup>(8)</sup> | 1.33%<sup>(8)</sup> | 1.25%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.32%<sup>(7)(8)</sup> | N/A | N/A | 1.35%<sup>(8)</sup> | N/A | 1.25%<sup>(8)</sup> |
| Ratio of Net Investment Loss | (1.11)%<sup>(7)(8)</sup> | (0.94)%<sup>(8)</sup> | (0.46)%<sup>(8)(9)</sup> | (0.77)%<sup>(8)</sup> | (0.85)%<sup>(8)</sup> | (0.80)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 38%<sup>(5)</sup> | 100% | 72% | 100% | 111% | 132% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Inception Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $8.59 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.07) | (0.10) | (0.06) | (0.08) | (0.27) | (0.16) |
| Net Realized and Unrealized Gain (Loss) | 0.38 | 2.02 | 2.40 | (6.48) | (0.45) | 11.41 |
| Total from Investment Operations | 0.31 | 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:** | **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> | 0.00<br><sup>(3)</sup> | 0.02 | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $8.90 | $8.59 | $6.76 | $4.42 | $10.99 | $16.45 |
| **Total Return** | 3.61%<sup>(4)(5)</sup> | 28.33%<sup>(4)</sup> | 52.94%<sup>(4)(6)</sup> | (59.76)%<sup>(4)</sup> | (4.17)%<sup>(4)</sup> | 148.82%<sup>(12)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $689 | $673 | $656 | $623 | $1874 | $2543 |
| Ratio of Expenses Before Expense Limitation | 2.44%<sup>(7)</sup> | 2.51% | 2.55% | 2.32% | 1.95% | 2.10% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(7)(8)</sup> | 1.85%<sup>(8)</sup> | 1.82%<sup>(8)(9)</sup> | 1.85%<sup>(8)</sup> | 1.85%<sup>(8)</sup> | 1.84%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.85%<sup>(7)(8)</sup> | N/A | N/A | 1.85%<sup>(8)</sup> | N/A | 1.84%<sup>(8)</sup> |
| Ratio of Net Investment Loss | (1.64)%<sup>(7)(8)</sup> | (1.50)%<sup>(8)</sup> | (1.12)%<sup>(8)(9)</sup> | (1.28)%<sup>(8)</sup> | (1.36)%<sup>(8)</sup> | (1.43)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 38%<sup>(5)</sup> | 100% | 72% | 100% | 111% | 132% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $9.60 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.09) | (0.13) | (0.08) | (0.11) | (0.33) | (0.22) |
| Net Realized and Unrealized Gain (Loss) | 0.42 | 2.25 | 2.69 | (7.26) | (0.47) | 12.28 |
| Total from Investment Operations | 0.33 | 2.12 | 2.61 | (7.37) | (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:** | **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> | 0.00<br><sup>(3)</sup> | 0.00<br><sup>(3)</sup> | 0.02 | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $9.93 | $9.60 | $7.54 | $4.93 | $12.31 | $17.85 |
| **Total Return<sup>(11)</sup>** | 3.44%<sup>(5)</sup> | 28.06% | 52.94%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $10222 | $10557 | $11076 | $8490 | $31148 | $12494 |
| Ratio of Expenses Before Expense Limitation | 2.29%<sup>(7)</sup> | 2.28% | 2.22% | 2.33% | 2.12% | 2.26% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(7)(8)</sup> | 2.09%<sup>(8)</sup> | 2.02%<sup>(8)(9)</sup> | 2.10%<sup>(8)</sup> | 2.05%<sup>(8)</sup> | 2.07%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 2.10%<sup>(7)(8)</sup> | N/A | N/A | 2.10%<sup>(8)</sup> | N/A | 2.07%<sup>(8)</sup> |
| Ratio of Net Investment Loss | (1.89)%<sup>(7)(8)</sup> | (1.75)%<sup>(8)</sup> | (1.31)%<sup>(8)(9)</sup> | (1.53)%<sup>(8)</sup> | (1.55)%<sup>(8)</sup> | (1.61)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 38%<sup>(5)</sup> | 100% | 72% | 100% | 111% | 132% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Inception Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $16.03 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.06) | (0.07) | (0.02) | (0.04) | (0.14) | (0.08) |
| Net Realized and Unrealized Gain (Loss) | 0.70 | 3.77 | 4.43 | (11.83) | (0.74) | 16.97 |
| Total from Investment Operations | 0.64 | 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:** | **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>(3)</sup> | 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** | $16.67 | $16.03 | $12.49 | $8.08 | $19.99 | $25.73 |
| **Total Return<sup>(4)</sup>** | 3.99%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $57479 | $57729 | $60470 | $39302 | $141933 | $154023 |
| Ratio of Expenses Before Expense Limitation | 1.12%<sup>(7)</sup> | 1.13% | 1.11% | 1.15% | 1.00% | 1.11% |
| Ratio of Expenses After Expense Limitation | 0.93%<sup>(7)(8)</sup> | 0.93%<sup>(8)</sup> | 0.90%<sup>(8)(9)</sup> | 0.93%<sup>(8)</sup> | 0.93%<sup>(8)</sup> | 0.92%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.93%<sup>(7)(8)</sup> | N/A | N/A | 0.93%<sup>(8)</sup> | N/A | 0.92%<sup>(8)</sup> |
| Ratio of Net Investment Loss | (0.72)%<sup>(7)(8)</sup> | (0.58)%<sup>(8)</sup> | (0.20)%<sup>(8)(9)</sup> | (0.37)%<sup>(8)</sup> | (0.44)%<sup>(8)</sup> | (0.49)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 38%<sup>(5)</sup> | 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) Not annualized.

(6) Reflects prior period sub transfer agency and/or 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 the shares.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Loss Ratio |
| Class I | December 31, 2023 | 0.94% | (0.24)% |
| Class A | December 31, 2023 | 1.19 | (0.49) |
| Class L | December 31, 2023 | 1.85 | (1.15) |
| Class C | December 31, 2023 | 2.05 | (1.34) |
| Class R6 | December 31, 2023 | 0.93 | (0.23) |

---

(10) Amount is less than 0.005%.

(11) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(12) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Investment Overview.

(13) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**International Advantage Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $24.01 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.06 | 0.01 | 0.05 | 0.00<br><sup>(3)</sup> | (0.08) | (0.07) |
| Net Realized and Unrealized Gain (Loss) | 4.03 | 1.55 | 3.44 | (10.43) | 3.63 | 6.68 |
| Total from Investment Operations | 4.09 | 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:** | **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** | $28.10 | $24.01 | $22.48 | $19.00 | $30.30 | $27.05 |
| **Total Return<sup>(4)</sup>** | 17.03%<sup>(5)</sup> | 6.95% | 18.38%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2375236 | $2241808 | $2625192 | $2390415 | $5419831 | $3841122 |
| Ratio of Expenses Before Expense Limitation | 1.01%<sup>(7)</sup> | 1.00% | 1.00% | 1.01% | 0.97% | N/A |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(7)(8)</sup> | 1.00%<sup>(8)</sup> | 0.97%<sup>(8)(9)</sup> | 1.01%<sup>(8)</sup> | 0.97%<sup>(8)</sup> | 0.98%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.00%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | 0.98%<sup>(8)</sup> |
| Ratio of Net Investment Income (Loss) | 0.47%<sup>(7)(8)</sup> | 0.04%<sup>(8)</sup> | 0.24%<sup>(8)(9)</sup> | 0.00%<sup>(8)</sup> | (0.28)%<sup>(8)</sup> | (0.31)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 0%<sup>(5)(11)</sup> | 26% | 32% | 19% | 22% | 18% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $23.34 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.02 | (0.05) | (0.01) | (0.06) | (0.17) | (0.13) |
| Net Realized and Unrealized Gain (Loss) | 3.92 | 1.50 | 3.36 | (10.22) | 3.58 | 6.56 |
| Total from Investment Operations | 3.94 | 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:** | **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** | $27.28 | $23.34 | $21.89 | $18.54 | $29.69 | $26.58 |
| **Total Return<sup>(12)</sup>** | 16.88%<sup>(5)</sup> | 6.62% | 18.07%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $336564 | $310723 | $375712 | $388125 | $776662 | $589317 |
| Ratio of Expenses Before Expense Limitation | 1.28%<sup>(7)</sup> | 1.28% | 1.27% | 1.30% | 1.26% | N/A |
| Ratio of Expenses After Expense Limitation | 1.28%<sup>(7)(8)</sup> | 1.28%<sup>(8)</sup> | 1.25%<sup>(8)(9)</sup> | 1.30%<sup>(8)</sup> | 1.26%<sup>(8)</sup> | 1.27%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.28%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | 1.27%<sup>(8)</sup> |
| Ratio of Net Investment Income (Loss) | 0.19%<sup>(7)(8)</sup> | (0.24)%<sup>(8)</sup> | (0.03)%<sup>(8)(9)</sup> | (0.27)%<sup>(8)</sup> | (0.57)%<sup>(8)</sup> | (0.60)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 0%<sup>(5)(11)</sup> | 26% | 32% | 19% | 22% | 18% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**International Advantage Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $21.94 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.04) | (0.17) | (0.12) | (0.18) | (0.32) | (0.24) |
| Net Realized and Unrealized Gain (Loss) | 3.68 | 1.41 | 3.18 | (9.77) | 3.44 | 6.33 |
| Total from Investment Operations | 3.64 | 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:** | **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** | $25.58 | $21.94 | $20.70 | $17.64 | $28.46 | $25.64 |
| **Total Return<sup>(4)</sup>** | 16.59%<sup>(5)</sup> | 5.99% | 17.35%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $512 | $443 | $421 | $403 | $279 | $350 |
| Ratio of Expenses Before Expense Limitation | 2.17%<sup>(7)</sup> | 2.19% | 2.26% | 2.55% | 2.29% | 2.48% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(7)(8)</sup> | 1.85%<sup>(8)</sup> | 1.82%<sup>(8)(9)</sup> | 1.85%<sup>(8)</sup> | 1.85%<sup>(8)</sup> | 1.84%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.85%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | 1.84%<sup>(8)</sup> |
| Ratio of Net Investment Loss | (0.38)%<sup>(7)(8)</sup> | (0.80)%<sup>(8)</sup> | (0.61)%<sup>(8)(9)</sup> | (0.93)%<sup>(8)</sup> | (1.16)%<sup>(8)</sup> | (1.17)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 0%<sup>(5)(11)</sup> | 26% | 32% | 19% | 22% | 18% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $21.50 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.06) | (0.20) | (0.14) | (0.20) | (0.35) | (0.26) |
| Net Realized and Unrealized Gain (Loss) | 3.60 | 1.39 | 3.12 | (9.63) | 3.39 | 6.25 |
| Total from Investment Operations | 3.54 | 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:** | **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** | $25.04 | $21.50 | $20.31 | $17.33 | $28.03 | $25.29 |
| **Total Return<sup>(12)</sup>** | 16.47%<sup>(5)</sup> | 5.86% | 17.20%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $11495 | $12327 | $19092 | $21455 | $42922 | $24926 |
| Ratio of Expenses Before Expense Limitation | 2.03%<sup>(7)</sup> | 2.00% | 1.97% | 2.01% | 1.96% | N/A |
| Ratio of Expenses After Expense Limitation | 2.03%<sup>(7)(8)</sup> | 2.00%<sup>(8)</sup> | 1.94%<sup>(8)(9)</sup> | 2.01%<sup>(8)</sup> | 1.96%<sup>(8)</sup> | 1.97%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 2.03%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | 1.97%<sup>(8)</sup> |
| Ratio of Net Investment Loss | (0.56)%<sup>(7)(8)</sup> | (0.95)%<sup>(8)</sup> | (0.73)%<sup>(8)(9)</sup> | (1.02)%<sup>(8)</sup> | (1.27)%<sup>(8)</sup> | (1.29)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 0%<sup>(5)(11)</sup> | 26% | 32% | 19% | 22% | 18% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**International Advantage Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $24.10 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.07 | 0.04 | 0.07 |  | (0.06) | (0.06) |
| Net Realized and Unrealized Gain (Loss) | 4.05 | 1.55 | 3.46 | (10.43) | 3.65 | 6.70 |
| Total from Investment Operations | 4.12 | 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:** | **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>(3)</sup> | 0.00<br><sup>(3)</sup> |  |
| **Net Asset Value, End of Period** | $28.22 | $24.10 | $22.57 | $19.08 | $30.38 | $27.09 |
| **Total Return<sup>(4)</sup>** | 17.10%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $142299 | $179397 | $194879 | $120364 | $273564 | $98182 |
| Ratio of Expenses Before Expense Limitation | 0.90%<sup>(7)</sup> | 0.89% | 0.89% | 0.89% | 0.87% | N/A |
| Ratio of Expenses After Expense Limitation | 0.90%<sup>(7)(8)</sup> | 0.89%<sup>(8)</sup> | 0.86%<sup>(8)(9)</sup> | 0.89%<sup>(8)</sup> | 0.87%<sup>(8)</sup> | 0.89%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.90%<sup>(7)(8)</sup> | N/A | N/A | N/A | N/A | 0.89%<sup>(8)</sup> |
| Ratio of Net Investment Income (Loss) | 0.57%<sup>(7)(8)</sup> | 0.15%<sup>(8)</sup> | 0.35%<sup>(8)(9)</sup> | 0.01%<sup>(8)</sup> | (0.19)%<sup>(8)</sup> | (0.26)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 0%<sup>(5)(11)</sup> | 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) Not annualized.

(6) Reflects prior period sub transfer agency and/or 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 the shares.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class I | December 31, 2023 | 0.99% | 0.22% |
| Class A | December 31, 2023 | 1.26 | (0.04) |
| Class L | December 31, 2023 | 1.84 | (0.63) |
| Class C | December 31, 2023 | 1.96 | (0.75) |
| Class R6 | December 31, 2023 | 0.88 | 0.33 |

---

(10) Amount is less than 0.005%.

(11) Amount is less than 0.5%.

(12) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(13) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**International Equity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $10.03 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.13 | 0.24 | 0.22 | 0.23 | 0.29 | 0.18 |
| Net Realized and Unrealized Gain (Loss) | 1.67 | 0.24 | 1.82 | (2.40) | 0.34 | 1.50 |
| Total from Investment Operations | 1.80 | 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:** | **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** | $11.83 | $10.03 | $13.58 | $12.14 | $15.22 | $16.20 |
| **Total Return<sup>(2)</sup>** | 17.95%<sup>(3)</sup> | 2.81% | 16.91%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $316559 | $466727 | $1078331 | $741596 | $1531709 | $1658464 |
| Ratio of Expenses Before Expense Limitation | 1.14%<sup>(5)</sup> | 1.05% | 1.02% | 1.03% | 1.01% | 1.00% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(5)(6)</sup> | 0.95%<sup>(6)</sup> | 0.94%<sup>(6)(7)</sup> | 0.95%<sup>(6)</sup> | 0.95%<sup>(6)</sup> | 0.95%<sup>(6)</sup> |
| Ratio of Net Investment Income | 2.35%<sup>(5)(6)</sup> | 1.73%<sup>(6)</sup> | 1.63%<sup>(6)(7)</sup> | 1.76%<sup>(6)</sup> | 1.70%<sup>(6)</sup> | 1.28%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 23%<sup>(3)</sup> | 49% | 28% | 36% | 20% | 20% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $10.18 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.11 | 0.19 | 0.17 | 0.06 | 0.25 | 0.11 |
| Net Realized and Unrealized Gain (Loss) | 1.70 | 0.25 | 1.80 | (2.25) | 0.36 | 1.50 |
| Total from Investment Operations | 1.81 | 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:** | **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** | $11.99 | $10.18 | $13.72 | $12.08 | $15.17 | $16.15 |
| **Total Return<sup>(9)</sup>** | 17.78%<sup>(3)</sup> | 2.50% | 16.38%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $37481 | $34343 | $43492 | $330721 | $58739 | $60346 |
| Ratio of Expenses Before Expense Limitation | 1.57%<sup>(5)</sup> | 1.42% | 1.38% | 1.26% | 1.07% | 1.43% |
| Ratio of Expenses After Expense Limitation | 1.30%<sup>(5)(6)</sup> | 1.30%<sup>(6)</sup> | 1.30%<sup>(6)</sup> | 1.23%<sup>(6)</sup> | 1.07%<sup>(6)</sup> | 1.30%<sup>(6)</sup> |
| Ratio of Net Investment Income | 2.00%<sup>(5)(6)</sup> | 1.37%<sup>(6)</sup> | 1.28%<sup>(6)</sup> | 0.50%<sup>(6)</sup> | 1.57%<sup>(6)</sup> | 0.80%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 23%<sup>(3)</sup> | 49% | 28% | 36% | 20% | 20% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**International Equity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $9.74 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.08 | 0.12 | 0.10 | 0.10 | 0.14 | 0.06 |
| Net Realized and Unrealized Gain (Loss) | 1.63 | 0.24 | 1.77 | (2.33) | 0.35 | 1.45 |
| Total from Investment Operations | 1.71 | 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:** | **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** | $11.45 | $9.74 | $13.30 | $11.91 | $14.93 | $15.91 |
| **Total Return<sup>(2)</sup>** | 17.56%<sup>(3)</sup> | 1.92% | 15.80%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3155 | $2961 | $3843 | $3579 | $5394 | $5513 |
| Ratio of Expenses Before Expense Limitation | 1.93%<sup>(5)</sup> | 1.88% | 1.84% | 1.85% | 1.79% | 1.83% |
| Ratio of Expenses After Expense Limitation | 1.80%<sup>(5)(6)</sup> | 1.80%<sup>(6)</sup> | 1.79%<sup>(6)(7)</sup> | 1.80%<sup>(6)</sup> | 1.79%<sup>(6)</sup> | 1.80%<sup>(6)</sup> |
| Ratio of Net Investment Income | 1.50%<sup>(5)(6)</sup> | 0.87%<sup>(6)</sup> | 0.78%<sup>(6)(7)</sup> | 0.77%<sup>(6)</sup> | 0.88%<sup>(6)</sup> | 0.41%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 23%<sup>(3)</sup> | 49% | 28% | 36% | 20% | 20% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $9.42 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.06 | 0.08 | 0.07 | 0.06 | 0.09 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | 1.58 | 0.24 | 1.73 | (2.28) | 0.34 | 1.43 |
| Total from Investment Operations | 1.64 | 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:** | **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** | $11.06 | $9.42 | $12.98 | $11.63 | $14.63 | $15.64 |
| **Total Return<sup>(9)</sup>** | 17.41%<sup>(3)</sup> | 1.69% | 15.56%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $440 | $381 | $1109 | $1098 | $929 | $776 |
| Ratio of Expenses Before Expense Limitation | 2.83%<sup>(5)</sup> | 2.30% | 2.32% | 2.28% | 2.33% | 2.41% |
| Ratio of Expenses After Expense Limitation | 2.05%<sup>(5)(6)</sup> | 2.05%<sup>(6)</sup> | 2.04%<sup>(6)(7)</sup> | 2.05%<sup>(6)</sup> | 2.05%<sup>(6)</sup> | 2.05%<sup>(6)</sup> |
| Ratio of Net Investment Income | 1.25%<sup>(5)(6)</sup> | 0.62%<sup>(6)</sup> | 0.53%<sup>(6)(7)</sup> | 0.48%<sup>(6)</sup> | 0.58%<sup>(6)</sup> | 0.15%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 23%<sup>(3)</sup> | 49% | 28% | 36% | 20% | 20% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**International Equity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $10.01 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.13 | 0.25 | 0.22 | 0.22 | 0.30 | 0.18 |
| Net Realized and Unrealized Gain (Loss) | 1.67 | 0.23 | 1.82 | (2.38) | 0.33 | 1.50 |
| Total from Investment Operations | 1.80 | 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:** | **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** | $11.81 | $10.01 | $13.57 | $12.13 | $15.21 | $16.19 |
| **Total Return<sup>(2)</sup>** | 17.98%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $117312 | $137160 | $240372 | $245372 | $453413 | $468152 |
| Ratio of Expenses Before Expense Limitation | 0.99%<sup>(5)</sup> | 0.94% | 0.93% | 0.92% | 0.91% | 0.91% |
| Ratio of Expenses After Expense Limitation | 0.91%<sup>(5)(6)</sup> | 0.91%<sup>(6)</sup> | 0.90%<sup>(6)(7)</sup> | 0.92%<sup>(6)</sup> | 0.91%<sup>(6)</sup> | 0.91%<sup>(6)</sup> |
| Ratio of Net Investment Income | 2.39%<sup>(5)(6)</sup> | 1.76%<sup>(6)</sup> | 1.67%<sup>(6)(7)</sup> | 1.67%<sup>(6)</sup> | 1.76%<sup>(6)</sup> | 1.31%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 23%<sup>(3)</sup> | 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) Not annualized.

(4) Reflects prior period sub transfer agency and/or 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 the shares.

(5) Annualized.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense<br>Ratio | Net Investment <br>Income Ratio |
| Class I | December 31, 2023 | 0.95% | 1.62% |
| Class L | December 31, 2023 | 1.80 | 0.77 |
| Class C | December 31, 2023 | 2.05 | 0.52 |
| Class R6 | December 31, 2023 | 0.91 | 1.66 |

---

(8) Amount is less than 0.005%.

(9) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(10) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**International Opportunity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $28.57 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.02 | (0.10) | (0.05) | (0.10) | (0.30) | (0.22) |
| Net Realized and Unrealized Gain (Loss) | 4.81 | 4.73 | 4.23 | (16.71) | (1.90) | 15.05 |
| Total from Investment Operations | 4.83 | 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:** | **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> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $33.40 | $28.57 | $23.98 | $19.80 | $38.44 | $41.46 |
| **Total Return<sup>(4)</sup>** | 16.91%<sup>(5)</sup> | 19.32% | 21.11%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $614124 | $534510 | $682842 | $668597 | $3229961 | $3152320 |
| Ratio of Expenses Before Expense Limitation | 1.07%<sup>(7)</sup> | 1.06% | 0.94% | 1.11% | 0.99% | 0.98% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(7)(8)</sup> | 1.00%<sup>(8)</sup> | 0.91%<sup>(8)(9)</sup> | 1.00%<sup>(8)</sup> | 0.99%<sup>(8)</sup> | 0.97%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.00%<sup>(7)(8)</sup> | 1.00%<sup>(8)</sup> | N/A | 1.00%<sup>(8)</sup> | 0.99%<sup>(8)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | 0.16%<sup>(7)(8)</sup> | (0.37)%<sup>(8)</sup> | (0.21)%<sup>(8)(9)</sup> | (0.39)%<sup>(8)</sup> | (0.70)%<sup>(8)</sup> | (0.70)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 2%<sup>(5)</sup> | 28% | 20% | 18% | 36% | 25% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $27.55 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.18) | (0.12) | (0.19) | (0.41) | (0.30) |
| Net Realized and Unrealized Gain (Loss) | 4.63 | 4.56 | 4.10 | (16.28) | (1.85) | 14.74 |
| Total from Investment Operations | 4.61 | 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:** | **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> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $32.16 | $27.55 | $23.17 | $19.19 | $37.49 | $40.57 |
| **Total Return<sup>(11)</sup>** | 16.73%<sup>(5)</sup> | 18.90% | 20.74%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $184536 | $167662 | $204639 | $220442 | $638203 | $683897 |
| Ratio of Expenses Before Expense Limitation | 1.36%<sup>(7)</sup> | 1.34% | 1.26% | 1.35% | 1.28% | 1.26% |
| Ratio of Expenses After Expense Limitation | 1.33%<sup>(7)(8)</sup> | 1.32%<sup>(8)</sup> | 1.23%<sup>(8)(9)</sup> | 1.35%<sup>(8)</sup> | 1.28%<sup>(8)</sup> | 1.25%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.32%<sup>(7)(8)</sup> | 1.32%<sup>(8)</sup> | N/A | 1.35%<sup>(8)</sup> | 1.28%<sup>(8)</sup> | N/A |
| Ratio of Net Investment Loss | (0.17)%<sup>(7)(8)</sup> | (0.69)%<sup>(8)</sup> | (0.53)%<sup>(8)(9)</sup> | (0.78)%<sup>(8)</sup> | (0.99)%<sup>(8)</sup> | (0.96)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 2%<sup>(5)</sup> | 28% | 20% | 18% | 36% | 25% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**International Opportunity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $25.60 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.09) | (0.29) | (0.23) | (0.29) | (0.62) | (0.44) |
| Net Realized and Unrealized Gain (Loss) | 4.30 | 4.25 | 3.83 | (15.44) | (1.75) | 14.10 |
| Total from Investment Operations | 4.21 | 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:** | **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> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $29.81 | $25.60 | $21.64 | $18.04 | $35.60 | $38.79 |
| **Total Return<sup>(4)</sup>** | 16.45%<sup>(5)</sup> | 18.30% | 20.02%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $167 | $203 | $205 | $171 | $448 | $533 |
| Ratio of Expenses Before Expense Limitation | 2.98%<sup>(7)</sup> | 3.02% | 3.03% | 2.62% | 2.15% | 2.14% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(7)(8)</sup> | 1.85%<sup>(8)</sup> | 1.82%<sup>(8)(9)</sup> | 1.85%<sup>(8)</sup> | 1.85%<sup>(8)</sup> | 1.84%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.85%<sup>(7)(8)</sup> | 1.85%<sup>(8)</sup> | N/A | 1.85%<sup>(8)</sup> | 1.85%<sup>(8)</sup> | N/A |
| Ratio of Net Investment Loss | (0.69)%<sup>(7)(8)</sup> | (1.22)%<sup>(8)</sup> | (1.10)%<sup>(8)(9)</sup> | (1.25)%<sup>(8)</sup> | (1.56)%<sup>(8)</sup> | (1.54)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 2%<sup>(5)</sup> | 28% | 20% | 18% | 36% | 25% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $25.05 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.12) | (0.33) | (0.25) | (0.34) | (0.66) | (0.48) |
| Net Realized and Unrealized Gain (Loss) | 4.19 | 4.17 | 3.75 | (15.20) | (1.73) | 13.93 |
| Total from Investment Operations | 4.07 | 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:** | **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> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $29.12 | $25.05 | $21.21 | $17.71 | $35.08 | $38.29 |
| **Total Return<sup>(11)</sup>** | 16.29%<sup>(5)</sup> | 18.06% | 19.83%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $17180 | $17885 | $24887 | $28775 | $91503 | $90845 |
| Ratio of Expenses Before Expense Limitation | 2.12%<sup>(7)</sup> | 2.07% | 1.99% | 2.07% | 1.98% | 1.98% |
| Ratio of Expenses After Expense Limitation | 2.09%<sup>(7)(8)</sup> | 2.06%<sup>(8)</sup> | 1.97%<sup>(8)(9)</sup> | 2.06%<sup>(8)</sup> | 1.98%<sup>(8)</sup> | 1.97%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 2.09%<sup>(7)(8)</sup> | 2.06%<sup>(8)</sup> | N/A | 2.06%<sup>(8)</sup> | 1.98%<sup>(8)</sup> | N/A |
| Ratio of Net Investment Loss | (0.93)%<sup>(7)(8)</sup> | (1.43)%<sup>(8)</sup> | (1.26)%<sup>(8)(9)</sup> | (1.47)%<sup>(8)</sup> | (1.69)%<sup>(8)</sup> | (1.68)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 2%<sup>(5)</sup> | 28% | 20% | 18% | 36% | 25% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**International Opportunity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</sup>** | **Class R6<sup>(12)</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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $28.72 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.03 | (0.08) | (0.05) | (0.09) | (0.25) | (0.18) |
| Net Realized and Unrealized Gain (Loss) | 4.83 | 4.75 | 4.25 | (16.76) | (1.91) | 15.07 |
| Total from Investment Operations | 4.86 | 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:** | **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> | 0.01 | 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** | $33.58 | $28.72 | $24.10 | $19.90 | $38.58 | $41.56 |
| **Total Return<sup>(4)</sup>** | 16.92%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3682 | $3180 | $34160 | $133702 | $131721 | $101008 |
| Ratio of Expenses Before Expense Limitation | 1.27%<sup>(7)</sup> | 1.11% | 0.96% | 0.94% | 0.90% | 0.90% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(7)(8)</sup> | 0.94%<sup>(8)</sup> | 0.92%<sup>(8)(9)</sup> | 0.92%<sup>(8)</sup> | 0.88%<sup>(8)</sup> | 0.88%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.94%<sup>(7)(8)</sup> | 0.94%<sup>(8)</sup> | N/A | 0.92%<sup>(8)</sup> | 0.88%<sup>(8)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | 0.22%<sup>(7)(8)</sup> | (0.30)%<sup>(8)</sup> | (0.22)%<sup>(8)(9)</sup> | (0.35)%<sup>(8)</sup> | (0.59)%<sup>(8)</sup> | (0.59)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 2%<sup>(5)</sup> | 28% | 20% | 18% | 36% | 25% |
|  | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $28.72 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.03 | (0.08) | (0.05) | (0.09) | (0.25) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 4.84 | 4.75 | 4.25 | (16.77) | (1.91) | 15.09 |
| Total from Investment Operations | 4.87 | 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:** | **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> | 0.00<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $33.59 | $28.72 | $24.11 | $19.91 | $38.60 | $41.58 |
| **Total Return<sup>(4)</sup>** | 16.96%<sup>(5)</sup> | 19.37% | 21.09%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $15 | $13 | $130175 | $119937 | $141615 | $149281 |
| Ratio of Expenses Before Expense Limitation | 15.27%<sup>(7)</sup> | 0.95% | 0.94% | 0.92% | 0.88% | 0.89% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(7)(8)</sup> | 0.94%<sup>(8)</sup> | 0.91%<sup>(8)(9)</sup> | 0.92%<sup>(8)</sup> | 0.88%<sup>(8)</sup> | 0.88%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.94%<sup>(7)(8)</sup> | 0.94%<sup>(8)</sup> | N/A | 0.92%<sup>(8)</sup> | 0.88%<sup>(8)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | 0.19%<sup>(7)(8)</sup> | (0.30)%<sup>(8)</sup> | (0.21)%<sup>(8)(9)</sup> | (0.36)%<sup>(8)</sup> | (0.59)%<sup>(8)</sup> | (0.60)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| Portfolio Turnover Rate | 2%<sup>(5)</sup> | 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.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**International Opportunity Portfolio**

(5) Not annualized.

(6) Reflects prior period sub transfer agency and/or 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 the shares.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Loss Ratio |
| Class I | December 31, 2023 | 0.94% | (0.24)% |
| Class A | December 31, 2023 | 1.26 | (0.56) |
| Class L | December 31, 2023 | 1.85 | (1.13) |
| Class C | December 31, 2023 | 1.99 | (1.28) |
| Class R6 | December 31, 2023 | 0.94 | (0.24) |
| Class IR | December 31, 2023 | 0.94 | (0.24) |

---

(10) Amount is less than 0.005%.

(11) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(12) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**International Resilience Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.14 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.07 | 0.07 | 0.10 | 0.00<br><sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 1.65 | 0.35 | 1.51 | (0.24) |
| Total from Investment Operations | 1.72 | 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:** | **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** | $12.86 | $11.14 | $11.14 | $9.76 |
| **Total Return<sup>(4)</sup>** | 15.44%<sup>(5)</sup> | 3.65% | 16.54%<sup>(6)</sup> | (2.40)%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1952 | $1699 | $1536 | $1317 |
| Ratio of Expenses Before Expense Limitation | 15.11%<sup>(7)</sup> | 15.98% | 19.42% | 25.45%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(7)(8)</sup> | 0.85%<sup>(8)</sup> | 0.73%<sup>(8)(9)</sup> | 0.84%<sup>(7)(8)</sup> |
| Ratio of Net Investment Income | 1.16%<sup>(7)(8)</sup> | 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>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01%<sup>(7)</sup> |
| Portfolio Turnover Rate | 28%<sup>(5)</sup> | 48% | 25% | 7%<sup>(5)</sup> |
|  | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Period from<br>July 29, 2022<sup>(1)</sup> to** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.11 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.05 | 0.03 | 0.06 | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 1.64 | 0.35 | 1.51 | (0.24) |
| Total from Investment Operations | 1.69 | 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:** | **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** | $12.80 | $11.11 | $11.12 | $9.75 |
| **Total Return<sup>(11)</sup>** | 15.21%<sup>(5)</sup> | 3.30% | 16.06%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $88 | $77 | $57 | $49 |
| Ratio of Expenses Before Expense Limitation | 17.65%<sup>(7)</sup> | 19.68% | 23.60% | 30.17%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 1.20%<sup>(7)(8)</sup> | 1.20%<sup>(8)</sup> | 1.08%<sup>(8)(9)</sup> | 1.20%<sup>(7)(8)</sup> |
| Ratio of Net Investment Income (Loss) | 0.81%<sup>(7)(8)</sup> | 0.28%<sup>(8)</sup> | 0.55%<sup>(8)(9)</sup> | (0.35)%<sup>(7)(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(7)(10)</sup> |
| Portfolio Turnover Rate | 28%<sup>(5)</sup> | 48% | 25% | 7%<sup>(5)</sup> |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**International Resilience Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $10.99 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | 0.00<br><sup>(3)</sup> | (0.05) | (0.02) | (0.04) |
| Net Realized and Unrealized Gain (Loss) | 1.62 | 0.34 | 1.51 | (0.25) |
| Total from Investment Operations | 1.62 | 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:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  | (0.35) | (0.15) |  |
| **Net Asset Value, End of Period** | $12.61 | $10.99 | $11.05 | $9.71 |
| **Total Return<sup>(11)</sup>** | 14.74%<sup>(5)</sup> | 2.52% | 15.33%<sup>(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $66 | $57 | $56 | $49 |
| Ratio of Expenses Before Expense Limitation | 19.16%<sup>(7)</sup> | 20.59% | 24.37% | 30.92%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 1.95%<sup>(7)(8)</sup> | 1.95%<sup>(8)</sup> | 1.83%<sup>(8)(9)</sup> | 1.95%<sup>(7)(8)</sup> |
| Ratio of Net Investment Income (Loss) | 0.07%<sup>(7)(8)</sup> | (0.46)%<sup>(8)</sup> | (0.19)%<sup>(8)(9)</sup> | (1.10)%<sup>(7)(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(7)(10)</sup> |
| Portfolio Turnover Rate | 28%<sup>(5)</sup> | 48% | 25% | 7%<sup>(5)</sup> |
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Period from<br>July 29, 2022<sup>(1)</sup> to** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **December 31, 2022** |
| **Net Asset Value, Beginning of Period** | $11.15 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.07 | 0.08 | 0.10 | 0.00<br><sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 1.64 | 0.36 | 1.52 | (0.24) |
| Total from Investment Operations | 1.71 | 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:** | **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** | $12.86 | $11.15 | $11.14 | $9.76 |
| **Total Return<sup>(4)</sup>** | 15.34%<sup>(5)</sup> | 3.79% | 16.60%<sup>(6)</sup> | (2.40)%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $68 | $59 | $57 | $49 |
| Ratio of Expenses Before Expense Limitation | 17.93%<sup>(7)</sup> | 19.30% | 23.18% | 29.95%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(7)(8)</sup> | 0.80%<sup>(8)</sup> | 0.68%<sup>(8)(9)</sup> | 0.80%<sup>(7)(8)</sup> |
| Ratio of Net Investment Income | 1.21%<sup>(7)(8)</sup> | 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>(7)(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(7)(10)</sup> |
| Portfolio Turnover Rate | 28%<sup>(5)</sup> | 48% | 25% | 7%<sup>(5)</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) Not annualized.

(6) Performance was positively impacted by approximately 0.10% for Class I shares, Class A shares, Class C shares and 0.11% for Class R6 shares due to the reimbursement of sub transfer agency and/or transfer agency fees from prior years. Had this reimbursement not occurred, the total return would have been 16.44% for Class I shares, 15.96% for Class A shares, 15.23% for Class C shares and 16.49% for Class R6 shares, respectively.

(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."

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**International Resilience Portfolio**

(9) If the Fund had not received the reimbursement of sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class I | December 31, 2023 | 0.85% | 0.79% |
| Class A | December 31, 2023 | 1.20 | 0.43 |
| Class C | December 31, 2023 | 1.95 | (0.31) |
| Class R6 | December 31, 2023 | 0.80 | 0.84 |

---

(10) Amount is less than 0.005%.

(11) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Multi-Asset Real Return Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $9.77 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.19 | 0.41 | 0.40 | 0.44 | 0.21 | 0.16 |
| Net Realized and Unrealized Gain (Loss) | 0.91 | (0.38) | 0.17 | (0.10) | 2.04 | (0.14) |
| Total from Investment Operations | 1.10 | 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:** | **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** | $10.87 | $9.77 | $10.85 | $10.80 | $10.93 | $10.38 |
| **Total Return<sup>(3)</sup>** | 11.26%<sup>(4)</sup> | (0.10)% | 5.41%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2437 | $1809 | $27897 | $32578 | $30776 | $17942 |
| Ratio of Expenses Before Expense Limitation | 5.08%<sup>(6)</sup> | 2.30% | 1.56% | 2.03% | 2.76% | 2.93% |
| Ratio of Expenses After Expense Limitation | 0.76%<sup>(6)(7)</sup> | 0.75%<sup>(7)</sup> | 0.73%<sup>(7)(8)</sup> | 0.76%<sup>(7)</sup> | 0.79%<sup>(7)</sup> | 0.77%<sup>(7)</sup> |
| Ratio of Net Investment Income | 3.72%<sup>(6)(7)</sup> | 3.80%<sup>(7)</sup> | 3.71%<sup>(7)(8)</sup> | 4.03%<sup>(7)</sup> | 1.80%<sup>(7)</sup> | 1.68%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.04%<sup>(6)</sup> | 0.04% | 0.04% | 0.03% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 75%<sup>(4)</sup> | 310% | 519% | 797% | 232% | 68% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $9.75 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.17 | 0.37 | 0.36 | 0.53 | 0.29 | 0.11 |
| Net Realized and Unrealized Gain (Loss) | 0.91 | (0.39) | 0.18 | (0.23) | 1.92 | (0.12) |
| Total from Investment Operations | 1.08 | (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:** | **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** | $10.83 | $9.75 | $10.87 | $10.81 | $10.95 | $10.41 |
| **Total Return<sup>(9)</sup>** | 11.08%<sup>(4)</sup> | (0.59)% | 5.09%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3879 | $3457 | $4347 | $5646 | $826 | $43 |
| Ratio of Expenses Before Expense Limitation | 5.29%<sup>(6)</sup> | 2.69% | 1.96% | 2.37% | 4.14% | 10.61% |
| Ratio of Expenses After Expense Limitation | 1.11%<sup>(6)(7)</sup> | 1.11%<sup>(7)</sup> | 1.09%<sup>(7)(8)</sup> | 1.10%<sup>(7)</sup> | 1.14%<sup>(7)</sup> | 1.14%<sup>(7)</sup> |
| Ratio of Net Investment Income | 3.32%<sup>(6)(7)</sup> | 3.44%<sup>(7)</sup> | 3.35%<sup>(7)(8)</sup> | 4.94%<sup>(7)</sup> | 2.48%<sup>(7)</sup> | 1.18%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.04%<sup>(6)</sup> | 0.04% | 0.04% | 0.03% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 75%<sup>(4)</sup> | 310% | 519% | 797% | 232% | 68% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Multi-Asset Real Return Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $9.67 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.13 | 0.29 | 0.28 | 0.45 | 0.08 | 0.05 |
| Net Realized and Unrealized Gain (Loss) | 0.90 | (0.39) | 0.17 | (0.23) | 2.04 | (0.14) |
| Total from Investment Operations | 1.03 | (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:** | **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** | $10.70 | $9.67 | $10.78 | $10.73 | $10.90 | $10.36 |
| **Total Return<sup>(9)</sup>** | 10.65%<sup>(4)</sup> | (1.27)% | 4.25%<sup>(5)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2297 | $2139 | $3527 | $4957 | $943 | $218 |
| Ratio of Expenses Before Expense Limitation | 6.06%<sup>(6)</sup> | 3.41% | 2.67% | 3.09% | 4.04% | 5.10% |
| Ratio of Expenses After Expense Limitation | 1.86%<sup>(6)(7)</sup> | 1.85%<sup>(7)</sup> | 1.84%<sup>(7)(8)</sup> | 1.82%<sup>(7)</sup> | 1.89%<sup>(7)</sup> | 1.89%<sup>(7)</sup> |
| Ratio of Net Investment Income | 2.57%<sup>(6)(7)</sup> | 2.70%<sup>(7)</sup> | 2.60%<sup>(7)(8)</sup> | 4.23%<sup>(7)</sup> | 0.69%<sup>(7)</sup> | 0.54%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.04%<sup>(6)</sup> | 0.04% | 0.04% | 0.03% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 75%<sup>(4)</sup> | 310% | 519% | 797% | 232% | 68% |
|  | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $9.73 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.19 | 0.42 | 0.41 | 0.44 | 0.20 | 0.16 |
| Net Realized and Unrealized Gain (Loss) | 0.91 | (0.40) | 0.17 | (0.09) | 2.05 | (0.13) |
| Total from Investment Operations | 1.10 | 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:** | **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** | $10.83 | $9.73 | $10.85 | $10.80 | $10.93 | $10.38 |
| **Total Return<sup>(3)</sup>** | 11.31%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $15 | $10 | $14 | $14 | $13 | $11 |
| Ratio of Expenses Before Expense Limitation | 21.32%<sup>(6)</sup> | 18.01% | 20.91% | 17.86% | 21.20% | 22.80% |
| Ratio of Expenses After Expense Limitation | 0.71%<sup>(6)(7)</sup> | 0.71%<sup>(7)</sup> | 0.69%<sup>(7)(8)</sup> | 0.72%<sup>(7)</sup> | 0.74%<sup>(7)</sup> | 0.74%<sup>(7)</sup> |
| Ratio of Net Investment Income | 3.68%<sup>(6)(7)</sup> | 3.85%<sup>(7)</sup> | 3.75%<sup>(7)(8)</sup> | 4.03%<sup>(7)</sup> | 1.75%<sup>(7)</sup> | 1.62%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.04%<sup>(6)</sup> | 0.04% | 0.04% | 0.03% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 75%<sup>(4)</sup> | 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) Not annualized.

(5) Reflects prior period sub transfer agency and/or 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 the shares.

(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."

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Multi-Asset Real Return Portfolio**

(8) If the Fund had not received the reimbursement of sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income Ratio |
| Class I | December 31, 2023 | 0.76% | 3.68% |
| Class A | December 31, 2023 | 1.11 | 3.33 |
| Class C | December 31, 2023 | 1.86 | 2.58 |
| Class R6 | December 31, 2023 | 0.71 | 3.73 |

---

(9) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(10) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Next Gen Emerging Markets Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.06 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.20 | 0.33 | 0.23 | 0.13 | (0.02) | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 0.49 | 1.34 | 0.85 | (8.58) | 3.01 | 2.36 |
| Total from Investment Operations | 0.69 | 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:** | **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** | $16.75 | $16.06 | $14.91 | $14.03 | $22.48 | $19.49 |
| **Total Return** | 4.30%<sup>(3)(4)(15)</sup> | 12.36%<sup>(3)</sup> | 7.73%<sup>(5)(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $17291 | $17549 | $27525 | $36405 | $124931 | $55533 |
| Ratio of Expenses Before Expense Limitation | 3.30%<sup>(7)</sup> | 3.03% | 2.47% | 2.30% | 2.21% | 2.13% |
| Ratio of Expenses After Expense Limitation | 1.25%<sup>(7)(8)</sup> | 1.25%<sup>(8)</sup> | 1.12%<sup>(8)(9)</sup> | 1.24%<sup>(8)</sup> | 1.51%<sup>(8)</sup> | 1.90%<sup>(8)(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.51%<sup>(8)</sup> | 1.85%<sup>(8)</sup> |
| Ratio of Net Investment Income (Loss) | 2.63%<sup>(7)(8)</sup> | 2.14%<sup>(8)</sup> | 1.62%<sup>(8)(9)</sup> | 0.77%<sup>(8)</sup> | (0.11)%<sup>(8)</sup> | 0.24%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> |
| Portfolio Turnover Rate | 1%<sup>(4)</sup> | 40% | 33% | 78% | 56% | 56% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.93 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.18 | 0.28 | 0.18 | 0.10 | (0.08) | 0.01 |
| Net Realized and Unrealized Gain (Loss) | 0.47 | 1.32 | 0.84 | (8.56) | 2.98 | 2.32 |
| Total from Investment Operations | 0.65 | 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:** | **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** | $16.58 | $15.93 | $14.79 | $13.91 | $22.37 | $19.47 |
| **Total Return** | 4.08%<sup>(4)(12)(15)</sup> | 11.99%<sup>(12)</sup> | 7.37%<sup>(6)(13)</sup> | (37.82)%<sup>(12)</sup> | 14.89%<sup>(12)</sup> | 13.57%<sup>(12)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3083 | $3540 | $4282 | $5719 | $9154 | $8436 |
| Ratio of Expenses Before Expense Limitation | 3.66%<sup>(7)</sup> | 3.38% | 2.84% | 2.66% | 2.70% | 2.44% |
| Ratio of Expenses After Expense Limitation | 1.60%<sup>(7)(8)</sup> | 1.60%<sup>(8)</sup> | 1.47%<sup>(8)(9)</sup> | 1.59%<sup>(8)</sup> | 1.96%<sup>(8)</sup> | 2.26%<sup>(8)(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.96%<sup>(8)</sup> | 2.20%<sup>(8)</sup> |
| Ratio of Net Investment Income (Loss) | 2.28%<sup>(7)(8)</sup> | 1.79%<sup>(8)</sup> | 1.27%<sup>(8)(9)</sup> | 0.68%<sup>(8)</sup> | (0.38)%<sup>(8)</sup> | 0.07%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> |
| Portfolio Turnover Rate | 1%<sup>(4)</sup> | 40% | 33% | 78% | 56% | 56% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Next Gen Emerging Markets Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.70 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.13 | 0.20 | 0.11 | 0.01 | (0.19) | (0.06) |
| Net Realized and Unrealized Gain (Loss) | 0.47 | 1.30 | 0.82 | (8.44) | 2.96 | 2.30 |
| Total from Investment Operations | 0.60 | 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:** | **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** | $16.30 | $15.70 | $14.53 | $13.68 | $22.11 | $19.34 |
| **Total Return** | 3.82%<sup>(3)(4)(15)</sup> | 11.38%<sup>(3)</sup> | 6.81%<sup>(5)(6)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $124 | $121 | $235 | $229 | $396 | $378 |
| Ratio of Expenses Before Expense Limitation | 5.98%<sup>(7)</sup> | 5.15% | 4.38% | 4.02% | 3.67% | 3.44% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(7)(8)</sup> | 2.10%<sup>(8)</sup> | 1.96%<sup>(8)(9)</sup> | 2.09%<sup>(8)</sup> | 2.46%<sup>(8)</sup> | 2.76%<sup>(8)(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | 2.46%<sup>(8)</sup> | 2.70%<sup>(8)</sup> |
| Ratio of Net Investment Income (Loss) | 1.79%<sup>(7)(8)</sup> | 1.29%<sup>(8)</sup> | 0.77%<sup>(8)(9)</sup> | 0.06%<sup>(8)</sup> | (0.86)%<sup>(8)</sup> | (0.39)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> |
| Portfolio Turnover Rate | 1%<sup>(4)</sup> | 40% | 33% | 78% | 56% | 56% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.30 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.11 | 0.15 | 0.07 | (0.02) | (0.24) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 0.46 | 1.27 | 0.81 | (8.27) | 2.90 | 2.25 |
| Total from Investment Operations | 0.57 | 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:** | **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** | $15.87 | $15.30 | $14.20 | $13.36 | $21.65 | $18.99 |
| **Total Return** | 3.73%<sup>(4)(12)(15)</sup> | 11.12%<sup>(12)</sup> | 6.59%<sup>(6)(13)</sup> | (38.29)%<sup>(12)</sup> | 14.01%<sup>(12)</sup> | 12.74%<sup>(12)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $234 | $300 | $419 | $485 | $897 | $843 |
| Ratio of Expenses Before Expense Limitation | 5.31%<sup>(7)</sup> | 4.78% | 4.20% | 3.75% | 3.67% | 3.42% |
| Ratio of Expenses After Expense Limitation | 2.35%<sup>(7)(8)</sup> | 2.35%<sup>(8)</sup> | 2.21%<sup>(8)(9)</sup> | 2.34%<sup>(8)</sup> | 2.71%<sup>(8)</sup> | 3.00%<sup>(8)(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | 2.71%<sup>(8)</sup> | 2.95%<sup>(8)</sup> |
| Ratio of Net Investment Income (Loss) | 1.53%<sup>(7)(8)</sup> | 1.04%<sup>(8)</sup> | 0.52%<sup>(8)(9)</sup> | (0.14)%<sup>(8)</sup> | (1.13)%<sup>(8)</sup> | (0.66)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> |
| Portfolio Turnover Rate | 1%<sup>(4)</sup> | 40% | 33% | 78% | 56% | 56% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Next Gen Emerging Markets Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.13 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.21 | 0.35 | 0.24 | (0.13) | (0.07) | 0.09 |
| Net Realized and Unrealized Gain (Loss) | 0.48 | 1.34 | 0.85 | (8.26) | 3.06 | 2.32 |
| Total from Investment Operations | 0.69 | 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:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.53) | (0.21) |  |  | (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** | $16.82 | $16.13 | $14.97 | $14.09 | $22.48 | $19.49 |
| **Total Return** | 4.28%<sup>(3)(4)(15)</sup> | 12.45%<sup>(3)</sup> | 7.76%<sup>(5)(6)</sup> | (37.32)%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $39 | $36 | $40 | $40 | $40244 | $318 |
| Ratio of Expenses Before Expense Limitation | 10.00%<sup>(7)</sup> | 9.96% | 8.23% | 2.24% | 1.80% | 2.20% |
| Ratio of Expenses After Expense Limitation | 1.20%<sup>(7)(8)</sup> | 1.20%<sup>(8)</sup> | 1.08%<sup>(8)(9)</sup> | 1.19%<sup>(8)</sup> | 1.24%<sup>(8)</sup> | 1.86%<sup>(8)(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.24%<sup>(8)</sup> | 1.80%<sup>(8)</sup> |
| Ratio of Net Investment Income (Loss) | 2.68%<sup>(7)(8)</sup> | 2.19%<sup>(8)</sup> | 1.67%<sup>(8)(9)</sup> | (0.65)%<sup>(8)</sup> | (0.29)%<sup>(8)</sup> | 0.55%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)(11)</sup> | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> |
| Portfolio Turnover Rate | 1%<sup>(4)</sup> | 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) Not annualized.

(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 I shares, Class L shares, Class C shares and Class R6 shares and 0.14% for Class A shares due to the reimbursement of sub transfer agency and/or transfer agency fees from prior years. Had this reimbursement not occurred, the total return would have been 7.58% for Class I shares, 7.23% for Class A shares, 6.66% for Class L shares, 6.44% for Class C shares and 7.61% for Class R6 shares, respectively.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment<br>Income Ratio |
| Class I | December 31, 2023 | 1.25% | 1.49% |
| Class A | December 31, 2023 | 1.60 | 1.14 |
| Class L | December 31, 2023 | 2.10 | 0.63 |
| Class C | December 31, 2023 | 2.35 | 0.38 |
| Class R6 | December 31, 2023 | 1.20 | 1.55 |

---

(10) 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.

(11) Amount is less than 0.005%.

(12) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(13) 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.

(14) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(15) Performance was positively impacted by approximately 1.35% for Class I shares, 1.36% for Class A shares, 1.37% for Class L shares and 1.34% for Class C shares and Class R6 shares due to the reimbursement of litigation payments from prior years. Had this reimbursement not occurred, the total return would have been 2.95% for Class I shares, 2.72% for Class A shares, 2.45% for Class L shares, 2.38% for Class C shares and 2.94% for Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Passport Overseas Equity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.55 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.18 | 0.17 | 0.22 | 0.18 | 0.17 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 3.49 | 0.92 | 1.50 | (4.06) | 0.24 | 4.41 |
| Total from Investment Operations | 3.67 | 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:** | **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** | $19.22 | $15.55 | $15.00 | $13.80 | $17.91 | $19.03 |
| **Total Return<sup>(2)</sup>** | 23.60%<sup>(3)</sup> | 7.19% | 12.52%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $101621 | $86227 | $119815 | $104002 | $153810 | $146087 |
| Ratio of Expenses Before Expense Limitation | 1.10%<sup>(5)</sup> | 1.10% | 1.02% | 1.08% | 0.95% | 1.02% |
| Ratio of Expenses After Expense Limitation | 0.89%<sup>(5)(6)</sup> | 0.90%<sup>(6)</sup> | 0.86%<sup>(6)(7)</sup> | 0.89%<sup>(6)</sup> | 0.89%<sup>(6)</sup> | 0.89%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 0.89%<sup>(6)</sup> | 0.89%<sup>(6)</sup> | 0.89%<sup>(6)</sup> |
| Ratio of Net Investment Income | 2.14%<sup>(5)(6)</sup> | 1.05%<sup>(6)</sup> | 1.48%<sup>(6)(7)</sup> | 1.18%<sup>(6)</sup> | 0.87%<sup>(6)</sup> | 0.24%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(5)</sup> | 0.00%<sup>(8)</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 27%<sup>(3)</sup> | 30% | 14% | 25% | 39% | 37% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.95 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.16 | 0.12 | 0.18 | 0.13 | 0.11 | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 3.57 | 0.95 | 1.53 | (4.13) | 0.25 | 4.51 |
| Total from Investment Operations | 3.73 | 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:** | **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** | $19.68 | $15.95 | $15.37 | $14.13 | $18.32 | $19.43 |
| **Total Return<sup>(9)</sup>** | 23.39%<sup>(3)</sup> | 6.89% | 12.15%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $55049 | $46959 | $50552 | $51769 | $71668 | $69135 |
| Ratio of Expenses Before Expense Limitation | 1.38%<sup>(5)</sup> | 1.36% | 1.28% | 1.34% | 1.22% | 1.31% |
| Ratio of Expenses After Expense Limitation | 1.21%<sup>(5)(6)</sup> | 1.19%<sup>(6)</sup> | 1.16%<sup>(6)(7)</sup> | 1.18%<sup>(6)</sup> | 1.18%<sup>(6)</sup> | 1.19%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 1.18%<sup>(6)</sup> | 1.18%<sup>(6)</sup> | 1.19%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 1.82%<sup>(5)(6)</sup> | 0.76%<sup>(6)</sup> | 1.18%<sup>(6)(7)</sup> | 0.88%<sup>(6)</sup> | 0.55%<sup>(6)</sup> | (0.06)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(5)</sup> | 0.00%<sup>(8)</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 27%<sup>(3)</sup> | 30% | 14% | 25% | 39% | 37% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Passport Overseas Equity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.78 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.11 | 0.03 | 0.09 | 0.05 | 0.00<br><sup>(10)</sup> | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 3.54 | 0.94 | 1.51 | (4.09) | 0.24 | 4.47 |
| Total from Investment Operations | 3.65 | 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:** | **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** | $19.43 | $15.78 | $15.21 | $13.99 | $18.16 | $19.27 |
| **Total Return<sup>(2)</sup>** | 23.13%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $4704 | $3981 | $4206 | $4129 | $5475 | $5718 |
| Ratio of Expenses Before Expense Limitation | 1.93%<sup>(5)</sup> | 1.92% | 1.84% | 1.90% | 1.76% | 1.86% |
| Ratio of Expenses After Expense Limitation | 1.74%<sup>(5)(6)</sup> | 1.75%<sup>(6)</sup> | 1.71%<sup>(6)(7)</sup> | 1.74%<sup>(6)</sup> | 1.74%<sup>(6)</sup> | 1.74%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 1.74%<sup>(6)</sup> | 1.74%<sup>(6)</sup> | 1.74%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 1.29%<sup>(5)(6)</sup> | 0.20%<sup>(6)</sup> | 0.63%<sup>(6)(7)</sup> | 0.32%<sup>(6)</sup> | 0.02%<sup>(6)</sup> | (0.61)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(5)</sup> | 0.00%<sup>(8)</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 27%<sup>(3)</sup> | 30% | 14% | 25% | 39% | 37% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.68 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.09 | (0.01) | 0.06 | 0.01 | (0.02) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 3.51 | 0.92 | 1.50 | (4.07) | 0.21 | 4.46 |
| Total from Investment Operations | 3.60 | 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:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.00)<sup>(10)</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** | $19.28 | $15.68 | $15.12 | $13.89 | $18.08 | $19.22 |
| **Total Return<sup>(9)</sup>** | 22.96%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $278 | $274 | $433 | $459 | $821 | $144 |
| Ratio of Expenses Before Expense Limitation | 2.90%<sup>(5)</sup> | 2.91% | 2.74% | 2.54% | 2.36% | 5.66% |
| Ratio of Expenses After Expense Limitation | 1.99%<sup>(5)(6)</sup> | 2.00%<sup>(6)</sup> | 1.96%<sup>(6)(7)</sup> | 1.99%<sup>(6)</sup> | 1.99%<sup>(6)</sup> | 1.99%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 1.99%<sup>(6)</sup> | 1.99%<sup>(6)</sup> | 1.99%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 1.04%<sup>(5)(6)</sup> | (0.05)%<sup>(6)</sup> | 0.37%<sup>(6)(7)</sup> | 0.05%<sup>(6)</sup> | (0.09)%<sup>(6)</sup> | (0.81)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(5)</sup> | 0.00%<sup>(8)</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 27%<sup>(3)</sup> | 30% | 14% | 25% | 39% | 37% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Passport Overseas Equity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</sup>** | **Class R6<sup>(11)</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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.57 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.19 | 0.18 | 0.23 | 0.21 | 0.18 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 3.49 | 0.92 | 1.49 | (4.06) | 0.23 | 4.42 |
| Total from Investment Operations | 3.68 | 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:** | **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** | $19.25 | $15.57 | $15.02 | $13.82 | $17.91 | $19.04 |
| **Total Return<sup>(2)</sup>** | 23.64%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $34 | $27 | $16 | $23 | $32 | $14 |
| Ratio of Expenses Before Expense Limitation | 7.61%<sup>(5)</sup> | 9.26% | 12.52% | 5.55% | 10.73% | 21.16% |
| Ratio of Expenses After Expense Limitation | 0.84%<sup>(5)(6)</sup> | 0.85%<sup>(6)</sup> | 0.81%<sup>(6)(7)</sup> | 0.84%<sup>(6)</sup> | 0.84%<sup>(6)</sup> | 0.84%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 0.84%<sup>(6)</sup> | 0.84%<sup>(6)</sup> | 0.84%<sup>(6)</sup> |
| Ratio of Net Investment Income | 2.18%<sup>(5)(6)</sup> | 1.10%<sup>(6)</sup> | 1.52%<sup>(6)(7)</sup> | 1.41%<sup>(6)</sup> | 0.89%<sup>(6)</sup> | 0.28%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(5)</sup> | 0.00%<sup>(8)</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 27%<sup>(3)</sup> | 30% | 14% | 25% | 39% | 37% |
|  | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $15.55 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.19 | 0.18 | 0.23 | 0.18 | 0.18 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 3.49 | 0.92 | 1.48 | (4.04) | 0.23 | 4.42 |
| Total from Investment Operations | 3.68 | 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:** | **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** | $19.23 | $15.55 | $15.00 | $13.81 | $17.91 | $19.04 |
| **Total Return<sup>(2)</sup>** | 23.67%<sup>(3)</sup> | 7.25% | 12.49%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $17 | $14 | $13 | $11 | $14 | $14 |
| Ratio of Expenses Before Expense Limitation | 13.38%<sup>(5)</sup> | 15.19% | 19.62% | 18.22% | 14.38% | 20.70% |
| Ratio of Expenses After Expense Limitation | 0.84%<sup>(5)(6)</sup> | 0.85%<sup>(6)</sup> | 0.81%<sup>(6)(7)</sup> | 0.84%<sup>(6)</sup> | 0.84%<sup>(6)</sup> | 0.84%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | 0.84%<sup>(6)</sup> | 0.84%<sup>(6)</sup> | 0.84%<sup>(6)</sup> |
| Ratio of Net Investment Income | 2.19%<sup>(5)(6)</sup> | 1.10%<sup>(6)</sup> | 1.52%<sup>(6)(7)</sup> | 1.21%<sup>(6)</sup> | 0.92%<sup>(6)</sup> | 0.29%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(5)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 27%<sup>(3)</sup> | 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) Not annualized.

(4) Reflects prior period sub transfer agency and/or 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 the shares.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Passport Overseas Equity Portfolio**

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income Ratio |
| Class I | December 31, 2023 | 0.89% | 1.45% |
| Class A | December 31, 2023 | 1.19 | 1.15 |
| Class L | December 31, 2023 | 1.74 | 0.60 |
| Class C | December 31, 2023 | 1.99 | 0.34 |
| Class R6 | December 31, 2023 | 0.84 | 1.49 |
| Class IR | December 31, 2023 | 0.85 | 1.48 |

---

(8) Amount is less than 0.005%.

(9) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(10) Amount is less than $0.005 per share.

(11) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Permanence Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **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** | $12.78 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(3)</sup> | 0.01 | 0.05 | 0.04 | (0.02) | 0.00<br><sup>(4)</sup> | (0.00)<sup>(4)</sup> |
| Net Realized and Unrealized Gain (Loss) | 2.52 | 1.82 | 2.84 | (2.93) | 2.39 | 5.51 |
| Total from Investment Operations | 2.53 | 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:** | **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** | $15.31 | $12.78 | $12.75 | $11.16 | $14.42 | $14.65 |
| **Total Return<sup>(5)</sup>** | 19.89%<sup>(6)</sup> | 13.78% | 26.44%<sup>(7)</sup> | (20.55)% | 16.85% | 55.46%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $4759 | $3971 | $3624 | $3117 | $3807 | $3147 |
| Ratio of Expenses Before Expense Limitation | 6.56%<sup>(8)</sup> | 7.16% | 7.44% | 8.14% | 7.49% | 10.85%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(8)(9)</sup> | 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 Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.85%<sup>(8)(9)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.11%<sup>(8)(9)</sup> | 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>(8)(11)</sup> | 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 | 28%<sup>(6)</sup> | 74% | 100% | 57% | 70% | 68%<sup>(6)</sup> |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period from<br>March 31, 2020<sup>(1)</sup> to** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **December 31, 2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.59 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.02) | (0.00)<sup>(4)</sup> | (0.01) | (0.06) | (0.05) | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 2.49 | 1.78 | 2.83 | (2.91) | 2.37 | 5.48 |
| Total from Investment Operations | 2.47 | 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:** | **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** | $15.06 | $12.59 | $12.60 | $11.07 | $14.31 | $14.61 |
| **Total Return<sup>(12)</sup>** | 19.62%<sup>(6)</sup> | 13.39% | 26.11%<sup>(7)</sup> | (20.83)% | 16.41% | 55.05%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $627 | $553 | $660 | $303 | $324 | $256 |
| Ratio of Expenses Before Expense Limitation | 7.31%<sup>(8)</sup> | 7.95% | 8.09% | 9.60% | 8.83% | 17.41%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.20%<sup>(8)(9)</sup> | 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 Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.20%<sup>(8)(9)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.25)%<sup>(8)(9)</sup> | (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>(8)(11)</sup> | 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 | 28%<sup>(6)</sup> | 74% | 100% | 57% | 70% | 68%<sup>(6)</sup> |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Permanence Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **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** | $12.21 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(3)</sup> | (0.06) | (0.10) | (0.09) | (0.13) | (0.17) | (0.11) |
| Net Realized and Unrealized Gain (Loss) | 2.40 | 1.73 | 2.75 | (2.90) | 2.35 | 5.49 |
| Total from Investment Operations | 2.34 | 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:** | **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** | $14.55 | $12.21 | $12.23 | $10.86 | $14.16 | $14.52 |
| **Total Return<sup>(12)</sup>** | 19.16%<sup>(6)</sup> | 12.58% | 25.15%<sup>(7)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $39 | $32 | $48 | $20 | $26 | $21 |
| Ratio of Expenses Before Expense Limitation | 13.48%<sup>(8)</sup> | 13.89% | 14.88% | 19.54% | 18.17% | 24.15%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.95%<sup>(8)(9)</sup> | 1.95%<sup>(9)</sup> | 1.71%<sup>(9)(10)</sup> | 1.95%<sup>(9)</sup> | 1.95%<sup>(9)</sup> | 1.95%<sup>(8)(9)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.95%<sup>(8)(9)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.00)%<sup>(8)(9)</sup> | (0.77)%<sup>(9)</sup> | (0.75)%<sup>(9)(10)</sup> | (1.24)%<sup>(9)</sup> | (1.09)%<sup>(9)</sup> | (1.08)%<sup>(8)(9)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)(11)</sup> | 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 | 28%<sup>(6)</sup> | 74% | 100% | 57% | 70% | 68%<sup>(6)</sup> |
|  | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** | **Class R6<sup>(13)</sup>** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period from<br>March 31, 2020<sup>(1)</sup> to** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **December 31, 2020<sup>(2)</sup>** |
| **Net Asset Value, Beginning of Period** | $12.80 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(3)</sup> | 0.01 | 0.06 | 0.05 | (0.01) | 0.01 | 0.00<br><sup>(4)</sup> |
| Net Realized and Unrealized Gain (Loss) | 2.52 | 1.81 | 2.84 | (2.94) | 2.40 | 5.51 |
| Total from Investment Operations | 2.53 | 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:** | **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** | $15.33 | $12.80 | $12.77 | $11.17 | $14.43 | $14.65 |
| **Total Return<sup>(5)</sup>** | 19.77%<sup>(6)</sup> | 13.90% | 26.51%<sup>(7)</sup> | (20.50)% | 16.95% | 55.45%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $83 | $69 | $61 | $44 | $18 | $16 |
| Ratio of Expenses Before Expense Limitation | 9.30%<sup>(8)</sup> | 10.50% | 11.18% | 12.68% | 20.29% | 25.34%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(8)(9)</sup> | 0.80%<sup>(9)</sup> | 0.61%<sup>(9)(10)</sup> | 0.80%<sup>(9)</sup> | 0.80%<sup>(9)</sup> | 0.80%<sup>(8)(9)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.80%<sup>(8)(9)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.16%<sup>(8)(9)</sup> | 0.40%<sup>(9)</sup> | 0.35%<sup>(9)(10)</sup> | (0.06)%<sup>(9)</sup> | 0.07%<sup>(9)</sup> | 0.03%<sup>(8)(9)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)(11)</sup> | 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 | 28%<sup>(6)</sup> | 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) 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) Not annualized.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Consolidated Financial Highlights

**Permanence Portfolio**

(7) Performance was positively impacted by approximately 0.19% for Class I shares, 0.29% for Class A shares, 0.31% for Class C shares and 0.20% for Class R6 shares due to the reimbursement of sub transfer agency and/or transfer agency fees from prior years. Had this reimbursement not occurred, the total return would have been 26.25% for Class I shares, 25.82% for Class A shares, 24.84% for Class C shares and 26.31% for Class R6 shares, respectively.

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class I | December 31, 2023 | 0.85% | 0.11% |
| Class A | December 31, 2023 | 1.20 | (0.24) |
| Class C | December 31, 2023 | 1.95 | (0.99) |
| Class R6 | December 31, 2023 | 0.80 | 0.16 |

---

(11) Amount is less than 0.005%.

(12) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(13) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**US Core Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $29.61 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.04 | 0.02 | 0.10 | 0.08 | 0.05 | 0.06 |
| Net Realized and Unrealized Gain (Loss) | 1.88 | 6.57 | 3.43 | (5.05) | 6.46 | 3.47 |
| Total from Investment Operations | 1.92 | 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:** | **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** | $31.53 | $29.61 | $23.04 | $19.58 | $24.59 | $18.09 |
| **Total Return<sup>(2)</sup>** | 6.48%<sup>(3)</sup> | 28.61% | 18.06%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $256480 | $259853 | $144907 | $151003 | $110286 | $20377 |
| Ratio of Expenses Before Expense Limitation | 0.86%<sup>(5)</sup> | 0.84% | 0.91% | 0.95% | 1.07% | 1.97% |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(5)(6)</sup> | 0.80%<sup>(6)</sup> | 0.79%<sup>(6)(7)</sup> | 0.80%<sup>(6)</sup> | 0.80%<sup>(6)</sup> | 0.80%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.80%<sup>(5)(6)</sup> | 0.80%<sup>(6)</sup> | N/A | 0.80%<sup>(6)</sup> | 0.80%<sup>(6)</sup> | 0.79%<sup>(6)</sup> |
| Ratio of Net Investment Income | 0.24%<sup>(5)(6)</sup> | 0.08%<sup>(6)</sup> | 0.48%<sup>(6)(7)</sup> | 0.37%<sup>(6)</sup> | 0.21%<sup>(6)</sup> | 0.42%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 24%<sup>(3)</sup> | 32% | 45% | 23% | 26% | 54% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $29.26 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.01) | (0.05) | 0.04 | 0.01 | (0.01) | 0.01 |
| Net Realized and Unrealized Gain (Loss) | 1.87 | 6.49 | 3.40 | (4.99) | 6.41 | 3.45 |
| Total from Investment Operations | 1.86 | 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:** | **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** | $31.12 | $29.26 | $22.82 | $19.40 | $24.39 | $17.99 |
| **Total Return<sup>(9)</sup>** | 6.36%<sup>(3)</sup> | 28.22% | 17.71%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $83107 | $76184 | $46123 | $41802 | $34693 | $5807 |
| Ratio of Expenses Before Expense Limitation | 1.11%<sup>(5)</sup> | 1.10% | 1.16% | 1.19% | 1.36% | 2.29% |
| Ratio of Expenses After Expense Limitation | 1.09%<sup>(5)(6)</sup> | 1.07%<sup>(6)</sup> | 1.08%<sup>(6)(7)</sup> | 1.09%<sup>(6)</sup> | 1.09%<sup>(6)</sup> | 1.12%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.09%<sup>(5)(6)</sup> | 1.07%<sup>(6)</sup> | N/A | 1.09%<sup>(6)</sup> | 1.09%<sup>(6)</sup> | 1.11%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | (0.05)%<sup>(5)(6)</sup> | (0.19)%<sup>(6)</sup> | 0.19%<sup>(6)(7)</sup> | 0.07%<sup>(6)</sup> | (0.06)%<sup>(6)</sup> | 0.07%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 24%<sup>(3)</sup> | 32% | 45% | 23% | 26% | 54% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**US Core Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $27.66 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.11) | (0.24) | (0.11) | (0.13) | (0.17) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 1.76 | 6.17 | 3.23 | (4.81) | 6.22 | 3.36 |
| Total from Investment Operations | 1.65 | 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:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (0.01) |  | (0.05) |
| **Net Asset Value, End of Period** | $29.31 | $27.66 | $21.73 | $18.61 | $23.56 | $17.51 |
| **Total Return<sup>(9)</sup>** | 5.97%<sup>(3)</sup> | 27.29% | 16.77%<sup>(4)</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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $51740 | $48126 | $31178 | $36707 | $22638 | $3353 |
| Ratio of Expenses Before Expense Limitation | 1.87%<sup>(5)</sup> | 1.85% | 1.92% | 1.91% | 2.12% | 3.07% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(5)(6)</sup> | 1.83%<sup>(6)</sup> | 1.84%<sup>(6)(7)</sup> | 1.81%<sup>(6)</sup> | 1.84%<sup>(6)</sup> | 1.90%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.85%<sup>(5)(6)</sup> | 1.83%<sup>(6)</sup> | N/A | 1.81%<sup>(6)</sup> | 1.84%<sup>(6)</sup> | 1.90%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.81)%<sup>(5)(6)</sup> | (0.94)%<sup>(6)</sup> | (0.57)%<sup>(6)(7)</sup> | (0.65)%<sup>(6)</sup> | (0.80)%<sup>(6)</sup> | (0.68)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 24%<sup>(3)</sup> | 32% | 45% | 23% | 26% | 54% |
|  | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** | **Class R6<sup>(10)</sup>** |
|  | **Six Months Ended <br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $29.63 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.04 | 0.04 | 0.11 | 0.06 | 0.06 | 0.07 |
| Net Realized and Unrealized Gain (Loss) | 1.89 | 6.57 | 3.42 | (5.02) | 6.47 | 3.47 |
| Total from Investment Operations | 1.93 | 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:** | **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** | $31.56 | $29.63 | $23.05 | $19.60 | $24.61 | $18.10 |
| **Total Return<sup>(2)</sup>** | 6.51%<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:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $746 | $707 | $19 | $9 | $285 | $18 |
| Ratio of Expenses Before Expense Limitation | 1.07%<sup>(5)</sup> | 1.60% | 19.75% | 3.92% | 2.20% | 13.73% |
| Ratio of Expenses After Expense Limitation | 0.75%<sup>(5)(6)</sup> | 0.75%<sup>(6)</sup> | 0.73%<sup>(6)(7)</sup> | 0.75%<sup>(6)</sup> | 0.75%<sup>(6)</sup> | 0.75%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.75%<sup>(5)(6)</sup> | 0.75%<sup>(6)</sup> | N/A | 0.75%<sup>(6)</sup> | 0.75%<sup>(6)</sup> | 0.75%<sup>(6)</sup> |
| Ratio of Net Investment Income | 0.29%<sup>(5)(6)</sup> | 0.14%<sup>(6)</sup> | 0.54%<sup>(6)(7)</sup> | 0.28%<sup>(6)</sup> | 0.25%<sup>(6)</sup> | 0.50%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 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 | 24%<sup>(3)</sup> | 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) Not annualized.

(4) Reflects prior period sub transfer agency and/or 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 the shares.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**US Core Portfolio**

(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 sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense <br>Ratio | Net Investment <br>Income/(Loss) Ratio |
| Class I | December 31, 2023 | 0.80% | 0.47% |
| Class A | December 31, 2023 | 1.09 | 0.18 |
| Class C | December 31, 2023 | 1.85 | (0.58) |
| Class R6 | December 31, 2023 | 0.75 | 0.52 |

---

(8) Amount is less than 0.005%.

(9) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(10) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Vitality Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **<br>Period Ended**<br>**December 31, 2021<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $5.81 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.02) | (0.00)<sup>(3)</sup> | (0.04) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | (0.45) | (0.55) | 0.54 | (3.79) | (0.15) |
| Total from Investment Operations | (0.47) | (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:** | **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** | $5.34 | $5.81 | $6.38 | $5.84 | $9.85 |
| **Total Return** | (8.09)%<sup>(4)(5)</sup> | (8.87)%<sup>(4)</sup> | 9.25%<sup>(4)(6)</sup> | (39.84)%<sup>(4)</sup> | (1.50)%<sup>(5)(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) | $1776 | $1933 | $2190 | $1891 | $2765 |
| Ratio of Expenses Before Expense Limitation | 13.43%<sup>(8)</sup> | 11.44% | 13.74% | 12.50% | 595.07%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(8)(9)</sup> | 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 | (0.56)%<sup>(8)(9)</sup> | (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 | 0.00%<sup>(8)(11)</sup> | 0.01% | 0.01% | 0.01% | N/A |
| Portfolio Turnover Rate | 12%<sup>(5)</sup> | 19% | 13% | 22% | 0%<sup>(5)</sup> |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **<br>Period Ended** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **December 31, 2021<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $5.78 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.05) | (0.02) | (0.06) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | (0.46) | (0.53) | 0.54 | (3.79) | (0.15) |
| Total from Investment Operations | (0.48) | (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:** | **Distributions from and/or in Excess of:** |
| Paid-in-Capital |  |  |  | (0.16) |  |
| **Net Asset Value, End of Period** | $5.30 | $5.78 | $6.36 | $5.84 | $9.85 |
| **Total Return** | (8.30)%<sup>(5)(12)</sup> | (9.12)%<sup>(12)</sup> | 8.90%<sup>(6)(12)</sup> | (40.06)%<sup>(12)</sup> | (1.50)%<sup>(5)(13)</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) | $27 | $30 | $35 | $33 | $49 |
| Ratio of Expenses Before Expense Limitation | 20.04%<sup>(8)</sup> | 17.78% | 20.21% | 18.13% | 598.74%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.30%<sup>(8)(9)</sup> | 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 | (0.91)%<sup>(8)(9)</sup> | (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 | 0.00%<sup>(8)(11)</sup> | 0.01% | 0.01% | 0.01% | N/A |
| Portfolio Turnover Rate | 12%<sup>(5)</sup> | 19% | 13% | 22% | 0%<sup>(5)</sup> |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Vitality Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **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** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **<br>Period Ended**<br>**December 31, 2021<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $5.70 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.05) | (0.09) | (0.07) | (0.11) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | (0.44) | (0.53) | 0.54 | (3.78) | (0.15) |
| Total from Investment Operations | (0.49) | (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:** | **Distributions from and/or in Excess of:** |
| Paid-in-Capital |  |  |  | (0.11) |  |
| **Net Asset Value, End of Period** | $5.21 | $5.70 | $6.32 | $5.85 | $9.85 |
| **Total Return** | (8.60)%<sup>(5)(12)</sup> | (9.81)%<sup>(12)</sup> | 8.03%<sup>(6)(12)</sup> | (40.45)%<sup>(12)</sup> | (1.50)%<sup>(5)(13)</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) | $27 | $29 | $32 | $30 | $49 |
| Ratio of Expenses Before Expense Limitation | 21.12%<sup>(8)</sup> | 19.10% | 21.67% | 19.32% | 599.49%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 2.05%<sup>(8)(9)</sup> | 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 | (1.67)%<sup>(8)(9)</sup> | (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 | 0.00%<sup>(8)(11)</sup> | 0.01% | 0.01% | 0.01% | N/A |
| Portfolio Turnover Rate | 12%<sup>(5)</sup> | 19% | 13% | 22% | 0%<sup>(5)</sup> |
|  | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** | **Class R6<sup>(14)</sup>** |
|  | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **<br>Period Ended** |
| **Selected Per Share Data and Ratios** | **(unaudited)** | **2024** | **2023** | **2022** | **December 31, 2021<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $5.82 | $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:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.01) | (0.02) | 0.00<br><sup>(3)</sup> | (0.04) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | (0.46) | (0.54) | 0.55 | (3.78) | (0.15) |
| Total from Investment Operations | (0.47) | (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:** | **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** | $5.35 | $5.82 | $6.39 | $5.84 | $9.85 |
| **Total Return** | (8.08)%<sup>(4)(5)</sup> | (8.81)%<sup>(4)</sup> | 9.42%<sup>(4)(6)</sup> | (39.81)%<sup>(4)</sup> | (1.50)%<sup>(5)(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) | $28 | $30 | $33 | $30 | $49 |
| Ratio of Expenses Before Expense Limitation | 19.87%<sup>(8)</sup> | 17.86% | 20.55% | 18.29% | 598.49%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 0.90%<sup>(8)(9)</sup> | 0.89%<sup>(9)</sup> | 0.55%<sup>(9)(10)</sup> | 0.89%<sup>(9)</sup> | 0.90%<sup>(8)</sup> |
| Ratio of Net Investment Income (Loss) | (0.50)%<sup>(8)(9)</sup> | (0.33)%<sup>(9)</sup> | 0.03%<sup>(9)(10)</sup> | (0.54)%<sup>(9)</sup> | (0.90)%<sup>(8)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)(11)</sup> | 0.01% | 0.01% | 0.01% | NA |
| Portfolio Turnover Rate | 12%<sup>(5)</sup> | 19% | 13% | 22% | 0%<sup>(5)</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) Not annualized.

(6) Performance was positively impacted by approximately 0.34% for all share classes due to the reimbursement of sub transfer agency and/or transfer agency fees from prior years. Had this reimbursement not occurred, the total return would have been 8.91% for Class I shares, 8.56% for Class A shares, 7.69% for Class C shares and 9.08% for Class R6 shares, respectively.

(7) Calculated using the NAV for US GAAP financial reporting purposes.

(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."

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025**

Financial Highlights

**Vitality Portfolio**

(10) If the Fund had not received the reimbursement of sub transfer agency and/or transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss), would have been as follows for the shares:

---

| | | | |
|:---|:---|:---|:---|
| Class | Period Ended | Expense<br>Ratio | Net Investment <br>Loss Ratio |
| Class I | December 31, 2023 | 0.94% | (0.36)% |
| Class A | December 31, 2023 | 1.29 | (0.71) |
| Class C | December 31, 2023 | 2.04 | (1.46) |
| Class R6 | December 31, 2023 | 0.89 | (0.31) |

---

(11) Amount is less than 0.005%.

(12) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(13) Calculated using the NAV for US GAAP financial reporting purposes. Does not reflect the deduction of sales charge.

(14) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

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 each Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

Investment objectives of each fund are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fund Objective** | **Issued Classes** |
| Advantage Portfolio (consolidated) | Seeks long-term capital appreciation. | I, A, L, C, R6 |
| American Resilience Portfolio | Seeks long-term capital appreciation. | I, A, C, R6 |
| Asia Opportunity Portfolio (consolidated) | Seeks long-term capital appreciation. | I, A, C, R6 |
| Developing Opportunity Portfolio (consolidated) | Seeks long-term capital appreciation. | I, A, C, R6 |
| Emerging Markets ex China Portfolio | Seeks long-term capital appreciation. | I, A, C, R6 |
| Emerging Markets Leaders Portfolio | Seeks long-term capital appreciation. | I, A, C, R6, IR |
| Emerging Markets Portfolio | Seeks long-term capital appreciation by investing primarily in growth-oriented <br>equity securities of issuers in emerging market countries. | I, A, L, C, R6, IR |
| Global Concentrated Portfolio | Seeks long-term capital appreciation. | I, A, C, R6 |
| Global Core Portfolio | Seeks long-term capital appreciation. | I, A, C, R6 |
| Global Endurance Portfolio | Seeks long-term capital appreciation. | I, A, C, R6 |
| Global Franchise Portfolio | Seeks long-term capital appreciation. | I, A, L, C, R6 |
| Global Insight Portfolio (consolidated) | Seeks long-term capital appreciation. | I, A, L, C, R6 |
| Global Opportunity Portfolio (consolidated) | Seeks long-term capital appreciation. | I, A, L, C, R6, IR |
| Global Permanence Portfolio (consolidated) | Seeks long-term capital appreciation. | I, A, C, R6 |
| Global Stars Portfolio | Seeks long-term capital appreciation. | I, A, L, C, R6 |
| Growth Portfolio (consolidated) | Seeks long-term capital appreciation by investing primarily in growth-oriented <br>equity securities of large capitalization companies. | I, A, L, C, R6, IR |
| Inception Portfolio (consolidated) | Seeks long-term capital appreciation by investing primarily in growth-oriented <br>equity securities of small capitalization companies. | I, A, L, C, R6 |
| International Advantage Portfolio (consolidated) | Seeks long-term capital appreciation. | I, A, L, C, R6 |
| International Equity Portfolio | Seeks long-term capital appreciation by investing primarily in equity securities <br>of non-U.S. issuers. | I, A, L, C, R6 |
| International Opportunity Portfolio (consolidated) | Seeks long-term capital appreciation. | I, A, L, C, R6, IR |
| International Resilience Portfolio | Seeks long-term capital appreciation. | I, A, C, R6 |
| Multi-Asset Real Return Portfolio (consolidated) | Seeks total return, targeted to be in excess of inflation, through capital appreciation <br>and current income. | I, A, C, R6 |
| Next Gen Emerging Markets Portfolio | Seeks long-term capital appreciation. | I, A, L, C, R6 |
| Passport Overseas Equity Portfolio | Seeks long-term capital appreciation. | I, A, L, C, R6, IR |
| Permanence Portfolio (consolidated) | Seeks long-term capital appreciation. | I, A, C, R6 |
| US Core Portfolio | Seeks long-term capital appreciation. | I, A, C, R6 |
| Vitality Portfolio | Seeks long-term capital appreciation. | I, A, C, 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, each 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 each 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.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

Certain Funds may invest up to 25% of their total assets in a wholly-owned subsidiary of a Fund organized as a company under the laws of the Cayman Islands. Each subsidiary (except Multi-Asset Real Return Cayman Portfolio, Ltd) 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 Multi-Asset Real Return Cayman Portfolio, Ltd 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 Funds are 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 portfolio of investments and financial statements include the positions and accounts of the Funds and the Subsidiary. All intercompany accounts and transactions of the Funds and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Funds. As of June 30, 2025, the following table represents the percentage of net assets of each Subsidiary.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Subsidiary** | **Value<br>(000)** | **% of Net Assets** |
| Advantage Portfolio (consolidated) | Advantage Cayman Portfolio, Ltd. | $6265 | 2.73% |
| Asia Opportunity Portfolio (consolidated) | Asia Opportunity Cayman Portfolio, Ltd. |  |  |
| Developing Opportunity Portfolio (consolidated) | Developing Opportunity Cayman Portfolio, Ltd. |  |  |
| Global Insight Portfolio (consolidated) | Global Insight Cayman Portfolio, Ltd. | 1732 | 2.63 |
| Global Opportunity Portfolio (consolidated) | Global Opportunity Cayman Portfolio, Ltd. |  |  |
| Global Permanence Portfolio (consolidated) | Global Permanence Cayman Portfolio, Ltd. | 132 | 3.13 |
| Growth Portfolio (consolidated) | Growth Cayman Portfolio, Ltd. | 132971 | 2.96 |
| Inception Portfolio (consolidated) | Inception Cayman Portfolio, Ltd. | 12849 | 3.78 |
| International Advantage Portfolio (consolidated) | International Advantage Cayman Portfolio, Ltd. |  |  |
| International Opportunity Portfolio (consolidated) | International Opportunity Cayman Portfolio, Ltd. |  |  |
| Multi-Asset Real Return Portfolio (consolidated) | Multi-Asset Real Return Cayman Portfolio, Ltd. | 593 | 6.87 |
| Permanence Portfolio (consolidated) | Permanence Cayman Portfolio, Ltd. | 178 | 3.24 |

---

Investments in the Subsidiary are expected to provide the Funds with exposure to the commodity or 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 each Fund's taxable income and distributions. If such changes occur, each 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 each 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) 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 Company's Board of Directors (the"Directors") or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

provided by the clearinghouse or exchange; (5) 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 reputable broker/dealer or valued by a pricing service/vendor; (6) PIPE investments maybe valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (7) fixed income securities may be valued by an outside pricing service/vendor approved by 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") and Morgan Stanley Investment Management Company ("MSIM Company") (together, the "Sub-Advisers"), 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; (8) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or Sub-Advisers determine 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 Funds use 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; (9) 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 (10) 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 Company'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.)

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

• Level 3 – significant unobservable inputs including each 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 each Fund's investments as of June 30, 2025:

**Advantage Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $13598 | $— | $— | $13598 |
| Biotechnology | 2072 |  |  | 2072 |
| Broadline Retail | 13743 |  |  | 13743 |
| Capital Markets | 7400 |  |  | 7400 |
| Entertainment | 13161 |  |  | 13161 |
| Financial Services | 4436 | 7783 |  | 12219 |
| Ground Transportation | 3330 |  |  | 3330 |
| Hotels, Restaurants & Leisure | 20741 |  |  | 20741 |
| Information Technology Services | 54494 |  |  | 54494 |
| Life Sciences Tools & Services | 3076 |  |  | 3076 |
| Media | 7915 |  |  | 7915 |
| Pharmaceuticals | 10642 |  |  | 10642 |
| Semiconductors & Semiconductor Equipment | 5564 |  |  | 5564 |
| Software | 24790 |  |  | 24790 |
| Specialized REITs | 3368 |  |  | 3368 |
| Specialty Retail | 2968 |  |  | 2968 |
| Textiles, Apparel & Luxury Goods |  | 3164 |  | 3164 |
| Trading Companies & Distributors | 5849 |  |  | 5849 |
| **Total Common Stocks** | **197147** | **10947** | **—** | **208094** |
| **Investment Company** | 6266 |  |  | 6266 |
| **Call Options Purchased** |  | 205 |  | 205 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 15134 |  |  | 15134 |
| **Total Assets** | $**218547** | $**11152** | $**—** | $**229699** |

---

**American Resilience Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $1293<br><sup>(1)</sup> | $— | $— |  | $1293 |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 27 |  |  |  | 27 |  |
| **Total Assets** | $**1320** | $**—** | $**—** | **†** | $**1320** | **†** |

---

(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.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

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 still held as of June 30, 2025 | $— |  |

---

† Includes a security valued at zero.

**Asia Opportunity Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Banks | $9151 | $15575 | $— | $24726 |
| Beverages |  | 6682 |  | 6682 |
| Broadline Retail | 13236 |  |  | 13236 |
| Consumer Finance | 3922 |  |  | 3922 |
| Ground Transportation | 11369 |  |  | 11369 |
| Health Care Equipment & Supplies |  | 1547 |  | 1547 |
| Hotels, Restaurants & Leisure | 11370 | 15684 |  | 27054 |
| Insurance |  | 4339 |  | 4339 |
| Interactive Media & Services | 405 | 13859 |  | 14264 |
| Real Estate Management & Development | 3457 | 2515 |  | 5972 |
| Semiconductors & Semiconductor Equipment |  | 6875 |  | 6875 |
| Textiles, Apparel & Luxury Goods |  | 4514 |  | 4514 |
| **Total Common Stocks** | **52910** | **71590** | **—** | **124500** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 4324 |  |  | 4324 |
| Repurchase Agreements |  | 54 |  | 54 |
| **Total Short-Term Investments** | **4324** | **54** | **—** | **4378** |
| **Total Assets** | $**57234** | $**71644** | $**—** | $**128878** |

---

**Developing Opportunity Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Banks | $4552 | $4626 | $— | $9178 |
| Beverages |  | 1651 |  | 1651 |
| Broadline Retail | 7021 | 531 |  | 7552 |
| Consumer Finance | 838 |  |  | 838 |
| Ground Transportation | 2890 |  |  | 2890 |
| Health Care Equipment & Supplies |  | 323 |  | 323 |
| Hotels, Restaurants & Leisure | 3001 | 4668 |  | 7669 |
| Insurance |  | 199 |  | 199 |
| Interactive Media & Services | 127 | 3946 |  | 4073 |
| Real Estate Management & Development | 892 | 596 |  | 1488 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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)** |
| Semiconductors & Semiconductor Equipment | $— | $2194 | $— | $2194 |
| Textiles, Apparel & Luxury Goods |  | 1233 |  | 1233 |
| Water Utilities | 1465 |  |  | 1465 |
| **Total Common Stocks** | **20786** | **19967** | **—** | **40753** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 1774 |  |  | 1774 |
| **Total Assets** | $**22560** | $**19967** | $**—** | $**42527** |

---

**Emerging Markets ex China Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Air Freight & Logistics | $— | $35 | $— | $35 |
| Automobile Components |  | 46 |  | 46 |
| Automobiles |  | 329 |  | 329 |
| Banks | 351 | 1280 |  | 1631 |
| Beverages |  | 36 |  | 36 |
| Broadline Retail | 50 | 78 |  | 128 |
| Capital Markets |  | 111 |  | 111 |
| Chemicals |  | 66 |  | 66 |
| Construction & Engineering |  | 97 |  | 97 |
| Construction Materials |  | 121 |  | 121 |
| Consumer Finance |  | 154 |  | 154 |
| Consumer Staples Distribution & Retail | 126 | 58 |  | 184 |
| Electrical Equipment | 85 | 157 |  | 242 |
| Electronic Equipment, Instruments & Components |  | 273 |  | 273 |
| Entertainment |  | 25 |  | 25 |
| Food Products | 93 | 129 |  | 222 |
| Health Care Providers & Services | 127 | 267 |  | 394 |
| Hotels, Restaurants & Leisure | 36 |  |  | 36 |
| Household Products | 47 |  |  | 47 |
| Industrial REITs | 38 |  |  | 38 |
| Information Technology Services | 58 | 78 |  | 136 |
| Insurance |  | 261 |  | 261 |
| Interactive Media & Services |  | 50 |  | 50 |
| Machinery |  | 30 |  | 30 |
| Metals & Mining | 47 | 326 |  | 373 |
| Oil, Gas & Consumable Fuels |  | 224 |  | 224 |
| Personal Care Products |  | 23 |  | 23 |
| Real Estate Management & Development |  | 82 |  | 82 |
| Semiconductors & Semiconductor Equipment |  | 1674 |  | 1674 |
| Tech Hardware, Storage & Peripherals |  | 539 |  | 539 |
| Tobacco |  | 45 |  | 45 |
| Wireless Telecommunication Services |  | 29 |  | 29 |
| **Total Common Stocks** | **1058** | **6623** | **—** | **7681** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 282 |  |  | 282 |
| **Total Assets** | $**1340** | $**6623** | $**—** | $**7963** |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

**Emerging Markets Leaders Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobile Components | $— | $3749 | $— | $3749 |
| Automobiles |  | 1873 |  | 1873 |
| Banks | 8865 | 18007 |  | 26872 |
| Beverages | 319 | 6780 |  | 7099 |
| Broadline Retail | 16627 |  |  | 16627 |
| Building Products |  | 3326 |  | 3326 |
| Capital Markets | 9463 |  |  | 9463 |
| Construction Materials |  | 4305 |  | 4305 |
| Consumer Finance |  | 87 |  | 87 |
| Consumer Staples Distribution & Retail | 5250 |  |  | 5250 |
| Electrical Equipment | 2792 | 9792 |  | 12584 |
| Electronic Equipment, Instruments & Components |  | 5003 |  | 5003 |
| Entertainment | 4808 |  |  | 4808 |
| Ground Transportation | 9596 |  |  | 9596 |
| Health Care Providers & Services |  | 1306 |  | 1306 |
| Hotels, Restaurants & Leisure |  | 2853 |  | 2853 |
| Information Technology Services | 598 |  |  | 598 |
| Life Sciences Tools & Services |  | 4838 |  | 4838 |
| Machinery |  | 1846 |  | 1846 |
| Pharmaceuticals |  | 699 |  | 699 |
| Real Estate Management & Development |  | 3884 |  | 3884 |
| Semiconductors & Semiconductor Equipment |  | 11922 |  | 11922 |
| Textiles, Apparel & Luxury Goods |  | 5202 |  | 5202 |
| Wireless Telecommunication Services |  | 7513 |  | 7513 |
| **Total Common Stocks** | **58318** | **92985** | **—** | **151303** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 2954 |  |  | 2954 |
| **Total Assets** | $**61272** | $**92985** | $**—** | $**154257** |

---

**Emerging Markets Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobile Components | $— | $2783 | $— | $2783 |
| Automobiles |  | 27337 |  | 27337 |
| Banks | 27819 | 91449 |  | 119268 |
| Beverages |  | 4914 |  | 4914 |
| Broadline Retail | 5060 | 23646 |  | 28706 |
| Capital Markets | 1522 | 11372 |  | 12894 |
| Chemicals |  | 4226 |  | 4226 |
| Construction & Engineering |  | 7533 |  | 7533 |
| Construction Materials |  | 4795 |  | 4795 |
| Consumer Finance |  | 9325 |  | 9325 |
| Consumer Staples Distribution & Retail | 10721 | 3992 |  | 14713 |
| Electrical Equipment | 9541 | 11786 |  | 21327 |
| Electronic Equipment, Instruments & Components |  | 15921 |  | 15921 |
| Entertainment |  | 6599 |  | 6599 |
| Financial Services |  | 3097 |  | 3097 |
| Food Products | 3300 | 7172 |  | 10472 |
| Health Care Providers & Services | 5570 | 6168 |  | 11738 |
| Hotels, Restaurants & Leisure | 14023 | 5452 |  | 19475 |
| Household Products | 6256 |  |  | 6256 |
| Industrial REITs | 2856 |  |  | 2856 |
| Information Technology Services | 7207 |  |  | 7207 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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)** |
| Insurance | $— | $12628 | $— | $12628 |
| Interactive Media & Services |  | 33271 |  | 33271 |
| Machinery |  | 6288 |  | 6288 |
| Metals & Mining | 2936 | 8440 |  | 11376 |
| Oil, Gas & Consumable Fuels |  | 12572 |  | 12572 |
| Personal Care Products |  | 1357 |  | 1357 |
| Pharmaceuticals |  | 3233 |  | 3233 |
| Real Estate Management & Development |  | 5305 |  | 5305 |
| Semiconductors & Semiconductor Equipment |  | 93730 |  | 93730 |
| Tech Hardware, Storage & Peripherals |  | 37219 |  | 37219 |
| Tobacco |  | 3247 |  | 3247 |
| **Total Common Stocks** | **96811** | **464857** | **—** | **561668** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 18785 |  |  | 18785 |
| **Total Assets** | $**115596** | $**464857** | $**—** | $**580453** |

---

**Global Concentrated Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $17245 | $— | $— | $17245 |
| Banks | 35442 |  |  | 35442 |
| Capital Markets | 28284 |  |  | 28284 |
| Commercial Services & Supplies | 10894 |  |  | 10894 |
| Construction Materials | 17434 |  |  | 17434 |
| Consumer Staples Distribution & Retail | 16574 |  |  | 16574 |
| Entertainment | 22764 |  |  | 22764 |
| Financial Services | 8976 |  |  | 8976 |
| Insurance | 19296 |  |  | 19296 |
| Interactive Media & Services | 20119 |  |  | 20119 |
| Pharmaceuticals | 3233 |  |  | 3233 |
| Real Estate Management & Development | 13664 |  |  | 13664 |
| Semiconductors & Semiconductor Equipment | 47228 |  |  | 47228 |
| Software | 20760 |  |  | 20760 |
| Specialty Retail | 4633 |  |  | 4633 |
| Trading Companies & Distributors | 6928 |  |  | 6928 |
| **Total Common Stocks** | **293474** | **—** | **—** | **293474** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 2394 |  |  | 2394 |
| **Total Assets** | $**295868** | $**—** | $**—** | $**295868** |

---

**Global Core Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $544 | $— | $— | $544 |
| Automobiles | 2955 |  |  | 2955 |
| Banks | 5735 |  |  | 5735 |
| Broadline Retail | 2893 |  |  | 2893 |
| Capital Markets | 3943 |  |  | 3943 |
| Chemicals | 132 |  |  | 132 |
| Commercial Services & Supplies | 792 |  |  | 792 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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)** |
| Construction Materials | $2460 | $— | $— | $2460 |
| Consumer Staples Distribution & Retail | 341 |  |  | 341 |
| Diversified Telecommunication Services | 94 |  |  | 94 |
| Entertainment | 2233 |  |  | 2233 |
| Financial Services | 891 |  |  | 891 |
| Hotels, Restaurants & Leisure | 82 |  |  | 82 |
| Information Technology Services | 281 |  |  | 281 |
| Insurance | 2603 |  |  | 2603 |
| Interactive Media & Services | 2716 |  |  | 2716 |
| Oil, Gas & Consumable Fuels | 748 |  |  | 748 |
| Professional Services | 88 |  |  | 88 |
| Real Estate Management & Development | 1249 |  |  | 1249 |
| Semiconductors & Semiconductor Equipment | 5089 |  |  | 5089 |
| Software | 2339 |  |  | 2339 |
| Specialized REITs |  | 26 |  | 26 |
| Specialty Retail | 1777 |  |  | 1777 |
| Tech Hardware, Storage & Peripherals | 1911 |  |  | 1911 |
| Textiles, Apparel & Luxury Goods | 1214 | 190 |  | 1404 |
| Trading Companies & Distributors | 1036 |  |  | 1036 |
| **Total Assets** | $**44146** | $**216** | $**—** | $**44362** |

---

**Global Endurance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Air Freight & Logistics | $724 | $— | $— | $724 |
| Biotechnology | 3391 |  |  | 3391 |
| Broadline Retail | 586 |  |  | 586 |
| Financial Services | 293 | 268 |  | 561 |
| Health Care Providers & Services | 1414 |  |  | 1414 |
| Hotels, Restaurants & Leisure |  | 2107 |  | 2107 |
| Household Durables | 1155 | 3528 |  | 4683 |
| Life Sciences Tools & Services | 1062 |  |  | 1062 |
| Machinery | 452 |  |  | 452 |
| Oil, Gas & Consumable Fuels | 754 |  |  | 754 |
| Pharmaceuticals | 2693 |  |  | 2693 |
| Real Estate Management & Development | 288 |  |  | 288 |
| Semiconductors & Semiconductor Equipment | 909 |  |  | 909 |
| Software | 4481 | 658 |  | 5139 |
| Specialty Retail | 2475 |  |  | 2475 |
| Trading Companies & Distributors | 1950 |  |  | 1950 |
| **Total Common Stocks** | **22627** | **6561** | **—** | **29188** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 677 |  |  | 677 |
| Repurchase Agreements |  | 66 |  | 66 |
| **Total Short-Term Investments** | **677** | **66** | **—** | **743** |
| **Total Assets** | $**23304** | $**6627** | $**—** | $**29931** |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

**Global Franchise Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Beverages | $99425 | $— | $— | $99425 |
| Capital Markets | 266553 |  |  | 266553 |
| Electronic Equipment, Instruments & Components | 33773 |  |  | 33773 |
| Financial Services | 203567 |  |  | 203567 |
| Health Care Equipment & Supplies | 98387 |  |  | 98387 |
| Hotels, Restaurants & Leisure | 97630 |  |  | 97630 |
| Household Products | 79527 |  |  | 79527 |
| Information Technology Services | 93290 |  |  | 93290 |
| Insurance | 192416 |  |  | 192416 |
| Interactive Media & Services | 96955 |  |  | 96955 |
| Life Sciences Tools & Services | 68873 |  |  | 68873 |
| Machinery | 55804 |  |  | 55804 |
| Personal Care Products |  | 126230 |  | 126230 |
| Pharmaceuticals | 64561 | 80286 |  | 144847 |
| Professional Services | 145573 | 137110 |  | 282683 |
| Software | 379298 | 212707 |  | 592005 |
| Specialty Retail | 38284 |  |  | 38284 |
| Textiles, Apparel & Luxury Goods |  | 41792 |  | 41792 |
| Tobacco | 38632 |  |  | 38632 |
| **Total Common Stocks** | **2052548** | **598125** | **—** | **2650673** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 44958 |  |  | 44958 |
| **Total Assets** | $**2097506** | $**598125** | $**—** | $**2695631** |

---

**Global Insight Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $3758 | $— | $— | $3758 |
| Banks | 174 |  |  | 174 |
| Biotechnology | 1575 |  |  | 1575 |
| Broadline Retail | 8508 |  |  | 8508 |
| Entertainment | 2643 |  |  | 2643 |
| Financial Services | 5629 | 3208 |  | 8837 |
| Ground Transportation | 675 |  |  | 675 |
| Health Care Providers & Services | 423 |  |  | 423 |
| Hotels, Restaurants & Leisure | 1705 |  |  | 1705 |
| Household Durables |  | 71 |  | 71 |
| Information Technology Services | 13949 |  |  | 13949 |
| Pharmaceuticals | 3140 |  |  | 3140 |
| Real Estate Management & Development | 1607 |  |  | 1607 |
| Software | 10392 |  |  | 10392 |
| Tech Hardware, Storage & Peripherals | 2421 |  |  | 2421 |
| Trading Companies & Distributors | 3208 |  |  | 3208 |
| **Total Common Stocks** | **59807** | **3279** | **—** | **63086** |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** |
| Software | $— | $— | $28 | $28 |
| **Investment Company** | 1732 |  |  | 1732 |
| **Call Options Purchased** |  | 65 |  | 65 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 1004 |  |  | 1004 |
| **Total Assets** | **62543** | **3344** | **28** | **65915** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Derivative Contract — PIPE** |  |  | (52) | (52) |
| **Total** | $**62543** | $**3344** | $**(24)** | $**65863** |

---

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | |
|:---|:---|:---|
| | **Preferred<br>Stock<br>(000)** | **Derivative<br>Contract — <br>PIPE <br>(000)** |
| **Beginning Balance** | $33 | $— |
| Purchases |  |  |
| Sales |  |  |
| PIPE transactions |  | (52) |
| Transfers in |  |  |
| Transfers out |  |  |
| Corporate actions |  |  |
| Change in unrealized appreciation (depreciation) | (5) |  |
| Realized gains (losses) |  |  |
| **Ending Balance** | $28 | $(52) |
| Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025 | $(5) | $— |

---

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 June 30, 2025. 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 June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at <br>June 30, 2025<br>(000)** | **Valuation <br>Technique** | **Unobservable <br>Input** | **Amount\*** | **Impact to <br>Valuation from an<br>Increase in Input\*\*** |
| Preferred Stock | $28 | Market Transaction <br>Method | Precedent <br>Transaction | $4.23 | Increase |
|  |  | Discounted Cash Flow | Weighted Average<br>Cost of Capital<br>Perpetual Growth Rate | <br>17.0%<br>3.5% | <br>Decrease<br>Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | <br>4.3x | <br>Increase |
|  |  |  | Discount for Lack<br>of Marketability | <br>6.0% | <br>Decrease |
| PIPE | (52) | Market Implied | Discount for Lack <br>of Marketability<br>and Transaction Risk | 27.5% | <br>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.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

**Global Opportunity Portfolio (consolidated)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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 | $— | $168866 | $— |  | $168866 |  |
| Banks | 188551 | 106617 |  |  | 295168 |  |
| Broadline Retail | 472947 |  |  |  | 472947 |  |
| Capital Markets |  | 46979 |  |  | 46979 |  |
| Electrical Equipment |  | 137575 |  |  | 137575 |  |
| Electronic Equipment, Instruments & Components |  | 28828 |  | † | 28828 | † |
| Entertainment | 373320 |  |  |  | 373320 |  |
| Financial Services | 276046 |  |  |  | 276046 |  |
| Ground Transportation | 247189 |  |  |  | 247189 |  |
| Hotels, Restaurants & Leisure | 342812 | 56974 |  |  | 399786 |  |
| Information Technology Services | 83826 |  |  |  | 83826 |  |
| Interactive Media & Services | 265921 |  |  |  | 265921 |  |
| Semiconductors & Semiconductor Equipment |  | 133861 |  |  | 133861 |  |
| Software | 241555 |  |  |  | 241555 |  |
| Textiles, Apparel & Luxury Goods | 23483 | 182368 |  |  | 205851 |  |
| **Total Common Stocks** | **2515650** | **862068** | **—** | **†** | **3377718** | **†** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 151722 |  |  |  | 151722 |  |
| **Total Assets** | $**2667372** | $**862068** | $**—** | **†** | $**3529440** | **†** |

---

† Includes a security valued at zero.

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)** |
| **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 still held as of June 30, 2025 | $— |  |

---

† Includes a security valued at zero.

**Global Permanence Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $— | $315 | $— | $315 |
| Automobiles | 4 |  |  | 4 |
| Banks | 10 |  |  | 10 |
| Beverages | 48 | 2 |  | 50 |
| Capital Markets | 149 |  |  | 149 |
| Chemicals | 4 |  |  | 4 |
| Commercial Services & Supplies | 12 | 35 |  | 47 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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)** |
| Entertainment | $— | $5 | $— |  | $5 |  |
| Financial Services | 79 |  |  |  | 79 |  |
| Ground Transportation | 189 |  |  |  | 189 |  |
| Health Care Equipment & Supplies |  | 4 |  |  | 4 |  |
| Hotels, Restaurants & Leisure | 23 | 37 |  |  | 60 |  |
| Household Durables |  | 37 |  |  | 37 |  |
| Information Technology Services | 568 |  |  |  | 568 |  |
| Insurance | 4 |  |  |  | 4 |  |
| Life Sciences Tools & Services | 92 | 210 |  |  | 302 |  |
| Metals & Mining | 251 |  |  |  | 251 |  |
| Oil, Gas & Consumable Fuels | 72 |  |  |  | 72 |  |
| Personal Care Products | 68 | 4 |  |  | 72 |  |
| Pharmaceuticals | 275 |  |  |  | 275 |  |
| Real Estate Management & Development | 199 |  |  |  | 199 |  |
| Semiconductors & Semiconductor Equipment | 194 |  |  |  | 194 |  |
| Software | 9 |  |  |  | 9 |  |
| Specialized REITs | 101 |  |  |  | 101 |  |
| Specialty Retail | 124 |  |  |  | 124 |  |
| Textiles, Apparel & Luxury Goods | 34 | 254 |  |  | 288 |  |
| Trading Companies & Distributors | 470 |  |  |  | 470 |  |
| **Total Common Stocks** | **2979** | **903** | **—** |  | **3882** |  |
| **Investment Company** | 132 |  |  |  | 132 |  |
| **Warrants** |  |  |  | † |  | † |
| **Call Options Purchased** |  | 4 |  |  | 4 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 97 |  |  |  | 97 |  |
| **Total Assets** | $**3208** | $**907** | $**—** | **†** | $**4115** | **†** |

---

† Includes a security valued at zero.

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 still held as of June 30, 2025 | $— |  |

---

† Includes a security valued at zero.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

**Global Stars Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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 | $— | $1326 | $— |  | $1326 |  |
| Beverages |  | 965 |  |  | 965 |  |
| Broadline Retail | 1307 |  |  |  | 1307 |  |
| Capital Markets | 5076 |  |  |  | 5076 |  |
| Electronic Equipment, Instruments & Components |  | 1557 |  |  | 1557 |  |
| Entertainment | 1717 |  |  |  | 1717 |  |
| Financial Services | 3870 |  |  |  | 3870 |  |
| Ground Transportation | 1744 |  |  |  | 1744 |  |
| Health Care Equipment & Supplies |  | 631 |  |  | 631 |  |
| Health Care Providers & Services | 1458 |  |  |  | 1458 |  |
| Hotels, Restaurants & Leisure | 1633 |  |  |  | 1633 |  |
| Information Technology Services | 2055 |  |  |  | 2055 |  |
| Insurance | 2421 |  |  |  | 2421 |  |
| Interactive Media & Services | 1695 | 1037 |  |  | 2732 |  |
| Machinery |  | 506 |  |  | 506 |  |
| Pharmaceuticals |  | 1187 |  |  | 1187 |  |
| Professional Services | 1846 | 2782 |  |  | 4628 |  |
| Semiconductors & Semiconductor Equipment |  | 2542 |  |  | 2542 |  |
| Software | 4644 | 4621 |  |  | 9265 |  |
| Textiles, Apparel & Luxury Goods | 1203 |  |  |  | 1203 |  |
| Trading Companies & Distributors |  | 887 |  |  | 887 |  |
| **Total Common Stocks** | **30669** | **18041** | **—** |  | **48710** |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 712 |  |  |  | 712 |  |
| **Total Assets** | $**31381** | $**18041** | $**—** | **†** | $**49422** | **†** |

---

† Includes a security valued at zero.

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 still held as of June 30, 2025 | $— |  |

---

† Includes a security valued at zero.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

**Growth Portfolio (consolidated)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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 | $290731 | $— | $— |  | $290731 |  |
| Biotechnology | 40400 |  |  |  | 40400 |  |
| Broadline Retail | 219540 |  |  |  | 219540 |  |
| Capital Markets | 35120 |  |  |  | 35120 |  |
| Electronic Equipment, Instruments & Components |  |  |  | † |  | † |
| Entertainment | 264100 |  |  |  | 264100 |  |
| Financial Services | 373851 |  |  |  | 373851 |  |
| Hotels, Restaurants & Leisure | 268097 |  |  |  | 268097 |  |
| Information Technology Services | 1077921 |  |  |  | 1077921 |  |
| Pharmaceuticals | 214197 |  |  |  | 214197 |  |
| Software | 1052968 |  |  |  | 1052968 |  |
| Tech Hardware, Storage & Peripherals | 116493 |  |  |  | 116493 |  |
| Trading Companies & Distributors | 220450 |  |  |  | 220450 |  |
| **Total Common Stocks** | **4173868** | **—** | **—** | **†** | **4173868** | **†** |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Financial Services |  |  | 18917 |  | 18917 |  |
| Software |  |  | 114336 |  | 114336 |  |
| **Total Preferred Stocks** | **—** | **—** | **133253** |  | **133253** |  |
| **Investment Company** | 132983 |  |  |  | 132983 |  |
| **Call Options Purchased** |  | 4157 |  |  | 4157 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 64332 |  |  |  | 64332 |  |
| **Total Assets** | $**4371183** | $**4157** | $**133253** | **†** | $**4508593** | **†** |

---

† Includes a security valued at zero.

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** | $— | † | $146360 |
| Purchases |  |  |  |
| Sales |  |  |  |
| Transfers in |  |  |  |
| Transfers out |  |  |  |
| Corporate actions |  |  |  |
| Change in unrealized appreciation (depreciation) |  |  | (13107) |
| Realized gains (losses) |  |  |  |
| **Ending Balance** | $— | † | $133253 |
| Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025 | $— |  | $(13107) |

---

† 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 June 30, 2025. Various valuation techniques were used in the valuation of certain

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to 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 June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at <br>June 30, 2025<br>(000)** | **Valuation <br>Technique** | **Unobservable <br>Input** | **Range/<br>Weighted Average\*** | **Impact to <br>Valuation from an<br>Increase in Input\*\*** |
| Preferred Stocks | $133253 | Market Transaction<br>Method | Precedent<br>Transaction | $35.66 | <br>Increase |
|  |  | Discounted Cash Flow | Weighted Average <br>Cost of Capital | <br>14.0%–16.0%/15.0% | <br>Decrease |
|  |  |  | Perpetual Growth Rate | 3.0%–4.0%/3.5% | Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | <br>1.2x–21.8x/14.3x | <br>Increase |
|  |  |  | Discount for Lack<br>of Marketability | <br>11.0%–15.0%/14.4% | <br>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.

**Inception Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Beverages | $6075 | $— | $— | $6075 |
| Biotechnology | 32187 |  |  | 32187 |
| Broadline Retail | 18187 |  |  | 18187 |
| Chemicals | 319 |  |  | 319 |
| Financial Services | 8241 |  |  | 8241 |
| Health Care Equipment & Supplies | 9198 |  |  | 9198 |
| Health Care Providers & Services | 11968 |  |  | 11968 |
| Health Care Technology | 714 |  |  | 714 |
| Hotels, Restaurants & Leisure | 19566 |  |  | 19566 |
| Household Durables |  | 1624 |  | 1624 |
| Information Technology Services | 49750 |  |  | 49750 |
| Interactive Media & Services | 1906 |  |  | 1906 |
| Leisure Products | 13001 |  |  | 13001 |
| Life Sciences Tools & Services | 4360 |  |  | 4360 |
| Metals & Mining | 7723 |  |  | 7723 |
| Oil, Gas & Consumable Fuels | 1655 |  |  | 1655 |
| Passenger Airlines | 3721 |  |  | 3721 |
| Personal Care Products | 22965 |  |  | 22965 |
| Pharmaceuticals | 3380 |  |  | 3380 |
| Real Estate Management & Development | 18143 |  |  | 18143 |
| Software | 36117 |  |  | 36117 |
| Specialty Retail | 12414 |  |  | 12414 |
| Tech Hardware, Storage & Peripherals | 20395 |  |  | 20395 |
| Trading Companies & Distributors | 12015 |  |  | 12015 |
| **Total Common Stocks** | **314000** | **1624** | **—** | **315624** |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Health Care Technology |  |  | 3367 | 3367 |
| Software |  |  | 5132 | 5132 |
| **Total Preferred Stocks** | **—** | **—** | **8499** | **8499** |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Investment Company** | $12852 | $— | $— | $12852 |
| **Warrants** |  |  |  |  |
| **Call Options Purchased** |  | 352 |  | 352 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 8176 |  |  | 8176 |
| Repurchase Agreements |  | 1006 |  | 1006 |
| **Total Short-Term Investments** | **8176** | **1006** | **—** | **9182** |
| **Total Assets** | **335028** | **2982** | **8499** | **346509** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Derivative Contract — PIPE** |  |  | (262 | (262 |
| **Total** | $**335028** | $**2982** | $**8237** | $**346247** |

---

† Includes a security valued at zero.

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)** | **Derivative<br>Contract — <br>PIPE <br>(000)** |
| **Beginning Balance** | $9942 | $— | † | $— |
| Purchases |  |  |  |  |
| Sales |  |  |  |  |
| PIPE transactions |  |  |  | (262) |
| Transfers in |  |  |  |  |
| Transfers out |  |  |  |  |
| Corporate actions |  |  |  |  |
| Change in unrealized appreciation (depreciation) | (1443) |  |  |  |
| Realized gains (losses) |  |  |  |  |
| **Ending Balance** | $8499 | $— | † | $(262) |
| Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025 | $(1443) | $— |  | $— |

---

† 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 June 30, 2025. 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 June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at <br>June 30, 2025<br>(000)** | **Valuation <br>Technique** | **Unobservable <br>Input** | **Amount or Range/<br>Weighted Average\*** | **Impact to <br>Valuation from an<br>Increase in Input\*\*** |
| Preferred Stocks | $8499 | Market Transaction <br>Method | Precedent <br>Transaction | $4.23 | Increase |
|  |  | Discounted Cash Flow | Weighted Average<br>Cost of Capital<br>Perpetual Growth Rate | <br>15.0%–17.0%/16.6%<br>3.0%–4.0%/3.5% | <br>Decrease<br>Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | <br>0.7x–36.4x/2.9x | <br>Increase |
|  |  |  | Discount for Lack<br>of Marketability | <br>6.0%–19.0%/11.2% | <br>Decrease |
|  |  | Comparable<br>Transactions | Enterprise <br>Value/Revenue | <br>1.3x | <br>Increase |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at <br>June 30, 2025<br>(000)** | **Valuation <br>Technique** | **Unobservable <br>Input** | **Amount or Range/<br>Weighted Average\*** | **Impact to <br>Valuation from an<br>Increase in Input\*\*** |
| PIPE | $(262) | Market Implied | Discount for Lack <br>of Marketability<br>and Transaction Risk | 27.5% | <br>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.

**International Advantage Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Air Freight & Logistics | $— | $232281 | $— | $232281 |
| Banks | 149920 | 91600 |  | 241520 |
| Broadline Retail | 139484 |  |  | 139484 |
| Capital Markets | 66981 | 85516 |  | 152497 |
| Electrical Equipment |  | 141174 |  | 141174 |
| Electronic Equipment, Instruments & Components |  | 100477 |  | 100477 |
| Entertainment | 331045 |  |  | 331045 |
| Financial Services |  | 49568 |  | 49568 |
| Food Products |  | 47350 |  | 47350 |
| Ground Transportation | 93715 |  |  | 93715 |
| Health Care Equipment & Supplies |  | 118414 |  | 118414 |
| Information Technology Services | 53586 |  |  | 53586 |
| Insurance |  | 81804 |  | 81804 |
| Interactive Media & Services |  | 33725 |  | 33725 |
| Personal Care Products |  | 115551 |  | 115551 |
| Semiconductors & Semiconductor Equipment |  | 264064 |  | 264064 |
| Specialty Retail |  | 42011 |  | 42011 |
| Textiles, Apparel & Luxury Goods | 62381 | 533310 |  | 595691 |
| **Total Common Stocks** | **897112** | **1936845** | **—** | **2833957** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 46395 |  |  | 46395 |
| Repurchase Agreements |  | 3084 |  | 3084 |
| **Total Short-Term Investments** | **46395** | **3084** | **—** | **49479** |
| **Total Assets** | $**943507** | $**1939929** | $**—** | $**2883436** |

---

**International Equity Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $— | $14139 | $— | $14139 |
| Air Freight & Logistics |  | 9761 |  | 9761 |
| Banks |  | 26172 |  | 26172 |
| Beverages |  | 15300 |  | 15300 |
| Capital Markets |  | 15816 |  | 15816 |
| Electrical Equipment |  | 11369 |  | 11369 |
| Electronic Equipment, Instruments & Components |  | 40668 |  | 40668 |
| Entertainment |  | 8257 |  | 8257 |
| Financial Services |  | 9066 |  | 9066 |
| Food Products |  | 7647 |  | 7647 |
| Hotels, Restaurants & Leisure |  | 16769 |  | 16769 |
| Household Durables |  | 7795 |  | 7795 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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)** |
| Household Products | $— | $4167 | $— |  | $4167 |  |
| Information Technology Services |  | 11909 |  |  | 11909 |  |
| Insurance |  | 22987 |  |  | 22987 |  |
| Interactive Media & Services |  | 13426 |  |  | 13426 |  |
| Life Sciences Tools & Services |  | 11047 |  |  | 11047 |  |
| Machinery |  | 26773 |  |  | 26773 |  |
| Metals & Mining | 4670 | 6673 |  |  | 11343 |  |
| Oil, Gas & Consumable Fuels | 4905 | 4990 |  |  | 9895 |  |
| Personal Care Products |  | 16463 |  |  | 16463 |  |
| Pharmaceuticals |  | 36529 |  |  | 36529 |  |
| Professional Services |  | 12583 |  |  | 12583 |  |
| Semiconductors & Semiconductor Equipment |  | 35670 |  |  | 35670 |  |
| Software | 10059 | 25834 |  |  | 35893 |  |
| Tech Hardware, Storage & Peripherals |  | 7940 |  |  | 7940 |  |
| Textiles, Apparel & Luxury Goods |  | 15453 |  |  | 15453 |  |
| Trading Companies & Distributors |  | 8057 |  |  | 8057 |  |
| **Total Common Stocks** | **19634** | **443260** | **—** |  | **462894** |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 4236 |  |  |  | 4236 |  |
| **Total Assets** | $**23870** | $**443260** | $**—** | **†** | $**467130** | **†** |

---

† Includes a security valued at zero.

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 still held as of June 30, 2025 | $— |  |

---

† Includes a security valued at zero.

**International Opportunity Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Air Freight & Logistics | $— | $50776 | $— | $50776 |
| Banks | 64734 | 65124 |  | 129858 |
| Beverages |  | 13097 |  | 13097 |
| Broadline Retail | 109854 |  |  | 109854 |
| Capital Markets |  | 21125 |  | 21125 |
| Electrical Equipment |  | 36908 |  | 36908 |
| Electronic Equipment, Instruments & Components |  | 14874 |  | 14874 |
| Entertainment | 76807 |  |  | 76807 |
| Financial Services |  | 12643 |  | 12643 |
| Ground Transportation | 23250 |  |  | 23250 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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 & Leisure | $31381 | $35653 | $— | $67034 |
| Information Technology Services | 24709 |  |  | 24709 |
| Interactive Media & Services |  | 13151 |  | 13151 |
| Personal Care Products |  | 13075 |  | 13075 |
| Semiconductors & Semiconductor Equipment |  | 54120 |  | 54120 |
| Specialty Retail |  | 34666 |  | 34666 |
| Textiles, Apparel & Luxury Goods | 13203 | 85642 |  | 98845 |
| Water Utilities | 16871 |  |  | 16871 |
| **Total Common Stocks** | **360809** | **450854** | **—** | **811663** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 10279 |  |  | 10279 |
| **Total Assets** | $**371088** | $**450854** | $**—** | $**821942** |

---

**International Resilience Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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** |
| Aerospace & Defense | $— | $82 | $— |  | $82 |  |
| Air Freight & Logistics |  | 56 |  |  | 56 |  |
| Beverages |  | 32 |  |  | 32 |  |
| Capital Markets |  | 73 |  |  | 73 |  |
| Electrical Equipment |  | 69 |  |  | 69 |  |
| Electronic Equipment, Instruments & Components |  | 208 |  |  | 208 |  |
| Entertainment |  | 51 |  |  | 51 |  |
| Financial Services | 67 |  |  |  | 67 |  |
| Health Care Equipment & Supplies |  | 18 |  |  | 18 |  |
| Hotels, Restaurants & Leisure |  | 107 |  |  | 107 |  |
| Household Products | 47 |  |  |  | 47 |  |
| Information Technology Services |  | 62 |  |  | 62 |  |
| Insurance | 42 | 29 |  |  | 71 |  |
| Interactive Media & Services |  | 58 |  |  | 58 |  |
| Life Sciences Tools & Services | 39 | 62 |  |  | 101 |  |
| Machinery |  | 123 |  |  | 123 |  |
| Personal Care Products |  | 91 |  |  | 91 |  |
| Pharmaceuticals |  | 160 |  |  | 160 |  |
| Professional Services |  | 107 |  |  | 107 |  |
| Semiconductors & Semiconductor Equipment |  | 184 |  |  | 184 |  |
| Software | 55 | 168 |  |  | 223 |  |
| Textiles, Apparel & Luxury Goods |  | 65 |  |  | 65 |  |
| Trading Companies & Distributors |  | 51 |  |  | 51 |  |
| **Total Common Stocks** | **250** | **1856** | **—** |  | **2106** |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 9 |  |  |  | 9 |  |
| **Total Assets** | $**259** | $**1856** | $**—** | **†** | $**2115** | **†** |

---

† Includes a security valued at zero.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

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 still held as of June 30, 2025 | $— |  |

---

† Includes a security valued at zero.

**Multi-Asset Real Return Portfolio (consolidated)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Chemicals | $193 | $144 |  | $— | $337 |
| Construction Materials | 25 | 40 |  |  | 65 |
| Containers & Packaging | 34 | 2 |  |  | 36 |
| Energy Equipment & Services | 21 | 2 |  |  | 23 |
| Metals & Mining | 405 | 181 |  |  | 586 |
| Oil, Gas & Consumable Fuels | 384 | 124 |  |  | 508 |
| Paper & Forest Products | 1 | 11 |  |  | 12 |
| **Total Common Stocks** | **1063** | **504** |  | **—** | **1567** |
| **U.S. Treasury Security** |  | 5382 |  |  | 5382 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 1466 |  |  |  | 1466 |
| Repurchase Agreements |  | 3 |  |  | 3 |
| **Total Short-Term Investments** | **1466** | **3** |  | **—** | **1469** |
| **Foreign Currency Forward Exchange Contracts** |  |  | @ |  |  |
| **Total Return Swap Agreements** |  | 8 |  |  | 8 |
| **Total Assets** | **2529** | **5897** |  | **—** | **8426** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contracts** |  | (— | @) |  | (— |
| **Future Contract** | (4) |  |  |  | (4 |
| **Total Liabilities** | **(4)** | **—** |  | **—** | **(4** |
| **Total** | $**2525** | $**5897** |  | $**—** | $**8422** |

---

@ Value is less than $500.

**Next Gen Emerging Markets Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobile Components | $— | $288 | $— | $288 |
| Banks | 533 | 5342 |  | 5875 |
| Broadline Retail | 1434 |  |  | 1434 |
| Building Products |  | 585 |  | 585 |
| Consumer Finance | 421 |  |  | 421 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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)** |
| Consumer Staples Distribution & Retail | $— | $332 | $— | $332 |
| Financial Services |  | 550 |  | 550 |
| Food Products |  | 1718 |  | 1718 |
| Health Care Providers & Services |  | 764 |  | 764 |
| Information Technology Services | 529 | 2064 |  | 2593 |
| Metals & Mining | 204 | 265 |  | 469 |
| Oil, Gas & Consumable Fuels | 229 | 887 |  | 1116 |
| Pharmaceuticals |  | 636 |  | 636 |
| Real Estate Management & Development |  | 594 |  | 594 |
| Specialty Retail |  | 1096 |  | 1096 |
| Textiles, Apparel & Luxury Goods |  | 688 |  | 688 |
| Transportation Infrastructure |  | 230 |  | 230 |
| Wireless Telecommunication Services |  | 622 |  | 622 |
| **Total Common Stocks** | **3350** | **16661** | **—** | **20011** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 719 |  |  | 719 |
| **Total Assets** | $**4069** | $**16661** | $**—** | $**20730** |

---

**Passport Overseas Equity Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $— | $13196 | $— | $13196 |
| Banks | 9052 | 28083 |  | 37135 |
| Broadline Retail | 5383 |  |  | 5383 |
| Chemicals | 2002 | 1759 |  | 3761 |
| Construction Materials |  | 3061 |  | 3061 |
| Consumer Finance |  | 1763 |  | 1763 |
| Electric Utilities |  | 960 |  | 960 |
| Electrical Equipment |  | 3070 |  | 3070 |
| Electronic Equipment, Instruments & Components |  | 2959 |  | 2959 |
| Entertainment | 3299 | 2254 |  | 5553 |
| Food Products |  | 1084 |  | 1084 |
| Health Care Equipment & Supplies |  | 701 |  | 701 |
| Health Care Providers & Services |  | 1557 |  | 1557 |
| Household Durables |  | 3808 |  | 3808 |
| Industrial Conglomerates |  | 3316 |  | 3316 |
| Information Technology Services |  | 808 |  | 808 |
| Insurance |  | 1316 |  | 1316 |
| Interactive Media & Services |  | 2474 |  | 2474 |
| Metals & Mining | 2243 | 1490 |  | 3733 |
| Oil, Gas & Consumable Fuels | 3309 | 7040 |  | 10349 |
| Passenger Airlines | 2289 |  |  | 2289 |
| Personal Care Products |  | 4699 |  | 4699 |
| Pharmaceuticals | 859 | 11000 |  | 11859 |
| Professional Services |  | 3189 |  | 3189 |
| Semiconductors & Semiconductor Equipment |  | 8631 |  | 8631 |
| Software | 3683 | 4760 |  | 8443 |
| Specialty Retail |  | 1231 |  | 1231 |
| Tech Hardware, Storage & Peripherals |  | 5006 |  | 5006 |
| Trading Companies & Distributors |  | 2890 |  | 2890 |
| **Total Common Stocks** | **32119** | **122105** | **—** | **154224** |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **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 | 5584 |  |  | 5584 |
| **Future Contract** | 23 |  |  | 23 |
| **Total Assets** | $**37726** | $**122105** | $**1375** | $**161206** |

---

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** | $1375 |
| Purchases |  |
| Sales |  |
| Transfers in |  |
| Transfers out |  |
| Corporate actions |  |
| Change in unrealized appreciation (depreciation) |  |
| Realized gains (losses) |  |
| **Ending Balance** | $1375 |
| Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025 | $— |

---

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 June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at <br>June 30, 2025<br>(000)** | **Valuation <br>Technique** | **Unobservable <br>Input** | **Amount\*** | **Impact to <br>Valuation from an<br>Increase in Input\*\*** |
| Preferred Stock | $1375 | Market Transaction <br>Method | Precedent <br>Transaction | $42.06 | Increase |

---

\* Amount is indicative of 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.

**Permanence Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $18 | $— | $— | $18 |
| Beverages | 65 |  |  | 65 |
| Broadline Retail | 132 |  |  | 132 |
| Capital Markets | 284 |  |  | 284 |
| Chemicals | 9 |  |  | 9 |
| Commercial Services & Supplies | 25 |  |  | 25 |
| Construction Materials | 4 |  |  | 4 |
| Distributors | 3 |  |  | 3 |
| Diversified Consumer Services | 53 |  |  | 53 |
| Entertainment | 71 |  |  | 71 |
| Financial Services | 107 |  |  | 107 |
| Food Products | 56 |  |  | 56 |
| Ground Transportation | 188 |  |  | 188 |
| Health Care Equipment & Supplies | 5 |  |  | 5 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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)** |
| Health Care Technology | $16 | $— | $— |  | $16 |  |
| Hotels, Restaurants & Leisure | 272 |  |  |  | 272 |  |
| Household Durables | 7 | 36 |  |  | 43 |  |
| Information Technology Services | 766 |  |  |  | 766 |  |
| Insurance | 5 |  |  |  | 5 |  |
| Life Sciences Tools & Services | 210 |  |  |  | 210 |  |
| Metals & Mining | 339 |  |  |  | 339 |  |
| Oil, Gas & Consumable Fuels | 98 |  |  |  | 98 |  |
| Personal Care Products | 92 |  |  |  | 92 |  |
| Pharmaceuticals | 324 |  |  |  | 324 |  |
| Real Estate Management & Development | 342 |  |  |  | 342 |  |
| Semiconductors & Semiconductor Equipment | 261 |  |  |  | 261 |  |
| Software | 79 |  |  |  | 79 |  |
| Specialized REITs | 190 |  |  |  | 190 |  |
| Specialty Retail | 262 |  |  |  | 262 |  |
| Textiles, Apparel & Luxury Goods |  | 179 |  |  | 179 |  |
| Trading Companies & Distributors | 679 |  |  |  | 679 |  |
| **Total Common Stocks** | **4962** | **215** | **—** |  | **5177** |  |
| **Investment Company** | 179 |  |  |  | 179 |  |
| **Warrants** |  |  |  | † |  | † |
| **Call Options Purchased** |  | 5 |  |  | 5 |  |
| **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** | $**5226** | $**220** | $**—** | **†** | $**5446** | **†** |

---

† Includes a security valued at zero.

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 still held as of June 30, 2025 | $— |  |

---

† Includes a security valued at zero.

**US Core Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $13030 | $— | $— | $13030 |
| Automobiles | 6324 |  |  | 6324 |
| Banks | 23646 |  |  | 23646 |
| Broadline Retail | 22779 |  |  | 22779 |
| Capital Markets | 41713 |  |  | 41713 |
| Commercial Services & Supplies | 14957 |  |  | 14957 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable 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)** |
| Construction Materials | $5252 | $— | $— | $5252 |
| Consumer Staples Distribution & Retail | 18341 |  |  | 18341 |
| Entertainment | 20491 |  |  | 20491 |
| Financial Services | 12803 |  |  | 12803 |
| Hotels, Restaurants & Leisure | 3760 |  |  | 3760 |
| Household Durables | 707 |  |  | 707 |
| Information Technology Services | 7830 |  |  | 7830 |
| Insurance | 31418 |  |  | 31418 |
| Interactive Media & Services | 21891 |  |  | 21891 |
| Oil, Gas & Consumable Fuels | 7242 |  |  | 7242 |
| Pharmaceuticals | 4188 |  |  | 4188 |
| Real Estate Management & Development | 12343 |  |  | 12343 |
| Retail REITs | 732 |  |  | 732 |
| Semiconductors & Semiconductor Equipment | 42666 |  |  | 42666 |
| Software | 31770 |  |  | 31770 |
| Specialized REITs |  | 290 |  | 290 |
| Specialty Retail | 16402 |  |  | 16402 |
| Tech Hardware, Storage & Peripherals | 22354 |  |  | 22354 |
| Trading Companies & Distributors | 6237 |  |  | 6237 |
| **Total Common Stocks** | **388876** | **290** | **—** | **389166** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 2966 |  |  | 2966 |
| **Total Assets** | $**391842** | $**290** | $**—** | $**392132** |

---

**Vitality Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $1660<br><sup>(1)</sup> | $— | $— | $1660 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 201 |  |  | 201 |
| Repurchase Agreements |  | 15 |  | 15 |
| **Total Short-Term Investments** | **201** | **15** | **—** | **216** |
| **Total Assets** | $**1861** | $**15** | $**—** | $**1876** |

---

(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:** Certain Funds may enter into repurchase agreements under which a 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 Funds, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

**4. Foreign Currency Translation and Foreign Investments:** The books and records of certain Funds 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 certain Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do 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 Funds do 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, each Fund values the foreign shares at the closing exchange price of the local shares.

**5. Treasury Inflation-Protected Securities:** Certain Funds 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 a 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:** Certain Funds may, but are 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

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

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 Funds' 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.

These 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 Funds to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Funds to be more volatile than if the Funds had not been leveraged. Although the Adviser and/or Sub-Advisers seek to use derivatives to further the Funds' 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 Funds used during the period and their associated risks:

**Options:** With respect to options, a Fund is subject to equity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing its investment objectives. If a 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 a Fund. A Fund may purchase and/or sell put and call options. Purchasing call options tends to increase a Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, a Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, a 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 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, a 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, a Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to a Fund, minus the premium paid. As the buyer of a put option, a 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, a Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to a Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, a 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 a 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.

**Foreign Currency Forward Exchange Contracts:** In connection with its investments in foreign securities, certain Funds 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. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

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 a Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for a 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 a 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.

**Private Investment in Public Equity:** Certain Funds may acquire equity securities of an issuer that are issued through a private investment in public equity transaction, including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company's securities. A Fund's PIPE investment represents an unfunded subscription agreement in a private investment in public equity.

At June 30, 2025, a Fund's derivative contract PIPE position is reflected as a Derivative Contract — PIPE in the Portfolio of Investments.

**Swaps:** Certain Funds 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). A 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, a 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

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

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.

Certain Funds 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 a Fund's portfolio because, in addition to its total net assets, a 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 a Fund thereunder, and conversely, that a Fund will not be able to meet its obligation to the counterparty.

Certain Funds 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 a Fund is contractually obligated to make.

When a Fund has an unrealized loss on an OTC 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 Statement of Assets and Liabilities.

Upfront payments paid or received by a Fund will be reflected as an asset or liability, respectively, in the 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 Statement of Operations. For OTC swaps, once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreement in the 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 a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on a Fund's financial position and results of operations.

The following tables set forth the fair value of each Fund's derivative contracts by primary risk exposure as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives<br>Statement of Assets and <br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | $205<br> (a) |
| **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | 65<br> (a) |
| **Global Permanence Portfolio (consolidated)** | **Global Permanence Portfolio (consolidated)** | **Global Permanence Portfolio (consolidated)** | **Global Permanence Portfolio (consolidated)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | 4<br> (a) |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives<br>Statement of Assets and <br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** | **Value<br>(000)** |
| **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | $4157 | (a) |
| **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | 352 | (a) |
| **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** |
| Foreign Currency<br>Forward Exchange Contracts | Unrealized Appreciation on <br>Foreign Currency Forward<br>Exchange Contracts | <br>Currency Risk |  | @ |
| Swap Agreements | Unrealized Appreciation on <br>Swap Agreements | <br>Equity Risk | 8 |  |
| Total |  |  | $8 |  |
| **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** |
| Futures Contracts | Variation Margin on<br>Futures Contracts | <br>Equity Risk | 23 | (b) |
| **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | 5 | (a) |

---

@ Value is less than $500.

(a) Amounts are included in Investments in Securities in the Statement of Assets and Liabilities.

(b) 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.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Liability Derivatives<br>Statement of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** |
| PIPE | Unrealized Depreciation on<br>Derivative Contract — PIPE | <br>Equity Risk | $(52 |
| **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** |
| PIPE | Unrealized Depreciation on<br>Derivative Contract — PIPE | <br>Equity Risk | (262 |
| **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** |
| Foreign Currency<br>Forward Exchange Contracts | Unrealized Depreciation on<br>Foreign Currency Forward<br>Exchange Contracts | <br>Currency Risk | (— |
| Futures Contracts | Variation Margin on<br>Futures Contracts | <br>Commodity Risk | (4 |
| Total |  |  | $(4 |

---

@ Value is less than $500.

(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.

The following tables set forth by primary risk exposure each Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended June 30, 2025 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Fund** | **Derivative Type** | **Value<br>(000)** |
| **Primary Risk Exposure** | **Primary Risk Exposure** | **Primary Risk Exposure** |
| **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | $(402)(a) |
| **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | (149)(a) |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Fund** | **Derivative Type** | **Value<br>(000)** |
| **Primary Risk Exposure** | **Primary Risk Exposure** | **Primary Risk Exposure** |
| **Global Permanence Portfolio (consolidated)** | **Global Permanence Portfolio (consolidated)** | **Global Permanence Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | $(10 |
| **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | (8546 |
| **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | (855 |
| **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** |
| Currency Risk | Foreign Currency Forward <br>Exchange Contracts | (— |
| Commodity Risk | Futures Contracts | 249 |
| Interest Rate Risk | Swap Agreements | (43 |
| Total |  | $206 |
| **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** |
| Equity Risk | Futures Contracts | 1024 |
| **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | (9 |

---

@ Value is less than $500.

(a) Amounts are included in Realized Gain (Loss) on Investments Sold in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Fund** | **Derivative Type** | **Value<br>(000)** |
| **Primary Risk Exposure** | **Primary Risk Exposure** | **Primary Risk Exposure** |
| **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | $(550 |
| **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | (188 |
| Equity Risk | Derivative Contracts — PIPE | (52 |
| Total |  | $(240 |
| **Global Permanence Portfolio (consolidated)** | **Global Permanence Portfolio (consolidated)** | **Global Permanence Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | (11 |
| **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | (11611 |
| **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | (911 |
| Equity Risk | Derivative Contracts — PIPE | (262 |
| Total |  | $(1173 |
| **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** |
| Currency Risk | Foreign Currency Forward <br>Exchange Contracts | (— |
| Commodity Risk | Futures Contracts | 53 |
| Equity Risk | Swap Agreements | 37 |
| Total |  | $90 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Fund** | **Derivative Type** | **Value<br>(000)** |
| **Primary Risk Exposure** | **Primary Risk Exposure** | **Primary Risk Exposure** |
| **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** |
| Equity Risk | Futures Contracts | $33 |
| **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** |
| Currency Risk | Investments<br>(Purchased Options) | (16)(a) |

---

@ Value is less than $500.

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Statement of Operations.

At June 30, 2025, each Fund's derivative assets and liabilities are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities <br>Presented in the Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities <br>Presented in the Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities <br>Presented in the Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities <br>Presented in the Statement of Assets and Liabilities** |
| **Fund** | **Assets<br>(000)** | **Assets<br>(000)** | **Liabilities<br>(000)** |
| **Derivatives(a)** | **Derivatives(a)** | **Derivatives(a)** | **Derivatives(a)** |
| **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** |
| Purchased Options | $205 | (b)(c) | $— |
| **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** |
| Purchased Options | 65 | (b)(c) |  |
| Derivative Contracts — PIPE |  |  | (52 |
| Total | $65 |  | $(52 |
| **Global Permanence Portfolio (consolidated)** | **Global Permanence Portfolio (consolidated)** | **Global Permanence Portfolio (consolidated)** | **Global Permanence Portfolio (consolidated)** |
| Purchased Options | 4 | (b)(c) |  |
| **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** |
| Purchased Options | 4157 | (b)(c) |  |
| **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** |
| Purchased Options | 352 | (b)(c) |  |
| Derivative Contracts — PIPE |  |  | (262 |
| Total | $352 |  | $(262 |
| **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** |
| Foreign Currency Forward Exchange Contracts |  | @ |  |
| Swap Agreements | 8 |  |  |
| Total | $8 |  | $— |
| **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** |
| Purchased Options | 5 | (b)(c) |  |

---

@ 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 Statement of Assets and Liabilities.

(c) Amounts are included in Investments in Securities in the Statement of Assets and Liabilities.

(d) Assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

A 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, a 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 a Fund and a counterparty gives the

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

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 a 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 a 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 June 30, 2025:

**Advantage Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the 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 & Co. LLC | $111 | $— | $— | $111 |
| JPMorgan Chase Bank NA | 50 |  | (50) | 0 |
| Standard Chartered Bank | 44 |  | (44) | 0 |
| Total | $205 | $— | $(94) | $111 |

---

**Global Insight Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the 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 | $35 | $— | $— | $35 |
| JPMorgan Chase Bank NA | 16 |  |  | 16 |
| Standard Chartered Bank | 14 |  |  | 14 |
| Total | $65 | $— | $— | $65 |

---

**Global Permanence Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the 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 | $2 | $— | $— | $2 |
| JPMorgan Chase Bank NA | 1 |  |  | 1 |
| Standard Chartered Bank | 1 |  |  | 1 |
| Total | $4 | $— | $— | $4 |

---

**Growth Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the 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 & Co. LLC | $2283 | $— | $(2283) | $0 |
| JPMorgan Chase Bank NA | 995 |  | (995) | 0 |
| Standard Chartered Bank | 879 |  | (879) | 0 |
| Total | $4157 | $— | $(4157) | $0 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

**Inception Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the 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 & Co. LLC | $190 | $— | $(120) | $70 |
| JPMorgan Chase Bank NA | 86 |  | (86) | 0 |
| Standard Chartered Bank | 76 |  | (76) | 0 |
| Total | $352 | $— | $(282) | $70 |

---

**Multi-Asset Real Return Portfolio (consolidated)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities<br>(000)** | **Gross Asset<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>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs International | $8 |  | $(— | @) | $— | $8 |  |
| JPMorgan Chase Bank NA |  | @ | (— | @) |  | 0 |  |
| Total | $8 |  | $(— | @) | $— | $8 |  |
| **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities<br>(000)** | **Gross Asset<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>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 |  | @ |  |  |  |  | @ |
| Goldman Sachs International |  | @ | (— | @) |  | 0 |  |
| JPMorgan Chase Bank NA |  | @ | (— | @) |  | 0 |  |
| Total | $— | @ | $(— | @) | $— | $— | @ |

---

**Permanence Portfolio (consolidated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the 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 | 1 |  |  | 1 |
| Standard Chartered Bank | 1 |  |  | 1 |
| Total | $5 | $— | $— | $5 |

---

@ Value is less than $500.

(a) Amounts are included in Investments in Securities in the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received may be more than the amount shown here due to overcollateralization.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

For the six months ended June 30, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Advantage<br>Portfolio<br>(consolidated)<br>(000)** | **Global <br>Insight<br>Portfolio<br>(consolidated)<br>(000)** | **Global <br>Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **Growth<br>Portfolio<br>(consolidated)<br>(000)** | **Inception<br>Portfolio<br>(consolidated)<br>(000)** |
| **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $— | $— | $— | $— | $— |
| **Purchased Options:** | **Purchased Options:** | **Purchased Options:** | **Purchased Options:** | **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 208832 | 74817 | 4676 | 4401699 | 392915 |
| **Swap Agreements:** | **Swap Agreements:** | **Swap Agreements:** | **Swap Agreements:** | **Swap Agreements:** | **Swap Agreements:** |
| Average monthly notional amount | $— | $— | $— | $— | $— |
| **Derivative Contracts — PIPE:** | **Derivative Contracts — PIPE:** | **Derivative Contracts — PIPE:** | **Derivative Contracts — PIPE:** | **Derivative Contracts — PIPE:** | **Derivative Contracts — PIPE:** |
| Average monthly notional amount | $— | $1275 | $— | $— | $6444 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Multi-Asset Real<br>Return<br>Portfolio<br>(consolidated)<br>(000)** | **Passport Overseas<br>Equity<br>Portfolio<br>(000)** | **Permanence<br>Portfolio<br>(consolidated)<br>(000)** |
| **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $1218 | $15511 | $— |
| **Purchased Options:** | **Purchased Options:** | **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount |  |  | 5341 |
| **Swap Agreements:** | **Swap Agreements:** | **Swap Agreements:** | **Swap Agreements:** |
| Average monthly notional amount | $319 | $— | $— |
| **Derivative Contracts — PIPE:** | **Derivative Contracts — PIPE:** | **Derivative Contracts — PIPE:** | **Derivative Contracts — PIPE:** |
| Average monthly notional amount | $— | $— | $— |

---

**7. Restricted Securities:** Certain Funds invest 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 a 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, a 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 a 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. A Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Portfolio of Investments.

**8. When-Issued/Delayed Delivery Securities:** Certain Funds purchase and sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to a Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When a Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to a Fund's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

**9. Securities Lending:** Certain Funds may lend 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

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

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 Funds' 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.

A 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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 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)** |
|<br>**Fund** | | | | |
| **Asia Opportunity Portfolio (consolidated)** | $405<br> (a) | $— | $(401)(b)(c) | $4 |
| **Emerging Markets Portfolio** | 6195<br> (a) |  | (6195)(d)(e) | 0 |
| **Global Endurance Portfolio** | 635<br> (a) |  | (635)(e)(f) | 0 |
| **Inception Portfolio (consolidated)** | 9660<br> (a) |  | (9660)(e)(g) | 0 |
| **International Advantage Portfolio (consolidated)** | 14388<br> (a) |  | (14388)(e)(h) | 0 |
| **Multi-Asset Real Return Portfolio (consolidated)** | 38<br> (a) |  | (38)(e)(i) | 0 |
| **Passport Overseas Equity Portfolio** | 2337<br> (a) |  | (2337)(e)(j) | 0 |
| **Vitality Portfolio** | 79<br> (a) |  | (79)(e)(k) | 0 |

---

(a) Represents market value of loaned securities at period end.

(b) The Fund received cash collateral of approximately $262,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $139,000 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 Fund did not maintain 100% collateral coverage at June 30, 2025. This was corrected on the next business day.

(d) The Fund received cash collateral of approximately $6,352,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments.

(e) The actual collateral received is greater than the amount shown here due to overcollateralization.

(f) The Fund received cash collateral of approximately $320,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $322,000 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.

(g) The Fund received cash collateral of approximately $4,909,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $5,018,000 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.

(h) The Fund received cash collateral of approximately $15,054,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $53,000 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.

(i) The Fund received cash collateral of approximately $12,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $28,000 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.

(j) The Fund received received non-cash collateral of approximately $2,427,000 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.

(k) The Fund received cash collateral of approximately $74,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $9,000 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.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to 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 June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| **Fund** | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 & 90 days<br>(000)** | **>90 days<br>(000)** | **Total<br>(000)** |
| **Asia Opportunity Portfolio (consolidated)** | **Asia Opportunity Portfolio (consolidated)** | **Asia Opportunity Portfolio (consolidated)** | **Asia Opportunity Portfolio (consolidated)** | **Asia Opportunity Portfolio (consolidated)** | **Asia Opportunity Portfolio (consolidated)** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | $262 | $— | $— | $— | $262 |
| **Total Borrowings** | $**262** | $**—** | $**—** | $**—** | $**262** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**262** |
| **Emerging Markets Portfolio** | **Emerging Markets Portfolio** | **Emerging Markets Portfolio** | **Emerging Markets Portfolio** | **Emerging Markets Portfolio** | **Emerging Markets Portfolio** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | $6352 | $— | $— | $— | $6352 |
| **Total Borrowings** | $**6352** | $**—** | $**—** | $**—** | $**6352** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**6352** |
| **Global Endurance Portfolio** | **Global Endurance Portfolio** | **Global Endurance Portfolio** | **Global Endurance Portfolio** | **Global Endurance Portfolio** | **Global Endurance Portfolio** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | $320 | $— | $— | $— | $320 |
| **Total Borrowings** | $**320** | $**—** | $**—** | $**—** | $**320** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**320** |
| **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** | **Inception Portfolio (consolidated)** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | $4909 | $— | $— | $— | $4909 |
| **Total Borrowings** | $**4909** | $**—** | $**—** | $**—** | $**4909** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**4909** |
| **International Advantage Portfolio (consolidated)** | **International Advantage Portfolio (consolidated)** | **International Advantage Portfolio (consolidated)** | **International Advantage Portfolio (consolidated)** | **International Advantage Portfolio (consolidated)** | **International Advantage Portfolio (consolidated)** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | $15054 | $— | $— | $— | $15054 |
| **Total Borrowings** | $**15054** | $**—** | $**—** | $**—** | $**15054** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**15054** |
| **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** | **Multi-Asset Real Return Portfolio (consolidated)** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | $12 | $— | $— | $— | $12 |
| **Total Borrowings** | $**12** | $**—** | $**—** | $**—** | $**12** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**12** |
| **Vitality Portfolio** | **Vitality Portfolio** | **Vitality Portfolio** | **Vitality Portfolio** | **Vitality Portfolio** | **Vitality Portfolio** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | $74 | $— | $— | $— | $74 |
| **Total Borrowings** | $**74** | $**—** | $**—** | $**—** | $**74** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**74** |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

**10. Redemption Fees:** Certain Funds will assess a 2% redemption fee on each class, which is paid directly to a Fund, for shares redeemed or exchanged within thirty days of purchase, subject to certain exceptions. The redemption fee is designed to protect a 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.

**11. 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 Funds that have not yet occurred.

**12. 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.

**13. 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 Funds are informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis except where collection is in doubt. 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 are based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, 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.

**14. Segment Reporting:** During the reporting period, the Company 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. Each 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 Funds' President has been designated as the Company's Chief Operating Decision Maker ("CODM"), who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in each Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides each Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets.

The Adviser has agreed to reduce its advisory fees and/or reimburse each Fund so that total annual operating expenses excluding certain investments related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed the maximum expense ratios. The following table represents the annual advisory fee rates, the equivalent annual effective rates (net of waiver and/or rebate) and the maximum expense ratios at June 30, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** |
|<br>**Fund** | **Average Daily<br>Net Assets** | **Advisory<br>Fee** | **Annual Effective<br>Advisory Fee Rate as<br>of period end** | **Class I** | **Class A** | **Class L** | **Class C** | **Class R6** | **Class IR** |
| **Advantage Portfolio (consolidated)** | First $750 million | 0.65% | 0.55% | 0.85% | 1.20% | 0.99% | 1.95% | 0.81% | —% |
|  | Next $750 million | 0.60 |  |  |  |  |  |  |  |
|  | Over $1.5 billion | 0.55 |  |  |  |  |  |  |  |
| **American Resilience Portfolio** | First $500 million | 0.55 | 0.00 | 0.70 | 1.05 |  | 1.80 | 0.65 |  |
|  | Next $500 million | 0.50 |  |  |  |  |  |  |  |
|  | Over $1 billion | 0.45 |  |  |  |  |  |  |  |
| **Asia Opportunity Portfolio (consolidated)** | First $750 million | 0.80 | 0.65 | 1.10 | 1.45 |  | 2.20 | 1.05 |  |
|  | Next $750 million | 0.75 |  |  |  |  |  |  |  |
|  | Over $1.5 billion | 0.70 |  |  |  |  |  |  |  |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** |
|<br>**Fund** | **Average Daily<br>Net Assets** | **Advisory<br>Fee** | **Annual Effective<br>Advisory Fee Rate as<br>of period end** | **Class I** | **Class A** | **Class L** | **Class C** | **Class R6** | **Class IR** |
| **Developing Opportunity Portfolio (consolidated)** | First $1 billion | 0.90% | 0.16% | 1.15% | 1.50% | —% | 2.25% | 1.10% | —% |
|  | Over $1 billion | 0.85 |  |  |  |  |  |  |  |
| **Emerging Markets ex China Portfolio** | First $1 billion | 0.75 | 0.00 | 0.99 | 1.35 |  | 2.10 | 0.95 |  |
|  | Over $1 billion | 0.70 |  |  |  |  |  |  |  |
| **Emerging Markets Leaders Portfolio** | First $1 billion | 0.75 | 0.53 | 0.99 | 1.35 |  | 2.10 | 0.95 | 0.95 |
|  | Over $1 billion | 0.70 |  |  |  |  |  |  |  |
| **Emerging Markets Portfolio** | First $1 billion | 0.75 | 0.73 | 0.99 | 1.35 | 1.85 | 2.10 | 0.95 | 0.95 |
|  | Next $1.5 billion | 0.70 |  |  |  |  |  |  |  |
|  | Over $2.5 billion | 0.65 |  |  |  |  |  |  |  |
| **Global Concentrated Portfolio** | First $750 million | 0.75 | 0.75 | 1.00 | 1.35 |  | 2.10 | 0.95 |  |
|  | Next $750 million | 0.70 |  |  |  |  |  |  |  |
|  | Over $1.5 billion | 0.65 |  |  |  |  |  |  |  |
| **Global Core Portfolio** | First $750 million | 0.75 | 0.26 | 1.00 | 1.35 |  | 2.10 | 0.95 |  |
|  | Next $750 million | 0.70 |  |  |  |  |  |  |  |
|  | Over $1.5 billion | 0.65 |  |  |  |  |  |  |  |
| **Global Endurance Portfolio** | First $1 billion | 0.80 | 0.00 | 1.00 | 1.35 |  | 2.10 | 0.95 |  |
|  | Over $1 billion | 0.75 |  |  |  |  |  |  |  |
| **Global Franchise Portfolio** | First $500 million | 0.80 | 0.72 | 1.00 | 1.35 | 1.85 | 2.10 | 0.95 |  |
|  | Next $500 million | 0.75 |  |  |  |  |  |  |  |
|  | Over $1 billion | 0.70 |  |  |  |  |  |  |  |
| **Global Insight Portfolio (consolidated)** | First $1 billion | 0.80 | 0.36 | 1.00 | 1.32 | 1.85 | 2.10 | 0.95 |  |
|  | Over $1 billion | 0.75 |  |  |  |  |  |  |  |
| **Global Opportunity Portfolio (consolidated)** | First $750 million | 0.80 | 0.73 | 1.00 | 1.35 | 1.40 | 2.10 | 0.95 | 0.95 |
|  | Next $750 million | 0.75 |  |  |  |  |  |  |  |
|  | Over $1.5 billion | 0.70 |  |  |  |  |  |  |  |
| **Global Permanence Portfolio (consolidated)** | First $1 billion | 0.80 | 0.00 | 1.00 | 1.35 |  | 2.10 | 0.95 |  |
|  | Over $1 billion | 0.75 |  |  |  |  |  |  |  |
| **Global Stars Portfolio** | First $500 million | 0.65 | 0.07 | 0.80 | 1.15 | 1.65 | 1.90 | 0.75 |  |
|  | Over $500 million | 0.60 |  |  |  |  |  |  |  |
| **Growth Portfolio (consolidated)** | First $1 billion | 0.50 | 0.42 | 0.80 | 1.15 | 1.65 | 1.90 | 0.73 | 0.73 |
|  | Next $1 billion | 0.45 |  |  |  |  |  |  |  |
|  | Next $1 billion | 0.40 |  |  |  |  |  |  |  |
|  | Over $3 billion | 0.35 |  |  |  |  |  |  |  |
| **Inception Portfolio (consolidated)** | First $1 bilion | 0.92 | 0.73 | 1.00 | 1.35 | 1.85 | 2.10 | 0.93 |  |
|  | Next $500 million | 0.85 |  |  |  |  |  |  |  |
|  | Next $500 million | 0.80 |  |  |  |  |  |  |  |
|  | Over $2 billion | 0.75 |  |  |  |  |  |  |  |
| **International Advantage Portfolio**  | First $1 billion | 0.80 | 0.77 | 1.00 | 1.35 | 1.85 | 2.10 | 0.95 |  |
| **(consolidated)** | Over $1 billion | 0.75 |  |  |  |  |  |  |  |
| **International Equity Portfolio** | First $3 billion | 0.80 | 0.72 | 0.95 | 1.30 | 1.80 | 2.05 | 0.91 |  |
|  | Over $3 billion | 0.75 |  |  |  |  |  |  |  |
| **International Opportunity Portfolio**  | First $1 billion | 0.80 | 0.77 | 1.00 | 1.35 | 1.85 | 2.10 | 0.94 | 0.94 |
| **(consolidated)** | Over $1 billion | 0.75 |  |  |  |  |  |  |  |
| **International Resilience Portfolio** | First $500 million | 0.70 | 0.00 | 0.85 | 1.20 |  | 1.95 | 0.80 |  |
|  | Over $500 million | 0.65 |  |  |  |  |  |  |  |
| **Multi-Asset Real Return Portfolio**  | First $1 billion | 0.60 | 0.00 | 0.80 | 1.15 |  | 1.90 | 0.75 |  |
| **(consolidated)** | Over $1 billion | 0.55 |  |  |  |  |  |  |  |
| **Next Gen Emerging Markets Portfolio** | Annual Rate | 1.20 | 0.00 | 1.25 | 1.60 | 2.10 | 2.35 | 1.20 |  |
| **Passport Overseas Equity Portfolio** | First $1 billion | 0.65 | 0.48 | 0.90 | 1.25 | 1.75 | 2.00 | 0.85 | 0.85 |
|  | Over $1 billion | 0.60 |  |  |  |  |  |  |  |
| **Permanence Portfolio (consolidated)** | First $1 billion | 0.65 | 0.00 | 0.85 | 1.20 |  | 1.95 | 0.80 |  |
|  | Over $1 billion | 0.60 |  |  |  |  |  |  |  |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** | **Maximum Expense Ratio** |
|<br>**Fund** | **Average Daily<br>Net Assets** | **Advisory<br>Fee** | **Annual Effective<br>Advisory Fee Rate as<br>of period end** | **Class I** | **Class A** | **Class L** | **Class C** | **Class R6** | **Class IR** |
| **US Core Portfolio** | First $750 million | 0.60% | 0.58% | 0.80% | 1.15% | —% | 1.90% | 0.75% | —% |
|  | Next $750 million | 0.55 |  |  |  |  |  |  |  |
|  | Over $1.5 billion | 0.50 |  |  |  |  |  |  |  |
| **Vitality Portfolio** | First $500 million | 0.75 | 0.00 | 0.95 | 1.30 |  | 2.05 | 0.90 |  |
|  | Over $500 million | 0.70 |  |  |  |  |  |  |  |

---

The fee waivers and/or expense reimbursements will continue for at least one year from the date of each Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or expense reimbursements when they deem such action is appropriate. For the six months ended June 30, 2025, the Funds had advisory fees waived and/or certain other expenses reimbursed as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Advisory Fees<br>Waived and/or<br>Reimbursed<br>(000)** | **Other expenses<br>were reimbursed<br>by the Adviser<br>(000)** |
| **Advantage Portfolio (consolidated)** | $96 | $35 |
| **American Resilience Portfolio** | 4 | 125 |
| **Asia Opportunity Portfolio (consolidated)** | 90 | 31 |
| **Developing Opportunity Portfolio (consolidated)** | 134 | 9 |
| **Emerging Markets ex China Portfolio** | 26 | 122 |
| **Emerging Markets Leaders Portfolio** | 175 | 71 |
| **Emerging Markets Portfolio** | 54 | 65 |
| **Global Concentrated Portfolio** |  | 22 |
| **Global Core Portfolio** | 98 | 6 |
| **Global Endurance Portfolio** | 114 | 29 |
| **Global Insight Portfolio (consolidated)** | 135 | 22 |
| **Global Opportunity Portfolio (consolidated)** |  | 1 |
| **Global Permanence Portfolio (consolidated)** | 15 | 123 |
| **Global Stars Portfolio** | 151 | 21 |
| **Growth Portfolio (consolidated)** |  | 1 |
| **Inception Portfolio (consolidated)** | 309 | 4 |
| **International Advantage Portfolio (consolidated)** |  | 74 |
| **International Equity Portfolio** | 195 | 256 |
| **International Opportunity Portfolio (consolidated)** | 88 | 130 |
| **International Resilience Portfolio** | 7 | 137 |
| **Multi-Asset Real Return Portfolio (consolidated)** | 23 | 142 |
| **Next Gen Emerging Markets Portfolio** | 119 | 87 |
| **Passport Overseas Equity Portfolio** | 116 | 25 |
| **Permanence Portfolio (consolidated)** | 16 | 125 |
| **US Core Portfolio** | 25 | 51 |
| **Vitality Portfolio** | 7 | 116 |

---

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.

The Adviser has entered into Sub-Advisory Agreements with Morgan Stanley Investment Management Limited and Morgan Stanley Investment Management Company (together, the "Sub-Advisers"), each a wholly-owned subsidiary of Morgan Stanley. The Sub-Advisers, subject to the control and supervision of the Funds, its Officers, Directors and the Adviser, and in accordance with the investment objectives, policies and restrictions of the Funds, make certain day-to-day investment decisions for certain Funds and place certain of the Funds' purchase and sales orders. The Adviser pays the Sub-Advisers on a monthly basis a portion of the net advisory fees the Adviser receives from the Funds which receive these services.

The Adviser made payments to Advantage Portfolio, Global Insight Portfolio and Growth Portfolio of $84,898, $10,506 and $6,849,100, respectively, relating to a class action suit involving these Funds' past holdings which is included in "Payment from the Advisor" in the Consolidated Statement of Operations.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

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 each 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 Company.

**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 share 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, each 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, each 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 Advantage Portfolio and Global Opportunity Portfolio to the extent it exceeds 0.04% of the average daily net assets of such shares on an annualized basis. For the six months ended June 30, 2025, this waiver amounted to approximately $6,000 and $84,000, respectively.

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, each 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 each Fund.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to each Fund pursuant to a Co-Transfer Agency Services Agreement. At June 30, 2025, the following Funds had co-transfer agency fees and expenses incurred to EVM, which is included in "Transfer Agency Fees" in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Fund** | **Value<br>(000)** | **Value<br>(000)** |
| **Advantage Portfolio (consolidated)** | $1 |  |
| **American Resilience Portfolio** |  | @ |
| **Asia Opportunity Portfolio (consolidated)** |  | @ |
| **Developing Opportunity Portfolio (consolidated)** |  | @ |
| **Emerging Markets ex China Portfolio** |  | @ |
| **Emerging Markets Leaders Portfolio** | 1 |  |
| **Emerging Markets Portfolio** | 3 |  |
| **Global Concentrated Portfolio** |  | @ |
| **Global Core Portfolio** |  | @ |
| **Global Endurance Portfolio** | 1 |  |
| **Global Franchise Portfolio** | 2 |  |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | |
|:---|:---|:---|
| **Fund** | **Value<br>(000)** | **Value<br>(000)** |
| **Global Insight Portfolio (consolidated)** | $— | @ |
| **Global Opportunity Portfolio (consolidated)** | 18 |  |
| **Global Permanence Portfolio (consolidated)** |  | @ |
| **Global Stars Portfolio** |  | @ |
| **Growth Portfolio (consolidated)** | 19 |  |
| **Inception Portfolio (consolidated)** | 2 |  |
| **International Advantage Portfolio (consolidated)** | 11 |  |
| **International Equity Portfolio** | 2 |  |
| **International Opportunity Portfolio (consolidated)** | 3 |  |
| **International Resilience Portfolio** |  | @ |
| **Multi-Asset Real Return Portfolio (consolidated)** |  | @ |
| **Next Gen Emerging Markets Portfolio** | 1 |  |
| **Passport Overseas Equity Portfolio** | 1 |  |
| **Permanence Portfolio (consolidated)** |  | @ |
| **US Core Portfolio** | 1 |  |
| **Vitality Portfolio** |  | @ |

---

@ Amount is 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:** During the six months ended June 30, 2025, purchases and sales of investment securities excluding short-term investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Purchases** | **Purchases** | **Sales** | **Sales** |
|<br>**Fund** | **Government<br>(000)** | **Non-Government<br>(000)** | **Government<br>(000)** | **Non-Government<br>(000)** |
| **Advantage Portfolio (consolidated)** | $3376 | $50396 | $17 | $69723 |
| **American Resilience Portfolio** |  | 400 |  | 412 |
| **Asia Opportunity Portfolio (consolidated)** |  | 1371 |  | 10702 |
| **Developing Opportunity Portfolio (consolidated)** |  | 17628 |  | 12357 |
| **Emerging Markets ex China Portfolio** |  | 652 |  | 804 |
| **Emerging Markets Leaders Portfolio** |  | 45163 |  | 87172 |
| **Emerging Markets Portfolio** |  | 80872 |  | 95532 |
| **Global Concentrated Portfolio** |  | 109482 |  | 69407 |
| **Global Core Portfolio** |  | 13099 |  | 8820 |
| **Global Endurance Portfolio** |  | 28736 |  | 30173 |
| **Global Franchise Portfolio** |  | 387189 |  | 630068 |
| **Global Insight Portfolio (consolidated)** | 1058 | 26321 | 78 | 38639 |
| **Global Opportunity Portfolio (consolidated)** |  | 26117 |  | 132291 |
| **Global Permanence Portfolio (consolidated)** | 59 | 1351 | 1 | 1993 |
| **Global Stars Portfolio** |  | 10566 |  | 24345 |
| **Growth Portfolio (consolidated)** | 68954 | 1550244 | 1449 | 2050645 |
| **Inception Portfolio (consolidated)** |  | 130576 |  | 163857 |
| **International Advantage Portfolio (consolidated)** |  | 13443 |  | 323554 |
| **International Equity Portfolio** |  | 122249 |  | 374487 |
| **International Opportunity Portfolio (consolidated)** |  | 13855 |  | 35452 |
| **International Resilience Portfolio** |  | 595 |  | 534 |
| **Multi-Asset Real Return Portfolio (consolidated)** | 5304 | 95 | 4162 | 438 |
| **Next Gen Emerging Markets Portfolio** |  | 164 |  | 1728 |
| **Passport Overseas Equity Portfolio** |  | 37931 |  | 43645 |
| **Permanence Portfolio (consolidated)** | 79 | 1346 |  | 1310 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Purchases** | **Purchases** | **Sales** | **Sales** |
|<br>**Fund** | **Government<br>(000)** | **Non-Government<br>(000)** | **Government<br>(000)** | **Non-Government<br>(000)** |
| **US Core Portfolio** | $— | $88121 | $— | $107094 |
| **Vitality Portfolio** |  | 214 |  | 324 |

---

The Funds invest in the Institutional Class of portfolios within the Morgan Stanley Institutional Liquidity Funds (the "Liquidity Funds"), 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. A summary of the Funds' transactions in shares of the Liquidity Funds during the six months ended June 30, 2025 were as follows:

**Investments in Morgan Stanley Institutional Liquidity Funds — Institutional Class**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Fund** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gain (Loss)<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>June 30,<br>2025<br>(000)** |
| **Advantage Portfolio (consolidated)** | $4426 | $62527 | $51819 | $123 | $— | $— | $15134 |
| **American Resilience Portfolio** | 19 | 233 | 225 | 1 |  |  | 27 |
| **Asia Opportunity Portfolio (consolidated)** | 1660 | 14341 | 11677 | 69 |  |  | 4324 |
| **Developing Opportunity Portfolio (consolidated)** |  | 24725 | 22951 | 24 |  |  | 1774 |
| **Emerging Markets ex China Portfolio** | 39 | 752 | 509 | 4 |  |  | 282 |
| **Emerging Markets Leaders Portfolio** | 7211 | 48362 | 52619 | 148 |  |  | 2954 |
| **Emerging Markets Portfolio** | 23804 | 70704 | 75723 | 297 |  |  | 18785 |
| **Global Concentrated Portfolio** | 2219 | 68185 | 68010 | 49 |  |  | 2394 |
| **Global Core Portfolio** | 251 | 8648 | 8899 | 6 |  |  |  |
| **Global Endurance Portfolio** | 739 | 13960 | 14022 | 9 |  |  | 677 |
| **Global Franchise Portfolio** | 30160 | 335078 | 320280 | 945 |  |  | 44958 |
| **Global Insight Portfolio (consolidated)** | 1665 | 21602 | 22263 | 28 |  |  | 1004 |
| **Global Opportunity Portfolio (consolidated)** | 163938 | 188816 | 201032 | 2110 |  |  | 151722 |
| **Global Permanence Portfolio (consolidated)** | 85 | 893 | 881 | 2 |  |  | 97 |
| **Global Stars Portfolio** | 818 | 9911 | 10017 | 14 |  |  | 712 |
| **Growth Portfolio (consolidated)** | 119872 | 976022 | 1031562 | 1732 |  |  | 64332 |
| **Inception Portfolio (consolidated)** | 28345 | 81269 | 101438 | 156 |  |  | 8176 |
| **International Advantage Portfolio (consolidated)** | 23850 | 336294 | 313749 | 708 |  |  | 46395 |
| **International Equity Portfolio** | 1669 | 106141 | 103574 | 150 |  |  | 4236 |
| **International Opportunity Portfolio (consolidated)** | 12161 | 59720 | 61602 | 305 |  |  | 10279 |
| **International Resilience Portfolio** | 23 | 430 | 444 | 1 |  |  | 9 |
| **Multi-Asset Real Return Portfolio (consolidated)** | 1857 | 3458 | 3849 | 35 |  |  | 1466 |
| **Next Gen Emerging Markets Portfolio** |  | 2081 | 1362 | 6 |  |  | 719 |
| **Passport Overseas Equity Portfolio** | 4737 | 35744 | 34897 | 192 |  |  | 5584 |
| **Permanence Portfolio (consolidated)** | 237 | 722 | 874 | 2 |  |  | 85 |
| **US Core Portfolio** | 4857 | 39007 | 40898 | 48 |  |  | 2966 |
| **Vitality Portfolio** | 80 | 369 | 248 | 1 |  |  | 201 |

---

Investment advisory fees paid by the Funds are reduced by an amount equal to their pro-rata share of the advisory and administrations fees paid by the Funds due to its investment in the Liquidity Funds ("Rebate"). For the six months ended June 30, 2025, advisory fees paid were reduced as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Rebate Value<br>(000)** | **Rebate Value<br>(000)** |
| **Advantage Portfolio (consolidated)** | $6 |  |
| **American Resilience Portfolio** |  | @ |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | |
|:---|:---|:---|
| **Fund** | **Rebate Value<br>(000)** | **Rebate Value<br>(000)** |
| **Asia Opportunity Portfolio (consolidated)** | $3 |  |
| **Developing Opportunity Portfolio (consolidated)** | 1 |  |
| **Emerging Markets ex China Portfolio** |  | @ |
| **Emerging Markets Leaders Portfolio** | 5 |  |
| **Emerging Markets Portfolio** | 10 |  |
| **Global Concentrated Portfolio** | 2 |  |
| **Global Core Portfolio** |  | @ |
| **Global Endurance Portfolio** |  | @ |
| **Global Franchise Portfolio** | 45 |  |
| **Global Insight Portfolio (consolidated)** | 1 |  |
| **Global Permanence Portfolio (consolidated)** |  | @ |
| **Global Opportunity Portfolio (consolidated)** | 97 |  |
| **Global Stars Portfolio** | 1 |  |
| **Growth Portfolio (consolidated)** | 79 |  |
| **Inception Portfolio (consolidated)** | 7 |  |
| **International Advantage Portfolio (consolidated)** | 33 |  |
| **International Equity Portfolio** | 7 |  |
| **International Opportunity Portfolio (consolidated)** | 14 |  |
| **International Resilience Portfolio** |  | @ |
| **Multi-Asset Real Return Portfolio (consolidated)** | 2 |  |
| **Next Gen Emerging Markets Portfolio** |  | @ |
| **Passport Overseas Equity Portfolio** | 9 |  |
| **Permanence Portfolio (consolidated)** |  | @ |
| **US Core Portfolio** | 2 |  |
| **Vitality Portfolio** |  | @ |

---

@ Amount is less than $500.

Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Funds under the Act, including companies for which the Funds' holding represent 5% or more of the company's voting securities.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>June 30,<br>2025<br>(000)** |
| **International Advantage Portfolio (consolidated)**<br> Canada Goose Holdings, Inc. | $30818 | $— | $2501 | $— | $(4941) | $8040 | $31416 |

---

For the six months ended June 30, 2025, the following Funds incurred brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

---

| | | |
|:---|:---|:---|
| **Fund** | **Value<br>(000)** | **Value<br>(000)** |
| **Advantage Portfolio (consolidated)** | $— | @ |
| **Asia Opportunity Portfolio (consolidated)** |  | @ |
| **Emerging Markets ex China Portfolio** |  | @ |
| **Emerging Markets Leaders Portfolio** |  | @ |
| **Global Endurance Portfolio** |  | @ |
| **Global Insight Portfolio (consolidated)** |  | @ |
| **Growth Portfolio (consolidated)** | 26 |  |
| **Inception Portfolio (consolidated)** |  | @ |
| **International Advantage Portfolio (consolidated)** | 16 |  |

---

@ Amount is less than $500.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

Certain Funds are 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 Funds' **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the period ended June 30, 2025, the Funds 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 Company 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 Funds.

**H. Federal Income Taxes:** It is the Funds' 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 Funds 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.

As a result of several court cases in certain countries across the European Union (EU), certain Funds filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims is reflected as other income and any interest recognized is reflected in the Statements of Operations, and any related receivable, if any, is reflected as European Union tax reclaims in the Statements of Assets and Liabilities. Any fees associated with these filings are reflected in professional fees in the Statements of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder's income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund's shareholders.

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 Funds recognize interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Funds file 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.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

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 Paid From:** | **2024 Distributions Paid From:** | **2023 Distributions Paid From:** | **2023 Distributions Paid From:** |
|<br>**Fund** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| **Advantage Portfolio (consolidated)** | $2695 | $— | $— | $— |
| **American Resilience Portfolio** | 11 | 50 | 14 |  |
| **Asia Opportunity Portfolio (consolidated)** | 2127 |  | 308 |  |
| **Developing Opportunity Portfolio (consolidated)** | 206 |  |  |  |
| **Emerging Markets ex China Portfolio** | 98 | 331 | 360 | 33 |
| **Emerging Markets Portfolio** | 4790 | 1824 | 12730 |  |
| **Global Concentrated Portfolio** | 393 |  | 792 |  |
| **Global Core Portfolio** | 44 |  | 134 |  |
| **Global Endurance Portfolio** | 137 |  | 773 |  |
| **Global Franchise Portfolio** | 21420 | 281069 | 23775 | 31484 |
| **Global Insight Portfolio (consolidated)** | 923 |  |  |  |
| **Global Opportunity Portfolio (consolidated)** | 9393 | 266304 |  | 61561 |
| **Global Permanence Portfolio (consolidated)** | 189 | 524 | 55 | 261 |
| **Global Stars Portfolio** | 943 | 14593 | 457 |  |
| **Growth Portfolio (consolidated)** | 20272 |  |  |  |
| **Inception Portfolio (consolidated)** | 3818 | 129 |  |  |
| **International Advantage Portfolio (consolidated)** | 3539 |  | 1653 |  |
| **International Equity Portfolio** | 31118 | 183558 | 40051 | 17925 |
| **International Opportunity Portfolio (consolidated)** | 858 |  |  |  |
| **International Resilience Portfolio** | 17 | 51 | 27 | 7 |
| **Multi-Asset Real Return Portfolio (consolidated)** | 869 |  | 1580 |  |
| **Next Gen Emerging Markets Portfolio** | 678 |  | 414 |  |
| **Passport Overseas Equity Portfolio** | 3095 | 1369 | 2695 | 2911 |
| **Permanence Portfolio (consolidated)** | 254 | 338 | 120 | 284 |
| **US Core Portfolio** | 196 |  | 496 |  |
| **Vitality Portfolio** | 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 tax adjustments related to the Subsidiary, a nondeductible expense, a net operating loss, tax adjustments related to redemptions in kind and the Subsidiary or a distribution in excess of current earnings, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total<br>Distributable Earnings/<br>(Accumulated Loss)<br>(000)** | **Paid in Capital<br>(000)** |
| **Advantage Portfolio (consolidated)** | $3730 | $(3730 |
| **American Resilience Portfolio** |  | (— |
| **Emerging Markets Leaders Portfolio** | 4665 | (4665 |
| **Global Core Portfolio** | 1 | (1 |
| **Global Insight Portfolio (consolidated)** | 1738 | (1738 |
| **Global Permanence Portfolio (consolidated)** | 26 | (26 |
| **Growth Portfolio (consolidated)** | 128327 | (128327 |
| **Inception Portfolio (consolidated)** | 7107 | (7107 |
| **International Advantage Portfolio (consolidated)** | 3787 | (3787 |
| **International Opportunity Portfolio (consolidated)** | 10633 | (10633 |
| **International Resilience Portfolio** |  | (— |
| **Multi-Asset Real Return Portfolio (consolidated)** | (1486 | 1486 |
| **Next Gen Emerging Markets Portfolio** | 49 | (49 |
| **Permanence Portfolio (consolidated)** | 33 | (33 |
| **US Core Portfolio** | 325 | (325 |
| **Vitality Portfolio** | 8 | (8 |

---

@ Value is less than $500.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

At December 31, 2025, the components of distributable earnings for each Fund on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| **Advantage Portfolio (consolidated)** | $6 | $— |
| **American Resilience Portfolio** | 3 | 17 |
| **Asia Opportunity Portfolio (consolidated)** | 1903 |  |
| **Developing Opportunity Portfolio (consolidated)** | 332 |  |
| **Emerging Markets ex China Portfolio** |  | 23 |
| **Emerging Markets Portfolio** |  | 11270 |
| **Global Concentrated Portfolio** | 176 |  |
| **Global Core Portfolio** | 27 |  |
| **Global Endurance Portfolio** | 10 |  |
| **Global Franchise Portfolio** | 6550 | 29378 |
| **Global Opportunity Portfolio (consolidated)** | 690 | 140815 |
| **Global Permanence Portfolio (consolidated)** | 207 | 100 |
| **Global Stars Portfolio** | 594 | 3398 |
| **International Equity Portfolio** | 9678 | 79627 |
| **International Resilience Portfolio** | 3 | 14 |
| **Passport Overseas Equity Portfolio** |  | 4847 |
| **Permanence Portfolio (consolidated)** | 194 | 58 |

---

At December 31, 2024, the following Funds had available for federal income tax purposes unused short-term and/or long-term capital losses that do not have an expiration date:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-term<br>Losses<br>(No Expiration)<br>(000)** | **Long-term<br>Losses<br>(No Expiration)<br>(000)** |
| **Advantage Portfolio (consolidated)** | $91405 | $55703 |
| **Asia Opportunity Portfolio (consolidated)** | 80288 | 52144 |
| **Developing Opportunity Portfolio (consolidated)** | 44079 | 34198 |
| **Emerging Markets Leaders Portfolio** | 70259 | 24046 |
| **Global Concentrated Portfolio** | 6405 | 1397 |
| **Global Core Portfolio** | 307 |  |
| **Global Endurance Portfolio** | 8397 | 28912 |
| **Global Insight Portfolio (consolidated)** | 43496 | 67265 |
| **Growth Portfolio (consolidated)** | 908374 | 1177563 |
| **Inception Portfolio (consolidated)** | 431637 | 416654 |
| **International Advantage Portfolio (consolidated)** | 49220 | 407321 |
| **International Opportunity Portfolio (consolidated)** | 153543 | 192308 |
| **Multi-Asset Real Return Portfolio (consolidated)** |  | 484 |
| **Next Gen Emerging Markets Portfolio** | 113262 | 3880 |
| **US Core Portfolio** | 19800 | 13300 |
| **Vitality Portfolio** | 414 | 297 |

---

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 certain Funds 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 following Funds utilized capital loss carryforwards for U.S. federal income tax purposes of approximately:

---

| | |
|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward<br>Utilized<br>(000)** |
| **Advantage Portfolio (consolidated)** | $21558 |
| **American Resilience Portfolio** | 2 |
| **Asia Opportunity Portfolio (consolidated)** | 3830 |
| **Emerging Markets Leaders Portfolio** | 21713 |
| **Emerging Markets Portfolio** | 14381 |
| **Global Concentrated Portfolio** | 4377 |
| **Global Core Portfolio** | 1679 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | |
|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward<br>Utilized<br>(000)** |
| **Global Endurance Portfolio** | $1921 |
| **Global Insight Portfolio (consolidated)** | 11642 |
| **Global Stars Portfolio** | 4260 |
| **Growth Portfolio (consolidated)** | 458784 |
| **Inception Portfolio (consolidated)** | 95321 |
| **International Advantage Portfolio (consolidated)** | 242605 |
| **International Opportunity Portfolio (consolidated)** | 164447 |
| **Next Gen Emerging Markets Portfolio** | 1076 |
| **US Core Portfolio** | 2317 |

---

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 Funds' next taxable year. For the year ended December 31, 2025, each Fund intends to defer to January 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br>Late Year<br>Ordinary<br>Losses<br>(000)** | **Post-<br>October<br>Capital<br>Losses<br>(000)** |
| **Emerging Markets Leaders Portfolio** | $372 | $— |
| **Global Concentrated Portfolio** |  | 3508 |
| **Global Core Portfolio** |  | 212 |
| **Global Endurance Portfolio** |  | 1948 |
| **Global Insight Portfolio (consolidated)** | 3 |  |
| **Growth Portfolio (consolidated)** | 664 |  |
| **International Advantage Portfolio (consolidated)** |  | 12621 |
| **Passport Overseas Equity Portfolio** | 17 | 833 |
| **Vitality Portfolio** |  | 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 unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended June 30, 2025, the Funds did not have any borrowings under the Facility.

**J. Other:** At June 30, 2025, certain Funds had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Funds. These Funds and the aggregate percentage of such owners were as follows:

---

| | |
|:---|:---|
| **Fund** | **Percent of<br>Ownership** |
| **Advantage Portfolio (consolidated)** | 67.8% |
| **Asia Opportunity Portfolio (consolidated)** | 89.6 |
| **Developing Opportunity Portfolio (consolidated)** | 89.3 |
| **Emerging Markets Leaders Portfolio** | 71.6 |
| **Emerging Markets Portfolio** | 81.5 |
| **Global Concentrated Portfolio** | 93.3 |
| **Global Core Portfolio** | 98.1 |
| **Global Endurance Portfolio** | 51.4 |
| **Global Franchise Portfolio** | 58.6 |
| **Global Insight Portfolio (consolidated)** | 65.6 |
| **Global Opportunity Portfolio (consolidated)** | 55.5 |
| **Global Permanence Portfolio (consolidated)** | 43.5 |
| **Global Stars Portfolio** | 60.6 |
| **Growth Portfolio (consolidated)** | 57.1 |
| **Inception Portfolio (consolidated)** | 72.4 |
| **International Advantage Portfolio (consolidated)** | 69.6 |

---

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | |
|:---|:---|
| **Fund** | **Percent of<br>Ownership** |
| **International Equity Portfolio** | 77.5% |
| **International Opportunity Portfolio (consolidated)** | 62.5 |
| **Multi-Asset Real Return Portfolio (consolidated)** | 96.7 |
| **Next Gen Emerging Markets Portfolio** | 69.2 |
| **Passport Overseas Equity Portfolio** | 76.8 |
| **Permanence Portfolio (consolidated)** | 35.8 |
| **US Core Portfolio** | 82.4 |
| **Vitality Portfolio** | 53.9 |

---

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** Certain Funds 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 Funds.

**Special Purpose Acquisition Companies:** The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. The Fund may acquire an interest in a SPAC in an IPO or a secondary market transaction.

Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may negatively affect the Fund's performance. Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

Other risks of investing in SPACs include that a significant portion of the monies raised by the SPAC may be expended during the search for a target transaction; an attractive transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may dissolve and be required to return any remaining monies to shareholders, causing the Fund to incur the opportunity cost of missed investment opportunities the Fund otherwise could have benefited from; a transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. In addition, a SPAC target company may have limited operating experience, a smaller size, limited product lines, markets, distribution channels and financial and managerial resources. Investing in the securities of smaller companies involves greater risk, and portfolio price volatility.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

**Private Investment in Public Equity:** The Fund may acquire equity securities of an issuer that are issued through a PIPE transaction, including on a when-issued basis. The Fund will generally earmark an amount of cash or high quality securities equal (on a daily mark to market basis) to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, including through a SPAC, typically at a discount to the market price of the company's securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of the Fund's investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and the Fund cannot freely trade the securities. Generally, such restrictions cause the PIPEs to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

**Market:** The value of an investment in each Fund is based on the values of each 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 each 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, the threat or actual imposition of 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 each 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 each 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 Funds, which may impair the ability of the Funds to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

**L. Subsequent Event:** The Directors of the Company approved a Plan of Liquidation with respect to the Multi-Asset Real Return, a portfolio of common stock of the Company. Pursuant to the Plan of Liquidation, the assets of Multi-Asset Real Return will be liquidated, known or reasonably ascertainable liabilities will be satisfied or provided for, the remaining proceeds will be distributed to Multi-Asset Real Return's shareholders and all of the issued and outstanding shares will be redeemed (the "Liquidation"). The Liquidation is expected to occur on or about July 25, 2025 (the "Liquidation Date"). Multi-Asset Real Return will suspend the offering of its shares to all investors at the close of business on or about July 23, 2025.

The Directors of the Company approved a Plan of Liquidation with respect to the Next Gen Emerging Markets, a portfolio of common stock of the Company. Pursuant to the Plan of Liquidation, the assets of Next Gen Emerging Markets will be liquidated, known or reasonably ascertainable liabilities will be satisfied or provided for, the remaining proceeds will be distributed to Next Gen Emerging Market's stockholders and all of the issued and outstanding shares will be redeemed (the "Liquidation"). The Liquidation is expected to occur on or about August 29, 2025 (the "Liquidation Date"). Next Gen Emerging Markets will suspend the offering its shares to all investors at the close of business on or about August 27, 2025.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Investment Advisory Agreement Approval

**Nature, Extent and Quality of Services**

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Funds. (The Adviser, Sub-Adviser (to the extent applicable) and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Funds. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Funds and supported its decision to approve the Management Agreement.

**Performance, Fees and Expenses of the Funds**

The Board reviewed the performance, fees and expenses of the Funds compared to their peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Funds. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel.

Performance

The Board noted that the performance of the Advantage Portfolio, Asia Opportunity Portfolio, Developing Opportunity Portfolio, Emerging Markets Portfolio, Global Insight Portfolio, International Advantage Portfolio, International Opportunity Portfolio and Next Gen Emerging Markets Portfolio was better than their respective peer group averages for the one-year period, but below their respective peer group averages for the three- and five-year periods.

The Board noted that the performance of the American Resilience Portfolio and International Resilience Portfolio was below their respective peer group averages for the one-year period and the period since each Portfolio's inception.

The Board noted that the performance of the Emerging Markets ex China Portfolio was better than its peer group average for the period since the Portfolio's inception but below its peer group average for the one-year period.

The Board noted that the performance of the Emerging Markets Leaders Portfolio was better than its peer group average for the five-year period, but below its peer group average for the one- and three-year periods.

The Board noted that the performance of the Global Concentrated Portfolio, Global Core Portfolio, Global Opportunity Portfolio, Passport Overseas Equity Portfolio and US Core Portfolio was better than their respective peer group averages for the one-, three- and five-year periods.

The Board noted that the performance of the Global Endurance Portfolio and Global Franchise Portfolio was below their respective peer group averages for the one-, three- and five-year periods.

The Board noted that the performance of the Global Permanence Portfolio and Multi-Asset Real Return Portfolio was better than their peer group averages for the three- and five-year periods, but below their peer group averages for the one-year period.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Investment Advisory Agreement Approval (cont'd)

The Board noted that the performance of the Global Stars Portfolio and International Equity Portfolio was better than their respective peer group averages for the three-year period, but below their respective peer group averages for the one- and five-year periods.

The Board noted that the performance of the Growth Portfolio and Inception Portfolio was better than their respective peer group averages for the one- and five-year periods, but below their respective peer group averages for the three-year period.

The Board noted that the performance of the Permanence Portfolio was better than its peer group average for the three-year period, but below its peer group averages for the one-year period and the period since the Portfolio's inception.

The Board noted that the performance of the Vitality Portfolio was below its peer group averages for the one- and three-year periods, and the period since the Portfolio's inception.

Performance Conclusions

With respect to the Advantage Portfolio, American Resilience Portfolio, Asia Opportunity Portfolio, Developing Opportunity Portfolio, Emerging Markets Ex China Portfolio, Emerging Markets Leaders Portfolio, Emerging Markets Portfolio, Global Endurance Portfolio, Global Franchise Portfolio, Global Insight Portfolio, Global Stars Portfolio, International Advantage Portfolio, International Equity Portfolio, International Opportunity Portfolio, International Resilience Portfolio, Next Gen Emerging Markets Portfolio, Permanence Portfolio and Vitality Portfolio, after discussion, the Board concluded that each Portfolio's performance was acceptable.

With respect to the Global Concentrated Portfolio, Global Core Portfolio, Global Opportunity Portfolio, Global Permanence Portfolio, Growth Portfolio, Inception Portfolio, Multi-Asset Real Return Portfolio, Passport Overseas Equity Portfolio and US Core Portfolio, after discussion, the Board concluded that each Portfolio's performance was competitive with its respective peer group averages.

Fees and Expenses

The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for the Funds relative to comparable funds and/or other accounts advised by the Adviser and/or compared to their peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Funds' total expense ratios. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps.

The Board noted that for the Advantage Portfolio, American Resilience Portfolio, and International Resilience Portfolio, the contractual management fee was higher than but close to their respective peer group averages, and the actual management fee and total expense ratio were lower than their respective peer group averages.

The Board noted that for the Asia Opportunity Portfolio, the contractual management fee was the same as its peer group average, the actual management fee was lower than its peer group average, and the total expense ratio was higher than but close to its peer group average.

The Board noted that for the Developing Opportunity Portfolio, the contractual management fee was higher than but close to its peer group average, the actual management fee was lower than its peer group average, and total expense ratio was higher than its peer group average.

The Board noted that for the Emerging Markets Ex China Portfolio, Emerging Markets Leaders Portfolio, Emerging Markets Portfolio, Global Endurance Portfolio, Global Insight Portfolio, Global Stars Portfolio, Growth Portfolio, Passport Overseas Equity Portfolio, Vitality Portfolio, and Multi-Asset Real Return Portfolio, the management fee and total expense ratio were lower than their respective peer group averages.

The Board noted that for the Global Concentrated Portfolio, Global Opportunity Portfolio, International Equity Portfolio and US Core Portfolio, the management fee and total expense ratio were higher than but close to their respective peer group averages.

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Investment Advisory Agreement Approval (cont'd)

The Board noted that for the Global Core Portfolio and Global Permanence Portfolio, the contractual management fee and total expense ratio were higher than but close to their peer group averages, and the actual management fee was lower than their respective peer group averages.

The Board noted that for the Global Franchise Portfolio, the management fee was higher than its peer group average and the total expense ratio was higher than but close to its peer group average.

The Board noted that for the Inception Portfolio, the contractual management fee was higher than its peer group average, the actual management fee was higher than but close to its peer group average, and the total expense ratio was lower than its peer group average.

The Board noted that for the International Advantage Portfolio, the management fee and total expense ratio were higher than its peer group averages.

The Board noted that for the International Opportunity Portfolio, the management fee was higher than but close to its peer group average and the total expense ratio was higher than its peer group average.

The Board noted that for the Next Gen Emerging Markets Portfolio, the contractual management fee and total expense ratio were higher than its peer group averages, and the actual management fee was lower than its peer group average.

The Board noted that for the Permanence Portfolio, the contractual management fee was higher than but close to its peer group average, and the actual management fee and total expense ratio were lower than its peer group averages.

Fees and Expenses Conclusion

With respect to the Advantage Portfolio, American Resilience Portfolio, Asia Opportunity Portfolio, Emerging Markets Ex China Portfolio, Emerging Markets Leaders Portfolio, Emerging Markets Portfolio, Global Concentrated Portfolio, Global Core Portfolio, Global Endurance Portfolio, Global Insight Portfolio, Global Opportunity Portfolio, Global Permanence Portfolio, Global Stars Portfolio, Growth Portfolio, Inception Portfolio, International Equity Portfolio, International Resilience Portfolio, Multi-Asset Real Return Portfolio, Passport Overseas Equity Portfolio, Permanence Portfolio, US Core Portfolio and Vitality Portfolio, after discussion, the Board concluded that the management fees and total expense ratios were competitive with their respective peer group averages.

With respect to the Developing Opportunity Portfolio, International Opportunity Portfolio and Next Gen Emerging Markets Portfolio, after discussion, the Board concluded that (i) the management fees were competitive with their respective peer group averages and (ii) total expense ratios were acceptable.

With respect to the Global Franchise Portfolio, after discussion, the Board concluded that (i) the management fee was acceptable and (ii) total expense ratio was competitive with its peer group average.

With respect to the International Advantage Portfolio, after discussion, the Board concluded that the management fee and total expense ratio were acceptable.

**Economies of Scale**

The Board considered the size and growth prospects of the Funds and how that relates to the Funds' total expense ratios and particularly the Funds' management fee rates (which for all the Funds, except the Next Gen Emerging Markets Portfolio, includes at least one breakpoint). In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Funds and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of each Fund supports its decision to approve the Management Agreement.

**Profitability of the Adviser and Affiliates**

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Funds and during the last two years from their relationship with the Morgan Stanley Fund

------

**2025 Semi-Annual Report**

**June 30, 2025 (unaudited)**

Investment Advisory Agreement Approval (cont'd)

Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

**Other Benefits of the Relationship**

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Funds and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

**Resources of the Adviser and Historical Relationship Between the Funds and the Adviser**

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Funds and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Funds' operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Funds to continue their relationship with the Adviser.

**Other Factors and Current Trends**

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Funds' Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Funds' business.

**General Conclusion**

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of each Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

------

(This page has been left blank intentionally.)

------

(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.

![](j25201162_za003.jpg)

MSIF-NCSR 6.30.25

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable<u>.</u>

**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**

The 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**

This information is disclosed as part of the Financial Statements and Additional Information under Item 7 of this Form N-CSR.

**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)](#item_02) | [Registrant's Code of Ethics – Not applicable (please see Item 2).](#item_02) |
| [(a)(2)(i)](tm2520116d1_ex99-cert.htm#sp_002) | [Principal Financial Officer's Section 302 certification. (Insert Hyper Link)](tm2520116d1_ex99-cert.htm#sp_002) |
| [(a)(2)(ii)](tm2520116d1_ex99-cert.htm#sp_001) | [Principal Executive Officer's Section 302 certification. (Insert Hyper Link)](tm2520116d1_ex99-cert.htm#sp_001) |
| [(b)](tm2520116d1_ex99-906cert.htm) | [Combined Section 906 certification. (Insert Hyper Link)](tm2520116d1_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: | August 20, 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: | August 20, 2025 |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | August 20, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**MORGAN STANLY Institutional 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: August 20, 2025 | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |

---

**MORGAN STANLEY Institutional 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.

---

| | |
|:---|:---|
| Date: August 20, 2025 | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |

---

## 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. that:

(a) the Semiannual Report of the **Morgan Stanley Institutional Fund, Inc.** on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies
 with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
 amended; and

(b) the information contained in the Report fairly presents, in all material
 respects, the financial condition and the results of operations of the **Morgan Stanley Institutional Fund, Inc.** for such period.

**A signed original of this written statement required by section 906 has been provided to the Morgan Stanley Institutional Fund, Inc. and will be retained by the Morgan Stanley Institutional Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.**

---

| |
|:---|
| Morgan Stanley Institutional Fund, Inc. |
| Date: August 20, 2025 |
| /s/ Francis J. Smith |
| Francis J. Smith |
| Principal Financial Officer |
| Date: August 20, 2025 |
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

---