# EDGAR Filing Document

**Accession Number:** 0000836487
**File Stem:** 0001133228-26-007593
**Filing Date:** 2026-4
**Character Count:** 38030
**Document Hash:** f8c8d7b362836f0a272bf8d681abbb12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007593.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007593

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-23166
- **FILM NUMBER:** 26927058

**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           |

![](sp17306img002.jpg) <br>

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

Passport Overseas Equity Portfolio

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** |
| **Class I** | **Class A** | **Class L** | **Class C** | **Class R6** |
| MSACX | MSIBX | MSLLX | MSAAX | MAIJX |

---

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

**Investment Objective**

The Passport Overseas Equity Portfolio (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses**

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

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

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

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

---

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

---

![](sp17306img003.jpg) <br>

SU-MSIF-01

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

Passport Overseas Equity Portfolio (Con't)

---

| | | | |
|:---|:---|:---|:---|
|  | **Class I** | **Class L** | **Class R6** |
| Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or NAV at redemption) | None<br>1.00%<sup>1</sup> | None<br>1.00%<sup>2</sup> |  |

---

---

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

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class L** | **Class C** | **Class R6** |
| Advisory Fee | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Distribution and/or Shareholder Service (12b-1) Fee |  | 0.25% | 0.75% | 1.00% |  |
| Other Expenses | 0.46% | 0.49% | 0.54% | 1.30% | 6.85% |
| Total Annual Fund Operating Expenses<sup>1</sup> | 1.11% | 1.39% | 1.94% | 2.95% | 7.50% |
| Fee Waiver and/or Expense Reimbursement<sup>1</sup> | 0.21% | 0.14% | 0.19% | 0.95% | 6.65% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1</sup> | 0.90% | 1.25% | 1.75% | 2.00% | 0.85% |

---

---

| | |
|:---|:---|
| 1 | The Fund's "Adviser" and "Administrator," Morgan Stanley Investment Management Inc., has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.90% for Class I, 1.25% for Class A, 1.75% for Class L, 2.00% for Class C and 0.85% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the "Company") acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |

---

**Example**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If You SOLD Your Shares** | **If You SOLD Your Shares** | **If You SOLD Your Shares** | **If You SOLD Your Shares** | **If You SOLD Your Shares** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $92 | $332 | $591 | $1333 |
| Class A | $646 | $929 | $1233 | $2095 |
| Class L | $178 | $591 | $1029 | $2249 |
| Class C | $303 | $823 | $1469 | $2831 |
| Class R6 | $87 | $1610 | $3058 | $6374 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $92 | $332 | $591 | $1333 |
| Class A | $646 | $929 | $1233 | $2095 |
| Class L | $178 | $591 | $1029 | $2249 |
| Class C | $203 | $823 | $1469 | $2831 |
| Class R6 | $87 | $1610 | $3058 | $6374 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the

**2**

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

Passport Overseas Equity Portfolio (Con't)

Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 36% of the average value of its portfolio.

**Principal Investment Strategies**

The Adviser actively selects among developed and emerging countries applying its investment process to determine a country's future economic growth and equity return potential. The Adviser's approach combines a top-down country process with industry and thematic allocation and bottom-up stock selection. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of issuers located outside of the United States. This policy may be changed without shareholder approval; however, you would be notified upon 60 days' notice in writing of any changes. Equity securities generally represent an ownership interest in an issuer or may be convertible into or represent a right to acquire an ownership interest in an issuer. An issuer is considered to be from a particular country or geographic region if: (i) its principal securities trading market is in that country or geographic region; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in that country or geographic region or has at least 50% of its assets, core business operations and/or employees in that country or geographic region; or (iii) it is organized under the laws of, or has a principal office in, that country or geographic region. By applying these tests, it is possible that a particular issuer could be deemed to be from more than one country or geographic region.

The Adviser analyzes the global economic environment and each country's fundamentals and actively allocates the Fund's assets among countries, industries and thematics located throughout the world (the investment universe is developed markets, including the United States, and emerging markets, including frontier markets). Investment decisions may be implemented through industry, thematics and stock-specific allocations within and across markets. Country, industry, thematic and stock weightings are based on absolute and relative economic and political fundamentals, stock valuations and investor sentiment and are a function of the Adviser's conviction levels, the size of the opportunity and liquidity.

Investments are based on fundamental analysis in an effort to identify those equities that stand to benefit most from the Adviser's current and prospective macro views and that are likely to experience attractive earnings growth prospects as a result of exposure and gearing to those top-down conditions. Investment decisions are implemented by equity positions in countries, industries, thematics and individual stocks. The equity securities in which the Fund may invest include common stock, preferred stock, convertible securities, depositary receipts, rights and warrants. The Adviser generally considers selling a portfolio holding when it determines that the position no longer satisfies its investment criteria.

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

**Principal Risks**

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

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

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

• **Foreign and Emerging Market Securities.** Investments in foreign markets entail special risks such as currency, political (including
 geopolitical), economic and market risks, and heightened risks, that may result in losses to the Fund. There also may
 be greater market volatility, less reliable financial information, less stringent investor protections and disclosure standards,
 higher transaction and custody costs and risks, decreased market liquidity and less government and exchange regulation
 associated with investments in foreign markets. In addition, investments in certain foreign markets that have

**3**

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

Passport Overseas Equity Portfolio (Con't)

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

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

• **Foreign Currency.** The
 Fund's investments in foreign securities may be denominated in foreign currencies. The value of foreign
 currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar- denominated
 securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency exchange
 rates can increase or decrease the U.S. dollar value of the Fund's assets. Currency exchange rates may fluctuate significantly
 over short periods of time for a number of reasons, including changes in interest rates and the overall economic health
 of the issuer. Devaluation of a currency by a country's government or banking authority also will have a significant impact
 on the value of any investments denominated in that currency. The Adviser may use derivatives to seek to reduce this
 risk. The Adviser may in its discretion choose not to hedge against currency risk. In addition, certain market conditions may
 make it impossible or uneconomical to hedge against currency risk.

• **Foreign Currency Forward Exchange Contracts.** To the extent the Fund seeks to hedge its foreign currency exposure by the
 use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange contract
 amounts and the value of the securities involved will not generally be possible because the future value of such securities
 in foreign currencies will change as a consequence of market movements in the value of those securities between the
 date on which the contract is entered into and the date it matures. There is additional risk that 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
 and that foreign currency forward exchange contracts create exposure to currencies in which the Fund's securities are
 not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives and
 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.

• **Market and Geopolitical Risk.** The value of your investment in the Fund is based on the values of the Fund's investments, which
 change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those
 that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset
 classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value (or
 income generated by) and liquidity of the Fund's investments, which may in turn impact the Fund's ability to sell securities
 and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain social,
 political, economic and other conditions and events (such as war, natural disasters or events, epidemics and

**4**

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

Passport Overseas Equity Portfolio (Con't)

pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat and/or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These types of events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance or value of the Fund's investments, adversely affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

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

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

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

• **Derivatives.** Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those
 of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect correlation
 between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions,
 magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest
 rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin
 and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. Certain
 derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.

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

**Performance Information**

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

**Annual Total Returns — Calendar Years**

![](sp17306img001.jpg)

During the periods shown in the bar chart above:

**5**

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

Passport Overseas Equity Portfolio (Con't)

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| | | |
|:---|:---|:---|
| **High Quarter** | 06/30/20 | 22.22% |
| **Low Quarter** | 03/31/20 | -21.66% |

---

**6**

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

Passport Overseas Equity Portfolio (Con't)

**Average Annual Total Returns**

(for the calendar periods ended December 31, 2025)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Past**<br>**One Year** | **Past**<br>**Five Years** | **Past**<br>**Ten Years** | **Since**<br>**Inception** |
| **Class I** (commenced operations on 1/17/1992) |  |  |  |  |
| Return Before Taxes | 38.53% | 6.04% | 8.46% | 6.46% |
| Return After Taxes on Distributions<sup>1</sup> | 34.78% | 4.75% | 7.67% | 5.32% |
| Return After Taxes on Distributions and Sale of Fund Shares | 25.73% | 4.66% | 6.87% | 5.05% |
| **Class A** (commenced operations on 1/2/1996) |  |  |  |  |
| Return Before Taxes | 30.80% | 4.58% | 7.53% | 5.71% |
| **Class L** (commenced operations on 6/14/2012) |  |  |  |  |
| Return Before Taxes | 37.39% | 5.14% | 7.53% | 7.54% |
| **Class C** (commenced operations on 4/30/2015) |  |  |  |  |
| Return Before Taxes | 36.02% | 4.88% | 7.43% | 5.84%<sup>2</sup> |
| **Class R6** (commenced operations on 10/31/2019) |  |  |  |  |
| Return Before Taxes | 38.54% | 6.11% | N/A | 10.79% |
| MSCI All Country World ex USA Index (reflects no deduction for fees, expenses or taxes)<sup>3</sup> | 32.39% | 7.91% | 8.41% | 6.28%<sup>4</sup> |
| Active International Allocation Blend Index (reflects no deduction for fees, expenses or taxes)<sup>5</sup> | 32.39% | 7.91% | 8.05% | 6.13%<sup>4</sup> |

---

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

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

---

| | |
|:---|:---|
| 3 | The MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Returns, including periods prior to January 1, 2001, are calculated using the return data of the MSCI All Country World ex USA Index (gross dividends) through December 31, 2000 and the return data of the MSCI All Country World ex USA Index (net dividends) after December 31, 2000. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |

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4 Since Inception reflects the inception date of Class I.

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| | |
|:---|:---|
| 5 | The Active International Allocation Blend Index is a performance linked benchmark of the old and new benchmark of the Fund, the old benchmark represented by MSCI EAFE Index (index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada) from the Fund's inception to December 31, 2016 and the new benchmark represented by MSCI All Country World ex USA Index for periods thereafter. It is not possible to invest directly in an index. |

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

**Fund Management**

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

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

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| | | |
|:---|:---|:---|
| **Name** | **Title with Adviser** | **Date Began**<br>**Managing Fund** |
| Jitania Kandhari | Managing Director of the Adviser | April 2017 |
| Didier Rosenfeld | Executive Director of the Adviser | September 2024 |

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**7**

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

Passport Overseas Equity Portfolio (Con't)

**Purchase and Sale of Fund Shares**

*The Company has suspended offering Class L shares of the Fund for sale to all investors. The Class L shareholders of the Fund do not have the option of purchasing additional Class L shares. However, the existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions.* 

The minimum initial investment generally is $1 million for Class I shares and $1,000 for each of Class A and Class C shares of the Fund. To purchase Class R6 shares, an investor must meet a minimum initial investment of $5 million or be a defined contribution, defined benefit or other employer sponsored employee benefit plan, in each case provided that the plan trades through an intermediary that combines its clients' assets in a single omnibus account, whether or not such plan is qualified under the Internal Revenue Code of 1986, as amended (the "Code"), and in each case subject to the discretion of the Adviser. The minimum initial investment may be waived for certain investments. For more information, please refer to the section of the Prospectus entitled "Shareholder Information—Minimum Investment Amounts."

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

**Tax Information**

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

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

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

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