# EDGAR Filing Document

**Accession Number:** 0000836487
**File Stem:** 0001104659-26-024015
**Filing Date:** 2026-3
**Character Count:** 1973533
**Document Hash:** 5013e5a5da35c8119e65bcc80985c3da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-024015.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001104659-26-024015

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 165

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05624
- **FILM NUMBER:** 26725443

**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           |

### 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           |

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

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

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

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

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

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

### Permanence Portfolio (Series ID: S000068163)

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

### Vitality Portfolio (Series ID: S000074797)

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

### Emerging Markets ex China Portfolio (Series ID: S000076838)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000236911 | Class R6     | MSDMX           |
| C000236912 | Class A      | MSDQX           |
| C000236913 | Class C      | MSDOX           |
| C000236914 | Class I      | MSDUX           |

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

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

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

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

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-05624

Morgan Stanley Institutional Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

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

(Address of Principal Executive Offices)

Deidre E. Walsh

<u>One Post Office Square, Boston, Massachusetts 02109</u>

(Name and Address of Agent for Services)

<u>(617) 482-8260</u>

(Registrant's Telephone Number)

<u>December 31</u>

Date of Fiscal Year End

<u>December 31, 2025</u>

Date of Reporting Period

**Item 1. Reports to Stockholders**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to shareholders is attached herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname636ada70-6262-430b-b74f-aaf4b6786874)<br> **[Class A - MAPPX](#classname636ada70-6262-430b-b74f-aaf4b6786874)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname31b80319-f2a8-4bb1-929f-df305806673e)<br> **[Class C - MSPRX](#classname31b80319-f2a8-4bb1-929f-df305806673e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname9dd75bc5-91e3-454a-9d7a-b6b6852304a8)<br> **[Class I - MPAIX](#classname9dd75bc5-91e3-454a-9d7a-b6b6852304a8)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classnameac9403f5-f3db-4198-ad8e-06abc683a402)<br> **[Class L - MAPLX](#classnameac9403f5-f3db-4198-ad8e-06abc683a402)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio](#classname673eed17-ede8-4c65-8c70-d8ab69645a1b)<br> **[Class R6 - MADSX](#classname673eed17-ede8-4c65-8c70-d8ab69645a1b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classname4cb851be-a972-4e76-9882-17fa4cec047a)<br> **[Class A - MSCUX](#classname4cb851be-a972-4e76-9882-17fa4cec047a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classnameffcdb363-848b-4d3e-9278-95e6b3131472)<br> **[Class C - MSBWX](#classnameffcdb363-848b-4d3e-9278-95e6b3131472)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classnameb8d21931-d178-470d-b759-060cce9e30a6)<br> **[Class I - MSBVX](#classnameb8d21931-d178-470d-b759-060cce9e30a6)**  |
|  [Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio](#classnamee7ef6247-3267-4913-9423-3c0b20173b98)<br> **[Class R6 - MSBQX](#classnamee7ef6247-3267-4913-9423-3c0b20173b98)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classnamef7ab7c9a-272b-445a-9cc2-81650823f53b)<br> **[Class A - MSAUX](#classnamef7ab7c9a-272b-445a-9cc2-81650823f53b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classname823dd3ca-c84e-4e35-b14a-fe3aff9c781b)<br> **[Class C - MSAWX](#classname823dd3ca-c84e-4e35-b14a-fe3aff9c781b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classname347d97c9-9d70-4564-b68d-b2c7ba04cb84)<br> **[Class I - MSAQX](#classname347d97c9-9d70-4564-b68d-b2c7ba04cb84)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio](#classname6a2bb8bc-10bf-41a1-a360-7c307d277566)<br> **[Class R6 - MSAYX](#classname6a2bb8bc-10bf-41a1-a360-7c307d277566)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classnamefbb33554-e4bb-42ea-ac30-e0ff3b41405b)<br> **[Class A - MDOAX](#classnamefbb33554-e4bb-42ea-ac30-e0ff3b41405b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classname70e4e1d3-c144-40ac-b0bb-6bfb63c818bb)<br> **[Class C - MDOBX](#classname70e4e1d3-c144-40ac-b0bb-6bfb63c818bb)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classnamef554e0fd-4d5e-46d7-81ef-8ed49b1e6bb7)<br> **[Class I - MDOEX](#classnamef554e0fd-4d5e-46d7-81ef-8ed49b1e6bb7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio](#classname1e0b3d11-175d-4905-a38a-c075b0ea30a4)<br> **[Class R6 - MDODX](#classname1e0b3d11-175d-4905-a38a-c075b0ea30a4)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classname3751fdb4-4902-46b8-9be2-2c00218e2492)<br> **[Class A - MSDQX](#classname3751fdb4-4902-46b8-9be2-2c00218e2492)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classname09648f7e-c92d-4620-b4b9-e6f6dd9ce2c7)<br> **[Class C - MSDOX](#classname09648f7e-c92d-4620-b4b9-e6f6dd9ce2c7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classnamecacf777c-f1c3-4ff3-a2f2-ce2953c7c5ba)<br> **[Class I - MSDUX](#classnamecacf777c-f1c3-4ff3-a2f2-ce2953c7c5ba)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets ex China Portfolio](#classnameb8b06364-f513-4972-b9e2-b026c48359b3)<br> **[Class R6 - MSDMX](#classnameb8b06364-f513-4972-b9e2-b026c48359b3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classname88dad4a1-6396-433f-bbaf-ef1047ad3f10)<br> **[Class A - MELAX](#classname88dad4a1-6396-433f-bbaf-ef1047ad3f10)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classname7cbf7872-90ec-4c97-9bdd-a5b7267a801d)<br> **[Class C - MEMLX](#classname7cbf7872-90ec-4c97-9bdd-a5b7267a801d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classnameca00d287-d5f2-4cc6-8786-073c02e96f62)<br> **[Class I - MELIX](#classnameca00d287-d5f2-4cc6-8786-073c02e96f62)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classname4bfff69b-2567-4271-838c-c15cf95837f7)<br> **[Class IR - MSIWX](#classname4bfff69b-2567-4271-838c-c15cf95837f7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio](#classname88104d95-029f-4028-aa30-c51f65561fc1)<br> **[Class R6 - MELSX](#classname88104d95-029f-4028-aa30-c51f65561fc1)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname486a9f87-5a43-477b-9fe9-60ca78a9800e)<br> **[Class A - MMKBX](#classname486a9f87-5a43-477b-9fe9-60ca78a9800e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname656b48a8-5644-4224-80b7-5cbb6966b664)<br> **[Class C - MSEPX](#classname656b48a8-5644-4224-80b7-5cbb6966b664)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname25a3c58c-5f81-4e75-83c6-8f3638aa3ad6)<br> **[Class I - MGEMX](#classname25a3c58c-5f81-4e75-83c6-8f3638aa3ad6)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname0a08a0c3-5fc0-45aa-9330-431822edec92)<br> **[Class IR - MRGEX](#classname0a08a0c3-5fc0-45aa-9330-431822edec92)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classnamedc2d35a9-083a-4259-b9cb-4fdd9e2ed29f)<br> **[Class L - MSELX](#classnamedc2d35a9-083a-4259-b9cb-4fdd9e2ed29f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio](#classname285a6bbc-e805-4494-9a5e-42ec4f4154c8)<br> **[Class R6 - MMMPX](#classname285a6bbc-e805-4494-9a5e-42ec4f4154c8)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classname3d7c5903-8e78-4e10-9aeb-b29e1a59bec7)<br> **[Class A - MLNAX](#classname3d7c5903-8e78-4e10-9aeb-b29e1a59bec7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classnameb7115d08-c9d1-4f5d-b655-e5624a9f9fb7)<br> **[Class C - MLNCX](#classnameb7115d08-c9d1-4f5d-b655-e5624a9f9fb7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classnamec81d9a6d-1352-4117-af5e-61374585b048)<br> **[Class I - MLNIX](#classnamec81d9a6d-1352-4117-af5e-61374585b048)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio](#classname9f07a1d1-de0f-426d-a5e7-3a2e49da67f6)<br> **[Class R6 - MLNSX](#classname9f07a1d1-de0f-426d-a5e7-3a2e49da67f6)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classnamefedf3453-f1b6-46a8-a020-c26813bd7c5e)<br> **[Class A - MLMAX](#classnamefedf3453-f1b6-46a8-a020-c26813bd7c5e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classnamea87a1a1d-7d32-49da-8236-a6683055a52f)<br> **[Class C - MLMCX](#classnamea87a1a1d-7d32-49da-8236-a6683055a52f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classname79311f3b-5eab-407c-ac61-68b1220010b0)<br> **[Class I - MLMIX](#classname79311f3b-5eab-407c-ac61-68b1220010b0)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio](#classname5f156361-3ecd-4956-8cef-403887459508)<br> **[Class R6 - MLMSX](#classname5f156361-3ecd-4956-8cef-403887459508)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classname95dfbbd8-2d57-4989-ac68-203765f62a79)<br> **[Class A - MSJAX](#classname95dfbbd8-2d57-4989-ac68-203765f62a79)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classnamec257c5a0-2a11-4174-8b93-ec878c2bc67f)<br> **[Class C - MSJCX](#classnamec257c5a0-2a11-4174-8b93-ec878c2bc67f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classname1035821d-0fff-4fe9-894b-2d30f1b0e32f)<br> **[Class I - MSJIX](#classname1035821d-0fff-4fe9-894b-2d30f1b0e32f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio](#classname9aff67db-d0d0-4397-b375-f56208e5c7d5)<br> **[Class R6 - MSJSX](#classname9aff67db-d0d0-4397-b375-f56208e5c7d5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classnamec8a4f855-266b-4c68-a996-5e2fa106a181)<br> **[Class A - MSFBX](#classnamec8a4f855-266b-4c68-a996-5e2fa106a181)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classnamef00b95ac-b4c4-4330-b3ab-8c6ff4174b94)<br> **[Class C - MSGFX](#classnamef00b95ac-b4c4-4330-b3ab-8c6ff4174b94)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classnamedb6bdfee-97bb-47c3-a53c-e2d74baa169c)<br> **[Class I - MSFAX](#classnamedb6bdfee-97bb-47c3-a53c-e2d74baa169c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classname853c13f2-0948-4409-bf16-8045fc68a2b7)<br> **[Class L - MSFLX](#classname853c13f2-0948-4409-bf16-8045fc68a2b7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio](#classname9dd77488-b7c6-49a3-8534-5149356b1e13)<br> **[Class R6 - MGISX](#classname9dd77488-b7c6-49a3-8534-5149356b1e13)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname12deac00-d244-48f8-a90d-f1ad55c1471d)<br> **[Class A - MIGPX](#classname12deac00-d244-48f8-a90d-f1ad55c1471d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname002834ca-7346-48f8-a6bc-8974d6e53df0)<br> **[Class C - MSPTX](#classname002834ca-7346-48f8-a6bc-8974d6e53df0)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname40a4572f-8763-4626-a5a6-1a07c1e7b35c)<br> **[Class I - MIGIX](#classname40a4572f-8763-4626-a5a6-1a07c1e7b35c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname9a45cd8f-2ccb-4bb9-8ea4-eb40fc116ef1)<br> **[Class L - MIGLX](#classname9a45cd8f-2ccb-4bb9-8ea4-eb40fc116ef1)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio](#classname4b0c1210-262d-4540-9638-80a9304bf60c)<br> **[Class R6 - MGZZX](#classname4b0c1210-262d-4540-9638-80a9304bf60c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname9264e64d-1bd1-4eba-b17f-ea3aa3d59cd6)<br> **[Class A - MGGPX](#classname9264e64d-1bd1-4eba-b17f-ea3aa3d59cd6)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname3483743a-54cc-434a-99c2-d845d73f62d0)<br> **[Class C - MSOPX](#classname3483743a-54cc-434a-99c2-d845d73f62d0)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname48be4431-af79-458a-8b60-14774eb70350)<br> **[Class I - MGGIX](#classname48be4431-af79-458a-8b60-14774eb70350)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classname95e4e14d-5cce-4b2a-b1b6-22031f2b1fed)<br> **[Class IR - MGORX](#classname95e4e14d-5cce-4b2a-b1b6-22031f2b1fed)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classnameeab83a2e-90ae-4d5d-93bc-5b16f69a22aa)<br> **[Class L - MGGLX](#classnameeab83a2e-90ae-4d5d-93bc-5b16f69a22aa)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio](#classnamef3e242f1-debe-4dae-925e-770a0f1148a5)<br> **[Class R6 - MGTSX](#classnamef3e242f1-debe-4dae-925e-770a0f1148a5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classname4a371c4f-eed0-4247-abd8-65cf064f243f)<br> **[Class A - MGKAX](#classname4a371c4f-eed0-4247-abd8-65cf064f243f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classname1bb1fba7-5f4f-43de-ac31-7eb1c2558e19)<br> **[Class C - MGKCX](#classname1bb1fba7-5f4f-43de-ac31-7eb1c2558e19)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classname1abf813d-6b43-4337-ae30-5fde2052014a)<br> **[Class I - MGKIX](#classname1abf813d-6b43-4337-ae30-5fde2052014a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio](#classname5da8a978-b528-4192-9ea6-440bb419e051)<br> **[Class R6 - MGKQX](#classname5da8a978-b528-4192-9ea6-440bb419e051)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classname788a4187-960b-44cc-a021-7404f90acc69)<br> **[Class A - MGQAX](#classname788a4187-960b-44cc-a021-7404f90acc69)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classname21a8ca1c-42d8-4076-aeab-71f285883ad4)<br> **[Class C - MSGQX](#classname21a8ca1c-42d8-4076-aeab-71f285883ad4)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classname1cb6c7cd-08dc-4673-8e88-2976994a65d5)<br> **[Class I - MGQIX](#classname1cb6c7cd-08dc-4673-8e88-2976994a65d5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classnamea699aaf1-3b0a-48e4-984f-4153f4b276b7)<br> **[Class L - MGQLX](#classnamea699aaf1-3b0a-48e4-984f-4153f4b276b7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio](#classname2600de1a-a549-40cb-a7cc-2b94fb95fe00)<br> **[Class R6 - MGQSX](#classname2600de1a-a549-40cb-a7cc-2b94fb95fe00)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname7281cd29-3d4f-4fa5-9cc9-814531bdf220)<br> **[Class A - MSEGX](#classname7281cd29-3d4f-4fa5-9cc9-814531bdf220)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classnamef5c1d587-7681-414e-b963-7b09a7c8edbc)<br> **[Class C - MSGUX](#classnamef5c1d587-7681-414e-b963-7b09a7c8edbc)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname17964239-f97b-42e2-8cb4-fab503109996)<br> **[Class I - MSEQX](#classname17964239-f97b-42e2-8cb4-fab503109996)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname1cd7d811-77fd-491f-ad68-34d7325890cc)<br> **[Class IR - MGHRX](#classname1cd7d811-77fd-491f-ad68-34d7325890cc)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classname8a4e312f-19d9-4207-a79e-5da3e9d1f8ce)<br> **[Class L - MSHLX](#classname8a4e312f-19d9-4207-a79e-5da3e9d1f8ce)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Growth Portfolio](#classnamea77babb8-b166-4b0b-9463-d06484af7420)<br> **[Class R6 - MGRPX](#classnamea77babb8-b166-4b0b-9463-d06484af7420)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classname6cd1f4e9-81b1-4cde-be04-04de2ae2e6ff)<br> **[Class A - MSSMX](#classname6cd1f4e9-81b1-4cde-be04-04de2ae2e6ff)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classnamecd7b62b9-0e18-49d2-8853-0c913910b0fd)<br> **[Class C - MSCOX](#classnamecd7b62b9-0e18-49d2-8853-0c913910b0fd)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classnameb250c398-5cea-46e8-8804-750b35778dd2)<br> **[Class I - MSSGX](#classnameb250c398-5cea-46e8-8804-750b35778dd2)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classname35c0c6b5-cb01-4acd-841b-1da3f022dd6c)<br> **[Class L - MSSLX](#classname35c0c6b5-cb01-4acd-841b-1da3f022dd6c)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Inception Portfolio](#classnamefc363105-e572-43b2-b053-7d6063852dde)<br> **[Class R6 - MFLLX](#classnamefc363105-e572-43b2-b053-7d6063852dde)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname26c147a0-3b6e-446b-b31d-ed72062330c1)<br> **[Class A - MFAPX](#classname26c147a0-3b6e-446b-b31d-ed72062330c1)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname28bf54ec-df4c-4245-97f8-f8b5afed2586)<br> **[Class C - MSIAX](#classname28bf54ec-df4c-4245-97f8-f8b5afed2586)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname28240db7-50ce-4ccd-98bb-5369afd536bb)<br> **[Class I - MFAIX](#classname28240db7-50ce-4ccd-98bb-5369afd536bb)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname6923c5b1-5109-476e-aa33-3eb5407ec80e)<br> **[Class L - MSALX](#classname6923c5b1-5109-476e-aa33-3eb5407ec80e)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio](#classname675a6d28-5ed9-4bf7-9c34-940ae7497763)<br> **[Class R6 - IDVSX](#classname675a6d28-5ed9-4bf7-9c34-940ae7497763)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classname0540185c-f0c6-44c8-abc5-175cbff43b7b)<br> **[Class A - MIQBX](#classname0540185c-f0c6-44c8-abc5-175cbff43b7b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classnamea1555d9e-5cbb-4144-834b-af9dcd0d59ca)<br> **[Class C - MSECX](#classnamea1555d9e-5cbb-4144-834b-af9dcd0d59ca)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classname4ec23b51-36cc-40ed-9fd4-d338533e03c8)<br> **[Class I - MSIQX](#classname4ec23b51-36cc-40ed-9fd4-d338533e03c8)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classname7bdf3512-5d18-450c-bdd8-e27e91a5c329)<br> **[Class L - MSQLX](#classname7bdf3512-5d18-450c-bdd8-e27e91a5c329)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio](#classnameece946fb-e026-4095-bb7c-d5bdbfe60900)<br> **[Class R6 - MIQPX](#classnameece946fb-e026-4095-bb7c-d5bdbfe60900)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classnamedc5eb4a0-ac92-4769-a089-1e435e6ca794)<br> **[Class A - MIOPX](#classnamedc5eb4a0-ac92-4769-a089-1e435e6ca794)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classnamef504fe4f-2010-4d70-a0b2-65241399878a)<br> **[Class C - MSOCX](#classnamef504fe4f-2010-4d70-a0b2-65241399878a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname867b12c3-93f4-4fc0-a27d-f1335cf441c7)<br> **[Class I - MIOIX](#classname867b12c3-93f4-4fc0-a27d-f1335cf441c7)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname2184117e-a281-421e-bc08-d9fe2b50c801)<br> **[Class IR - MRNPX](#classname2184117e-a281-421e-bc08-d9fe2b50c801)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname880f2bf3-490a-49e8-99b5-7345e645d78d)<br> **[Class L - MIOLX](#classname880f2bf3-490a-49e8-99b5-7345e645d78d)**  |
|  [Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio](#classname564eab0c-26ef-4c1a-a586-18c1da8b34f5)<br> **[Class R6 - MNOPX](#classname564eab0c-26ef-4c1a-a586-18c1da8b34f5)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classname6edf6799-1fa6-4a99-9b31-71c1890a0b89)<br> **[Class A - MSDFX](#classname6edf6799-1fa6-4a99-9b31-71c1890a0b89)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classnamef9323f20-c6f3-4123-a0d2-2b647383910d)<br> **[Class C - MSDEX](#classnamef9323f20-c6f3-4123-a0d2-2b647383910d)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classnamed83dc8cf-96ca-4934-9e6e-978f0dfdf9cb)<br> **[Class I - MSDKX](#classnamed83dc8cf-96ca-4934-9e6e-978f0dfdf9cb)**  |
|  [Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio](#classname4775d52f-3f68-49e2-9d2c-9af3a120fd55)<br> **[Class R6 - MSCZX](#classname4775d52f-3f68-49e2-9d2c-9af3a120fd55)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname6fa6e82b-f1ed-4a92-8c87-a2d4450368c1)<br> **[Class A - MSIBX](#classname6fa6e82b-f1ed-4a92-8c87-a2d4450368c1)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classnamea2763c96-8c75-421c-82fc-7dcd6b3fad79)<br> **[Class C - MSAAX](#classnamea2763c96-8c75-421c-82fc-7dcd6b3fad79)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname6bae1907-b961-4f2b-866b-aa901435b6d2)<br> **[Class I - MSACX](#classname6bae1907-b961-4f2b-866b-aa901435b6d2)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname28ce6b73-464e-48c1-aba0-70d1bc989792)<br> **[Class IR - MAIHX](#classname28ce6b73-464e-48c1-aba0-70d1bc989792)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classname04ffa60f-b1f0-4a7c-a6fc-1f3db65d9406)<br> **[Class L - MSLLX](#classname04ffa60f-b1f0-4a7c-a6fc-1f3db65d9406)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio](#classnamed320acea-307d-4d73-a1f3-f8a104b89e12)<br> **[Class R6 - MAIJX](#classnamed320acea-307d-4d73-a1f3-f8a104b89e12)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classname532c83e2-7abf-41b7-ad46-08feccef9e07)<br> **[Class A - MSHNX](#classname532c83e2-7abf-41b7-ad46-08feccef9e07)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classname753fe00a-0374-4776-afbb-e7df7274792a)<br> **[Class C - MSHOX](#classname753fe00a-0374-4776-afbb-e7df7274792a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classnameae832897-b358-4f94-b680-fb5ce52f3ff6)<br> **[Class I - MSHMX](#classnameae832897-b358-4f94-b680-fb5ce52f3ff6)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio](#classname7231c18d-1a8f-4b1f-9486-177c9e670985)<br> **[Class R6 - MSHPX](#classname7231c18d-1a8f-4b1f-9486-177c9e670985)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classname101e19ea-626b-4677-85a3-e98701512c50)<br> **[Class A - MUOAX](#classname101e19ea-626b-4677-85a3-e98701512c50)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classnamef713eb54-d25f-4012-bac1-d0eb8ee4b8af)<br> **[Class C - MUOCX](#classnamef713eb54-d25f-4012-bac1-d0eb8ee4b8af)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classname5d0872bb-cda9-4d1d-9b63-afdb09db06a3)<br> **[Class I - MUOIX](#classname5d0872bb-cda9-4d1d-9b63-afdb09db06a3)**  |
|  [Morgan Stanley Institutional Fund, Inc. - US Core Portfolio](#classnamef0687ae2-6174-4d59-8365-fbb553ec86f5)<br> **[Class R6 - MUOSX](#classnamef0687ae2-6174-4d59-8365-fbb553ec86f5)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classname2cc96f89-6e5f-4656-a3bb-df96c1ba132b)<br> **[Class A - MSVEX](#classname2cc96f89-6e5f-4656-a3bb-df96c1ba132b)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classnameae19cabd-d304-4252-9209-126a0c026d8a)<br> **[Class C - MSVMX](#classnameae19cabd-d304-4252-9209-126a0c026d8a)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classname8fc9f34e-f377-4e26-a37b-fbaf9a77d02f)<br> **[Class I - MSVDX](#classname8fc9f34e-f377-4e26-a37b-fbaf9a77d02f)**  |
|  [Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio](#classname6c7079c5-5ac7-4e71-97a6-add15e4446aa)<br> **[Class R6 - MSVOX](#classname6c7079c5-5ac7-4e71-97a6-add15e4446aa)**  |

---

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class A MAPPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $129 | 1.18% |

---

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

↑ Stock selection in information technology, led by a web performance and security company

↑ Stock selection in consumer discretionary, where the largest contributor was a leading food delivery company in the U.S.

↑ Stock selection in health care, which benefited most from a biopharmaceutical royalties acquirer

↓ Stock selection in communication services, where an advertising software platform detracted the most within the sector

↓ Average overweight in consumer discretionary

↓Stock selection industrials

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

![Growth of 10K Chart](tm262201d1_tsrimg106.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $9477 | $10000 | $10000 |
| **1/16** | $8888 | $9504 | $9442 |
| **2/16** | $8679 | $9491 | $9438 |
| **3/16** | $9180 | $10135 | $10074 |
| **4/16** | $9252 | $10174 | $9982 |
| **5/16** | $9367 | $10357 | $10176 |
| **6/16** | $9450 | $10384 | $10136 |
| **7/16** | $9907 | $10766 | $10615 |
| **8/16** | $9957 | $10782 | $10562 |
| **9/16** | $10024 | $10784 | $10600 |
| **10/16** | $9845 | $10587 | $10351 |
| **11/16** | $9839 | $10979 | $10577 |
| **12/16** | $9712 | $11196 | $10708 |
| **1/17** | $10156 | $11408 | $11068 |
| **2/17** | $10454 | $11861 | $11528 |
| **3/17** | $10623 | $11875 | $11662 |
| **4/17** | $11051 | $11997 | $11928 |
| **5/17** | $11428 | $12166 | $12238 |
| **6/17** | $11281 | $12242 | $12206 |
| **7/17** | $11597 | $12494 | $12531 |
| **8/17** | $11705 | $12532 | $12760 |
| **9/17** | $11693 | $12790 | $12926 |
| **10/17** | $12219 | $13089 | $13427 |
| **11/17** | $12604 | $13490 | $13835 |
| **12/17** | $12784 | $13640 | $13943 |
| **1/18** | $13796 | $14421 | $14930 |
| **2/18** | $13693 | $13890 | $14539 |
| **3/18** | $13378 | $13537 | $14140 |
| **4/18** | $13530 | $13589 | $14189 |
| **5/18** | $14166 | $13916 | $14811 |
| **6/18** | $14366 | $14002 | $14954 |
| **7/18** | $14367 | $14523 | $15393 |
| **8/18** | $15143 | $14996 | $16235 |
| **9/18** | $15199 | $15081 | $16325 |
| **10/18** | $13936 | $14050 | $14865 |
| **11/18** | $14219 | $14337 | $15023 |
| **12/18** | $13215 | $13042 | $13732 |
| **1/19** | $14579 | $14087 | $14966 |
| **2/19** | $15133 | $14540 | $15501 |
| **3/19** | $15589 | $14822 | $15943 |
| **4/19** | $16355 | $15422 | $16663 |
| **5/19** | $15853 | $14442 | $15610 |
| **6/19** | $16709 | $15460 | $16682 |
| **7/19** | $16928 | $15682 | $17059 |
| **8/19** | $16567 | $15434 | $16928 |
| **9/19** | $16226 | $15723 | $16930 |
| **10/19** | $15963 | $16063 | $17408 |
| **11/19** | $16715 | $16646 | $18180 |
| **12/19** | $16677 | $17149 | $18729 |
| **1/20** | $17628 | $17142 | $19147 |
| **2/20** | $16690 | $15731 | $17843 |
| **3/20** | $15057 | $13788 | $16088 |
| **4/20** | $17733 | $15555 | $18468 |
| **5/20** | $20331 | $16296 | $19708 |
| **6/20** | $22017 | $16620 | $20567 |
| **7/20** | $23966 | $17558 | $22149 |
| **8/20** | $25888 | $18820 | $24434 |
| **9/20** | $25042 | $18105 | $23285 |
| **10/20** | $24530 | $17623 | $22494 |
| **11/20** | $27902 | $19552 | $24797 |
| **12/20** | $29064 | $20304 | $25938 |
| **1/21** | $28490 | $20099 | $25746 |
| **2/21** | $30094 | $20653 | $25740 |
| **3/21** | $28261 | $21558 | $26182 |
| **4/21** | $29707 | $22708 | $27963 |
| **5/21** | $29001 | $22867 | $27577 |
| **6/21** | $31491 | $23401 | $29307 |
| **7/21** | $31443 | $23956 | $30273 |
| **8/21** | $31899 | $24685 | $31404 |
| **9/21** | $29790 | $23537 | $29646 |
| **10/21** | $31305 | $25186 | $32213 |
| **11/21** | $29880 | $25011 | $32410 |
| **12/21** | $27692 | $26132 | $33096 |
| **1/22** | $22618 | $24780 | $30255 |
| **2/22** | $21709 | $24038 | $28970 |
| **3/22** | $20747 | $24931 | $30103 |
| **4/22** | $16704 | $22757 | $26468 |
| **5/22** | $14163 | $22798 | $25853 |
| **6/22** | $12859 | $20916 | $23805 |
| **7/22** | $14618 | $22845 | $26662 |
| **8/22** | $14859 | $21913 | $25420 |
| **9/22** | $13322 | $19895 | $22949 |
| **10/22** | $13983 | $21506 | $24290 |
| **11/22** | $13880 | $22708 | $25397 |
| **12/22** | $12541 | $21399 | $23453 |
| **1/23** | $14512 | $22744 | $25407 |
| **2/23** | $14118 | $22189 | $25106 |
| **3/23** | $14950 | $23004 | $26822 |
| **4/23** | $14184 | $23363 | $27086 |
| **5/23** | $15662 | $23464 | $28321 |
| **6/23** | $16900 | $25015 | $30258 |
| **7/23** | $18017 | $25818 | $31277 |
| **8/23** | $16013 | $25407 | $30996 |
| **9/23** | $15060 | $24196 | $29310 |
| **10/23** | $13986 | $23687 | $28893 |
| **11/23** | $16768 | $25850 | $32043 |
| **12/23** | $18291 | $27025 | $33462 |
| **1/24** | $17929 | $27479 | $34296 |
| **2/24** | $20043 | $28946 | $36636 |
| **3/24** | $20229 | $29878 | $37281 |
| **4/24** | $18291 | $28657 | $35700 |
| **5/24** | $17864 | $30078 | $37837 |
| **6/24** | $18510 | $31157 | $40388 |
| **7/24** | $18674 | $31537 | $39701 |
| **8/24** | $19419 | $32302 | $40528 |
| **9/24** | $20449 | $32992 | $41677 |
| **10/24** | $21314 | $32692 | $41539 |
| **11/24** | $25454 | $34611 | $44233 |
| **12/24** | $24830 | $33786 | $44623 |
| **1/25** | $27401 | $34727 | $45506 |
| **2/25** | $25805 | $34274 | $43871 |
| **3/25** | $23123 | $32343 | $40175 |
| **4/25** | $24841 | $32124 | $40887 |
| **5/25** | $28111 | $34146 | $44505 |
| **6/25** | $30029 | $35882 | $47342 |
| **7/25** | $30616 | $36687 | $49129 |
| **8/25** | $30195 | $37431 | $49679 |
| **9/25** | $31481 | $38797 | $52318 |
| **10/25** | $32489 | $39706 | $54218 |
| **11/25** | $29386 | $39803 | $53236 |
| **12/25** | $29430 | $39827 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 18.53% | 0.25% | 12.00% |
| Class A, with 5.25% maximum front end sales charge | 12.31% | (0.83)% | 11.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $217043614 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid | $1090104 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Short-Term Investments | 1.8% |
| Industrials | 4.0% |
| Communication Services | 6.2% |
| Financials | 7.8% |
| Health Care | 13.2% |
| Consumer Discretionary | 23.2% |
| Information Technology | 42.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Tesla, Inc. | 8.3% |
| Shopify, Inc. | 7.5% |
| Airbnb, Inc. | 5.6% |
| Royalty Pharma PLC | 5.5% |
| AppLovin Corp. | 5.0% |
| DoorDash, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Crowdstrike Holdings, Inc. | 4.8% |
| ROBLOX Corp. | 4.7% |
| Total | 63.5% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MAPPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class C MSPRX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $210 | 1.93% |

---

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

↑ Stock selection in information technology, led by a web performance and security company

↑ Stock selection in consumer discretionary, where the largest contributor was a leading food delivery company in the U.S.

↑ Stock selection in health care, which benefited most from a biopharmaceutical royalties acquirer

↓ Stock selection in communication services, where an advertising software platform detracted the most within the sector

↓ Average overweight in consumer discretionary

↓Stock selection industrials

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

![Growth of 10K Chart](tm262201d1_tsrimg052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9374 | $9504 | $9442 |
| **2/16** | $9148 | $9491 | $9438 |
| **3/16** | $9670 | $10135 | $10074 |
| **4/16** | $9739 | $10174 | $9982 |
| **5/16** | $9855 | $10357 | $10176 |
| **6/16** | $9936 | $10384 | $10136 |
| **7/16** | $10406 | $10766 | $10615 |
| **8/16** | $10459 | $10782 | $10562 |
| **9/16** | $10524 | $10784 | $10600 |
| **10/16** | $10323 | $10587 | $10351 |
| **11/16** | $10317 | $10979 | $10577 |
| **12/16** | $10171 | $11196 | $10708 |
| **1/17** | $10633 | $11408 | $11068 |
| **2/17** | $10935 | $11861 | $11528 |
| **3/17** | $11107 | $11875 | $11662 |
| **4/17** | $11552 | $11997 | $11928 |
| **5/17** | $11937 | $12166 | $12238 |
| **6/17** | $11777 | $12242 | $12206 |
| **7/17** | $12098 | $12494 | $12531 |
| **8/17** | $12205 | $12532 | $12760 |
| **9/17** | $12187 | $12790 | $12926 |
| **10/17** | $12723 | $13089 | $13427 |
| **11/17** | $13117 | $13490 | $13835 |
| **12/17** | $13300 | $13640 | $13943 |
| **1/18** | $14342 | $14421 | $14930 |
| **2/18** | $14227 | $13890 | $14539 |
| **3/18** | $13888 | $13537 | $14140 |
| **4/18** | $14041 | $13589 | $14189 |
| **5/18** | $14693 | $13916 | $14811 |
| **6/18** | $14897 | $14002 | $14954 |
| **7/18** | $14886 | $14523 | $15393 |
| **8/18** | $15679 | $14996 | $16235 |
| **9/18** | $15731 | $15081 | $16325 |
| **10/18** | $14412 | $14050 | $14865 |
| **11/18** | $14697 | $14337 | $15023 |
| **12/18** | $13651 | $13042 | $13732 |
| **1/19** | $15050 | $14087 | $14966 |
| **2/19** | $15614 | $14540 | $15501 |
| **3/19** | $16069 | $14822 | $15943 |
| **4/19** | $16850 | $15422 | $16663 |
| **5/19** | $16320 | $14442 | $15610 |
| **6/19** | $17197 | $15460 | $16682 |
| **7/19** | $17414 | $15682 | $17059 |
| **8/19** | $17027 | $15434 | $16928 |
| **9/19** | $16667 | $15723 | $16930 |
| **10/19** | $16388 | $16063 | $17408 |
| **11/19** | $17149 | $16646 | $18180 |
| **12/19** | $17102 | $17149 | $18729 |
| **1/20** | $18065 | $17142 | $19147 |
| **2/20** | $17095 | $15731 | $17843 |
| **3/20** | $15411 | $13788 | $16088 |
| **4/20** | $18141 | $15555 | $18468 |
| **5/20** | $20788 | $16296 | $19708 |
| **6/20** | $22507 | $16620 | $20567 |
| **7/20** | $24481 | $17558 | $22149 |
| **8/20** | $26429 | $18820 | $24434 |
| **9/20** | $25549 | $18105 | $23285 |
| **10/20** | $25015 | $17623 | $22494 |
| **11/20** | $28431 | $19552 | $24797 |
| **12/20** | $29602 | $20304 | $25938 |
| **1/21** | $29002 | $20099 | $25746 |
| **2/21** | $30612 | $20653 | $25740 |
| **3/21** | $28731 | $21558 | $26182 |
| **4/21** | $30188 | $22708 | $27963 |
| **5/21** | $29456 | $22867 | $27577 |
| **6/21** | $31959 | $23401 | $29307 |
| **7/21** | $31893 | $23956 | $30273 |
| **8/21** | $32340 | $24685 | $31404 |
| **9/21** | $30180 | $23537 | $29646 |
| **10/21** | $31696 | $25186 | $32213 |
| **11/21** | $30239 | $25011 | $32410 |
| **12/21** | $28002 | $26132 | $33096 |
| **1/22** | $22866 | $24780 | $30255 |
| **2/22** | $21929 | $24038 | $28970 |
| **3/22** | $20946 | $24931 | $30103 |
| **4/22** | $16858 | $22757 | $26468 |
| **5/22** | $14276 | $22798 | $25853 |
| **6/22** | $12953 | $20916 | $23805 |
| **7/22** | $14717 | $22845 | $26662 |
| **8/22** | $14956 | $21913 | $25420 |
| **9/22** | $13394 | $19895 | $22949 |
| **10/22** | $14056 | $21506 | $24290 |
| **11/22** | $13946 | $22708 | $25397 |
| **12/22** | $12596 | $21399 | $23453 |
| **1/23** | $14566 | $22744 | $25407 |
| **2/23** | $14160 | $22189 | $25106 |
| **3/23** | $14984 | $23004 | $26822 |
| **4/23** | $14208 | $23363 | $27086 |
| **5/23** | $15676 | $23464 | $28321 |
| **6/23** | $16906 | $25015 | $30258 |
| **7/23** | $18016 | $25818 | $31277 |
| **8/23** | $15998 | $25407 | $30996 |
| **9/23** | $15043 | $24196 | $29310 |
| **10/23** | $13957 | $23687 | $28893 |
| **11/23** | $16727 | $25850 | $32043 |
| **12/23** | $18219 | $27025 | $33462 |
| **1/24** | $17859 | $27479 | $34296 |
| **2/24** | $19965 | $28946 | $36636 |
| **3/24** | $20150 | $29878 | $37281 |
| **4/24** | $18219 | $28657 | $35700 |
| **5/24** | $17794 | $30078 | $37837 |
| **6/24** | $18437 | $31157 | $40388 |
| **7/24** | $18601 | $31537 | $39701 |
| **8/24** | $19343 | $32302 | $40528 |
| **9/24** | $20368 | $32992 | $41677 |
| **10/24** | $21230 | $32692 | $41539 |
| **11/24** | $25354 | $34611 | $44233 |
| **12/24** | $24733 | $33786 | $44623 |
| **1/25** | $27294 | $34727 | $45506 |
| **2/25** | $25704 | $34274 | $43871 |
| **3/25** | $23032 | $32343 | $40175 |
| **4/25** | $24744 | $32124 | $40887 |
| **5/25** | $28001 | $34146 | $44505 |
| **6/25** | $29911 | $35882 | $47342 |
| **7/25** | $30496 | $36687 | $49129 |
| **8/25** | $30077 | $37431 | $49679 |
| **9/25** | $31357 | $38797 | $52318 |
| **10/25** | $32362 | $39706 | $54218 |
| **11/25** | $29271 | $39803 | $53236 |
| **12/25** | $29315 | $39827 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 17.65% | (0.48)% | 11.35% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 16.65% | (0.48)% | 11.35% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $217043614 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid | $1090104 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Short-Term Investments | 1.8% |
| Industrials | 4.0% |
| Communication Services | 6.2% |
| Financials | 7.8% |
| Health Care | 13.2% |
| Consumer Discretionary | 23.2% |
| Information Technology | 42.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Tesla, Inc. | 8.3% |
| Shopify, Inc. | 7.5% |
| Airbnb, Inc. | 5.6% |
| Royalty Pharma PLC | 5.5% |
| AppLovin Corp. | 5.0% |
| DoorDash, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Crowdstrike Holdings, Inc. | 4.8% |
| ROBLOX Corp. | 4.7% |
| Total | 63.5% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSPRX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class I MPAIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $92 | 0.84% |

---

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

↑ Stock selection in information technology, led by a web performance and security company

↑ Stock selection in consumer discretionary, where the largest contributor was a leading food delivery company in the U.S.

↑ Stock selection in health care, which benefited most from a biopharmaceutical royalties acquirer

↓ Stock selection in communication services, where an advertising software platform detracted the most within the sector

↓ Average overweight in consumer discretionary

↓Stock selection industrials

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

![Growth of 10K Chart](tm262201d1_tsrimg045.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $937967 | $950376 | $944173 |
| **2/16** | $916140 | $949094 | $943770 |
| **3/16** | $968983 | $1013478 | $1007419 |
| **4/16** | $976450 | $1017407 | $998220 |
| **5/16** | $989661 | $1035678 | $1017604 |
| **6/16** | $998851 | $1038362 | $1013608 |
| **7/16** | $1047113 | $1076645 | $1061452 |
| **8/16** | $1052953 | $1078156 | $1056178 |
| **9/16** | $1059961 | $1078360 | $1060042 |
| **10/16** | $1041273 | $1058690 | $1035149 |
| **11/16** | $1041273 | $1097898 | $1057672 |
| **12/16** | $1028160 | $1119599 | $1070765 |
| **1/17** | $1075831 | $1140834 | $1106848 |
| **2/17** | $1107023 | $1186132 | $1152822 |
| **3/17** | $1125267 | $1187515 | $1166156 |
| **4/17** | $1171172 | $1199711 | $1192826 |
| **5/17** | $1211192 | $1216594 | $1223843 |
| **6/17** | $1196479 | $1224188 | $1220618 |
| **7/17** | $1229498 | $1249360 | $1253061 |
| **8/17** | $1241923 | $1253185 | $1276032 |
| **9/17** | $1241332 | $1279036 | $1292623 |
| **10/17** | $1296949 | $1308883 | $1342708 |
| **11/17** | $1338366 | $1349026 | $1383499 |
| **12/17** | $1357794 | $1364025 | $1394270 |
| **1/18** | $1466038 | $1442121 | $1493021 |
| **2/18** | $1455276 | $1388969 | $1453872 |
| **3/18** | $1421727 | $1353670 | $1414003 |
| **4/18** | $1438818 | $1358865 | $1418943 |
| **5/18** | $1506550 | $1391589 | $1481137 |
| **6/18** | $1528705 | $1400154 | $1495398 |
| **7/18** | $1528874 | $1452259 | $1539298 |
| **8/18** | $1611847 | $1499581 | $1623461 |
| **9/18** | $1618279 | $1508116 | $1632534 |
| **10/18** | $1483851 | $1405036 | $1486542 |
| **11/18** | $1515351 | $1433669 | $1502331 |
| **12/18** | $1408598 | $1304222 | $1373165 |
| **1/19** | $1554292 | $1408736 | $1496593 |
| **2/19** | $1613375 | $1453969 | $1550141 |
| **3/19** | $1662388 | $1482222 | $1594262 |
| **4/19** | $1744298 | $1542236 | $1666291 |
| **5/19** | $1691258 | $1444230 | $1561026 |
| **6/19** | $1783240 | $1546014 | $1668232 |
| **7/19** | $1807410 | $1568233 | $1705902 |
| **8/19** | $1769140 | $1543392 | $1692837 |
| **9/19** | $1732885 | $1572270 | $1693047 |
| **10/19** | $1706029 | $1606325 | $1740777 |
| **11/19** | $1786597 | $1664632 | $1818003 |
| **12/19** | $1783283 | $1714874 | $1872854 |
| **1/20** | $1885243 | $1714202 | $1914722 |
| **2/20** | $1786020 | $1573090 | $1784326 |
| **3/20** | $1611524 | $1378793 | $1608792 |
| **4/20** | $1898245 | $1555546 | $1846847 |
| **5/20** | $2176754 | $1629634 | $1970833 |
| **6/20** | $2358094 | $1662043 | $2056653 |
| **7/20** | $2567489 | $1755757 | $2214890 |
| **8/20** | $2774147 | $1881962 | $2443450 |
| **9/20** | $2683820 | $1810454 | $2328485 |
| **10/20** | $2629760 | $1762307 | $2249406 |
| **11/20** | $2991754 | $1955216 | $2479727 |
| **12/20** | $3117004 | $2030390 | $2593772 |
| **1/21** | $3056494 | $2009892 | $2574581 |
| **2/21** | $3229380 | $2065314 | $2573985 |
| **3/21** | $3033442 | $2155766 | $2618207 |
| **4/21** | $3189040 | $2270817 | $2796346 |
| **5/21** | $3114123 | $2286677 | $2757669 |
| **6/21** | $3382097 | $2340059 | $2930679 |
| **7/21** | $3377775 | $2395647 | $3027263 |
| **8/21** | $3428200 | $2468488 | $3140449 |
| **9/21** | $3202007 | $2353679 | $2964566 |
| **10/21** | $3365529 | $2518582 | $3221343 |
| **11/21** | $3213532 | $2501131 | $3241039 |
| **12/21** | $2978439 | $2613222 | $3309563 |
| **1/22** | $2434565 | $2477996 | $3025520 |
| **2/22** | $2336083 | $2403801 | $2897015 |
| **3/22** | $2234051 | $2493053 | $3010340 |
| **4/22** | $1799307 | $2275654 | $2646806 |
| **5/22** | $1526039 | $2279829 | $2585274 |
| **6/22** | $1385857 | $2091643 | $2380491 |
| **7/22** | $1575724 | $2284502 | $2666200 |
| **8/22** | $1602341 | $2191336 | $2541998 |
| **9/22** | $1436429 | $1989517 | $2294876 |
| **10/22** | $1508295 | $2150591 | $2429008 |
| **11/22** | $1497648 | $2270775 | $2539690 |
| **12/22** | $1353995 | $2139945 | $2345260 |
| **1/23** | $1566606 | $2274406 | $2540731 |
| **2/23** | $1525203 | $2218913 | $2510557 |
| **3/23** | $1614723 | $2300379 | $2682169 |
| **4/23** | $1533036 | $2336284 | $2708631 |
| **5/23** | $1693053 | $2346439 | $2832086 |
| **6/23** | $1827334 | $2501481 | $3025760 |
| **7/23** | $1948186 | $2581841 | $3127697 |
| **8/23** | $1732218 | $2540734 | $3099614 |
| **9/23** | $1629270 | $2419597 | $2931045 |
| **10/23** | $1514013 | $2368721 | $2889314 |
| **11/23** | $1815025 | $2585046 | $3204281 |
| **12/23** | $1980637 | $2702486 | $3346173 |
| **1/24** | $1941472 | $2747899 | $3429632 |
| **2/24** | $2171987 | $2894625 | $3663626 |
| **3/24** | $2192129 | $2987758 | $3728121 |
| **4/24** | $1982875 | $2865725 | $3569990 |
| **5/24** | $1935877 | $3007821 | $3783708 |
| **6/24** | $2007493 | $3115748 | $4038849 |
| **7/24** | $2026516 | $3153674 | $3970147 |
| **8/24** | $2107085 | $3230171 | $4052836 |
| **9/24** | $2218985 | $3299158 | $4167655 |
| **10/24** | $2314100 | $3269240 | $4153864 |
| **11/24** | $2763940 | $3461148 | $4423285 |
| **12/24** | $2696829 | $3378640 | $4462330 |
| **1/25** | $2977063 | $3472727 | $4550596 |
| **2/25** | $2804611 | $3427414 | $4387108 |
| **3/25** | $2513032 | $3234299 | $4017540 |
| **4/25** | $2701367 | $3212367 | $4088693 |
| **5/25** | $3057616 | $3414569 | $4450463 |
| **6/25** | $3266374 | $3588209 | $4734211 |
| **7/25** | $3332178 | $3668739 | $4912938 |
| **8/25** | $3286796 | $3743110 | $4967863 |
| **9/25** | $3427480 | $3879734 | $5231772 |
| **10/25** | $3538666 | $3970572 | $5421816 |
| **11/25** | $3201705 | $3980304 | $5323557 |
| **12/25** | $3208176 | $3982741 | $5290555 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 18.96% | 0.58% | 12.36% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $217043614 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid | $1090104 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Short-Term Investments | 1.8% |
| Industrials | 4.0% |
| Communication Services | 6.2% |
| Financials | 7.8% |
| Health Care | 13.2% |
| Consumer Discretionary | 23.2% |
| Information Technology | 42.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Tesla, Inc. | 8.3% |
| Shopify, Inc. | 7.5% |
| Airbnb, Inc. | 5.6% |
| Royalty Pharma PLC | 5.5% |
| AppLovin Corp. | 5.0% |
| DoorDash, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Crowdstrike Holdings, Inc. | 4.8% |
| ROBLOX Corp. | 4.7% |
| Total | 63.5% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MPAIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class L MAPLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $107 | 0.98% |

---

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

↑ Stock selection in information technology, led by a web performance and security company

↑ Stock selection in consumer discretionary, where the largest contributor was a leading food delivery company in the U.S.

↑ Stock selection in health care, which benefited most from a biopharmaceutical royalties acquirer

↓ Stock selection in communication services, where an advertising software platform detracted the most within the sector

↓ Average overweight in consumer discretionary

↓Stock selection industrials

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

![Growth of 10K Chart](tm262201d1_tsrimg014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9379 | $9504 | $9442 |
| **2/16** | $9161 | $9491 | $9438 |
| **3/16** | $9690 | $10135 | $10074 |
| **4/16** | $9764 | $10174 | $9982 |
| **5/16** | $9891 | $10357 | $10176 |
| **6/16** | $9983 | $10384 | $10136 |
| **7/16** | $10466 | $10766 | $10615 |
| **8/16** | $10524 | $10782 | $10562 |
| **9/16** | $10594 | $10784 | $10600 |
| **10/16** | $10407 | $10587 | $10351 |
| **11/16** | $10407 | $10979 | $10577 |
| **12/16** | $10272 | $11196 | $10708 |
| **1/17** | $10748 | $11408 | $11068 |
| **2/17** | $11060 | $11861 | $11528 |
| **3/17** | $11248 | $11875 | $11662 |
| **4/17** | $11701 | $11997 | $11928 |
| **5/17** | $12101 | $12166 | $12238 |
| **6/17** | $11948 | $12242 | $12206 |
| **7/17** | $12284 | $12494 | $12531 |
| **8/17** | $12403 | $12532 | $12760 |
| **9/17** | $12397 | $12790 | $12926 |
| **10/17** | $12953 | $13089 | $13427 |
| **11/17** | $13361 | $13490 | $13835 |
| **12/17** | $13555 | $13640 | $13943 |
| **1/18** | $14631 | $14421 | $14930 |
| **2/18** | $14530 | $13890 | $14539 |
| **3/18** | $14194 | $13537 | $14140 |
| **4/18** | $14359 | $13589 | $14189 |
| **5/18** | $15036 | $13916 | $14811 |
| **6/18** | $15251 | $14002 | $14954 |
| **7/18** | $15253 | $14523 | $15393 |
| **8/18** | $16082 | $14996 | $16235 |
| **9/18** | $16140 | $15081 | $16325 |
| **10/18** | $14803 | $14050 | $14865 |
| **11/18** | $15104 | $14337 | $15023 |
| **12/18** | $14044 | $13042 | $13732 |
| **1/19** | $15494 | $14087 | $14966 |
| **2/19** | $16084 | $14540 | $15501 |
| **3/19** | $16568 | $14822 | $15943 |
| **4/19** | $17380 | $15422 | $16663 |
| **5/19** | $16850 | $14442 | $15610 |
| **6/19** | $17769 | $15460 | $16682 |
| **7/19** | $18004 | $15682 | $17059 |
| **8/19** | $17622 | $15434 | $16928 |
| **9/19** | $17266 | $15723 | $16930 |
| **10/19** | $16991 | $16063 | $17408 |
| **11/19** | $17790 | $16646 | $18180 |
| **12/19** | $17756 | $17149 | $18729 |
| **1/20** | $18776 | $17142 | $19147 |
| **2/20** | $17777 | $15731 | $17843 |
| **3/20** | $16039 | $13788 | $16088 |
| **4/20** | $18892 | $15555 | $18468 |
| **5/20** | $21663 | $16296 | $19708 |
| **6/20** | $23470 | $16620 | $20567 |
| **7/20** | $25550 | $17558 | $22149 |
| **8/20** | $27603 | $18820 | $24434 |
| **9/20** | $26706 | $18105 | $23285 |
| **10/20** | $26166 | $17623 | $22494 |
| **11/20** | $29765 | $19552 | $24797 |
| **12/20** | $31011 | $20304 | $25938 |
| **1/21** | $30406 | $20099 | $25746 |
| **2/21** | $32120 | $20653 | $25740 |
| **3/21** | $30168 | $21558 | $26182 |
| **4/21** | $31717 | $22708 | $27963 |
| **5/21** | $30975 | $22867 | $27577 |
| **6/21** | $33633 | $23401 | $29307 |
| **7/21** | $33583 | $23956 | $30273 |
| **8/21** | $34080 | $24685 | $31404 |
| **9/21** | $31832 | $23537 | $29646 |
| **10/21** | $33453 | $25186 | $32213 |
| **11/21** | $31940 | $25011 | $32410 |
| **12/21** | $29603 | $26132 | $33096 |
| **1/22** | $24191 | $24780 | $30255 |
| **2/22** | $23213 | $24038 | $28970 |
| **3/22** | $22191 | $24931 | $30103 |
| **4/22** | $17872 | $22757 | $26468 |
| **5/22** | $15153 | $22798 | $25853 |
| **6/22** | $13757 | $20916 | $23805 |
| **7/22** | $15641 | $22845 | $26662 |
| **8/22** | $15908 | $21913 | $25420 |
| **9/22** | $14264 | $19895 | $22949 |
| **10/22** | $14975 | $21506 | $24290 |
| **11/22** | $14868 | $22708 | $25397 |
| **12/22** | $13438 | $21399 | $23453 |
| **1/23** | $15550 | $22744 | $25407 |
| **2/23** | $15134 | $22189 | $25106 |
| **3/23** | $16022 | $23004 | $26822 |
| **4/23** | $15202 | $23363 | $27086 |
| **5/23** | $16786 | $23464 | $28321 |
| **6/23** | $18123 | $25015 | $30258 |
| **7/23** | $19325 | $25818 | $31277 |
| **8/23** | $17179 | $25407 | $30996 |
| **9/23** | $16157 | $24196 | $29310 |
| **10/23** | $15000 | $23687 | $28893 |
| **11/23** | $17988 | $25850 | $32043 |
| **12/23** | $19629 | $27025 | $33462 |
| **1/24** | $19235 | $27479 | $34296 |
| **2/24** | $21516 | $28946 | $36636 |
| **3/24** | $21707 | $29878 | $37281 |
| **4/24** | $19640 | $28657 | $35700 |
| **5/24** | $19179 | $30078 | $37837 |
| **6/24** | $19876 | $31157 | $40388 |
| **7/24** | $20067 | $31537 | $39701 |
| **8/24** | $20865 | $32302 | $40528 |
| **9/24** | $21966 | $32992 | $41677 |
| **10/24** | $22909 | $32692 | $41539 |
| **11/24** | $27359 | $34611 | $44233 |
| **12/24** | $26688 | $33786 | $44623 |
| **1/25** | $29465 | $34727 | $45506 |
| **2/25** | $27747 | $34274 | $43871 |
| **3/25** | $24867 | $32343 | $40175 |
| **4/25** | $26722 | $32124 | $40887 |
| **5/25** | $30239 | $34146 | $44505 |
| **6/25** | $32299 | $35882 | $47342 |
| **7/25** | $32948 | $36687 | $49129 |
| **8/25** | $32504 | $37431 | $49679 |
| **9/25** | $33892 | $38797 | $52318 |
| **10/25** | $34973 | $39706 | $54218 |
| **11/25** | $31639 | $39803 | $53236 |
| **12/25** | $31696 | $39827 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 18.76% | 0.44% | 12.23% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $217043614 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid | $1090104 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Short-Term Investments | 1.8% |
| Industrials | 4.0% |
| Communication Services | 6.2% |
| Financials | 7.8% |
| Health Care | 13.2% |
| Consumer Discretionary | 23.2% |
| Information Technology | 42.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Tesla, Inc. | 8.3% |
| Shopify, Inc. | 7.5% |
| Airbnb, Inc. | 5.6% |
| Royalty Pharma PLC | 5.5% |
| AppLovin Corp. | 5.0% |
| DoorDash, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Crowdstrike Holdings, Inc. | 4.8% |
| ROBLOX Corp. | 4.7% |
| Total | 63.5% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MAPLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio

# Class R6 MADSX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $88 | 0.80% |

---

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

↑ Stock selection in information technology, led by a web performance and security company

↑ Stock selection in consumer discretionary, where the largest contributor was a leading food delivery company in the U.S.

↑ Stock selection in health care, which benefited most from a biopharmaceutical royalties acquirer

↓ Stock selection in communication services, where an advertising software platform detracted the most within the sector

↓ Average overweight in consumer discretionary

↓Stock selection industrials

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

![Growth of 10K Chart](tm262201d1_tsrimg116.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $5000000 | $5000000 | $5000000 |
| **1/16** | $4687321 | $4751879 | $4720863 |
| **2/16** | $4578313 | $4745468 | $4718849 |
| **3/16** | $4845095 | $5067392 | $5037094 |
| **4/16** | $4882387 | $5087037 | $4991098 |
| **5/16** | $4945496 | $5178390 | $5088021 |
| **6/16** | $4991394 | $5191808 | $5068038 |
| **7/16** | $5235290 | $5383223 | $5307260 |
| **8/16** | $5264456 | $5390782 | $5280892 |
| **9/16** | $5302372 | $5391801 | $5300209 |
| **10/16** | $5206124 | $5293448 | $5175744 |
| **11/16** | $5206124 | $5489490 | $5288360 |
| **12/16** | $5139403 | $5597996 | $5353824 |
| **1/17** | $5377556 | $5704170 | $5534241 |
| **2/17** | $5536325 | $5930660 | $5764109 |
| **3/17** | $5627470 | $5937577 | $5830779 |
| **4/17** | $5856803 | $5998556 | $5964129 |
| **5/17** | $6056734 | $6082972 | $6119213 |
| **6/17** | $5983230 | $6120939 | $6103092 |
| **7/17** | $6151140 | $6246802 | $6265307 |
| **8/17** | $6210257 | $6265925 | $6380159 |
| **9/17** | $6207301 | $6395180 | $6463113 |
| **10/17** | $6488108 | $6544414 | $6713540 |
| **11/17** | $6695018 | $6745129 | $6917496 |
| **12/17** | $6795231 | $6820126 | $6971350 |
| **1/18** | $7332778 | $7210605 | $7465104 |
| **2/18** | $7282185 | $6944843 | $7269362 |
| **3/18** | $7114597 | $6768352 | $7070014 |
| **4/18** | $7199972 | $6794323 | $7094713 |
| **5/18** | $7538311 | $6957943 | $7405684 |
| **6/18** | $7648982 | $7000769 | $7476990 |
| **7/18** | $7649829 | $7261293 | $7696488 |
| **8/18** | $8067502 | $7497904 | $8117303 |
| **9/18** | $8099630 | $7540582 | $8162671 |
| **10/18** | $7428142 | $7025182 | $7432708 |
| **11/18** | $7582254 | $7168344 | $7511656 |
| **12/18** | $7049049 | $6521108 | $6865823 |
| **1/19** | $7780111 | $7043682 | $7482965 |
| **2/19** | $8075218 | $7269843 | $7750704 |
| **3/19** | $8320024 | $7411108 | $7971312 |
| **4/19** | $8732504 | $7711181 | $8331456 |
| **5/19** | $8467577 | $7221150 | $7805129 |
| **6/19** | $8927006 | $7730070 | $8341159 |
| **7/19** | $9047732 | $7841167 | $8529510 |
| **8/19** | $8856583 | $7716960 | $8464184 |
| **9/19** | $8675494 | $7861348 | $8465235 |
| **10/19** | $8541354 | $8031623 | $8703884 |
| **11/19** | $8943774 | $8323162 | $9090015 |
| **12/19** | $8927147 | $8574372 | $9364271 |
| **1/20** | $9439809 | $8571010 | $9573611 |
| **2/20** | $8940818 | $7865451 | $8921631 |
| **3/20** | $8069294 | $6893967 | $8043960 |
| **4/20** | $9504746 | $7777730 | $9234234 |
| **5/20** | $10899186 | $8148169 | $9854167 |
| **6/20** | $11811723 | $8310213 | $10283267 |
| **7/20** | $12857553 | $8778785 | $11074452 |
| **8/20** | $13893129 | $9409809 | $12217248 |
| **9/20** | $13441987 | $9052268 | $11642427 |
| **10/20** | $13171985 | $8811534 | $11247029 |
| **11/20** | $14986808 | $9776079 | $12398633 |
| **12/20** | $15615916 | $10151951 | $12968860 |
| **1/21** | $15313742 | $10049459 | $12872905 |
| **2/21** | $16180693 | $10326572 | $12869926 |
| **3/21** | $15198628 | $10778831 | $13091034 |
| **4/21** | $15982841 | $11354084 | $13981730 |
| **5/21** | $15608721 | $11433386 | $13788344 |
| **6/21** | $16950517 | $11700296 | $14653394 |
| **7/21** | $16928933 | $11978235 | $15136316 |
| **8/21** | $17184342 | $12342441 | $15702246 |
| **9/21** | $16051190 | $11768397 | $14822829 |
| **10/21** | $16871376 | $12592912 | $16106716 |
| **11/21** | $16108747 | $12505656 | $16205193 |
| **12/21** | $14935584 | $13066111 | $16547817 |
| **1/22** | $12204328 | $12389979 | $15127599 |
| **2/22** | $11712968 | $12019005 | $14485077 |
| **3/22** | $11199474 | $12465265 | $15051699 |
| **4/22** | $9021553 | $11378271 | $13234030 |
| **5/22** | $7649285 | $11399145 | $12926371 |
| **6/22** | $6949871 | $10458217 | $11902455 |
| **7/22** | $7901605 | $11422511 | $13331001 |
| **8/22** | $8034406 | $10956680 | $12709989 |
| **9/22** | $7206618 | $9947585 | $11474378 |
| **10/22** | $7565179 | $10752955 | $12145038 |
| **11/22** | $7512059 | $11353873 | $12698451 |
| **12/22** | $6790558 | $10699725 | $11726300 |
| **1/23** | $7860991 | $11372031 | $12703657 |
| **2/23** | $7649135 | $11094565 | $12552784 |
| **3/23** | $8100724 | $11501894 | $13410844 |
| **4/23** | $7688161 | $11681421 | $13543157 |
| **5/23** | $8496561 | $11732196 | $14160431 |
| **6/23** | $9165581 | $12507404 | $15128800 |
| **7/23** | $9773275 | $12909204 | $15638485 |
| **8/23** | $8691692 | $12703669 | $15498069 |
| **9/23** | $8178776 | $12097985 | $14655225 |
| **10/23** | $7593383 | $11843606 | $14446570 |
| **11/23** | $9109829 | $12925228 | $16021406 |
| **12/23** | $9934955 | $13512429 | $16730865 |
| **1/24** | $9739824 | $13739496 | $17148160 |
| **2/24** | $10899459 | $14473125 | $18318128 |
| **3/24** | $10999812 | $14938791 | $18640604 |
| **4/24** | $9951680 | $14328623 | $17849948 |
| **5/24** | $9717523 | $15039103 | $18918538 |
| **6/24** | $10074334 | $15578738 | $20194246 |
| **7/24** | $10169112 | $15768368 | $19850733 |
| **8/24** | $10576099 | $16150857 | $20264182 |
| **9/24** | $11133617 | $16495792 | $20838277 |
| **10/24** | $11613081 | $16346199 | $20769318 |
| **11/24** | $13871026 | $17305739 | $22116425 |
| **12/24** | $13530173 | $16893201 | $22311651 |
| **1/25** | $14938034 | $17363633 | $22752981 |
| **2/25** | $14072963 | $17137070 | $21935539 |
| **3/25** | $12614214 | $16171495 | $20087698 |
| **4/25** | $13558443 | $16061837 | $20443467 |
| **5/25** | $15345127 | $17072844 | $22252317 |
| **6/25** | $16396783 | $17941044 | $23671054 |
| **7/25** | $16724718 | $18343694 | $24564688 |
| **8/25** | $16498556 | $18715549 | $24839317 |
| **9/25** | $17205314 | $19398668 | $26158859 |
| **10/25** | $17759412 | $19852861 | $27109082 |
| **11/25** | $16068847 | $19901520 | $26617784 |
| **12/25** | $16102194 | $19913705 | $26452775 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 19.01% | 0.62% | 12.41% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $217043614 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid | $1090104 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Short-Term Investments | 1.8% |
| Industrials | 4.0% |
| Communication Services | 6.2% |
| Financials | 7.8% |
| Health Care | 13.2% |
| Consumer Discretionary | 23.2% |
| Information Technology | 42.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Tesla, Inc. | 8.3% |
| Shopify, Inc. | 7.5% |
| Airbnb, Inc. | 5.6% |
| Royalty Pharma PLC | 5.5% |
| AppLovin Corp. | 5.0% |
| DoorDash, Inc. | 4.9% |
| Snowflake, Inc. | 4.8% |
| Crowdstrike Holdings, Inc. | 4.8% |
| ROBLOX Corp. | 4.7% |
| Total | 63.5% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MADSX -TSR-AR

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

# Class A MSCUX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $104 | 1.05% |

---

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

↓ Stock selection in information technology and health care were major detractors

↓ Accenture was the largest absolute detractor

↑ Stock selection in communication services was a positive contributor, as was an underweight to consumer discretionary and overweight to health care

↑ The largest contributors to absolute performance were the cloud hyperscalers Alphabet and Microsoft

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

![Growth of 10K Chart](tm262201d1_tsrimg084.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **S&P 500<sup>®</sup> Index** |
| **7/22** | $9479 | $10000 |
| **7/22** | $9479 | $10000 |
| **8/22** | $8995 | $9592 |
| **9/22** | $8085 | $8709 |
| **10/22** | $8540 | $9414 |
| **11/22** | $9175 | $9940 |
| **12/22** | $8825 | $9367 |
| **1/23** | $9289 | $9956 |
| **2/23** | $8844 | $9713 |
| **3/23** | $9308 | $10069 |
| **4/23** | $9431 | $10227 |
| **5/23** | $9289 | $10271 |
| **6/23** | $9924 | $10950 |
| **7/23** | $10161 | $11302 |
| **8/23** | $10152 | $11122 |
| **9/23** | $9640 | $10591 |
| **10/23** | $9308 | $10369 |
| **11/23** | $10114 | $11316 |
| **12/23** | $10519 | $11830 |
| **1/24** | $10643 | $12028 |
| **2/24** | $11035 | $12671 |
| **3/24** | $11112 | $13078 |
| **4/24** | $10557 | $12544 |
| **5/24** | $10825 | $13166 |
| **6/24** | $10988 | $13639 |
| **7/24** | $11476 | $13805 |
| **8/24** | $11811 | $14139 |
| **9/24** | $11926 | $14441 |
| **10/24** | $11610 | $14311 |
| **11/24** | $12040 | $15151 |
| **12/24** | $11593 | $14789 |
| **1/25** | $12081 | $15201 |
| **2/25** | $12032 | $15003 |
| **3/25** | $11762 | $14158 |
| **4/25** | $11483 | $14062 |
| **5/25** | $11982 | $14947 |
| **6/25** | $12052 | $15707 |
| **7/25** | $11842 | $16059 |
| **8/25** | $11992 | $16385 |
| **9/25** | $11722 | $16983 |
| **10/25** | $11353 | $17380 |
| **11/25** | $11423 | $17423 |
| **12/25** | $11383 | $17434 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class A | (1.81)% | 5.49% |
| Class A, with 5.25% maximum front end sales charge | (6.93)% | 3.85% |
| S&P 500<sup>®</sup> Index | 17.88% | 17.62% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1325238 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 6.5% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 10.7% |
| Health Care | 12.5% |
| Industrials | 14.1% |
| Information Technology | 19.4% |
| Financials | 26.4% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6% |
| Alphabet, Inc. | 6.5% |
| Visa, Inc. | 5.5% |
| Coca-Cola Co. | 4.9% |
| Intercontinental Exchange, Inc. | 4.7% |
| Texas Instruments, Inc. | 4.6% |
| S&P Global, Inc. | 4.3% |
| Procter & Gamble Co. | 4.2% |
| AutoZone, Inc. | 4.2% |
| Zoetis, Inc. | 3.8% |
| Total | 51.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024.

The Directors of the Company approved a Plan of Liquidation with respect to the Fund, a portfolio of common stock of the Company. Pursuant to the Plan of Liquidation, the assets of Fund will be liquidated, known or reasonably ascertainable liabilities will be satisfied or provided for, the remaining proceeds will be distributed to the Fund's shareholders and all of the issued and outstanding shares will be redeemed (the "Liquidation"). The Liquidation occurred on January 16, 2026.

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSCUX -TSR-AR

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

# Class C MSBWX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $178 | 1.80% |

---

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

↓ Stock selection in information technology and health care were major detractors

↓ Accenture was the largest absolute detractor

↑ Stock selection in communication services was a positive contributor, as was an underweight to consumer discretionary and overweight to health care

↑ The largest contributors to absolute performance were the cloud hyperscalers Alphabet and Microsoft

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

![Growth of 10K Chart](tm262201d1_tsrimg030.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** |
| **7/22** | $10000 | $10000 |
| **7/22** | $10000 | $10000 |
| **8/22** | $9480 | $9592 |
| **9/22** | $8520 | $8709 |
| **10/22** | $9000 | $9414 |
| **11/22** | $9650 | $9940 |
| **12/22** | $9290 | $9367 |
| **1/23** | $9760 | $9956 |
| **2/23** | $9290 | $9713 |
| **3/23** | $9770 | $10069 |
| **4/23** | $9890 | $10227 |
| **5/23** | $9740 | $10271 |
| **6/23** | $10400 | $10950 |
| **7/23** | $10640 | $11302 |
| **8/23** | $10630 | $11122 |
| **9/23** | $10080 | $10591 |
| **10/23** | $9730 | $10369 |
| **11/23** | $10560 | $11316 |
| **12/23** | $10981 | $11830 |
| **1/24** | $11102 | $12028 |
| **2/24** | $11503 | $12671 |
| **3/24** | $11573 | $13078 |
| **4/24** | $10991 | $12544 |
| **5/24** | $11262 | $13166 |
| **6/24** | $11423 | $13639 |
| **7/24** | $11934 | $13805 |
| **8/24** | $12265 | $14139 |
| **9/24** | $12385 | $14441 |
| **10/24** | $12044 | $14311 |
| **11/24** | $12486 | $15151 |
| **12/24** | $12003 | $14789 |
| **1/25** | $12513 | $15201 |
| **2/25** | $12451 | $15003 |
| **3/25** | $12170 | $14158 |
| **4/25** | $11868 | $14062 |
| **5/25** | $12378 | $14947 |
| **6/25** | $12440 | $15707 |
| **7/25** | $12211 | $16059 |
| **8/25** | $12367 | $16385 |
| **9/25** | $12076 | $16983 |
| **10/25** | $11691 | $17380 |
| **11/25** | $11754 | $17423 |
| **12/25** | $11706 | $17434 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class C | (2.48)% | 4.71% |
| Class C, with 1% maximum contingent deferred sales charge | (3.44)% | 4.71% |
| S&P 500<sup>®</sup> Index | 17.88% | 17.62% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1325238 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 6.5% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 10.7% |
| Health Care | 12.5% |
| Industrials | 14.1% |
| Information Technology | 19.4% |
| Financials | 26.4% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6% |
| Alphabet, Inc. | 6.5% |
| Visa, Inc. | 5.5% |
| Coca-Cola Co. | 4.9% |
| Intercontinental Exchange, Inc. | 4.7% |
| Texas Instruments, Inc. | 4.6% |
| S&P Global, Inc. | 4.3% |
| Procter & Gamble Co. | 4.2% |
| AutoZone, Inc. | 4.2% |
| Zoetis, Inc. | 3.8% |
| Total | 51.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024.

The Directors of the Company approved a Plan of Liquidation with respect to the Fund, a portfolio of common stock of the Company. Pursuant to the Plan of Liquidation, the assets of Fund will be liquidated, known or reasonably ascertainable liabilities will be satisfied or provided for, the remaining proceeds will be distributed to the Fund's shareholders and all of the issued and outstanding shares will be redeemed (the "Liquidation"). The Liquidation occurred on January 16, 2026.

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSBWX -TSR-AR

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

# Class I MSBVX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $69 | 0.70% |

---

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

↓ Stock selection in information technology and health care were major detractors

↓ Accenture was the largest absolute detractor

↑ Stock selection in communication services was a positive contributor, as was an underweight to consumer discretionary and overweight to health care

↑ The largest contributors to absolute performance were the cloud hyperscalers Alphabet and Microsoft

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

![Growth of 10K Chart](tm262201d1_tsrimg010.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **7/22** | $1000000 | $1000000 |
| **7/22** | $1000000 | $1000000 |
| **8/22** | $949000 | $959218 |
| **9/22** | $854000 | $870875 |
| **10/22** | $902000 | $941383 |
| **11/22** | $969000 | $993991 |
| **12/22** | $933000 | $936723 |
| **1/23** | $982000 | $995581 |
| **2/23** | $935000 | $971290 |
| **3/23** | $984000 | $1006950 |
| **4/23** | $997000 | $1022667 |
| **5/23** | $983000 | $1027112 |
| **6/23** | $1050000 | $1094978 |
| **7/23** | $1076000 | $1130155 |
| **8/23** | $1076000 | $1112161 |
| **9/23** | $1021000 | $1059135 |
| **10/23** | $986000 | $1036865 |
| **11/23** | $1072000 | $1131557 |
| **12/23** | $1115319 | $1182965 |
| **1/24** | $1128488 | $1202844 |
| **2/24** | $1170021 | $1267070 |
| **3/24** | $1179138 | $1307838 |
| **4/24** | $1120384 | $1254420 |
| **5/24** | $1149761 | $1316620 |
| **6/24** | $1166982 | $1363863 |
| **7/24** | $1219658 | $1380464 |
| **8/24** | $1255114 | $1413950 |
| **9/24** | $1268283 | $1444148 |
| **10/24** | $1234854 | $1431051 |
| **11/24** | $1281452 | $1515056 |
| **12/24** | $1233096 | $1478939 |
| **1/25** | $1286064 | $1520124 |
| **2/25** | $1281826 | $1500289 |
| **3/25** | $1253224 | $1415756 |
| **4/25** | $1222502 | $1406156 |
| **5/25** | $1276530 | $1494666 |
| **6/25** | $1285004 | $1570674 |
| **7/25** | $1262758 | $1605925 |
| **8/25** | $1278648 | $1638479 |
| **9/25** | $1250046 | $1698284 |
| **10/25** | $1211909 | $1738047 |
| **11/25** | $1219324 | $1742307 |
| **12/25** | $1215172 | $1743374 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class I | (1.45)% | 5.86% |
| S&P 500<sup>®</sup> Index | 17.88% | 17.62% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1325238 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 6.5% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 10.7% |
| Health Care | 12.5% |
| Industrials | 14.1% |
| Information Technology | 19.4% |
| Financials | 26.4% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6% |
| Alphabet, Inc. | 6.5% |
| Visa, Inc. | 5.5% |
| Coca-Cola Co. | 4.9% |
| Intercontinental Exchange, Inc. | 4.7% |
| Texas Instruments, Inc. | 4.6% |
| S&P Global, Inc. | 4.3% |
| Procter & Gamble Co. | 4.2% |
| AutoZone, Inc. | 4.2% |
| Zoetis, Inc. | 3.8% |
| Total | 51.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024.

The Directors of the Company approved a Plan of Liquidation with respect to the Fund, a portfolio of common stock of the Company. Pursuant to the Plan of Liquidation, the assets of Fund will be liquidated, known or reasonably ascertainable liabilities will be satisfied or provided for, the remaining proceeds will be distributed to the Fund's shareholders and all of the issued and outstanding shares will be redeemed (the "Liquidation"). The Liquidation occurred on January 16, 2026.

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSBVX -TSR-AR

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

# Class R6 MSBQX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - American Resilience Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $65 | 0.65% |

---

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

↓ Stock selection in information technology and health care were major detractors

↓ Accenture was the largest absolute detractor

↑ Stock selection in communication services was a positive contributor, as was an underweight to consumer discretionary and overweight to health care

↑ The largest contributors to absolute performance were the cloud hyperscalers Alphabet and Microsoft

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

![Growth of 10K Chart](tm262201d1_tsrimg031.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** |
| **7/22** | $5000000 | $5000000 |
| **7/22** | $5000000 | $5000000 |
| **8/22** | $4745000 | $4796091 |
| **9/22** | $4270000 | $4354377 |
| **10/22** | $4510000 | $4706914 |
| **11/22** | $4845000 | $4969955 |
| **12/22** | $4665000 | $4683613 |
| **1/23** | $4910000 | $4977903 |
| **2/23** | $4675000 | $4856448 |
| **3/23** | $4920000 | $5034748 |
| **4/23** | $4990000 | $5113333 |
| **5/23** | $4915000 | $5135559 |
| **6/23** | $5255000 | $5474892 |
| **7/23** | $5385000 | $5650773 |
| **8/23** | $5380000 | $5560804 |
| **9/23** | $5105000 | $5295676 |
| **10/23** | $4935000 | $5184327 |
| **11/23** | $5365000 | $5657787 |
| **12/23** | $5579184 | $5914824 |
| **1/24** | $5645060 | $6014218 |
| **2/24** | $5857890 | $6335351 |
| **3/24** | $5898429 | $6539189 |
| **4/24** | $5609588 | $6272098 |
| **5/24** | $5751475 | $6583098 |
| **6/24** | $5837620 | $6819314 |
| **7/24** | $6106191 | $6902321 |
| **8/24** | $6283550 | $7069749 |
| **9/24** | $6349426 | $7220738 |
| **10/24** | $6182202 | $7155256 |
| **11/24** | $6410234 | $7575278 |
| **12/24** | $6171110 | $7394697 |
| **1/25** | $6436192 | $7600620 |
| **2/25** | $6414986 | $7501446 |
| **3/25** | $6271841 | $7078782 |
| **4/25** | $6123395 | $7030782 |
| **5/25** | $6393779 | $7473332 |
| **6/25** | $6430891 | $7853371 |
| **7/25** | $6324858 | $8029624 |
| **8/25** | $6404382 | $8192397 |
| **9/25** | $6261238 | $8491420 |
| **10/25** | $6065077 | $8690235 |
| **11/25** | $6107490 | $8711534 |
| **12/25** | $6084554 | $8716868 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class R6 | (1.40)% | 5.90% |
| S&P 500<sup>®</sup> Index | 17.88% | 17.62% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1325238 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 6.5% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 10.7% |
| Health Care | 12.5% |
| Industrials | 14.1% |
| Information Technology | 19.4% |
| Financials | 26.4% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6% |
| Alphabet, Inc. | 6.5% |
| Visa, Inc. | 5.5% |
| Coca-Cola Co. | 4.9% |
| Intercontinental Exchange, Inc. | 4.7% |
| Texas Instruments, Inc. | 4.6% |
| S&P Global, Inc. | 4.3% |
| Procter & Gamble Co. | 4.2% |
| AutoZone, Inc. | 4.2% |
| Zoetis, Inc. | 3.8% |
| Total | 51.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024.

The Directors of the Company approved a Plan of Liquidation with respect to the Fund, a portfolio of common stock of the Company. Pursuant to the Plan of Liquidation, the assets of Fund will be liquidated, known or reasonably ascertainable liabilities will be satisfied or provided for, the remaining proceeds will be distributed to the Fund's shareholders and all of the issued and outstanding shares will be redeemed (the "Liquidation"). The Liquidation occurred on January 16, 2026.

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSBQX -TSR-AR

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

# Class A MSAUX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $147 | 1.43% |

---

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

↓ Stock selection in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↓ Stock selection in financials, where exposure to a Chinese consumer finance platform was the main detractor

↓ An average underweight in information technology, where underexposure to a leading foundry provider was the top detractor

↑ Stock selection in communication services, where exposure to a live streaming platform was the main contributor

↑ No exposure in utilities

↑ An average underweight in health care

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

![Growth of 10K Chart](tm262201d1_tsrimg069.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country Asia ex Japan Net Index** |
| **12/15** | $9471 | $10000 |
| **1/16** | $8876 | $9236 |
| **2/16** | $8480 | $9150 |
| **3/16** | $9245 | $10178 |
| **4/16** | $9348 | $10087 |
| **5/16** | $9330 | $9952 |
| **6/16** | $9613 | $10218 |
| **7/16** | $9844 | $10713 |
| **8/16** | $10061 | $11074 |
| **9/16** | $10241 | $11255 |
| **10/16** | $10061 | $11084 |
| **11/16** | $9702 | $10765 |
| **12/16** | $9313 | $10544 |
| **1/17** | $9891 | $11198 |
| **2/17** | $10295 | $11577 |
| **3/17** | $11046 | $11956 |
| **4/17** | $11557 | $12216 |
| **5/17** | $12250 | $12747 |
| **6/17** | $12664 | $12950 |
| **7/17** | $13618 | $13642 |
| **8/17** | $14167 | $13824 |
| **9/17** | $14716 | $13807 |
| **10/17** | $15322 | $14459 |
| **11/17** | $15188 | $14550 |
| **12/17** | $16407 | $14943 |
| **1/18** | $17780 | $16073 |
| **2/18** | $17098 | $15273 |
| **3/18** | $17215 | $15042 |
| **4/18** | $16787 | $15149 |
| **5/18** | $18160 | $14949 |
| **6/18** | $17644 | $14232 |
| **7/18** | $16979 | $14351 |
| **8/18** | $16117 | $14205 |
| **9/18** | $15823 | $14008 |
| **10/18** | $13628 | $12488 |
| **11/18** | $14559 | $13152 |
| **12/18** | $14128 | $12795 |
| **1/19** | $15294 | $13731 |
| **2/19** | $16440 | $14017 |
| **3/19** | $17645 | $14258 |
| **4/19** | $17929 | $14529 |
| **5/19** | $16607 | $13290 |
| **6/19** | $18223 | $14164 |
| **7/19** | $17684 | $13914 |
| **8/19** | $18253 | $13305 |
| **9/19** | $18184 | $13526 |
| **10/19** | $19360 | $14142 |
| **11/19** | $19409 | $14177 |
| **12/19** | $20369 | $15120 |
| **1/20** | $19820 | $14448 |
| **2/20** | $20173 | $14033 |
| **3/20** | $18546 | $12341 |
| **4/20** | $19722 | $13447 |
| **5/20** | $20702 | $13291 |
| **6/20** | $22701 | $14403 |
| **7/20** | $25130 | $15627 |
| **8/20** | $27580 | $16182 |
| **9/20** | $26747 | $15939 |
| **10/20** | $27354 | $16384 |
| **11/20** | $29039 | $17701 |
| **12/20** | $30992 | $18903 |
| **1/21** | $32606 | $19675 |
| **2/21** | $33557 | $19920 |
| **3/21** | $31348 | $19414 |
| **4/21** | $31457 | $19895 |
| **5/21** | $31576 | $20138 |
| **6/21** | $31110 | $20114 |
| **7/21** | $25930 | $18606 |
| **8/21** | $26287 | $19031 |
| **9/21** | $25712 | $18236 |
| **10/21** | $26634 | $18484 |
| **11/21** | $24999 | $17769 |
| **12/21** | $24565 | $18012 |
| **1/22** | $23455 | $17453 |
| **2/22** | $22616 | $17043 |
| **3/22** | $19928 | $16572 |
| **4/22** | $18878 | $15716 |
| **5/22** | $18938 | $15788 |
| **6/22** | $19068 | $15080 |
| **7/22** | $18728 | $14897 |
| **8/22** | $18758 | $14896 |
| **9/22** | $16979 | $12994 |
| **10/22** | $14691 | $12201 |
| **11/22** | $18688 | $14496 |
| **12/22** | $19108 | $14468 |
| **1/23** | $20497 | $15657 |
| **2/23** | $19148 | $14589 |
| **3/23** | $19478 | $15097 |
| **4/23** | $18738 | $14783 |
| **5/23** | $17499 | $14512 |
| **6/23** | $18378 | $14906 |
| **7/23** | $19798 | $15819 |
| **8/23** | $18578 | $14805 |
| **9/23** | $17749 | $14408 |
| **10/23** | $17029 | $13851 |
| **11/23** | $17419 | $14813 |
| **12/23** | $17739 | $15334 |
| **1/24** | $16170 | $14498 |
| **2/24** | $17309 | $15309 |
| **3/24** | $17969 | $15698 |
| **4/24** | $18968 | $15894 |
| **5/24** | $19258 | $16141 |
| **6/24** | $18858 | $16828 |
| **7/24** | $18418 | $16806 |
| **8/24** | $18798 | $17134 |
| **9/24** | $21816 | $18578 |
| **10/24** | $21477 | $17725 |
| **11/24** | $21766 | $17142 |
| **12/24** | $21173 | $17168 |
| **1/25** | $20940 | $17295 |
| **2/25** | $21285 | $17474 |
| **3/25** | $21599 | $17479 |
| **4/25** | $21528 | $17608 |
| **5/25** | $22086 | $18535 |
| **6/25** | $22968 | $19658 |
| **7/25** | $22816 | $20161 |
| **8/25** | $22917 | $20382 |
| **9/25** | $24307 | $21772 |
| **10/25** | $23749 | $22751 |
| **11/25** | $22481 | $22105 |
| **12/25** | $22264 | $22706 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 5.15% | (6.40)% | 8.92% |
| Class A, with 5.25% maximum front end sales charge | (0.38)% | (7.40)% | 8.33% |
| MSCI All Country Asia ex Japan Net Index | 32.26% | 3.73% | 8.55% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $117549293 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $750188 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 1.5% |
| Singapore | 3.0% |
| United States | 5.5% |
| Taiwan | 11.0% |
| Korea, Republic of | 11.4% |
| India | 25.4% |
| China | 42.2% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Trip.com Group Ltd. | 6.1% |
| Coupang, Inc. | 6.0% |
| ICICI Bank Ltd. | 5.6% |
| Baidu, Inc. | 4.8% |
| Tencent Holdings Ltd. | 4.6% |
| Meituan | 4.5% |
| Eternal Ltd. | 4.1% |
| HDFC Bank Ltd. | 4.1% |
| Kweichow Moutai Co. Ltd. | 4.0% |
| Total | 53.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSAUX -TSR-AR

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

# Class C MSAWX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $225 | 2.20% |

---

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

↓ Stock selection in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↓ Stock selection in financials, where exposure to a Chinese consumer finance platform was the main detractor

↓ An average underweight in information technology, where underexposure to a leading foundry provider was the top detractor

↑ Stock selection in communication services, where exposure to a live streaming platform was the main contributor

↑ No exposure in utilities

↑ An average underweight in health care

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

![Growth of 10K Chart](tm262201d1_tsrimg137.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country Asia ex Japan Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9362 | $9236 |
| **2/16** | $8943 | $9150 |
| **3/16** | $9741 | $10178 |
| **4/16** | $9840 | $10087 |
| **5/16** | $9811 | $9952 |
| **6/16** | $10110 | $10218 |
| **7/16** | $10353 | $10713 |
| **8/16** | $10562 | $11074 |
| **9/16** | $10742 | $11255 |
| **10/16** | $10552 | $11084 |
| **11/16** | $10173 | $10765 |
| **12/16** | $9756 | $10544 |
| **1/17** | $10360 | $11198 |
| **2/17** | $10773 | $11577 |
| **3/17** | $11560 | $11956 |
| **4/17** | $12074 | $12216 |
| **5/17** | $12789 | $12747 |
| **6/17** | $13212 | $12950 |
| **7/17** | $14200 | $13642 |
| **8/17** | $14764 | $13824 |
| **9/17** | $15329 | $13807 |
| **10/17** | $15954 | $14459 |
| **11/17** | $15802 | $14550 |
| **12/17** | $17058 | $14943 |
| **1/18** | $18475 | $16073 |
| **2/18** | $17761 | $15273 |
| **3/18** | $17863 | $15042 |
| **4/18** | $17405 | $15149 |
| **5/18** | $18812 | $14949 |
| **6/18** | $18271 | $14232 |
| **7/18** | $17565 | $14351 |
| **8/18** | $16663 | $14205 |
| **9/18** | $16355 | $14008 |
| **10/18** | $14079 | $12488 |
| **11/18** | $15032 | $13152 |
| **12/18** | $14571 | $12795 |
| **1/19** | $15771 | $13731 |
| **2/19** | $16950 | $14017 |
| **3/19** | $18170 | $14258 |
| **4/19** | $18457 | $14529 |
| **5/19** | $17083 | $13290 |
| **6/19** | $18734 | $14164 |
| **7/19** | $18180 | $13914 |
| **8/19** | $18744 | $13305 |
| **9/19** | $18662 | $13526 |
| **10/19** | $19862 | $14142 |
| **11/19** | $19903 | $14177 |
| **12/19** | $20867 | $15120 |
| **1/20** | $20292 | $14448 |
| **2/20** | $20641 | $14033 |
| **3/20** | $18959 | $12341 |
| **4/20** | $20149 | $13447 |
| **5/20** | $21144 | $13291 |
| **6/20** | $23164 | $14403 |
| **7/20** | $25635 | $15627 |
| **8/20** | $28116 | $16182 |
| **9/20** | $27255 | $15939 |
| **10/20** | $27850 | $16384 |
| **11/20** | $29552 | $17701 |
| **12/20** | $31513 | $18903 |
| **1/21** | $33130 | $19675 |
| **2/21** | $34084 | $19920 |
| **3/21** | $31824 | $19414 |
| **4/21** | $31907 | $19895 |
| **5/21** | $32010 | $20138 |
| **6/21** | $31523 | $20114 |
| **7/21** | $26255 | $18606 |
| **8/21** | $26598 | $19031 |
| **9/21** | $25996 | $18236 |
| **10/21** | $26919 | $18484 |
| **11/21** | $25250 | $17769 |
| **12/21** | $24794 | $18012 |
| **1/22** | $23664 | $17453 |
| **2/22** | $22806 | $17043 |
| **3/22** | $20085 | $16572 |
| **4/22** | $19007 | $15716 |
| **5/22** | $19059 | $15788 |
| **6/22** | $19174 | $15080 |
| **7/22** | $18829 | $14897 |
| **8/22** | $18850 | $14896 |
| **9/22** | $17049 | $12994 |
| **10/22** | $14736 | $12201 |
| **11/22** | $18734 | $14496 |
| **12/22** | $19143 | $14468 |
| **1/23** | $20524 | $15657 |
| **2/23** | $19164 | $14589 |
| **3/23** | $19478 | $15097 |
| **4/23** | $18734 | $14783 |
| **5/23** | $17478 | $14512 |
| **6/23** | $18347 | $14906 |
| **7/23** | $19750 | $15819 |
| **8/23** | $18525 | $14805 |
| **9/23** | $17677 | $14408 |
| **10/23** | $16955 | $13851 |
| **11/23** | $17342 | $14813 |
| **12/23** | $17646 | $15334 |
| **1/24** | $16085 | $14498 |
| **2/24** | $17218 | $15309 |
| **3/24** | $17875 | $15698 |
| **4/24** | $18869 | $15894 |
| **5/24** | $19157 | $16141 |
| **6/24** | $18759 | $16828 |
| **7/24** | $18322 | $16806 |
| **8/24** | $18700 | $17134 |
| **9/24** | $21702 | $18578 |
| **10/24** | $21364 | $17725 |
| **11/24** | $21652 | $17142 |
| **12/24** | $21062 | $17168 |
| **1/25** | $20830 | $17295 |
| **2/25** | $21173 | $17474 |
| **3/25** | $21486 | $17479 |
| **4/25** | $21415 | $17608 |
| **5/25** | $21970 | $18535 |
| **6/25** | $22848 | $19658 |
| **7/25** | $22696 | $20161 |
| **8/25** | $22797 | $20382 |
| **9/25** | $24179 | $21772 |
| **10/25** | $23624 | $22751 |
| **11/25** | $22364 | $22105 |
| **12/25** | $22148 | $22706 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 4.35% | (7.09)% | 8.28% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 3.35% | (7.09)% | 8.28% |
| MSCI All Country Asia ex Japan Net Index | 32.26% | 3.73% | 8.55% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $117549293 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $750188 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 1.5% |
| Singapore | 3.0% |
| United States | 5.5% |
| Taiwan | 11.0% |
| Korea, Republic of | 11.4% |
| India | 25.4% |
| China | 42.2% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Trip.com Group Ltd. | 6.1% |
| Coupang, Inc. | 6.0% |
| ICICI Bank Ltd. | 5.6% |
| Baidu, Inc. | 4.8% |
| Tencent Holdings Ltd. | 4.6% |
| Meituan | 4.5% |
| Eternal Ltd. | 4.1% |
| HDFC Bank Ltd. | 4.1% |
| Kweichow Moutai Co. Ltd. | 4.0% |
| Total | 53.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSAWX -TSR-AR

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

# Class I MSAQX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $113 | 1.10% |

---

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

↓ Stock selection in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↓ Stock selection in financials, where exposure to a Chinese consumer finance platform was the main detractor

↓ An average underweight in information technology, where underexposure to a leading foundry provider was the top detractor

↑ Stock selection in communication services, where exposure to a live streaming platform was the main contributor

↑ No exposure in utilities

↑ An average underweight in health care

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

![Growth of 10K Chart](tm262201d1_tsrimg043.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country Asia ex Japan Net Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $937188 | $923605 |
| **2/16** | $896311 | $915034 |
| **3/16** | $977069 | $1017786 |
| **4/16** | $988036 | $1008668 |
| **5/16** | $986042 | $995226 |
| **6/16** | $1015952 | $1021810 |
| **7/16** | $1041318 | $1071338 |
| **8/16** | $1064281 | $1107431 |
| **9/16** | $1083250 | $1125466 |
| **10/16** | $1064281 | $1108405 |
| **11/16** | $1027340 | $1076478 |
| **12/16** | $986630 | $1054413 |
| **1/17** | $1048804 | $1119787 |
| **2/17** | $1091613 | $1157694 |
| **3/17** | $1171114 | $1195555 |
| **4/17** | $1225134 | $1221570 |
| **5/17** | $1299539 | $1274670 |
| **6/17** | $1343367 | $1294953 |
| **7/17** | $1445291 | $1364196 |
| **8/17** | $1504407 | $1382352 |
| **9/17** | $1563524 | $1380721 |
| **10/17** | $1627736 | $1445866 |
| **11/17** | $1614486 | $1455036 |
| **12/17** | $1744527 | $1494297 |
| **1/18** | $1890936 | $1607326 |
| **2/18** | $1818763 | $1527306 |
| **3/18** | $1832166 | $1504238 |
| **4/18** | $1785769 | $1514905 |
| **5/18** | $1933208 | $1494862 |
| **6/18** | $1878563 | $1423184 |
| **7/18** | $1808179 | $1435129 |
| **8/18** | $1716941 | $1420469 |
| **9/18** | $1685837 | $1400808 |
| **10/18** | $1452557 | $1248848 |
| **11/18** | $1552090 | $1315179 |
| **12/18** | $1506470 | $1279534 |
| **1/19** | $1631923 | $1373076 |
| **2/19** | $1755302 | $1401728 |
| **3/19** | $1883866 | $1425779 |
| **4/19** | $1913933 | $1452915 |
| **5/19** | $1773965 | $1328976 |
| **6/19** | $1947110 | $1416417 |
| **7/19** | $1890086 | $1391404 |
| **8/19** | $1951258 | $1330474 |
| **9/19** | $1945037 | $1352645 |
| **10/19** | $2071526 | $1414190 |
| **11/19** | $2077747 | $1417673 |
| **12/19** | $2180400 | $1512019 |
| **1/20** | $2122311 | $1444757 |
| **2/20** | $2160691 | $1403268 |
| **3/20** | $1986425 | $1234106 |
| **4/20** | $2111938 | $1344702 |
| **5/20** | $2218780 | $1329088 |
| **6/20** | $2432463 | $1440336 |
| **7/20** | $2694899 | $1562713 |
| **8/20** | $2957336 | $1618172 |
| **9/20** | $2869165 | $1593862 |
| **10/20** | $2934515 | $1638388 |
| **11/20** | $3117080 | $1770050 |
| **12/20** | $3325841 | $1890330 |
| **1/21** | $3500941 | $1967462 |
| **2/21** | $3602645 | $1991971 |
| **3/21** | $3366733 | $1941398 |
| **4/21** | $3379315 | $1989536 |
| **5/21** | $3392945 | $2013800 |
| **6/21** | $3343666 | $2011358 |
| **7/21** | $2786913 | $1860566 |
| **8/21** | $2825707 | $1903110 |
| **9/21** | $2764894 | $1823636 |
| **10/21** | $2865550 | $1848394 |
| **11/21** | $2689402 | $1776877 |
| **12/21** | $2643381 | $1801162 |
| **1/22** | $2524910 | $1745266 |
| **2/22** | $2434999 | $1704325 |
| **3/22** | $2146226 | $1657184 |
| **4/22** | $2034102 | $1571615 |
| **5/22** | $2041507 | $1578844 |
| **6/22** | $2055258 | $1507962 |
| **7/22** | $2020351 | $1489677 |
| **8/22** | $2023524 | $1489560 |
| **9/22** | $1832067 | $1299351 |
| **10/22** | $1584548 | $1220103 |
| **11/22** | $2016120 | $1449575 |
| **12/22** | $2061604 | $1446844 |
| **1/23** | $2212866 | $1565656 |
| **2/23** | $2066893 | $1458890 |
| **3/23** | $2102858 | $1509652 |
| **4/23** | $2024582 | $1478267 |
| **5/23** | $1890245 | $1451197 |
| **6/23** | $1985445 | $1490620 |
| **7/23** | $2139880 | $1581928 |
| **8/23** | $2009773 | $1480494 |
| **9/23** | $1919862 | $1440781 |
| **10/23** | $1842645 | $1385068 |
| **11/23** | $1886014 | $1481306 |
| **12/23** | $1920774 | $1533391 |
| **1/24** | $1751076 | $1449789 |
| **2/24** | $1875168 | $1530941 |
| **3/24** | $1947290 | $1569826 |
| **4/24** | $2055473 | $1589379 |
| **5/24** | $2087291 | $1614145 |
| **6/24** | $2044866 | $1682827 |
| **7/24** | $1997139 | $1680594 |
| **8/24** | $2039563 | $1713357 |
| **9/24** | $2368354 | $1857823 |
| **10/24** | $2331233 | $1772452 |
| **11/24** | $2363051 | $1714227 |
| **12/24** | $2299626 | $1716762 |
| **1/25** | $2274806 | $1729533 |
| **2/25** | $2312576 | $1747426 |
| **3/25** | $2347108 | $1747917 |
| **4/25** | $2340633 | $1760837 |
| **5/25** | $2401064 | $1853454 |
| **6/25** | $2498186 | $1965772 |
| **7/25** | $2483078 | $2016085 |
| **8/25** | $2493870 | $2038222 |
| **9/25** | $2646027 | $2177225 |
| **10/25** | $2586675 | $2275119 |
| **11/25** | $2449625 | $2210469 |
| **12/25** | $2426192 | $2270629 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.50% | (6.11)% | 9.27% |
| MSCI All Country Asia ex Japan Net Index | 32.26% | 3.73% | 8.55% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $117549293 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $750188 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 1.5% |
| Singapore | 3.0% |
| United States | 5.5% |
| Taiwan | 11.0% |
| Korea, Republic of | 11.4% |
| India | 25.4% |
| China | 42.2% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Trip.com Group Ltd. | 6.1% |
| Coupang, Inc. | 6.0% |
| ICICI Bank Ltd. | 5.6% |
| Baidu, Inc. | 4.8% |
| Tencent Holdings Ltd. | 4.6% |
| Meituan | 4.5% |
| Eternal Ltd. | 4.1% |
| HDFC Bank Ltd. | 4.1% |
| Kweichow Moutai Co. Ltd. | 4.0% |
| Total | 53.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSAQX -TSR-AR

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

# Class R6 MSAYX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Asia Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $108 | 1.05% |

---

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

↓ Stock selection in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↓ Stock selection in financials, where exposure to a Chinese consumer finance platform was the main detractor

↓ An average underweight in information technology, where underexposure to a leading foundry provider was the top detractor

↑ Stock selection in communication services, where exposure to a live streaming platform was the main contributor

↑ No exposure in utilities

↑ An average underweight in health care

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

![Growth of 10K Chart](tm262201d1_tsrimg062.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country Asia ex Japan Net Index** |
| **12/15** | $5000000 | $5000000 |
| **1/16** | $4685942 | $4618027 |
| **2/16** | $4481555 | $4575168 |
| **3/16** | $4885344 | $5088932 |
| **4/16** | $4940179 | $5043338 |
| **5/16** | $4930209 | $4976131 |
| **6/16** | $5079761 | $5109051 |
| **7/16** | $5211587 | $5356691 |
| **8/16** | $5321410 | $5537157 |
| **9/16** | $5421249 | $5627332 |
| **10/16** | $5326402 | $5542023 |
| **11/16** | $5141700 | $5382388 |
| **12/16** | $4935256 | $5272065 |
| **1/17** | $5246259 | $5598934 |
| **2/17** | $5460392 | $5788471 |
| **3/17** | $5858067 | $5977777 |
| **4/17** | $6128283 | $6107852 |
| **5/17** | $6500466 | $6373350 |
| **6/17** | $6719698 | $6474767 |
| **7/17** | $7229538 | $6820978 |
| **8/17** | $7525246 | $6911758 |
| **9/17** | $7820953 | $6903603 |
| **10/17** | $8147251 | $7229332 |
| **11/17** | $8075873 | $7275181 |
| **12/17** | $8726357 | $7471486 |
| **1/18** | $9458711 | $8036630 |
| **2/18** | $9102849 | $7636531 |
| **3/18** | $9164738 | $7521191 |
| **4/18** | $8937812 | $7574523 |
| **5/18** | $9670165 | $7474312 |
| **6/18** | $9401980 | $7115921 |
| **7/18** | $9044753 | $7175645 |
| **8/18** | $8593552 | $7102347 |
| **9/18** | $8437966 | $7004041 |
| **10/18** | $7271068 | $6244241 |
| **11/18** | $7768945 | $6575893 |
| **12/18** | $7540751 | $6397672 |
| **1/19** | $8168283 | $6865382 |
| **2/19** | $8785442 | $7008640 |
| **3/19** | $9428532 | $7128895 |
| **4/19** | $9584119 | $7264575 |
| **5/19** | $8883980 | $6644879 |
| **6/19** | $9750077 | $7082085 |
| **7/19** | $9464836 | $6957019 |
| **8/19** | $9770822 | $6652371 |
| **9/19** | $9739705 | $6763226 |
| **10/19** | $10377609 | $7070951 |
| **11/19** | $10403540 | $7088364 |
| **12/19** | $10920531 | $7560093 |
| **1/20** | $10624681 | $7223786 |
| **2/20** | $10821914 | $7016338 |
| **3/20** | $9949933 | $6170530 |
| **4/20** | $10583158 | $6723511 |
| **5/20** | $11107385 | $6645442 |
| **6/20** | $12181791 | $7201681 |
| **7/20** | $13494953 | $7813565 |
| **8/20** | $14813306 | $8090862 |
| **9/20** | $14372125 | $7969308 |
| **10/20** | $14699118 | $8191940 |
| **11/20** | $15612623 | $8850251 |
| **12/20** | $16662399 | $9451651 |
| **1/21** | $17538539 | $9837308 |
| **2/21** | $18052681 | $9959854 |
| **3/21** | $16872253 | $9706990 |
| **4/21** | $16929963 | $9947681 |
| **5/21** | $16998166 | $10069001 |
| **6/21** | $16756834 | $10056791 |
| **7/21** | $13971023 | $9302828 |
| **8/21** | $14165138 | $9515549 |
| **9/21** | $13860850 | $9118179 |
| **10/21** | $14364499 | $9241971 |
| **11/21** | $13488359 | $8884387 |
| **12/21** | $13252836 | $9005808 |
| **1/22** | $12665350 | $8726330 |
| **2/22** | $12215474 | $8521625 |
| **3/22** | $10765283 | $8285921 |
| **4/22** | $10198968 | $7858075 |
| **5/22** | $10236016 | $7894219 |
| **6/22** | $10310114 | $7539808 |
| **7/22** | $10130163 | $7448386 |
| **8/22** | $10151334 | $7447798 |
| **9/22** | $9188068 | $6496755 |
| **10/22** | $7949585 | $6100515 |
| **11/22** | $10114285 | $7247873 |
| **12/22** | $10341870 | $7234221 |
| **1/23** | $11104014 | $7828279 |
| **2/23** | $10373626 | $7294451 |
| **3/23** | $10553576 | $7548260 |
| **4/23** | $10156626 | $7391333 |
| **5/23** | $9484458 | $7255987 |
| **6/23** | $9966090 | $7453101 |
| **7/23** | $10738820 | $7909642 |
| **8/23** | $10082529 | $7402468 |
| **9/23** | $9632652 | $7203906 |
| **10/23** | $9251580 | $6925339 |
| **11/23** | $9463287 | $7406531 |
| **12/23** | $9638916 | $7666954 |
| **1/24** | $8794515 | $7248947 |
| **2/24** | $9415866 | $7654704 |
| **3/24** | $9776994 | $7849129 |
| **4/24** | $10323996 | $7946895 |
| **5/24** | $10483317 | $8070725 |
| **6/24** | $10276199 | $8414137 |
| **7/24** | $10042529 | $8402972 |
| **8/24** | $10249646 | $8566785 |
| **9/24** | $11901273 | $9289116 |
| **10/24** | $11720709 | $8862261 |
| **11/24** | $11880030 | $8571133 |
| **12/24** | $11557430 | $8583809 |
| **1/25** | $11438505 | $8647666 |
| **2/25** | $11627705 | $8737131 |
| **3/25** | $11800688 | $8739585 |
| **4/25** | $11768254 | $8804183 |
| **5/25** | $12076380 | $9267270 |
| **6/25** | $12562894 | $9828862 |
| **7/25** | $12481809 | $10080424 |
| **8/25** | $12541272 | $10191110 |
| **9/25** | $13303478 | $10886125 |
| **10/25** | $13006164 | $11375596 |
| **11/25** | $12319637 | $11052343 |
| **12/25** | $12203346 | $11353147 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 5.59% | (6.04)% | 9.33% |
| MSCI All Country Asia ex Japan Net Index | 32.26% | 3.73% | 8.55% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $117549293 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $750188 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 1.5% |
| Singapore | 3.0% |
| United States | 5.5% |
| Taiwan | 11.0% |
| Korea, Republic of | 11.4% |
| India | 25.4% |
| China | 42.2% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Trip.com Group Ltd. | 6.1% |
| Coupang, Inc. | 6.0% |
| ICICI Bank Ltd. | 5.6% |
| Baidu, Inc. | 4.8% |
| Tencent Holdings Ltd. | 4.6% |
| Meituan | 4.5% |
| Eternal Ltd. | 4.1% |
| HDFC Bank Ltd. | 4.1% |
| Kweichow Moutai Co. Ltd. | 4.0% |
| Total | 53.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSAYX -TSR-AR

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

# Class A MDOAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $157 | 1.51% |

---

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

↓ Stock selection in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↓ Stock selection in financials, where exposure to a Chinese consumer finance platform was the main detractor

↓ An average underweight in information technology, where underexposure to a leading foundry provider was the top detractor

↑ Stock selection in utilities, where exposure to a Brazilian water management company was the main contributor

↑ No exposure to energy

↑ An average underweight in health care

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

![Growth of 10K Chart](tm262201d1_tsrimg096.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI Emerging Markets Net Index** |
| **2/20** | $9479 | $10000 |
| **2/20** | $8882 | $9095 |
| **3/20** | $7848 | $7694 |
| **4/20** | $8445 | $8398 |
| **5/20** | $9156 | $8463 |
| **6/20** | $10038 | $9085 |
| **7/20** | $11213 | $9897 |
| **8/20** | $12256 | $10116 |
| **9/20** | $11858 | $9953 |
| **10/20** | $12066 | $10158 |
| **11/20** | $12929 | $11098 |
| **12/20** | $13716 | $11914 |
| **1/21** | $14351 | $12279 |
| **2/21** | $14474 | $12373 |
| **3/21** | $13441 | $12186 |
| **4/21** | $13564 | $12489 |
| **5/21** | $13536 | $12779 |
| **6/21** | $13687 | $12801 |
| **7/21** | $11858 | $11940 |
| **8/21** | $12265 | $12252 |
| **9/21** | $11716 | $11765 |
| **10/21** | $12047 | $11881 |
| **11/21** | $11100 | $11397 |
| **12/21** | $11118 | $11611 |
| **1/22** | $10303 | $11391 |
| **2/22** | $9801 | $11051 |
| **3/22** | $8995 | $10801 |
| **4/22** | $8152 | $10200 |
| **5/22** | $7886 | $10245 |
| **6/22** | $7498 | $9564 |
| **7/22** | $7744 | $9541 |
| **8/22** | $7915 | $9581 |
| **9/22** | $7242 | $8458 |
| **10/22** | $6692 | $8195 |
| **11/22** | $7839 | $9410 |
| **12/22** | $7725 | $9278 |
| **1/23** | $8427 | $10011 |
| **2/23** | $8009 | $9362 |
| **3/23** | $8161 | $9645 |
| **4/23** | $7924 | $9536 |
| **5/23** | $7687 | $9376 |
| **6/23** | $7981 | $9732 |
| **7/23** | $8493 | $10338 |
| **8/23** | $8142 | $9701 |
| **9/23** | $7773 | $9447 |
| **10/23** | $7450 | $9080 |
| **11/23** | $7915 | $9807 |
| **12/23** | $8104 | $10190 |
| **1/24** | $7583 | $9717 |
| **2/24** | $8047 | $10179 |
| **3/24** | $8265 | $10431 |
| **4/24** | $8578 | $10478 |
| **5/24** | $8806 | $10537 |
| **6/24** | $8720 | $10953 |
| **7/24** | $8559 | $10985 |
| **8/24** | $8967 | $11163 |
| **9/24** | $9943 | $11908 |
| **10/24** | $9905 | $11379 |
| **11/24** | $9886 | $10970 |
| **12/24** | $9433 | $10955 |
| **1/25** | $9576 | $11150 |
| **2/25** | $9633 | $11204 |
| **3/25** | $9671 | $11275 |
| **4/25** | $9947 | $11424 |
| **5/25** | $10233 | $11911 |
| **6/25** | $10661 | $12627 |
| **7/25** | $10395 | $12873 |
| **8/25** | $10594 | $13038 |
| **9/25** | $11156 | $13971 |
| **10/25** | $10947 | $14555 |
| **11/25** | $10290 | $14207 |
| **12/25** | $10184 | $14632 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 2/14/20 (Inception)* |
| Class A | 7.96% | (5.78)% | 1.23% |
| Class A, with 5.25% maximum front end sales charge | 2.29% | (6.79)% | 0.31% |
| MSCI Emerging Markets Net Index | 33.57% | 4.20% | 6.69% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $62596157 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $50575 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.1% |
| Singapore | 3.0% |
| Brazil | 4.9% |
| Korea, Republic of | 9.9% |
| Taiwan | 10.6% |
| United States | 12.2% |
| India | 23.2% |
| China | 35.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| MercadoLibre, Inc. | 6.6% |
| Coupang, Inc. | 5.4% |
| NU Holdings Ltd. | 5.0% |
| Trip.com Group Ltd. | 4.8% |
| ICICI Bank Ltd. | 4.5% |
| Tencent Holdings Ltd. | 4.5% |
| Meituan | 4.4% |
| Baidu, Inc. | 4.1% |
| Eternal Ltd. | 4.1% |
| Total | 53.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MDOAX -TSR-AR

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

# Class C MDOBX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $234 | 2.26% |

---

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

↓ Stock selection in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↓ Stock selection in financials, where exposure to a Chinese consumer finance platform was the main detractor

↓ An average underweight in information technology, where underexposure to a leading foundry provider was the top detractor

↑ Stock selection in utilities, where exposure to a Brazilian water management company was the main contributor

↑ No exposure to energy

↑ An average underweight in health care

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

![Growth of 10K Chart](tm262201d1_tsrimg006.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets Net Index** |
| **2/20** | $10000 | $10000 |
| **2/20** | $9370 | $9095 |
| **3/20** | $8270 | $7694 |
| **4/20** | $8900 | $8398 |
| **5/20** | $9640 | $8463 |
| **6/20** | $10560 | $9085 |
| **7/20** | $11790 | $9897 |
| **8/20** | $12860 | $10116 |
| **9/20** | $12440 | $9953 |
| **10/20** | $12650 | $10158 |
| **11/20** | $13550 | $11098 |
| **12/20** | $14360 | $11914 |
| **1/21** | $15020 | $12279 |
| **2/21** | $15140 | $12373 |
| **3/21** | $14050 | $12186 |
| **4/21** | $14170 | $12489 |
| **5/21** | $14130 | $12779 |
| **6/21** | $14280 | $12801 |
| **7/21** | $12360 | $11940 |
| **8/21** | $12780 | $12252 |
| **9/21** | $12200 | $11765 |
| **10/21** | $12540 | $11881 |
| **11/21** | $11550 | $11397 |
| **12/21** | $11550 | $11611 |
| **1/22** | $10700 | $11391 |
| **2/22** | $10180 | $11051 |
| **3/22** | $9340 | $10801 |
| **4/22** | $8450 | $10200 |
| **5/22** | $8170 | $10245 |
| **6/22** | $7760 | $9564 |
| **7/22** | $8010 | $9541 |
| **8/22** | $8180 | $9581 |
| **9/22** | $7490 | $8458 |
| **10/22** | $6910 | $8195 |
| **11/22** | $8100 | $9410 |
| **12/22** | $7960 | $9278 |
| **1/23** | $8690 | $10011 |
| **2/23** | $8250 | $9362 |
| **3/23** | $8410 | $9645 |
| **4/23** | $8150 | $9536 |
| **5/23** | $7900 | $9376 |
| **6/23** | $8200 | $9732 |
| **7/23** | $8720 | $10338 |
| **8/23** | $8350 | $9701 |
| **9/23** | $7970 | $9447 |
| **10/23** | $7630 | $9080 |
| **11/23** | $8100 | $9807 |
| **12/23** | $8290 | $10190 |
| **1/24** | $7760 | $9717 |
| **2/24** | $8230 | $10179 |
| **3/24** | $8440 | $10431 |
| **4/24** | $8760 | $10478 |
| **5/24** | $8990 | $10537 |
| **6/24** | $8890 | $10953 |
| **7/24** | $8720 | $10985 |
| **8/24** | $9130 | $11163 |
| **9/24** | $10120 | $11908 |
| **10/24** | $10070 | $11379 |
| **11/24** | $10050 | $10970 |
| **12/24** | $9580 | $10955 |
| **1/25** | $9720 | $11150 |
| **2/25** | $9770 | $11204 |
| **3/25** | $9800 | $11275 |
| **4/25** | $10080 | $11424 |
| **5/25** | $10360 | $11911 |
| **6/25** | $10790 | $12627 |
| **7/25** | $10510 | $12873 |
| **8/25** | $10710 | $13038 |
| **9/25** | $11270 | $13971 |
| **10/25** | $11050 | $14555 |
| **11/25** | $10380 | $14207 |
| **12/25** | $10260 | $14632 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 2/14/20 (Inception)* |
| Class C | 7.10% | (6.50)% | 0.44% |
| Class C, with 1% maximum contingent deferred sales charge | 6.10% | (6.50)% | 0.44% |
| MSCI Emerging Markets Net Index | 33.57% | 4.20% | 6.69% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $62596157 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $50575 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.1% |
| Singapore | 3.0% |
| Brazil | 4.9% |
| Korea, Republic of | 9.9% |
| Taiwan | 10.6% |
| United States | 12.2% |
| India | 23.2% |
| China | 35.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| MercadoLibre, Inc. | 6.6% |
| Coupang, Inc. | 5.4% |
| NU Holdings Ltd. | 5.0% |
| Trip.com Group Ltd. | 4.8% |
| ICICI Bank Ltd. | 4.5% |
| Tencent Holdings Ltd. | 4.5% |
| Meituan | 4.4% |
| Baidu, Inc. | 4.1% |
| Eternal Ltd. | 4.1% |
| Total | 53.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MDOBX -TSR-AR

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

# Class I MDOEX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $121 | 1.16% |

---

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

↓ Stock selection in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↓ Stock selection in financials, where exposure to a Chinese consumer finance platform was the main detractor

↓ An average underweight in information technology, where underexposure to a leading foundry provider was the top detractor

↑ Stock selection in utilities, where exposure to a Brazilian water management company was the main contributor

↑ No exposure to energy

↑ An average underweight in health care

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

![Growth of 10K Chart](tm262201d1_tsrimg054.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Net Index** |
| **2/20** | $1000000 | $1000000 |
| **2/20** | $937000 | $909459 |
| **3/20** | $828000 | $769381 |
| **4/20** | $892000 | $839837 |
| **5/20** | $967000 | $846287 |
| **6/20** | $1061000 | $908497 |
| **7/20** | $1185000 | $989682 |
| **8/20** | $1295000 | $1011558 |
| **9/20** | $1253000 | $995334 |
| **10/20** | $1276000 | $1015840 |
| **11/20** | $1367000 | $1109793 |
| **12/20** | $1450000 | $1191378 |
| **1/21** | $1518000 | $1227903 |
| **2/21** | $1532000 | $1237294 |
| **3/21** | $1423000 | $1218608 |
| **4/21** | $1436000 | $1248949 |
| **5/21** | $1433000 | $1277912 |
| **6/21** | $1449000 | $1280115 |
| **7/21** | $1256000 | $1193965 |
| **8/21** | $1300000 | $1225217 |
| **9/21** | $1242000 | $1176526 |
| **10/21** | $1277000 | $1188130 |
| **11/21** | $1177000 | $1139710 |
| **12/21** | $1179000 | $1161095 |
| **1/22** | $1094000 | $1139117 |
| **2/22** | $1040000 | $1105068 |
| **3/22** | $956000 | $1080109 |
| **4/22** | $866000 | $1020027 |
| **5/22** | $838000 | $1024518 |
| **6/22** | $797000 | $956439 |
| **7/22** | $823000 | $954090 |
| **8/22** | $841000 | $958073 |
| **9/22** | $770000 | $845756 |
| **10/22** | $711000 | $819496 |
| **11/22** | $834000 | $941042 |
| **12/22** | $821000 | $927815 |
| **1/23** | $897000 | $1001077 |
| **2/23** | $852000 | $936165 |
| **3/23** | $869000 | $964518 |
| **4/23** | $844000 | $953588 |
| **5/23** | $819000 | $937571 |
| **6/23** | $850000 | $973171 |
| **7/23** | $905000 | $1033752 |
| **8/23** | $868000 | $970072 |
| **9/23** | $828000 | $944703 |
| **10/23** | $794000 | $907997 |
| **11/23** | $844000 | $980664 |
| **12/23** | $865000 | $1019002 |
| **1/24** | $809000 | $971686 |
| **2/24** | $859000 | $1017911 |
| **3/24** | $883000 | $1043135 |
| **4/24** | $916000 | $1047802 |
| **5/24** | $941000 | $1053720 |
| **6/24** | $932000 | $1095283 |
| **7/24** | $915000 | $1098543 |
| **8/24** | $959000 | $1116279 |
| **9/24** | $1063000 | $1190819 |
| **10/24** | $1060000 | $1137859 |
| **11/24** | $1058000 | $1096976 |
| **12/24** | $1010271 | $1095469 |
| **1/25** | $1025379 | $1115045 |
| **2/25** | $1031423 | $1120447 |
| **3/25** | $1036459 | $1127540 |
| **4/25** | $1065669 | $1142357 |
| **5/25** | $1096894 | $1191093 |
| **6/25** | $1143228 | $1262710 |
| **7/25** | $1115025 | $1287319 |
| **8/25** | $1137184 | $1303831 |
| **9/25** | $1197619 | $1397100 |
| **10/25** | $1175459 | $1455486 |
| **11/25** | $1104952 | $1420678 |
| **12/25** | $1093983 | $1463175 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 2/14/20 (Inception)* |
| Class I | 8.29% | (5.48)% | 1.54% |
| MSCI Emerging Markets Net Index | 33.57% | 4.20% | 6.69% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $62596157 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $50575 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.1% |
| Singapore | 3.0% |
| Brazil | 4.9% |
| Korea, Republic of | 9.9% |
| Taiwan | 10.6% |
| United States | 12.2% |
| India | 23.2% |
| China | 35.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| MercadoLibre, Inc. | 6.6% |
| Coupang, Inc. | 5.4% |
| NU Holdings Ltd. | 5.0% |
| Trip.com Group Ltd. | 4.8% |
| ICICI Bank Ltd. | 4.5% |
| Tencent Holdings Ltd. | 4.5% |
| Meituan | 4.4% |
| Baidu, Inc. | 4.1% |
| Eternal Ltd. | 4.1% |
| Total | 53.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MDOEX -TSR-AR

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

# Class R6 MDODX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Developing Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $116 | 1.11% |

---

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

↓ Stock selection in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↓ Stock selection in financials, where exposure to a Chinese consumer finance platform was the main detractor

↓ An average underweight in information technology, where underexposure to a leading foundry provider was the top detractor

↑ Stock selection in utilities, where exposure to a Brazilian water management company was the main contributor

↑ No exposure to energy

↑ An average underweight in health care

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

![Growth of 10K Chart](tm262201d1_tsrimg023.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Net Index** |
| **2/20** | $5000000 | $5000000 |
| **2/20** | $4685000 | $4547293 |
| **3/20** | $4140000 | $3846907 |
| **4/20** | $4460000 | $4199183 |
| **5/20** | $4835000 | $4231435 |
| **6/20** | $5310000 | $4542484 |
| **7/20** | $5925000 | $4948409 |
| **8/20** | $6475000 | $5057791 |
| **9/20** | $6265000 | $4976668 |
| **10/20** | $6380000 | $5079202 |
| **11/20** | $6835000 | $5548965 |
| **12/20** | $7255000 | $5956888 |
| **1/21** | $7595000 | $6139513 |
| **2/21** | $7665000 | $6186472 |
| **3/21** | $7115000 | $6093040 |
| **4/21** | $7185000 | $6244744 |
| **5/21** | $7170000 | $6389561 |
| **6/21** | $7250000 | $6400573 |
| **7/21** | $6285000 | $5969824 |
| **8/21** | $6505000 | $6126086 |
| **9/21** | $6215000 | $5882631 |
| **10/21** | $6395000 | $5940650 |
| **11/21** | $5895000 | $5698550 |
| **12/21** | $5900000 | $5805475 |
| **1/22** | $5475000 | $5695583 |
| **2/22** | $5205000 | $5525341 |
| **3/22** | $4785000 | $5400547 |
| **4/22** | $4330000 | $5100134 |
| **5/22** | $4195000 | $5122590 |
| **6/22** | $3990000 | $4782196 |
| **7/22** | $4120000 | $4770448 |
| **8/22** | $4210000 | $4790363 |
| **9/22** | $3855000 | $4228778 |
| **10/22** | $3560000 | $4097482 |
| **11/22** | $4175000 | $4705211 |
| **12/22** | $4115000 | $4639076 |
| **1/23** | $4490000 | $5005384 |
| **2/23** | $4270000 | $4680823 |
| **3/23** | $4355000 | $4822592 |
| **4/23** | $4225000 | $4767939 |
| **5/23** | $4100000 | $4687856 |
| **6/23** | $4260000 | $4865853 |
| **7/23** | $4535000 | $5168759 |
| **8/23** | $4345000 | $4850362 |
| **9/23** | $4150000 | $4723515 |
| **10/23** | $3980000 | $4539983 |
| **11/23** | $4230000 | $4903319 |
| **12/23** | $4335000 | $5095010 |
| **1/24** | $4055000 | $4858430 |
| **2/24** | $4305000 | $5089557 |
| **3/24** | $4425000 | $5215675 |
| **4/24** | $4590000 | $5239011 |
| **5/24** | $4720000 | $5268602 |
| **6/24** | $4670000 | $5476415 |
| **7/24** | $4585000 | $5492713 |
| **8/24** | $4805000 | $5581395 |
| **9/24** | $5330000 | $5954093 |
| **10/24** | $5315000 | $5689295 |
| **11/24** | $5305000 | $5484878 |
| **12/24** | $5063877 | $5477346 |
| **1/25** | $5144496 | $5575227 |
| **2/25** | $5174728 | $5602237 |
| **3/25** | $5194882 | $5637701 |
| **4/25** | $5346043 | $5711787 |
| **5/25** | $5502242 | $5955465 |
| **6/25** | $5734022 | $6313550 |
| **7/25** | $5592938 | $6436594 |
| **8/25** | $5703789 | $6519155 |
| **9/25** | $6011149 | $6985500 |
| **10/25** | $5895259 | $7277429 |
| **11/25** | $5542552 | $7103391 |
| **12/25** | $5484430 | $7315875 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 2/14/20 (Inception)* |
| Class R6 | 8.30% | (5.44)% | 1.59% |
| MSCI Emerging Markets Net Index | 33.57% | 4.20% | 6.69% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $62596157 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $50575 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Poland | 1.1% |
| Singapore | 3.0% |
| Brazil | 4.9% |
| Korea, Republic of | 9.9% |
| Taiwan | 10.6% |
| United States | 12.2% |
| India | 23.2% |
| China | 35.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| MercadoLibre, Inc. | 6.6% |
| Coupang, Inc. | 5.4% |
| NU Holdings Ltd. | 5.0% |
| Trip.com Group Ltd. | 4.8% |
| ICICI Bank Ltd. | 4.5% |
| Tencent Holdings Ltd. | 4.5% |
| Meituan | 4.4% |
| Baidu, Inc. | 4.1% |
| Eternal Ltd. | 4.1% |
| Total | 53.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MDODX -TSR-AR

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

# Class A MSDQX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This 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 December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $159 | 1.35% |

---

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

↑ Stock selection in Taiwan and the information technology (IT) sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ The underweight allocation to Saudi Arabia

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ Underweight allocation to Korea, which sharply rallied in 2025 following elections and strong demand for AI-related industries, including memory

↓ The zero allocation to Greece

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

![Growth of 10K Chart](tm262201d1_tsrimg002.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI Emerging Markets ex China Net Index** |
| **9/22** | $9479 | $10000 |
| **10/22** | $9934 | $10315 |
| **11/22** | $10938 | $11280 |
| **12/22** | $10313 | $10798 |
| **1/23** | $11156 | $11450 |
| **2/23** | $10540 | $10932 |
| **3/23** | $10749 | $11186 |
| **4/23** | $10787 | $11278 |
| **5/23** | $10910 | $11436 |
| **6/23** | $11441 | $11862 |
| **7/23** | $11829 | $12377 |
| **8/23** | $11270 | $11768 |
| **9/23** | $11024 | $11467 |
| **10/23** | $10720 | $11040 |
| **11/23** | $11725 | $12182 |
| **12/23** | $12488 | $12961 |
| **1/24** | $12237 | $12638 |
| **2/24** | $12670 | $13087 |
| **3/24** | $13183 | $13480 |
| **4/24** | $13102 | $13262 |
| **5/24** | $13273 | $13249 |
| **6/24** | $14048 | $14052 |
| **7/24** | $13998 | $14170 |
| **8/24** | $13968 | $14427 |
| **9/24** | $14109 | $14608 |
| **10/24** | $13595 | $14042 |
| **11/24** | $13364 | $13583 |
| **12/24** | $13105 | $13422 |
| **1/25** | $13158 | $13707 |
| **2/25** | $12572 | $13186 |
| **3/25** | $12658 | $13192 |
| **4/25** | $13222 | $13701 |
| **5/25** | $13957 | $14373 |
| **6/25** | $14820 | $15372 |
| **7/25** | $14799 | $15498 |
| **8/25** | $14948 | $15463 |
| **9/25** | $15897 | $16393 |
| **10/25** | $17196 | $17671 |
| **11/25** | $17015 | $17257 |
| **12/25** | $17722 | $18068 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 9/30/22 (Inception)* |
| Class A | 35.23% | 21.22% |
| Class A, with 5.25% maximum front end sales charge | 28.14% | 19.24% |
| MSCI Emerging Markets ex China Net Index | 34.61% | 19.95% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9458303 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg128.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.4% |
| Indonesia | 1.3% |
| United States | 1.3% |
| United Kingdom | 2.2% |
| Mexico | 2.7% |
| Poland | 4.3% |
| South Africa | 4.9% |
| Brazil | 6.6% |
| Korea, Republic of | 15.0% |
| India | 25.8% |
| Taiwan | 29.5% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 19.2% |
| Samsung Electronics Co. Ltd. | 9.0% |
| Mahindra & Mahindra Ltd. | 2.5% |
| HDFC Bank Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.4% |
| Capitec Bank Holdings Ltd. | 2.3% |
| ICICI Bank Ltd. | 2.2% |
| Antofagasta PLC | 2.2% |
| Hon Hai Precision Industry Co. Ltd. | 2.0% |
| KB Financial Group, Inc. | 1.8% |
| Total | 46.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSDQX -TSR-AR

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

# Class C MSDOX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This 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 December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $246 | 2.10% |

---

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

↑ Stock selection in Taiwan and the information technology (IT) sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ The underweight allocation to Saudi Arabia

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ Underweight allocation to Korea, which sharply rallied in 2025 following elections and strong demand for AI-related industries, including memory

↓ The zero allocation to Greece

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

![Growth of 10K Chart](tm262201d1_tsrimg093.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets ex China Net Index** |
| **9/22** | $10000 | $10000 |
| **10/22** | $10470 | $10315 |
| **11/22** | $11530 | $11280 |
| **12/22** | $10860 | $10798 |
| **1/23** | $11740 | $11450 |
| **2/23** | $11090 | $10932 |
| **3/23** | $11290 | $11186 |
| **4/23** | $11330 | $11278 |
| **5/23** | $11460 | $11436 |
| **6/23** | $12000 | $11862 |
| **7/23** | $12400 | $12377 |
| **8/23** | $11810 | $11768 |
| **9/23** | $11540 | $11467 |
| **10/23** | $11220 | $11040 |
| **11/23** | $12260 | $12182 |
| **12/23** | $13056 | $12961 |
| **1/24** | $12781 | $12638 |
| **2/24** | $13224 | $13087 |
| **3/24** | $13752 | $13480 |
| **4/24** | $13657 | $13262 |
| **5/24** | $13825 | $13249 |
| **6/24** | $14627 | $14052 |
| **7/24** | $14564 | $14170 |
| **8/24** | $14522 | $14427 |
| **9/24** | $14669 | $14608 |
| **10/24** | $14121 | $14042 |
| **11/24** | $13878 | $13583 |
| **12/24** | $13602 | $13422 |
| **1/25** | $13647 | $13707 |
| **2/25** | $13026 | $13186 |
| **3/25** | $13115 | $13192 |
| **4/25** | $13680 | $13701 |
| **5/25** | $14434 | $14373 |
| **6/25** | $15310 | $15372 |
| **7/25** | $15287 | $15498 |
| **8/25** | $15420 | $15463 |
| **9/25** | $16407 | $16393 |
| **10/25** | $17726 | $17671 |
| **11/25** | $17538 | $17257 |
| **12/25** | $18253 | $18068 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 9/30/22 (Inception)* |
| Class C | 34.19% | 20.33% |
| Class C, with 1% maximum contingent deferred sales charge | 33.19% | 20.33% |
| MSCI Emerging Markets ex China Net Index | 34.61% | 19.95% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9458303 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg128.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.4% |
| Indonesia | 1.3% |
| United States | 1.3% |
| United Kingdom | 2.2% |
| Mexico | 2.7% |
| Poland | 4.3% |
| South Africa | 4.9% |
| Brazil | 6.6% |
| Korea, Republic of | 15.0% |
| India | 25.8% |
| Taiwan | 29.5% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 19.2% |
| Samsung Electronics Co. Ltd. | 9.0% |
| Mahindra & Mahindra Ltd. | 2.5% |
| HDFC Bank Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.4% |
| Capitec Bank Holdings Ltd. | 2.3% |
| ICICI Bank Ltd. | 2.2% |
| Antofagasta PLC | 2.2% |
| Hon Hai Precision Industry Co. Ltd. | 2.0% |
| KB Financial Group, Inc. | 1.8% |
| Total | 46.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSDOX -TSR-AR

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

# Class I MSDUX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This 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 December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $116 | 0.98% |

---

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

↑ Stock selection in Taiwan and the information technology (IT) sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ The underweight allocation to Saudi Arabia

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ Underweight allocation to Korea, which sharply rallied in 2025 following elections and strong demand for AI-related industries, including memory

↓ The zero allocation to Greece

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

![Growth of 10K Chart](tm262201d1_tsrimg091.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets ex China Net Index** |
| **9/22** | $1000000 | $1000000 |
| **10/22** | $1048000 | $1031450 |
| **11/22** | $1155000 | $1127979 |
| **12/22** | $1089000 | $1079771 |
| **1/23** | $1178000 | $1145006 |
| **2/23** | $1114000 | $1093201 |
| **3/23** | $1136000 | $1118592 |
| **4/23** | $1141000 | $1127759 |
| **5/23** | $1154000 | $1143647 |
| **6/23** | $1210000 | $1186244 |
| **7/23** | $1251000 | $1237685 |
| **8/23** | $1193000 | $1176768 |
| **9/23** | $1167000 | $1146687 |
| **10/23** | $1136000 | $1103985 |
| **11/23** | $1242000 | $1218155 |
| **12/23** | $1323941 | $1296060 |
| **1/24** | $1297313 | $1263820 |
| **2/24** | $1343113 | $1308724 |
| **3/24** | $1398499 | $1348031 |
| **4/24** | $1389978 | $1326236 |
| **5/24** | $1408085 | $1324854 |
| **6/24** | $1492229 | $1405207 |
| **7/24** | $1486904 | $1417009 |
| **8/24** | $1483709 | $1442715 |
| **9/24** | $1499685 | $1460844 |
| **10/24** | $1445364 | $1404181 |
| **11/24** | $1420867 | $1358278 |
| **12/24** | $1394275 | $1342211 |
| **1/25** | $1401065 | $1370687 |
| **2/25** | $1337689 | $1318598 |
| **3/25** | $1347875 | $1319155 |
| **4/25** | $1408987 | $1370068 |
| **5/25** | $1487076 | $1437287 |
| **6/25** | $1578745 | $1537217 |
| **7/25** | $1577613 | $1549762 |
| **8/25** | $1593457 | $1546253 |
| **9/25** | $1696443 | $1639287 |
| **10/25** | $1835645 | $1767135 |
| **11/25** | $1816405 | $1725684 |
| **12/25** | $1892984 | $1806806 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 9/30/22 (Inception)* |
| Class I | 35.77% | 21.68% |
| MSCI Emerging Markets ex China Net Index | 34.61% | 19.95% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9458303 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg128.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.4% |
| Indonesia | 1.3% |
| United States | 1.3% |
| United Kingdom | 2.2% |
| Mexico | 2.7% |
| Poland | 4.3% |
| South Africa | 4.9% |
| Brazil | 6.6% |
| Korea, Republic of | 15.0% |
| India | 25.8% |
| Taiwan | 29.5% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 19.2% |
| Samsung Electronics Co. Ltd. | 9.0% |
| Mahindra & Mahindra Ltd. | 2.5% |
| HDFC Bank Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.4% |
| Capitec Bank Holdings Ltd. | 2.3% |
| ICICI Bank Ltd. | 2.2% |
| Antofagasta PLC | 2.2% |
| Hon Hai Precision Industry Co. Ltd. | 2.0% |
| KB Financial Group, Inc. | 1.8% |
| Total | 46.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSDUX -TSR-AR

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

# Class R6 MSDMX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This 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 December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $112 | 0.95% |

---

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

↑ Stock selection in Taiwan and the information technology (IT) sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ The underweight allocation to Saudi Arabia

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ Underweight allocation to Korea, which sharply rallied in 2025 following elections and strong demand for AI-related industries, including memory

↓ The zero allocation to Greece

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

![Growth of 10K Chart](tm262201d1_tsrimg050.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets ex China Net Index** |
| **9/22** | $5000000 | $5000000 |
| **10/22** | $5240000 | $5157250 |
| **11/22** | $5775000 | $5639894 |
| **12/22** | $5445000 | $5398856 |
| **1/23** | $5890000 | $5725032 |
| **2/23** | $5570000 | $5466004 |
| **3/23** | $5680000 | $5592959 |
| **4/23** | $5705000 | $5638794 |
| **5/23** | $5775000 | $5718234 |
| **6/23** | $6050000 | $5931222 |
| **7/23** | $6260000 | $6188423 |
| **8/23** | $5965000 | $5883839 |
| **9/23** | $5835000 | $5733436 |
| **10/23** | $5680000 | $5519923 |
| **11/23** | $6215000 | $6090776 |
| **12/23** | $6621870 | $6480302 |
| **1/24** | $6488686 | $6319102 |
| **2/24** | $6717761 | $6543618 |
| **3/24** | $6994783 | $6740156 |
| **4/24** | $6952164 | $6631180 |
| **5/24** | $7048056 | $6624272 |
| **6/24** | $7463587 | $7026033 |
| **7/24** | $7436951 | $7085046 |
| **8/24** | $7420969 | $7213573 |
| **9/24** | $7500879 | $7304219 |
| **10/24** | $7229185 | $7020904 |
| **11/24** | $7111984 | $6791388 |
| **12/24** | $6975438 | $6711054 |
| **1/25** | $7009409 | $6853433 |
| **2/25** | $6692344 | $6592990 |
| **3/25** | $6748962 | $6595775 |
| **4/25** | $7049042 | $6850342 |
| **5/25** | $7439712 | $7186435 |
| **6/25** | $7903986 | $7686087 |
| **7/25** | $7898324 | $7748811 |
| **8/25** | $7977591 | $7731265 |
| **9/25** | $8487160 | $8196436 |
| **10/25** | $9183571 | $8835677 |
| **11/25** | $9092981 | $8628421 |
| **12/25** | $9472720 | $9034029 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 9/30/22 (Inception)* |
| Class R6 | 35.80% | 21.71% |
| MSCI Emerging Markets ex China Net Index | 34.61% | 19.95% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9458303 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg128.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.4% |
| Indonesia | 1.3% |
| United States | 1.3% |
| United Kingdom | 2.2% |
| Mexico | 2.7% |
| Poland | 4.3% |
| South Africa | 4.9% |
| Brazil | 6.6% |
| Korea, Republic of | 15.0% |
| India | 25.8% |
| Taiwan | 29.5% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 19.2% |
| Samsung Electronics Co. Ltd. | 9.0% |
| Mahindra & Mahindra Ltd. | 2.5% |
| HDFC Bank Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.4% |
| Capitec Bank Holdings Ltd. | 2.3% |
| ICICI Bank Ltd. | 2.2% |
| Antofagasta PLC | 2.2% |
| Hon Hai Precision Industry Co. Ltd. | 2.0% |
| KB Financial Group, Inc. | 1.8% |
| Total | 46.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSDMX -TSR-AR

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

# Class A MELAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $141 | 1.34% |

---

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

↓ Overweight to and stock selection in India

↓ Stock selection in and underweight to tech-heavy markets Korea and Taiwan

↓ Stock selection in and underweight to the information technology sector

↑ Overweight to Brazil

↑ Overweight to Mexico, led by overweight selection to a Mexican bank

↑ Zero exposure to Saudi Arabia and Thailand

↑ Zero exposure to the energy sector and underweight to the utilities sector

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

![Growth of 10K Chart](tm262201d1_tsrimg138.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI Emerging Markets Net Index** |
| **12/15** | $9477 | $10000 |
| **1/16** | $9106 | $9351 |
| **2/16** | $9025 | $9336 |
| **3/16** | $9899 | $10571 |
| **4/16** | $9950 | $10629 |
| **5/16** | $9849 | $10232 |
| **6/16** | $10121 | $10641 |
| **7/16** | $10451 | $11177 |
| **8/16** | $10491 | $11455 |
| **9/16** | $10843 | $11602 |
| **10/16** | $10431 | $11630 |
| **11/16** | $9727 | $11094 |
| **12/16** | $9727 | $11119 |
| **1/17** | $10099 | $11727 |
| **2/17** | $10371 | $12086 |
| **3/17** | $10783 | $12391 |
| **4/17** | $11145 | $12663 |
| **5/17** | $11417 | $13037 |
| **6/17** | $11427 | $13168 |
| **7/17** | $11920 | $13953 |
| **8/17** | $12030 | $14264 |
| **9/17** | $11739 | $14208 |
| **10/17** | $11739 | $14706 |
| **11/17** | $11930 | $14735 |
| **12/17** | $12203 | $15264 |
| **1/18** | $12679 | $16536 |
| **2/18** | $12112 | $15774 |
| **3/18** | $12193 | $15480 |
| **4/18** | $11930 | $15412 |
| **5/18** | $11444 | $14866 |
| **6/18** | $11363 | $14248 |
| **7/18** | $11582 | $14561 |
| **8/18** | $11490 | $14167 |
| **9/18** | $10821 | $14092 |
| **10/18** | $9836 | $12865 |
| **11/18** | $10628 | $13395 |
| **12/18** | $10445 | $13040 |
| **1/19** | $10912 | $14182 |
| **2/19** | $10922 | $14214 |
| **3/19** | $11298 | $14333 |
| **4/19** | $11521 | $14635 |
| **5/19** | $11206 | $13573 |
| **6/19** | $12039 | $14420 |
| **7/19** | $12130 | $14244 |
| **8/19** | $11693 | $13549 |
| **9/19** | $11957 | $13808 |
| **10/19** | $12353 | $14390 |
| **11/19** | $12678 | $14370 |
| **12/19** | $13169 | $15443 |
| **1/20** | $13369 | $14723 |
| **2/20** | $13169 | $13946 |
| **3/20** | $10573 | $11798 |
| **4/20** | $11751 | $12879 |
| **5/20** | $12633 | $12978 |
| **6/20** | $13989 | $13932 |
| **7/20** | $15576 | $15177 |
| **8/20** | $17016 | $15512 |
| **9/20** | $16901 | $15263 |
| **10/20** | $17731 | $15578 |
| **11/20** | $19371 | $17018 |
| **12/20** | $20914 | $18270 |
| **1/21** | $21615 | $18830 |
| **2/21** | $21900 | $18974 |
| **3/21** | $20367 | $18687 |
| **4/21** | $21605 | $19152 |
| **5/21** | $21572 | $19597 |
| **6/21** | $22897 | $19630 |
| **7/21** | $21363 | $18309 |
| **8/21** | $23226 | $18788 |
| **9/21** | $22273 | $18042 |
| **10/21** | $22536 | $18220 |
| **11/21** | $21736 | $17477 |
| **12/21** | $21240 | $17805 |
| **1/22** | $19047 | $17468 |
| **2/22** | $18224 | $16946 |
| **3/22** | $17544 | $16563 |
| **4/22** | $15735 | $15642 |
| **5/22** | $15362 | $15711 |
| **6/22** | $14507 | $14667 |
| **7/22** | $15297 | $14631 |
| **8/22** | $15231 | $14692 |
| **9/22** | $13729 | $12969 |
| **10/22** | $13257 | $12567 |
| **11/22** | $14376 | $14431 |
| **12/22** | $14079 | $14228 |
| **1/23** | $14836 | $15351 |
| **2/23** | $14288 | $14356 |
| **3/23** | $14255 | $14791 |
| **4/23** | $14145 | $14623 |
| **5/23** | $14288 | $14377 |
| **6/23** | $14891 | $14923 |
| **7/23** | $15231 | $15852 |
| **8/23** | $14639 | $14876 |
| **9/23** | $14288 | $14487 |
| **10/23** | $13663 | $13924 |
| **11/23** | $15033 | $15038 |
| **12/23** | $15746 | $15626 |
| **1/24** | $15001 | $14901 |
| **2/24** | $15439 | $15609 |
| **3/24** | $16042 | $15996 |
| **4/24** | $15790 | $16068 |
| **5/24** | $16097 | $16159 |
| **6/24** | $17062 | $16796 |
| **7/24** | $17051 | $16846 |
| **8/24** | $17654 | $17118 |
| **9/24** | $17599 | $18261 |
| **10/24** | $17150 | $17449 |
| **11/24** | $16799 | $16822 |
| **12/24** | $16042 | $16799 |
| **1/25** | $15922 | $17099 |
| **2/25** | $14825 | $17182 |
| **3/25** | $15033 | $17291 |
| **4/25** | $16240 | $17518 |
| **5/25** | $16733 | $18265 |
| **6/25** | $17369 | $19363 |
| **7/25** | $16470 | $19741 |
| **8/25** | $17040 | $19994 |
| **9/25** | $17512 | $21424 |
| **10/25** | $17654 | $22320 |
| **11/25** | $17972 | $21786 |
| **12/25** | $17665 | $22438 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 10.12% | (3.32)% | 6.42% |
| Class A, with 5.25% maximum front end sales charge | 4.34% | (4.36)% | 5.86% |
| MSCI Emerging Markets Net Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $123810216 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $645705 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Greece | 0.4% |
| Thailand | 2.0% |
| South Africa | 2.0% |
| China | 3.0% |
| Singapore | 4.3% |
| Mexico | 4.9% |
| United States | 11.5% |
| Taiwan | 14.5% |
| Brazil | 20.9% |
| India | 36.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.9% |
| Localiza Rent a Car SA | 7.3% |
| NU Holdings Ltd. | 4.9% |
| Grupo Financiero Banorte SAB de CV | 4.9% |
| Varun Beverages Ltd. | 4.6% |
| Bharti Airtel Ltd. | 4.4% |
| Sea Ltd. | 4.3% |
| XP, Inc. | 3.8% |
| Raia Drogasil SA | 3.7% |
| MercadoLibre, Inc. | 3.6% |
| Total | 53.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MELAX -TSR-AR

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

# Class C MEMLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $219 | 2.09% |

---

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

↓ Overweight to and stock selection in India

↓ Stock selection in and underweight to tech-heavy markets Korea and Taiwan

↓ Stock selection in and underweight to the information technology sector

↑ Overweight to Brazil

↑ Overweight to Mexico, led by overweight selection to a Mexican bank

↑ Zero exposure to Saudi Arabia and Thailand

↑ Zero exposure to the energy sector and underweight to the utilities sector

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

![Growth of 10K Chart](tm262201d1_tsrimg020.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9607 | $9351 |
| **2/16** | $9522 | $9336 |
| **3/16** | $10435 | $10571 |
| **4/16** | $10478 | $10629 |
| **5/16** | $10372 | $10232 |
| **6/16** | $10648 | $10641 |
| **7/16** | $10986 | $11177 |
| **8/16** | $11018 | $11455 |
| **9/16** | $11379 | $11602 |
| **10/16** | $10954 | $11630 |
| **11/16** | $10200 | $11094 |
| **12/16** | $10189 | $11119 |
| **1/17** | $10582 | $11727 |
| **2/17** | $10859 | $12086 |
| **3/17** | $11273 | $12391 |
| **4/17** | $11655 | $12663 |
| **5/17** | $11921 | $13037 |
| **6/17** | $11932 | $13168 |
| **7/17** | $12442 | $13953 |
| **8/17** | $12548 | $14264 |
| **9/17** | $12229 | $14208 |
| **10/17** | $12229 | $14706 |
| **11/17** | $12420 | $14735 |
| **12/17** | $12688 | $15264 |
| **1/18** | $13179 | $16536 |
| **2/18** | $12582 | $15774 |
| **3/18** | $12656 | $15480 |
| **4/18** | $12379 | $15412 |
| **5/18** | $11867 | $14866 |
| **6/18** | $11782 | $14248 |
| **7/18** | $11991 | $14561 |
| **8/18** | $11884 | $14167 |
| **9/18** | $11189 | $14092 |
| **10/18** | $10162 | $12865 |
| **11/18** | $10975 | $13395 |
| **12/18** | $10782 | $13040 |
| **1/19** | $11264 | $14182 |
| **2/19** | $11264 | $14214 |
| **3/19** | $11649 | $14333 |
| **4/19** | $11863 | $14635 |
| **5/19** | $11531 | $13573 |
| **6/19** | $12376 | $14420 |
| **7/19** | $12472 | $14244 |
| **8/19** | $12012 | $13549 |
| **9/19** | $12269 | $13808 |
| **10/19** | $12676 | $14390 |
| **11/19** | $12997 | $14370 |
| **12/19** | $13493 | $15443 |
| **1/20** | $13681 | $14723 |
| **2/20** | $13482 | $13946 |
| **3/20** | $10810 | $11798 |
| **4/20** | $12007 | $12879 |
| **5/20** | $12905 | $12978 |
| **6/20** | $14280 | $13932 |
| **7/20** | $15887 | $15177 |
| **8/20** | $17351 | $15512 |
| **9/20** | $17218 | $15263 |
| **10/20** | $18049 | $15578 |
| **11/20** | $19712 | $17018 |
| **12/20** | $21263 | $18270 |
| **1/21** | $21969 | $18830 |
| **2/21** | $22236 | $18974 |
| **3/21** | $20673 | $18687 |
| **4/21** | $21912 | $19152 |
| **5/21** | $21854 | $19597 |
| **6/21** | $23196 | $19630 |
| **7/21** | $21622 | $18309 |
| **8/21** | $23497 | $18788 |
| **9/21** | $22513 | $18042 |
| **10/21** | $22768 | $18220 |
| **11/21** | $21946 | $17477 |
| **12/21** | $21422 | $17805 |
| **1/22** | $19198 | $17468 |
| **2/22** | $18363 | $16946 |
| **3/22** | $17668 | $16563 |
| **4/22** | $15826 | $15642 |
| **5/22** | $15444 | $15711 |
| **6/22** | $14575 | $14667 |
| **7/22** | $15374 | $14631 |
| **8/22** | $15293 | $14692 |
| **9/22** | $13764 | $12969 |
| **10/22** | $13289 | $12567 |
| **11/22** | $14401 | $14431 |
| **12/22** | $14100 | $14228 |
| **1/23** | $14841 | $15351 |
| **2/23** | $14297 | $14356 |
| **3/23** | $14250 | $14791 |
| **4/23** | $14135 | $14623 |
| **5/23** | $14262 | $14377 |
| **6/23** | $14853 | $14923 |
| **7/23** | $15177 | $15852 |
| **8/23** | $14586 | $14876 |
| **9/23** | $14227 | $14487 |
| **10/23** | $13602 | $13924 |
| **11/23** | $14946 | $15038 |
| **12/23** | $15652 | $15626 |
| **1/24** | $14911 | $14901 |
| **2/24** | $15347 | $15609 |
| **3/24** | $15947 | $15996 |
| **4/24** | $15696 | $16068 |
| **5/24** | $16001 | $16159 |
| **6/24** | $16960 | $16796 |
| **7/24** | $16949 | $16846 |
| **8/24** | $17549 | $17118 |
| **9/24** | $17494 | $18261 |
| **10/24** | $17048 | $17449 |
| **11/24** | $16699 | $16822 |
| **12/24** | $15947 | $16799 |
| **1/25** | $15827 | $17099 |
| **2/25** | $14737 | $17182 |
| **3/25** | $14944 | $17291 |
| **4/25** | $16143 | $17518 |
| **5/25** | $16633 | $18265 |
| **6/25** | $17266 | $19363 |
| **7/25** | $16372 | $19741 |
| **8/25** | $16939 | $19994 |
| **9/25** | $17407 | $21424 |
| **10/25** | $17549 | $22320 |
| **11/25** | $17865 | $21786 |
| **12/25** | $17560 | $22438 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 9.30% | (4.04)% | 5.79% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 8.30% | (4.04)% | 5.79% |
| MSCI Emerging Markets Net Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $123810216 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $645705 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Greece | 0.4% |
| Thailand | 2.0% |
| South Africa | 2.0% |
| China | 3.0% |
| Singapore | 4.3% |
| Mexico | 4.9% |
| United States | 11.5% |
| Taiwan | 14.5% |
| Brazil | 20.9% |
| India | 36.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.9% |
| Localiza Rent a Car SA | 7.3% |
| NU Holdings Ltd. | 4.9% |
| Grupo Financiero Banorte SAB de CV | 4.9% |
| Varun Beverages Ltd. | 4.6% |
| Bharti Airtel Ltd. | 4.4% |
| Sea Ltd. | 4.3% |
| XP, Inc. | 3.8% |
| Raia Drogasil SA | 3.7% |
| MercadoLibre, Inc. | 3.6% |
| Total | 53.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MEMLX -TSR-AR

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

# Class I MELIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $103 | 0.98% |

---

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

↓ Overweight to and stock selection in India

↓ Stock selection in and underweight to tech-heavy markets Korea and Taiwan

↓ Stock selection in and underweight to the information technology sector

↑ Overweight to Brazil

↑ Overweight to Mexico, led by overweight selection to a Mexican bank

↑ Zero exposure to Saudi Arabia and Thailand

↑ Zero exposure to the energy sector and underweight to the utilities sector

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

![Growth of 10K Chart](tm262201d1_tsrimg076.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Net Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $960847 | $935126 |
| **2/16** | $953439 | $933596 |
| **3/16** | $1045503 | $1057136 |
| **4/16** | $1051852 | $1062881 |
| **5/16** | $1041270 | $1023234 |
| **6/16** | $1070899 | $1064130 |
| **7/16** | $1105703 | $1117678 |
| **8/16** | $1109940 | $1145455 |
| **9/16** | $1148067 | $1160184 |
| **10/16** | $1105703 | $1162950 |
| **11/16** | $1030507 | $1109419 |
| **12/16** | $1030846 | $1111868 |
| **1/17** | $1071105 | $1172713 |
| **2/17** | $1099710 | $1208612 |
| **3/17** | $1144207 | $1239122 |
| **4/17** | $1183407 | $1266250 |
| **5/17** | $1212012 | $1303686 |
| **6/17** | $1214131 | $1316810 |
| **7/17** | $1267104 | $1395304 |
| **8/17** | $1278758 | $1426427 |
| **9/17** | $1248034 | $1420755 |
| **10/17** | $1249093 | $1470561 |
| **11/17** | $1270282 | $1473513 |
| **12/17** | $1298925 | $1526408 |
| **1/18** | $1350283 | $1653627 |
| **2/18** | $1290365 | $1577363 |
| **3/18** | $1298925 | $1548035 |
| **4/18** | $1271106 | $1541186 |
| **5/18** | $1220818 | $1486575 |
| **6/18** | $1212258 | $1424813 |
| **7/18** | $1235384 | $1456112 |
| **8/18** | $1225724 | $1416740 |
| **9/18** | $1154886 | $1409221 |
| **10/18** | $1049701 | $1286502 |
| **11/18** | $1135566 | $1339519 |
| **12/18** | $1115576 | $1304033 |
| **1/19** | $1166088 | $1418211 |
| **2/19** | $1168238 | $1421399 |
| **3/19** | $1209078 | $1433329 |
| **4/19** | $1232722 | $1463503 |
| **5/19** | $1199405 | $1357309 |
| **6/19** | $1288608 | $1442021 |
| **7/19** | $1299355 | $1424388 |
| **8/19** | $1252067 | $1354939 |
| **9/19** | $1281085 | $1380805 |
| **10/19** | $1324074 | $1439029 |
| **11/19** | $1359541 | $1437049 |
| **12/19** | $1412630 | $1544260 |
| **1/20** | $1433763 | $1472275 |
| **2/20** | $1413742 | $1394637 |
| **3/20** | $1134553 | $1179831 |
| **4/20** | $1262468 | $1287873 |
| **5/20** | $1357014 | $1297765 |
| **6/20** | $1503839 | $1393162 |
| **7/20** | $1674022 | $1517658 |
| **8/20** | $1829745 | $1551205 |
| **9/20** | $1818622 | $1526325 |
| **10/20** | $1907606 | $1557772 |
| **11/20** | $2084463 | $1701846 |
| **12/20** | $2251177 | $1826955 |
| **1/21** | $2327645 | $1882965 |
| **2/21** | $2357769 | $1897367 |
| **3/21** | $2194405 | $1868712 |
| **4/21** | $2327645 | $1915239 |
| **5/21** | $2324169 | $1959654 |
| **6/21** | $2468995 | $1963031 |
| **7/21** | $2304473 | $1830922 |
| **8/21** | $2504912 | $1878847 |
| **9/21** | $2402955 | $1804180 |
| **10/21** | $2431920 | $1821975 |
| **11/21** | $2346183 | $1747723 |
| **12/21** | $2292549 | $1780517 |
| **1/22** | $2055989 | $1746813 |
| **2/22** | $1967858 | $1694601 |
| **3/22** | $1895963 | $1656327 |
| **4/22** | $1699988 | $1564192 |
| **5/22** | $1660562 | $1571078 |
| **6/22** | $1568952 | $1466681 |
| **7/22** | $1654764 | $1463078 |
| **8/22** | $1647806 | $1469186 |
| **9/22** | $1485461 | $1296950 |
| **10/22** | $1435597 | $1256682 |
| **11/22** | $1556197 | $1443070 |
| **12/22** | $1524887 | $1422787 |
| **1/23** | $1606060 | $1535132 |
| **2/23** | $1548079 | $1435590 |
| **3/23** | $1544601 | $1479070 |
| **4/23** | $1534164 | $1462309 |
| **5/23** | $1549239 | $1437747 |
| **6/23** | $1614177 | $1492338 |
| **7/23** | $1651285 | $1585239 |
| **8/23** | $1587506 | $1487587 |
| **9/23** | $1550399 | $1448684 |
| **10/23** | $1484301 | $1392395 |
| **11/23** | $1632731 | $1503829 |
| **12/23** | $1710425 | $1562620 |
| **1/24** | $1630412 | $1490062 |
| **2/24** | $1677956 | $1560948 |
| **3/24** | $1744054 | $1599627 |
| **4/24** | $1717383 | $1606784 |
| **5/24** | $1751011 | $1615860 |
| **6/24** | $1856536 | $1679595 |
| **7/24** | $1856536 | $1684594 |
| **8/24** | $1922634 | $1711792 |
| **9/24** | $1916836 | $1826097 |
| **10/24** | $1868132 | $1744885 |
| **11/24** | $1829865 | $1682191 |
| **12/24** | $1748692 | $1679881 |
| **1/25** | $1735936 | $1709901 |
| **2/25** | $1616496 | $1718184 |
| **3/25** | $1640848 | $1729061 |
| **4/25** | $1773044 | $1751783 |
| **5/25** | $1827546 | $1826518 |
| **6/25** | $1897122 | $1936342 |
| **7/25** | $1798555 | $1974079 |
| **8/25** | $1862334 | $1999400 |
| **9/25** | $1915676 | $2142426 |
| **10/25** | $1931910 | $2231959 |
| **11/25** | $1967858 | $2178583 |
| **12/25** | $1934230 | $2243751 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 10.61% | (2.99)% | 6.82% |
| MSCI Emerging Markets Net Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $123810216 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $645705 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Greece | 0.4% |
| Thailand | 2.0% |
| South Africa | 2.0% |
| China | 3.0% |
| Singapore | 4.3% |
| Mexico | 4.9% |
| United States | 11.5% |
| Taiwan | 14.5% |
| Brazil | 20.9% |
| India | 36.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.9% |
| Localiza Rent a Car SA | 7.3% |
| NU Holdings Ltd. | 4.9% |
| Grupo Financiero Banorte SAB de CV | 4.9% |
| Varun Beverages Ltd. | 4.6% |
| Bharti Airtel Ltd. | 4.4% |
| Sea Ltd. | 4.3% |
| XP, Inc. | 3.8% |
| Raia Drogasil SA | 3.7% |
| MercadoLibre, Inc. | 3.6% |
| Total | 53.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MELIX -TSR-AR

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

# Class IR MSIWX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $98 | 0.93% |

---

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

↓ Overweight to and stock selection in India

↓ Stock selection in and underweight to tech-heavy markets Korea and Taiwan

↓ Stock selection in and underweight to the information technology sector

↑ Overweight to Brazil

↑ Overweight to Mexico, led by overweight selection to a Mexican bank

↑ Zero exposure to Saudi Arabia and Thailand

↑ Zero exposure to the energy sector and underweight to the utilities sector

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

![Growth of 10K Chart](tm262201d1_tsrimg026.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IR** | **MSCI Emerging Markets Net Index** |
| **4/21** | $5000000 | $5000000 |
| **4/21** | $5193598 | $5099946 |
| **5/21** | $5185854 | $5218216 |
| **6/21** | $5508518 | $5227209 |
| **7/21** | $5141972 | $4875426 |
| **8/21** | $5588539 | $5003041 |
| **9/21** | $5363965 | $4804217 |
| **10/21** | $5428498 | $4851600 |
| **11/21** | $5237481 | $4653882 |
| **12/21** | $5117990 | $4741205 |
| **1/22** | $4590948 | $4651459 |
| **2/22** | $4394599 | $4512426 |
| **3/22** | $4231836 | $4410509 |
| **4/22** | $3797802 | $4165169 |
| **5/22** | $3707378 | $4183508 |
| **6/22** | $3503278 | $3905515 |
| **7/22** | $3697044 | $3895921 |
| **8/22** | $3689293 | $3912185 |
| **9/22** | $3317264 | $3453551 |
| **10/22** | $3206171 | $3346324 |
| **11/22** | $3477443 | $3842643 |
| **12/22** | $3405104 | $3788633 |
| **1/23** | $3588535 | $4087789 |
| **2/23** | $3456775 | $3822727 |
| **3/23** | $3451608 | $3938506 |
| **4/23** | $3425772 | $3893873 |
| **5/23** | $3461942 | $3828470 |
| **6/23** | $3606620 | $3973837 |
| **7/23** | $3689293 | $4221213 |
| **8/23** | $3547199 | $3961186 |
| **9/23** | $3464525 | $3857592 |
| **10/23** | $3314680 | $3707706 |
| **11/23** | $3647957 | $4004434 |
| **12/23** | $3823637 | $4160984 |
| **1/24** | $3642789 | $3967774 |
| **2/24** | $3748715 | $4156531 |
| **3/24** | $3895976 | $4259528 |
| **4/24** | $3839138 | $4278587 |
| **5/24** | $3914061 | $4302753 |
| **6/24** | $4149163 | $4472469 |
| **7/24** | $4149163 | $4485779 |
| **8/24** | $4296425 | $4558204 |
| **9/24** | $4283507 | $4862578 |
| **10/24** | $4177582 | $4646324 |
| **11/24** | $4092325 | $4479380 |
| **12/24** | $3908894 | $4473229 |
| **1/25** | $3880475 | $4553167 |
| **2/25** | $3614371 | $4575225 |
| **3/25** | $3668625 | $4604188 |
| **4/25** | $3963148 | $4664692 |
| **5/25** | $4084575 | $4863699 |
| **6/25** | $4242170 | $5156139 |
| **7/25** | $4022570 | $5256627 |
| **8/25** | $4164664 | $5324052 |
| **9/25** | $4280924 | $5704906 |
| **10/25** | $4317093 | $5943318 |
| **11/25** | $4397183 | $5801185 |
| **12/25** | $4324844 | $5974716 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 4/12/21 (Inception)* |
| Class IR | 10.64% | (3.03)% |
| MSCI Emerging Markets Net Index | 33.57% | 3.85% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $123810216 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $645705 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Greece | 0.4% |
| Thailand | 2.0% |
| South Africa | 2.0% |
| China | 3.0% |
| Singapore | 4.3% |
| Mexico | 4.9% |
| United States | 11.5% |
| Taiwan | 14.5% |
| Brazil | 20.9% |
| India | 36.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.9% |
| Localiza Rent a Car SA | 7.3% |
| NU Holdings Ltd. | 4.9% |
| Grupo Financiero Banorte SAB de CV | 4.9% |
| Varun Beverages Ltd. | 4.6% |
| Bharti Airtel Ltd. | 4.4% |
| Sea Ltd. | 4.3% |
| XP, Inc. | 3.8% |
| Raia Drogasil SA | 3.7% |
| MercadoLibre, Inc. | 3.6% |
| Total | 53.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSIWX -TSR-AR

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

# Class R6 MELSX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Leaders Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $99 | 0.94% |

---

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

↓ Overweight to and stock selection in India

↓ Stock selection in and underweight to tech-heavy markets Korea and Taiwan

↓ Stock selection in and underweight to the information technology sector

↑ Overweight to Brazil

↑ Overweight to Mexico, led by overweight selection to a Mexican bank

↑ Zero exposure to Saudi Arabia and Thailand

↑ Zero exposure to the energy sector and underweight to the utilities sector

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

![Growth of 10K Chart](tm262201d1_tsrimg107.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Net Index** |
| **12/15** | $5000000 | $5000000 |
| **1/16** | $4809524 | $4675629 |
| **2/16** | $4772487 | $4667979 |
| **3/16** | $5232804 | $5285680 |
| **4/16** | $5259259 | $5314407 |
| **5/16** | $5211640 | $5116169 |
| **6/16** | $5354497 | $5320648 |
| **7/16** | $5528516 | $5588392 |
| **8/16** | $5549698 | $5727276 |
| **9/16** | $5740337 | $5800920 |
| **10/16** | $5528516 | $5814752 |
| **11/16** | $5157830 | $5547093 |
| **12/16** | $5154736 | $5559342 |
| **1/17** | $5356051 | $5863566 |
| **2/17** | $5504389 | $6043061 |
| **3/17** | $5721598 | $6195608 |
| **4/17** | $5917616 | $6331251 |
| **5/17** | $6060655 | $6518431 |
| **6/17** | $6071251 | $6584049 |
| **7/17** | $6336140 | $6976521 |
| **8/17** | $6394415 | $7132135 |
| **9/17** | $6240780 | $7103776 |
| **10/17** | $6246078 | $7352805 |
| **11/17** | $6352033 | $7367564 |
| **12/17** | $6496117 | $7632039 |
| **1/18** | $6752966 | $8268137 |
| **2/18** | $6453309 | $7886816 |
| **3/18** | $6496117 | $7740174 |
| **4/18** | $6356991 | $7705929 |
| **5/18** | $6105494 | $7432877 |
| **6/18** | $6062686 | $7124063 |
| **7/18** | $6178342 | $7280559 |
| **8/18** | $6135399 | $7083699 |
| **9/18** | $5781124 | $7046104 |
| **10/18** | $5255080 | $6432511 |
| **11/18** | $5679136 | $6697593 |
| **12/18** | $5584664 | $6520165 |
| **1/19** | $5837534 | $7091055 |
| **2/19** | $5848294 | $7106997 |
| **3/19** | $6052742 | $7166645 |
| **4/19** | $6171107 | $7317516 |
| **5/19** | $6004320 | $6786547 |
| **6/19** | $6450878 | $7210103 |
| **7/19** | $6504680 | $7121938 |
| **8/19** | $6273331 | $6774696 |
| **9/19** | $6413217 | $6904023 |
| **10/19** | $6633806 | $7195144 |
| **11/19** | $6805972 | $7185244 |
| **12/19** | $7077309 | $7721301 |
| **1/20** | $7183107 | $7361375 |
| **2/20** | $7082877 | $6973187 |
| **3/20** | $5685234 | $5899157 |
| **4/20** | $6320020 | $6439365 |
| **5/20** | $6798894 | $6488824 |
| **6/20** | $7533909 | $6965812 |
| **7/20** | $8391428 | $7588289 |
| **8/20** | $9170990 | $7756025 |
| **9/20** | $9109738 | $7631624 |
| **10/20** | $9560771 | $7788858 |
| **11/20** | $10446130 | $8509230 |
| **12/20** | $11280700 | $9134773 |
| **1/21** | $11669290 | $9414825 |
| **2/21** | $11820086 | $9486836 |
| **3/21** | $10996508 | $9343560 |
| **4/21** | $11669290 | $9576194 |
| **5/21** | $11651890 | $9798269 |
| **6/21** | $12376871 | $9815155 |
| **7/21** | $11547493 | $9154610 |
| **8/21** | $12556666 | $9394235 |
| **9/21** | $12052080 | $9020901 |
| **10/21** | $12197076 | $9109873 |
| **11/21** | $11767887 | $8738616 |
| **12/21** | $11499409 | $8902583 |
| **1/22** | $10315219 | $8734066 |
| **2/22** | $9874051 | $8473003 |
| **3/22** | $9508345 | $8281635 |
| **4/22** | $8533130 | $7820958 |
| **5/22** | $8329960 | $7855392 |
| **6/22** | $7871377 | $7333405 |
| **7/22** | $8306741 | $7315390 |
| **8/22** | $8277717 | $7345929 |
| **9/22** | $7459233 | $6484750 |
| **10/22** | $7203819 | $6283409 |
| **11/22** | $7813329 | $7215350 |
| **12/22** | $7656598 | $7113934 |
| **1/23** | $8068742 | $7675660 |
| **2/23** | $7772695 | $7177952 |
| **3/23** | $7761085 | $7395352 |
| **4/23** | $7703036 | $7311543 |
| **5/23** | $7784304 | $7188737 |
| **6/23** | $8109376 | $7461692 |
| **7/23** | $8295131 | $7926193 |
| **8/23** | $7975864 | $7437937 |
| **9/23** | $7790109 | $7243419 |
| **10/23** | $7453428 | $6961977 |
| **11/23** | $8202254 | $7519145 |
| **12/23** | $8596983 | $7813100 |
| **1/24** | $8190644 | $7450309 |
| **2/24** | $8428643 | $7804738 |
| **3/24** | $8759519 | $7998137 |
| **4/24** | $8631813 | $8033922 |
| **5/24** | $8800153 | $8079300 |
| **6/24** | $9328395 | $8397976 |
| **7/24** | $9328395 | $8422969 |
| **8/24** | $9665076 | $8558961 |
| **9/24** | $9636052 | $9130487 |
| **10/24** | $9392248 | $8724424 |
| **11/24** | $9200688 | $8410954 |
| **12/24** | $8788544 | $8399404 |
| **1/25** | $8724690 | $8549503 |
| **2/25** | $8126791 | $8590922 |
| **3/25** | $8248692 | $8645306 |
| **4/25** | $8916250 | $8758915 |
| **5/25** | $9189078 | $9132591 |
| **6/25** | $9537369 | $9681708 |
| **7/25** | $9043957 | $9870393 |
| **8/25** | $9363224 | $9996998 |
| **9/25** | $9630247 | $10712129 |
| **10/25** | $9705710 | $11159797 |
| **11/25** | $9885660 | $10892913 |
| **12/25** | $9723124 | $11218754 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 10.63% | (2.93)% | 6.88% |
| MSCI Emerging Markets Net Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $123810216 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $645705 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Greece | 0.4% |
| Thailand | 2.0% |
| South Africa | 2.0% |
| China | 3.0% |
| Singapore | 4.3% |
| Mexico | 4.9% |
| United States | 11.5% |
| Taiwan | 14.5% |
| Brazil | 20.9% |
| India | 36.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.9% |
| Localiza Rent a Car SA | 7.3% |
| NU Holdings Ltd. | 4.9% |
| Grupo Financiero Banorte SAB de CV | 4.9% |
| Varun Beverages Ltd. | 4.6% |
| Bharti Airtel Ltd. | 4.4% |
| Sea Ltd. | 4.3% |
| XP, Inc. | 3.8% |
| Raia Drogasil SA | 3.7% |
| MercadoLibre, Inc. | 3.6% |
| Total | 53.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MELSX -TSR-AR

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

# Class A MMKBX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $156 | 1.35% |

---

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

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ The underweight to and stock selection in China

↓ The overweight allocation to India, as the equity market underperformed amid a cyclical slowdown, tariffs and investor flows into global AI plays, which India has less exposure to

↑ Stock selection in Taiwan and the information technology sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↑ The underweight allocation to Saudi Arabia

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

![Growth of 10K Chart](tm262201d1_tsrimg021.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI Emerging Markets Index** |
| **12/15** | $9477 | $10000 |
| **1/16** | $8914 | $9351 |
| **2/16** | $8854 | $9336 |
| **3/16** | $9901 | $10571 |
| **4/16** | $9911 | $10629 |
| **5/16** | $9793 | $10232 |
| **6/16** | $10084 | $10641 |
| **7/16** | $10569 | $11177 |
| **8/16** | $10777 | $11455 |
| **9/16** | $10959 | $11602 |
| **10/16** | $10871 | $11630 |
| **11/16** | $10061 | $11094 |
| **12/16** | $10080 | $11119 |
| **1/17** | $10621 | $11727 |
| **2/17** | $10874 | $12086 |
| **3/17** | $11212 | $12391 |
| **4/17** | $11614 | $12663 |
| **5/17** | $11976 | $13037 |
| **6/17** | $12061 | $13168 |
| **7/17** | $12693 | $13953 |
| **8/17** | $12917 | $14264 |
| **9/17** | $12887 | $14208 |
| **10/17** | $13126 | $14706 |
| **11/17** | $13165 | $14735 |
| **12/17** | $13562 | $15264 |
| **1/18** | $14633 | $16536 |
| **2/18** | $13906 | $15774 |
| **3/18** | $13806 | $15480 |
| **4/18** | $13417 | $15412 |
| **5/18** | $12765 | $14866 |
| **6/18** | $12292 | $14248 |
| **7/18** | $12552 | $14561 |
| **8/18** | $12188 | $14167 |
| **9/18** | $11934 | $14092 |
| **10/18** | $11092 | $12865 |
| **11/18** | $11496 | $13395 |
| **12/18** | $11178 | $13040 |
| **1/19** | $12057 | $14182 |
| **2/19** | $11910 | $14214 |
| **3/19** | $11981 | $14333 |
| **4/19** | $12301 | $14635 |
| **5/19** | $11615 | $13573 |
| **6/19** | $12255 | $14420 |
| **7/19** | $12174 | $14244 |
| **8/19** | $11747 | $13549 |
| **9/19** | $11986 | $13808 |
| **10/19** | $12499 | $14390 |
| **11/19** | $12413 | $14370 |
| **12/19** | $13311 | $15443 |
| **1/20** | $12630 | $14723 |
| **2/20** | $12081 | $13946 |
| **3/20** | $9742 | $11798 |
| **4/20** | $10499 | $12879 |
| **5/20** | $10834 | $12978 |
| **6/20** | $11671 | $13932 |
| **7/20** | $12878 | $15177 |
| **8/20** | $13068 | $15512 |
| **9/20** | $12953 | $15263 |
| **10/20** | $12970 | $15578 |
| **11/20** | $14102 | $17018 |
| **12/20** | $15203 | $18270 |
| **1/21** | $15616 | $18830 |
| **2/21** | $15773 | $18974 |
| **3/21** | $15552 | $18687 |
| **4/21** | $16000 | $19152 |
| **5/21** | $16384 | $19597 |
| **6/21** | $16570 | $19630 |
| **7/21** | $15767 | $18309 |
| **8/21** | $16454 | $18788 |
| **9/21** | $15639 | $18042 |
| **10/21** | $15988 | $18220 |
| **11/21** | $15116 | $17477 |
| **12/21** | $15694 | $17805 |
| **1/22** | $15185 | $17468 |
| **2/22** | $14041 | $16946 |
| **3/22** | $13755 | $16563 |
| **4/22** | $12560 | $15642 |
| **5/22** | $12782 | $15711 |
| **6/22** | $11556 | $14667 |
| **7/22** | $11892 | $14631 |
| **8/22** | $11715 | $14692 |
| **9/22** | $10577 | $12969 |
| **10/22** | $10659 | $12567 |
| **11/22** | $12191 | $14431 |
| **12/22** | $11722 | $14228 |
| **1/23** | $12702 | $15351 |
| **2/23** | $11775 | $14356 |
| **3/23** | $12033 | $14791 |
| **4/23** | $12013 | $14623 |
| **5/23** | $11868 | $14377 |
| **6/23** | $12470 | $14923 |
| **7/23** | $13053 | $15852 |
| **8/23** | $12265 | $14876 |
| **9/23** | $12007 | $14487 |
| **10/23** | $11682 | $13924 |
| **11/23** | $12477 | $15038 |
| **12/23** | $13097 | $15626 |
| **1/24** | $12677 | $14901 |
| **2/24** | $13253 | $15609 |
| **3/24** | $13659 | $15996 |
| **4/24** | $13747 | $16068 |
| **5/24** | $13923 | $16159 |
| **6/24** | $14560 | $16796 |
| **7/24** | $14438 | $16846 |
| **8/24** | $14526 | $17118 |
| **9/24** | $15156 | $18261 |
| **10/24** | $14594 | $17449 |
| **11/24** | $14262 | $16822 |
| **12/24** | $14105 | $16799 |
| **1/25** | $14269 | $17099 |
| **2/25** | $14153 | $17182 |
| **3/25** | $14351 | $17291 |
| **4/25** | $14563 | $17518 |
| **5/25** | $15267 | $18265 |
| **6/25** | $16128 | $19363 |
| **7/25** | $16135 | $19741 |
| **8/25** | $16394 | $19994 |
| **9/25** | $17590 | $21424 |
| **10/25** | $18458 | $22320 |
| **11/25** | $18198 | $21786 |
| **12/25** | $18589 | $22438 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 31.79% | 4.10% | 6.97% |
| Class A, with 5.25% maximum front end sales charge | 24.89% | 2.99% | 6.40% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $133488351 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $2333733 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.7% |
| Malaysia | 1.3% |
| United Kingdom | 1.5% |
| Poland | 2.9% |
| South Africa | 3.3% |
| Mexico | 3.4% |
| Brazil | 5.8% |
| Korea, Republic of | 12.5% |
| China | 20.8% |
| India | 21.0% |
| Taiwan | 22.8% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.7% |
| Samsung Electronics Co. Ltd. | 7.2% |
| Tencent Holdings Ltd. | 5.5% |
| Alibaba Group Holding Ltd. | 3.6% |
| Reliance Industries Ltd. | 1.9% |
| China Construction Bank Corp. | 1.7% |
| ICICI Bank Ltd. | 1.6% |
| WEG SA | 1.6% |
| Antofagasta PLC | 1.5% |
| HDFC Bank Ltd. | 1.5% |
| Total | 40.8% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MMKBX -TSR-AR

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

# Class C MSEPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $242 | 2.10% |

---

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

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ The underweight to and stock selection in China

↓ The overweight allocation to India, as the equity market underperformed amid a cyclical slowdown, tariffs and investor flows into global AI plays, which India has less exposure to

↑ Stock selection in Taiwan and the information technology sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↑ The underweight allocation to Saudi Arabia

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

![Growth of 10K Chart](tm262201d1_tsrimg019.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9398 | $9351 |
| **2/16** | $9330 | $9336 |
| **3/16** | $10427 | $10571 |
| **4/16** | $10433 | $10629 |
| **5/16** | $10301 | $10232 |
| **6/16** | $10602 | $10641 |
| **7/16** | $11103 | $11177 |
| **8/16** | $11309 | $11455 |
| **9/16** | $11499 | $11602 |
| **10/16** | $11393 | $11630 |
| **11/16** | $10544 | $11094 |
| **12/16** | $10556 | $11119 |
| **1/17** | $11111 | $11727 |
| **2/17** | $11370 | $12086 |
| **3/17** | $11713 | $12391 |
| **4/17** | $12125 | $12663 |
| **5/17** | $12500 | $13037 |
| **6/17** | $12579 | $13168 |
| **7/17** | $13226 | $13953 |
| **8/17** | $13448 | $14264 |
| **9/17** | $13411 | $14208 |
| **10/17** | $13649 | $14706 |
| **11/17** | $13686 | $14735 |
| **12/17** | $14088 | $15264 |
| **1/18** | $15187 | $16536 |
| **2/18** | $14421 | $15774 |
| **3/18** | $14310 | $15480 |
| **4/18** | $13897 | $15412 |
| **5/18** | $13215 | $14866 |
| **6/18** | $12713 | $14248 |
| **7/18** | $12973 | $14561 |
| **8/18** | $12592 | $14167 |
| **9/18** | $12323 | $14092 |
| **10/18** | $11445 | $12865 |
| **11/18** | $11858 | $13395 |
| **12/18** | $11515 | $13040 |
| **1/19** | $12417 | $14182 |
| **2/19** | $12257 | $14214 |
| **3/19** | $12326 | $14333 |
| **4/19** | $12646 | $14635 |
| **5/19** | $11931 | $13573 |
| **6/19** | $12582 | $14420 |
| **7/19** | $12486 | $14244 |
| **8/19** | $12043 | $13549 |
| **9/19** | $12278 | $13808 |
| **10/19** | $12796 | $14390 |
| **11/19** | $12694 | $14370 |
| **12/19** | $13606 | $15443 |
| **1/20** | $12903 | $14723 |
| **2/20** | $12333 | $13946 |
| **3/20** | $9939 | $11798 |
| **4/20** | $10703 | $12879 |
| **5/20** | $11036 | $12978 |
| **6/20** | $11885 | $13932 |
| **7/20** | $13103 | $15177 |
| **8/20** | $13291 | $15512 |
| **9/20** | $13163 | $15263 |
| **10/20** | $13170 | $15578 |
| **11/20** | $14315 | $17018 |
| **12/20** | $15419 | $18270 |
| **1/21** | $15827 | $18830 |
| **2/21** | $15980 | $18974 |
| **3/21** | $15742 | $18687 |
| **4/21** | $16187 | $19152 |
| **5/21** | $16559 | $19597 |
| **6/21** | $16742 | $19630 |
| **7/21** | $15919 | $18309 |
| **8/21** | $16595 | $18788 |
| **9/21** | $15766 | $18042 |
| **10/21** | $16108 | $18220 |
| **11/21** | $15218 | $17477 |
| **12/21** | $15793 | $17805 |
| **1/22** | $15267 | $17468 |
| **2/22** | $14110 | $16946 |
| **3/22** | $13814 | $16563 |
| **4/22** | $12603 | $15642 |
| **5/22** | $12820 | $15711 |
| **6/22** | $11584 | $14667 |
| **7/22** | $11913 | $14631 |
| **8/22** | $11722 | $14692 |
| **9/22** | $10577 | $12969 |
| **10/22** | $10656 | $12567 |
| **11/22** | $12176 | $14431 |
| **12/22** | $11704 | $14228 |
| **1/23** | $12668 | $15351 |
| **2/23** | $11745 | $14356 |
| **3/23** | $11991 | $14791 |
| **4/23** | $11964 | $14623 |
| **5/23** | $11813 | $14377 |
| **6/23** | $12401 | $14923 |
| **7/23** | $12975 | $15852 |
| **8/23** | $12182 | $14876 |
| **9/23** | $11923 | $14487 |
| **10/23** | $11595 | $13924 |
| **11/23** | $12374 | $15038 |
| **12/23** | $12983 | $15626 |
| **1/24** | $12567 | $14901 |
| **2/24** | $13138 | $15609 |
| **3/24** | $13540 | $15996 |
| **4/24** | $13628 | $16068 |
| **5/24** | $13802 | $16159 |
| **6/24** | $14433 | $16796 |
| **7/24** | $14313 | $16846 |
| **8/24** | $14400 | $17118 |
| **9/24** | $15024 | $18261 |
| **10/24** | $14467 | $17449 |
| **11/24** | $14138 | $16822 |
| **12/24** | $13982 | $16799 |
| **1/25** | $14145 | $17099 |
| **2/25** | $14030 | $17182 |
| **3/25** | $14226 | $17291 |
| **4/25** | $14436 | $17518 |
| **5/25** | $15134 | $18265 |
| **6/25** | $15987 | $19363 |
| **7/25** | $15994 | $19741 |
| **8/25** | $16252 | $19994 |
| **9/25** | $17437 | $21424 |
| **10/25** | $18298 | $22320 |
| **11/25** | $18040 | $21786 |
| **12/25** | $18428 | $22438 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 30.81% | 3.32% | 6.30% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 30.19% | 3.32% | 6.30% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $133488351 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $2333733 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.7% |
| Malaysia | 1.3% |
| United Kingdom | 1.5% |
| Poland | 2.9% |
| South Africa | 3.3% |
| Mexico | 3.4% |
| Brazil | 5.8% |
| Korea, Republic of | 12.5% |
| China | 20.8% |
| India | 21.0% |
| Taiwan | 22.8% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.7% |
| Samsung Electronics Co. Ltd. | 7.2% |
| Tencent Holdings Ltd. | 5.5% |
| Alibaba Group Holding Ltd. | 3.6% |
| Reliance Industries Ltd. | 1.9% |
| China Construction Bank Corp. | 1.7% |
| ICICI Bank Ltd. | 1.6% |
| WEG SA | 1.6% |
| Antofagasta PLC | 1.5% |
| HDFC Bank Ltd. | 1.5% |
| Total | 40.8% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSEPX -TSR-AR

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

# Class I MGEMX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $115 | 0.99% |

---

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

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ The underweight to and stock selection in China

↓ The overweight allocation to India, as the equity market underperformed amid a cyclical slowdown, tariffs and investor flows into global AI plays, which India has less exposure to

↑ Stock selection in Taiwan and the information technology sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↑ The underweight allocation to Saudi Arabia

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

![Growth of 10K Chart](tm262201d1_tsrimg100.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $940549 | $935126 |
| **2/16** | $934451 | $933596 |
| **3/16** | $1045732 | $1057136 |
| **4/16** | $1046748 | $1062881 |
| **5/16** | $1034045 | $1023234 |
| **6/16** | $1065549 | $1064130 |
| **7/16** | $1117516 | $1117678 |
| **8/16** | $1138860 | $1145455 |
| **9/16** | $1158680 | $1160184 |
| **10/16** | $1149532 | $1162950 |
| **11/16** | $1064664 | $1109419 |
| **12/16** | $1067272 | $1111868 |
| **1/17** | $1124658 | $1172713 |
| **2/17** | $1151814 | $1208612 |
| **3/17** | $1187680 | $1239122 |
| **4/17** | $1230719 | $1266250 |
| **5/17** | $1269660 | $1303686 |
| **6/17** | $1279395 | $1316810 |
| **7/17** | $1346274 | $1395304 |
| **8/17** | $1370379 | $1426427 |
| **9/17** | $1367815 | $1420755 |
| **10/17** | $1392945 | $1470561 |
| **11/17** | $1398074 | $1473513 |
| **12/17** | $1440519 | $1526408 |
| **1/18** | $1554461 | $1653627 |
| **2/18** | $1477640 | $1577363 |
| **3/18** | $1467329 | $1548035 |
| **4/18** | $1426598 | $1541186 |
| **5/18** | $1357511 | $1486575 |
| **6/18** | $1307500 | $1424813 |
| **7/18** | $1335414 | $1456112 |
| **8/18** | $1297259 | $1416740 |
| **9/18** | $1270963 | $1409221 |
| **10/18** | $1181248 | $1286502 |
| **11/18** | $1225075 | $1339519 |
| **12/18** | $1190977 | $1304033 |
| **1/19** | $1285029 | $1418211 |
| **2/19** | $1269706 | $1421399 |
| **3/19** | $1277632 | $1433329 |
| **4/19** | $1311977 | $1463503 |
| **5/19** | $1239588 | $1357309 |
| **6/19** | $1308278 | $1442021 |
| **7/19** | $1299296 | $1424388 |
| **8/19** | $1254383 | $1354939 |
| **9/19** | $1280274 | $1380805 |
| **10/19** | $1335226 | $1439029 |
| **11/19** | $1326243 | $1437049 |
| **12/19** | $1422467 | $1544260 |
| **1/20** | $1349813 | $1472275 |
| **2/20** | $1291569 | $1394637 |
| **3/20** | $1042382 | $1179831 |
| **4/20** | $1122843 | $1287873 |
| **5/20** | $1158870 | $1297765 |
| **6/20** | $1248937 | $1393162 |
| **7/20** | $1378635 | $1517658 |
| **8/20** | $1399650 | $1551205 |
| **9/20** | $1387641 | $1526325 |
| **10/20** | $1389443 | $1557772 |
| **11/20** | $1511334 | $1701846 |
| **12/20** | $1629834 | $1826955 |
| **1/21** | $1674753 | $1882965 |
| **2/21** | $1691749 | $1897367 |
| **3/21** | $1668683 | $1868712 |
| **4/21** | $1716637 | $1915239 |
| **5/21** | $1758521 | $1959654 |
| **6/21** | $1779159 | $1963031 |
| **7/21** | $1693570 | $1830922 |
| **8/21** | $1767626 | $1878847 |
| **9/21** | $1680823 | $1804180 |
| **10/21** | $1717851 | $1821975 |
| **11/21** | $1624978 | $1747723 |
| **12/21** | $1687720 | $1780517 |
| **1/22** | $1633320 | $1746813 |
| **2/22** | $1511253 | $1694601 |
| **3/22** | $1480072 | $1656327 |
| **4/22** | $1352034 | $1564192 |
| **5/22** | $1376580 | $1571078 |
| **6/22** | $1244561 | $1466681 |
| **7/22** | $1281049 | $1463078 |
| **8/22** | $1262473 | $1469186 |
| **9/22** | $1139742 | $1296950 |
| **10/22** | $1149693 | $1256682 |
| **11/22** | $1314883 | $1443070 |
| **12/22** | $1264735 | $1422787 |
| **1/23** | $1370823 | $1535132 |
| **2/23** | $1271668 | $1435590 |
| **3/23** | $1299404 | $1479070 |
| **4/23** | $1297324 | $1462309 |
| **5/23** | $1282763 | $1437747 |
| **6/23** | $1347247 | $1492338 |
| **7/23** | $1411039 | $1585239 |
| **8/23** | $1326446 | $1487587 |
| **9/23** | $1298710 | $1448684 |
| **10/23** | $1264735 | $1392395 |
| **11/23** | $1350714 | $1503829 |
| **12/23** | $1418550 | $1562620 |
| **1/24** | $1373043 | $1490062 |
| **2/24** | $1435616 | $1560948 |
| **3/24** | $1480412 | $1599627 |
| **4/24** | $1490367 | $1606784 |
| **5/24** | $1510276 | $1615860 |
| **6/24** | $1579248 | $1679595 |
| **7/24** | $1567161 | $1684594 |
| **8/24** | $1576404 | $1711792 |
| **9/24** | $1645376 | $1826097 |
| **10/24** | $1584937 | $1744885 |
| **11/24** | $1549384 | $1682191 |
| **12/24** | $1533078 | $1679881 |
| **1/25** | $1551072 | $1709901 |
| **2/25** | $1538836 | $1718184 |
| **3/25** | $1561149 | $1729061 |
| **4/25** | $1584181 | $1751783 |
| **5/25** | $1661914 | $1826518 |
| **6/25** | $1756202 | $1936342 |
| **7/25** | $1756922 | $1974079 |
| **8/25** | $1785712 | $1999400 |
| **9/25** | $1916708 | $2142426 |
| **10/25** | $2011715 | $2231959 |
| **11/25** | $1983645 | $2178583 |
| **12/25** | $2027313 | $2243751 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 32.24% | 4.46% | 7.32% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $133488351 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $2333733 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.7% |
| Malaysia | 1.3% |
| United Kingdom | 1.5% |
| Poland | 2.9% |
| South Africa | 3.3% |
| Mexico | 3.4% |
| Brazil | 5.8% |
| Korea, Republic of | 12.5% |
| China | 20.8% |
| India | 21.0% |
| Taiwan | 22.8% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.7% |
| Samsung Electronics Co. Ltd. | 7.2% |
| Tencent Holdings Ltd. | 5.5% |
| Alibaba Group Holding Ltd. | 3.6% |
| Reliance Industries Ltd. | 1.9% |
| China Construction Bank Corp. | 1.7% |
| ICICI Bank Ltd. | 1.6% |
| WEG SA | 1.6% |
| Antofagasta PLC | 1.5% |
| HDFC Bank Ltd. | 1.5% |
| Total | 40.8% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGEMX -TSR-AR

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

# Class IR MRGEX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $110 | 0.95% |

---

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

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ The underweight to and stock selection in China

↓ The overweight allocation to India, as the equity market underperformed amid a cyclical slowdown, tariffs and investor flows into global AI plays, which India has less exposure to

↑ Stock selection in Taiwan and the information technology sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↑ The underweight allocation to Saudi Arabia

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

![Growth of 10K Chart](tm262201d1_tsrimg081.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IR** | **MSCI Emerging Markets Index** |
| **6/18** | $5000000 | $5000000 |
| **6/18** | $4837972 | $4815035 |
| **7/18** | $4941175 | $4920809 |
| **8/18** | $4802014 | $4787754 |
| **9/18** | $4702885 | $4762344 |
| **10/18** | $4373093 | $4347627 |
| **11/18** | $4535130 | $4526791 |
| **12/18** | $4409110 | $4406871 |
| **1/19** | $4757301 | $4792725 |
| **2/19** | $4700573 | $4803501 |
| **3/19** | $4731871 | $4843816 |
| **4/19** | $4859019 | $4945787 |
| **5/19** | $4591030 | $4586914 |
| **6/19** | $4843370 | $4873188 |
| **7/19** | $4812072 | $4813599 |
| **8/19** | $4647758 | $4578904 |
| **9/19** | $4743608 | $4666314 |
| **10/19** | $4947045 | $4863078 |
| **11/19** | $4913791 | $4856386 |
| **12/19** | $5270265 | $5218698 |
| **1/20** | $5003191 | $4975431 |
| **2/20** | $4787306 | $4713060 |
| **3/20** | $3863674 | $3987142 |
| **4/20** | $4161907 | $4352259 |
| **5/20** | $4297670 | $4385688 |
| **6/20** | $4631513 | $4708076 |
| **7/20** | $5112246 | $5128798 |
| **8/20** | $5190143 | $5242168 |
| **9/20** | $5145631 | $5158087 |
| **10/20** | $5154533 | $5264359 |
| **11/20** | $5606334 | $5751246 |
| **12/20** | $6046416 | $6174041 |
| **1/21** | $6213058 | $6363323 |
| **2/21** | $6278364 | $6411994 |
| **3/21** | $6190539 | $6315156 |
| **4/21** | $6370693 | $6472389 |
| **5/21** | $6526076 | $6622486 |
| **6/21** | $6602641 | $6633899 |
| **7/21** | $6285120 | $6187448 |
| **8/21** | $6559854 | $6349406 |
| **9/21** | $6237829 | $6097076 |
| **10/21** | $6377449 | $6157211 |
| **11/21** | $6032904 | $5906285 |
| **12/21** | $6265946 | $6017107 |
| **1/22** | $6066362 | $5903210 |
| **2/22** | $5610523 | $5726761 |
| **3/22** | $5497179 | $5597419 |
| **4/22** | $5021627 | $5286055 |
| **5/22** | $5112795 | $5309328 |
| **6/22** | $4622460 | $4956526 |
| **7/22** | $4760444 | $4944350 |
| **8/22** | $4688988 | $4964991 |
| **9/22** | $4235612 | $4382934 |
| **10/22** | $4270108 | $4246851 |
| **11/22** | $4886108 | $4876734 |
| **12/22** | $4700894 | $4808189 |
| **1/23** | $5095428 | $5187850 |
| **2/23** | $4726680 | $4851458 |
| **3/23** | $4829827 | $4998395 |
| **4/23** | $4824669 | $4941750 |
| **5/23** | $4767939 | $4858747 |
| **6/23** | $5010333 | $5043233 |
| **7/23** | $5247569 | $5357181 |
| **8/23** | $4930394 | $5027178 |
| **9/23** | $4829827 | $4895706 |
| **10/23** | $4700894 | $4705484 |
| **11/23** | $5023226 | $5082064 |
| **12/23** | $5273521 | $5280744 |
| **1/24** | $5104176 | $5035539 |
| **2/24** | $5337026 | $5275092 |
| **3/24** | $5503725 | $5405807 |
| **4/24** | $5543415 | $5429994 |
| **5/24** | $5617504 | $5460664 |
| **6/24** | $5874168 | $5676052 |
| **7/24** | $5826540 | $5692944 |
| **8/24** | $5863584 | $5784859 |
| **9/24** | $6120248 | $6171143 |
| **10/24** | $5895336 | $5896693 |
| **11/24** | $5763035 | $5684823 |
| **12/24** | $5702022 | $5677017 |
| **1/25** | $5769010 | $5778466 |
| **2/25** | $5723458 | $5806461 |
| **3/25** | $5806523 | $5843218 |
| **4/25** | $5892268 | $5920004 |
| **5/25** | $6181656 | $6172566 |
| **6/25** | $6532674 | $6543705 |
| **7/25** | $6538033 | $6671234 |
| **8/25** | $6642534 | $6756804 |
| **9/25** | $7130207 | $7240149 |
| **10/25** | $7486583 | $7542721 |
| **11/25** | $7382082 | $7362338 |
| **12/25** | $7540824 | $7582568 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/15/18 (Inception)* |
| Class IR | 32.25% | 4.52% | 5.60% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 5.67% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $133488351 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $2333733 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.7% |
| Malaysia | 1.3% |
| United Kingdom | 1.5% |
| Poland | 2.9% |
| South Africa | 3.3% |
| Mexico | 3.4% |
| Brazil | 5.8% |
| Korea, Republic of | 12.5% |
| China | 20.8% |
| India | 21.0% |
| Taiwan | 22.8% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.7% |
| Samsung Electronics Co. Ltd. | 7.2% |
| Tencent Holdings Ltd. | 5.5% |
| Alibaba Group Holding Ltd. | 3.6% |
| Reliance Industries Ltd. | 1.9% |
| China Construction Bank Corp. | 1.7% |
| ICICI Bank Ltd. | 1.6% |
| WEG SA | 1.6% |
| Antofagasta PLC | 1.5% |
| HDFC Bank Ltd. | 1.5% |
| Total | 40.8% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MRGEX -TSR-AR

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

# Class L MSELX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $214 | 1.85% |

---

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

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ The underweight to and stock selection in China

↓ The overweight allocation to India, as the equity market underperformed amid a cyclical slowdown, tariffs and investor flows into global AI plays, which India has less exposure to

↑ Stock selection in Taiwan and the information technology sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↑ The underweight allocation to Saudi Arabia

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

![Growth of 10K Chart](tm262201d1_tsrimg075.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9399 | $9351 |
| **2/16** | $9331 | $9336 |
| **3/16** | $10437 | $10571 |
| **4/16** | $10437 | $10629 |
| **5/16** | $10306 | $10232 |
| **6/16** | $10611 | $10641 |
| **7/16** | $11117 | $11177 |
| **8/16** | $11328 | $11455 |
| **9/16** | $11517 | $11602 |
| **10/16** | $11417 | $11630 |
| **11/16** | $10564 | $11094 |
| **12/16** | $10580 | $11119 |
| **1/17** | $11138 | $11727 |
| **2/17** | $11401 | $12086 |
| **3/17** | $11749 | $12391 |
| **4/17** | $12165 | $12663 |
| **5/17** | $12540 | $13037 |
| **6/17** | $12624 | $13168 |
| **7/17** | $13275 | $13953 |
| **8/17** | $13501 | $14264 |
| **9/17** | $13470 | $14208 |
| **10/17** | $13707 | $14706 |
| **11/17** | $13749 | $14735 |
| **12/17** | $14155 | $15264 |
| **1/18** | $15263 | $16536 |
| **2/18** | $14498 | $15774 |
| **3/18** | $14387 | $15480 |
| **4/18** | $13976 | $15412 |
| **5/18** | $13290 | $14866 |
| **6/18** | $12789 | $14248 |
| **7/18** | $13054 | $14561 |
| **8/18** | $12674 | $14167 |
| **9/18** | $12405 | $14092 |
| **10/18** | $11524 | $12865 |
| **11/18** | $11941 | $13395 |
| **12/18** | $11603 | $13040 |
| **1/19** | $12509 | $14182 |
| **2/19** | $12353 | $14214 |
| **3/19** | $12418 | $14333 |
| **4/19** | $12745 | $14635 |
| **5/19** | $12032 | $13573 |
| **6/19** | $12686 | $14420 |
| **7/19** | $12594 | $14244 |
| **8/19** | $12150 | $13549 |
| **9/19** | $12391 | $13808 |
| **10/19** | $12911 | $14390 |
| **11/19** | $12814 | $14370 |
| **12/19** | $13735 | $15443 |
| **1/20** | $13029 | $14723 |
| **2/20** | $12458 | $13946 |
| **3/20** | $10043 | $11798 |
| **4/20** | $10815 | $12879 |
| **5/20** | $11156 | $12978 |
| **6/20** | $12014 | $13932 |
| **7/20** | $13248 | $15177 |
| **8/20** | $13437 | $15512 |
| **9/20** | $13315 | $15263 |
| **10/20** | $13327 | $15578 |
| **11/20** | $14483 | $17018 |
| **12/20** | $15609 | $18270 |
| **1/21** | $16025 | $18830 |
| **2/21** | $16178 | $18974 |
| **3/21** | $15946 | $18687 |
| **4/21** | $16393 | $19152 |
| **5/21** | $16778 | $19597 |
| **6/21** | $16968 | $19630 |
| **7/21** | $16136 | $18309 |
| **8/21** | $16827 | $18788 |
| **9/21** | $15989 | $18042 |
| **10/21** | $16337 | $18220 |
| **11/21** | $15438 | $17477 |
| **12/21** | $16022 | $17805 |
| **1/22** | $15495 | $17468 |
| **2/22** | $14330 | $16946 |
| **3/22** | $14023 | $16563 |
| **4/22** | $12797 | $15642 |
| **5/22** | $13024 | $15711 |
| **6/22** | $11765 | $14667 |
| **7/22** | $12105 | $14631 |
| **8/22** | $11918 | $14692 |
| **9/22** | $10752 | $12969 |
| **10/22** | $10839 | $12567 |
| **11/22** | $12384 | $14431 |
| **12/22** | $11907 | $14228 |
| **1/23** | $12897 | $15351 |
| **2/23** | $11955 | $14356 |
| **3/23** | $12204 | $14791 |
| **4/23** | $12184 | $14623 |
| **5/23** | $12031 | $14377 |
| **6/23** | $12633 | $14923 |
| **7/23** | $13222 | $15852 |
| **8/23** | $12419 | $14876 |
| **9/23** | $12149 | $14487 |
| **10/23** | $11817 | $13924 |
| **11/23** | $12620 | $15038 |
| **12/23** | $13239 | $15626 |
| **1/24** | $12802 | $14901 |
| **2/24** | $13380 | $15609 |
| **3/24** | $13789 | $15996 |
| **4/24** | $13874 | $16068 |
| **5/24** | $14043 | $16159 |
| **6/24** | $14678 | $16796 |
| **7/24** | $14551 | $16846 |
| **8/24** | $14635 | $17118 |
| **9/24** | $15263 | $18261 |
| **10/24** | $14685 | $17449 |
| **11/24** | $14346 | $16822 |
| **12/24** | $14182 | $16799 |
| **1/25** | $14345 | $17099 |
| **2/25** | $14224 | $17182 |
| **3/25** | $14415 | $17291 |
| **4/25** | $14621 | $17518 |
| **5/25** | $15322 | $18265 |
| **6/25** | $16178 | $19363 |
| **7/25** | $16178 | $19741 |
| **8/25** | $16433 | $19994 |
| **9/25** | $17623 | $21424 |
| **10/25** | $18487 | $22320 |
| **11/25** | $18218 | $21786 |
| **12/25** | $18604 | $22438 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 31.18% | 3.57% | 6.40% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $133488351 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $2333733 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.7% |
| Malaysia | 1.3% |
| United Kingdom | 1.5% |
| Poland | 2.9% |
| South Africa | 3.3% |
| Mexico | 3.4% |
| Brazil | 5.8% |
| Korea, Republic of | 12.5% |
| China | 20.8% |
| India | 21.0% |
| Taiwan | 22.8% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.7% |
| Samsung Electronics Co. Ltd. | 7.2% |
| Tencent Holdings Ltd. | 5.5% |
| Alibaba Group Holding Ltd. | 3.6% |
| Reliance Industries Ltd. | 1.9% |
| China Construction Bank Corp. | 1.7% |
| ICICI Bank Ltd. | 1.6% |
| WEG SA | 1.6% |
| Antofagasta PLC | 1.5% |
| HDFC Bank Ltd. | 1.5% |
| Total | 40.8% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSELX -TSR-AR

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

# Class R6 MMMPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Emerging Markets Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $110 | 0.95% |

---

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

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ The underweight to and stock selection in China

↓ The overweight allocation to India, as the equity market underperformed amid a cyclical slowdown, tariffs and investor flows into global AI plays, which India has less exposure to

↑ Stock selection in Taiwan and the information technology sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↑ The underweight allocation to Saudi Arabia

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

![Growth of 10K Chart](tm262201d1_tsrimg132.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Index** |
| **12/15** | $5000000 | $5000000 |
| **1/16** | $4702744 | $4675629 |
| **2/16** | $4674797 | $4667979 |
| **3/16** | $5231199 | $5285680 |
| **4/16** | $5236280 | $5314407 |
| **5/16** | $5175305 | $5116169 |
| **6/16** | $5330285 | $5320648 |
| **7/16** | $5590121 | $5588392 |
| **8/16** | $5699382 | $5727276 |
| **9/16** | $5798480 | $5800920 |
| **10/16** | $5752743 | $5814752 |
| **11/16** | $5328402 | $5547093 |
| **12/16** | $5339649 | $5559342 |
| **1/17** | $5626755 | $5863566 |
| **2/17** | $5762617 | $6043061 |
| **3/17** | $5944621 | $6195608 |
| **4/17** | $6159950 | $6331251 |
| **5/17** | $6354772 | $6518431 |
| **6/17** | $6403477 | $6584049 |
| **7/17** | $6740648 | $6976521 |
| **8/17** | $6861246 | $7132135 |
| **9/17** | $6848416 | $7103776 |
| **10/17** | $6974146 | $7352805 |
| **11/17** | $6999805 | $7367564 |
| **12/17** | $7213395 | $7632039 |
| **1/18** | $7786542 | $8268137 |
| **2/18** | $7399280 | $7886816 |
| **3/18** | $7350227 | $7740174 |
| **4/18** | $7146269 | $7705929 |
| **5/18** | $6802897 | $7432877 |
| **6/18** | $6549886 | $7124063 |
| **7/18** | $6692245 | $7280559 |
| **8/18** | $6501186 | $7083699 |
| **9/18** | $6369509 | $7046104 |
| **10/18** | $5920261 | $6432511 |
| **11/18** | $6139722 | $6697593 |
| **12/18** | $5969044 | $6520165 |
| **1/19** | $6443282 | $7091055 |
| **2/19** | $6366450 | $7106997 |
| **3/19** | $6406191 | $7166645 |
| **4/19** | $6581050 | $7317516 |
| **5/19** | $6215436 | $6786547 |
| **6/19** | $6559855 | $7210103 |
| **7/19** | $6517465 | $7121938 |
| **8/19** | $6292268 | $6774696 |
| **9/19** | $6422087 | $6904023 |
| **10/19** | $6697622 | $7195144 |
| **11/19** | $6655232 | $7185244 |
| **12/19** | $7138041 | $7721301 |
| **1/20** | $6776316 | $7361375 |
| **2/20** | $6480907 | $6973187 |
| **3/20** | $5229941 | $5899157 |
| **4/20** | $5636882 | $6439365 |
| **5/20** | $5817744 | $6488824 |
| **6/20** | $6272915 | $6965812 |
| **7/20** | $6921006 | $7588289 |
| **8/20** | $7029523 | $7756025 |
| **9/20** | $6969236 | $7631624 |
| **10/20** | $6981293 | $7788858 |
| **11/20** | $7593211 | $8509230 |
| **12/20** | $8189294 | $9134773 |
| **1/21** | $8411945 | $9414825 |
| **2/21** | $8500396 | $9486836 |
| **3/21** | $8384495 | $9343560 |
| **4/21** | $8628497 | $9576194 |
| **5/21** | $8838948 | $9798269 |
| **6/21** | $8942648 | $9815155 |
| **7/21** | $8512596 | $9154610 |
| **8/21** | $8884698 | $9394235 |
| **9/21** | $8448546 | $9020901 |
| **10/21** | $8637647 | $9109873 |
| **11/21** | $8170994 | $8738616 |
| **12/21** | $8486922 | $8902583 |
| **1/22** | $8213258 | $8734066 |
| **2/22** | $7599183 | $8473003 |
| **3/22** | $7445664 | $8281635 |
| **4/22** | $6801552 | $7820958 |
| **5/22** | $6925035 | $7855392 |
| **6/22** | $6260899 | $7333405 |
| **7/22** | $6447792 | $7315390 |
| **8/22** | $6351008 | $7345929 |
| **9/22** | $5736933 | $6484750 |
| **10/22** | $5783656 | $6283409 |
| **11/22** | $6617997 | $7215350 |
| **12/22** | $6367134 | $7113934 |
| **1/23** | $6898019 | $7675660 |
| **2/23** | $6402061 | $7177952 |
| **3/23** | $6541767 | $7395352 |
| **4/23** | $6531289 | $7311543 |
| **5/23** | $6457943 | $7188737 |
| **6/23** | $6786254 | $7461692 |
| **7/23** | $7107580 | $7926193 |
| **8/23** | $6677981 | $7437937 |
| **9/23** | $6541767 | $7243419 |
| **10/23** | $6367134 | $6961977 |
| **11/23** | $6803717 | $7519145 |
| **12/23** | $7142730 | $7813100 |
| **1/24** | $6913360 | $7450309 |
| **2/24** | $7228744 | $7804738 |
| **3/24** | $7454530 | $7998137 |
| **4/24** | $7508289 | $8033922 |
| **5/24** | $7608638 | $8079300 |
| **6/24** | $7956278 | $8397976 |
| **7/24** | $7891767 | $8422969 |
| **8/24** | $7941942 | $8558961 |
| **9/24** | $8289581 | $9130487 |
| **10/24** | $7984949 | $8724424 |
| **11/24** | $7805753 | $8410954 |
| **12/24** | $7723114 | $8399404 |
| **1/25** | $7813846 | $8549503 |
| **2/25** | $7755778 | $8590922 |
| **3/25** | $7864656 | $8645306 |
| **4/25** | $7980793 | $8758915 |
| **5/25** | $8372756 | $9132591 |
| **6/25** | $8848192 | $9681708 |
| **7/25** | $8855450 | $9870393 |
| **8/25** | $9000622 | $9996998 |
| **9/25** | $9657522 | $10712129 |
| **10/25** | $10140216 | $11159797 |
| **11/25** | $9998674 | $10892913 |
| **12/25** | $10213682 | $11218754 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 32.25% | 4.52% | 7.40% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $133488351 |
| # of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $2333733 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.7% |
| Malaysia | 1.3% |
| United Kingdom | 1.5% |
| Poland | 2.9% |
| South Africa | 3.3% |
| Mexico | 3.4% |
| Brazil | 5.8% |
| Korea, Republic of | 12.5% |
| China | 20.8% |
| India | 21.0% |
| Taiwan | 22.8% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.7% |
| Samsung Electronics Co. Ltd. | 7.2% |
| Tencent Holdings Ltd. | 5.5% |
| Alibaba Group Holding Ltd. | 3.6% |
| Reliance Industries Ltd. | 1.9% |
| China Construction Bank Corp. | 1.7% |
| ICICI Bank Ltd. | 1.6% |
| WEG SA | 1.6% |
| Antofagasta PLC | 1.5% |
| HDFC Bank Ltd. | 1.5% |
| Total | 40.8% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MMMPX -TSR-AR

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

# Class A MLNAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $144 | 1.33% |

---

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

↓ Overall stock selection in Europe and North America.

↓ A lack of exposure to high-risk stocks in the U.S.

↑ Overall stock selection in Asia ex Japan and Japan.

↑ Stock selection within the overall global information technology sector.

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

![Growth of 10K Chart](tm262201d1_tsrimg073.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI World Net Index** |
| **5/16** | $9479 | $10000 |
| **5/16** | $9498 | $9992 |
| **6/16** | $9251 | $9880 |
| **7/16** | $9687 | $10297 |
| **8/16** | $9611 | $10306 |
| **9/16** | $9820 | $10361 |
| **10/16** | $9469 | $10160 |
| **11/16** | $9602 | $10306 |
| **12/16** | $9670 | $10553 |
| **1/17** | $9879 | $10808 |
| **2/17** | $10127 | $11107 |
| **3/17** | $10175 | $11226 |
| **4/17** | $10365 | $11392 |
| **5/17** | $10651 | $11633 |
| **6/17** | $10746 | $11678 |
| **7/17** | $11193 | $11957 |
| **8/17** | $11307 | $11974 |
| **9/17** | $11527 | $12243 |
| **10/17** | $11460 | $12474 |
| **11/17** | $11804 | $12744 |
| **12/17** | $11814 | $12917 |
| **1/18** | $12730 | $13599 |
| **2/18** | $12262 | $13035 |
| **3/18** | $11976 | $12751 |
| **4/18** | $11756 | $12898 |
| **5/18** | $11919 | $12979 |
| **6/18** | $11651 | $12973 |
| **7/18** | $11775 | $13378 |
| **8/18** | $11642 | $13543 |
| **9/18** | $11661 | $13619 |
| **10/18** | $10649 | $12619 |
| **11/18** | $10916 | $12762 |
| **12/18** | $10053 | $11792 |
| **1/19** | $10867 | $12709 |
| **2/19** | $11279 | $13091 |
| **3/19** | $11509 | $13263 |
| **4/19** | $12237 | $13733 |
| **5/19** | $11308 | $12941 |
| **6/19** | $11921 | $13794 |
| **7/19** | $12132 | $13862 |
| **8/19** | $12055 | $13579 |
| **9/19** | $12103 | $13868 |
| **10/19** | $12458 | $14220 |
| **11/19** | $12899 | $14616 |
| **12/19** | $13334 | $15054 |
| **1/20** | $13227 | $14963 |
| **2/20** | $12387 | $13698 |
| **3/20** | $10512 | $11885 |
| **4/20** | $11614 | $13184 |
| **5/20** | $12223 | $13820 |
| **6/20** | $12657 | $14186 |
| **7/20** | $13653 | $14865 |
| **8/20** | $14657 | $15858 |
| **9/20** | $14464 | $15311 |
| **10/20** | $14590 | $14841 |
| **11/20** | $15913 | $16739 |
| **12/20** | $16426 | $17448 |
| **1/21** | $16677 | $17275 |
| **2/21** | $17267 | $17718 |
| **3/21** | $17276 | $18307 |
| **4/21** | $18136 | $19159 |
| **5/21** | $18175 | $19435 |
| **6/21** | $18213 | $19725 |
| **7/21** | $18329 | $20078 |
| **8/21** | $18571 | $20578 |
| **9/21** | $17914 | $19723 |
| **10/21** | $19199 | $20841 |
| **11/21** | $18928 | $20384 |
| **12/21** | $19288 | $21255 |
| **1/22** | $18102 | $20130 |
| **2/22** | $17158 | $19621 |
| **3/22** | $17067 | $20160 |
| **4/22** | $15681 | $18485 |
| **5/22** | $15621 | $18499 |
| **6/22** | $14456 | $16897 |
| **7/22** | $15812 | $18238 |
| **8/22** | $15119 | $17476 |
| **9/22** | $13923 | $15851 |
| **10/22** | $13813 | $16989 |
| **11/22** | $15571 | $18171 |
| **12/22** | $14949 | $17399 |
| **1/23** | $16788 | $18630 |
| **2/23** | $16255 | $18182 |
| **3/23** | $15884 | $18744 |
| **4/23** | $15823 | $19073 |
| **5/23** | $15472 | $18882 |
| **6/23** | $16919 | $20024 |
| **7/23** | $17180 | $20697 |
| **8/23** | $16456 | $20203 |
| **9/23** | $15612 | $19331 |
| **10/23** | $15432 | $18770 |
| **11/23** | $17089 | $20530 |
| **12/23** | $17647 | $21538 |
| **1/24** | $18738 | $21796 |
| **2/24** | $20728 | $22720 |
| **3/24** | $21557 | $23450 |
| **4/24** | $20637 | $22579 |
| **5/24** | $22052 | $23588 |
| **6/24** | $22436 | $24068 |
| **7/24** | $22052 | $24492 |
| **8/24** | $23284 | $25139 |
| **9/24** | $23213 | $25599 |
| **10/24** | $23466 | $25092 |
| **11/24** | $24587 | $26243 |
| **12/24** | $23385 | $25559 |
| **1/25** | $24153 | $26461 |
| **2/25** | $24547 | $26271 |
| **3/25** | $22971 | $25101 |
| **4/25** | $23284 | $25324 |
| **5/25** | $25022 | $26823 |
| **6/25** | $26062 | $27981 |
| **7/25** | $26537 | $28341 |
| **8/25** | $27264 | $29080 |
| **9/25** | $28082 | $30015 |
| **10/25** | $27517 | $30616 |
| **11/25** | $27072 | $30702 |
| **12/25** | $27424 | $30951 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class A | 17.27% | 10.79% | 11.71% |
| Class A, with 5.25% maximum front end sales charge | 11.13% | 9.61% | 11.08% |
| MSCI World Net Index | 21.09% | 12.15% | 12.49% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $359646678 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $2127050 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Consumer Staples | 1.8% |
| Consumer Discretionary | 2.6% |
| Health Care | 4.7% |
| Materials | 5.8% |
| Real Estate | 6.1% |
| Industrials | 7.8% |
| Communication Services | 9.8% |
| Information Technology | 30.2% |
| Financials | 30.2% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.8% |
| Microsoft Corp. | 7.7% |
| Tencent Holdings Ltd. | 7.2% |
| CBRE Group, Inc. | 6.1% |
| Banco Santander SA | 5.8% |
| CRH PLC | 5.8% |
| Mizuho Financial Group, Inc. | 5.6% |
| JPMorgan Chase & Co. | 5.3% |
| Rolls-Royce Holdings PLC | 5.3% |
| Total | 67.5% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MLNAX -TSR-AR

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

# Class C MLNCX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $225 | 2.08% |

---

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

↓ Overall stock selection in Europe and North America.

↓ A lack of exposure to high-risk stocks in the U.S.

↑ Overall stock selection in Asia ex Japan and Japan.

↑ Stock selection within the overall global information technology sector.

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

![Growth of 10K Chart](tm262201d1_tsrimg051.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI World Net Index** |
| **5/16** | $10000 | $10000 |
| **5/16** | $10020 | $9992 |
| **6/16** | $9750 | $9880 |
| **7/16** | $10210 | $10297 |
| **8/16** | $10120 | $10306 |
| **9/16** | $10340 | $10361 |
| **10/16** | $9970 | $10160 |
| **11/16** | $10100 | $10306 |
| **12/16** | $10169 | $10553 |
| **1/17** | $10380 | $10808 |
| **2/17** | $10630 | $11107 |
| **3/17** | $10680 | $11226 |
| **4/17** | $10861 | $11392 |
| **5/17** | $11161 | $11633 |
| **6/17** | $11251 | $11678 |
| **7/17** | $11711 | $11957 |
| **8/17** | $11822 | $11974 |
| **9/17** | $12043 | $12243 |
| **10/17** | $11972 | $12474 |
| **11/17** | $12324 | $12744 |
| **12/17** | $12324 | $12917 |
| **1/18** | $13268 | $13599 |
| **2/18** | $12776 | $13035 |
| **3/18** | $12474 | $12751 |
| **4/18** | $12233 | $12898 |
| **5/18** | $12394 | $12979 |
| **6/18** | $12103 | $12973 |
| **7/18** | $12233 | $13378 |
| **8/18** | $12083 | $13543 |
| **9/18** | $12093 | $13619 |
| **10/18** | $11038 | $12619 |
| **11/18** | $11309 | $12762 |
| **12/18** | $10405 | $11792 |
| **1/19** | $11239 | $12709 |
| **2/19** | $11661 | $13091 |
| **3/19** | $11892 | $13263 |
| **4/19** | $12635 | $13733 |
| **5/19** | $11671 | $12941 |
| **6/19** | $12294 | $13794 |
| **7/19** | $12505 | $13862 |
| **8/19** | $12424 | $13579 |
| **9/19** | $12454 | $13868 |
| **10/19** | $12816 | $14220 |
| **11/19** | $13258 | $14616 |
| **12/19** | $13703 | $15054 |
| **1/20** | $13583 | $14963 |
| **2/20** | $12718 | $13698 |
| **3/20** | $10778 | $11885 |
| **4/20** | $11914 | $13184 |
| **5/20** | $12527 | $13820 |
| **6/20** | $12959 | $14186 |
| **7/20** | $13975 | $14865 |
| **8/20** | $14980 | $15858 |
| **9/20** | $14779 | $15311 |
| **10/20** | $14890 | $14841 |
| **11/20** | $16237 | $16739 |
| **12/20** | $16750 | $17448 |
| **1/21** | $16991 | $17275 |
| **2/21** | $17585 | $17718 |
| **3/21** | $17585 | $18307 |
| **4/21** | $18449 | $19159 |
| **5/21** | $18479 | $19435 |
| **6/21** | $18499 | $19725 |
| **7/21** | $18610 | $20078 |
| **8/21** | $18841 | $20578 |
| **9/21** | $18168 | $19723 |
| **10/21** | $19455 | $20841 |
| **11/21** | $19173 | $20384 |
| **12/21** | $19527 | $21255 |
| **1/22** | $18313 | $20130 |
| **2/22** | $17339 | $19621 |
| **3/22** | $17245 | $20160 |
| **4/22** | $15822 | $18485 |
| **5/22** | $15759 | $18499 |
| **6/22** | $14577 | $16897 |
| **7/22** | $15937 | $18238 |
| **8/22** | $15226 | $17476 |
| **9/22** | $14012 | $15851 |
| **10/22** | $13897 | $16989 |
| **11/22** | $15655 | $18171 |
| **12/22** | $15018 | $17399 |
| **1/23** | $16860 | $18630 |
| **2/23** | $16316 | $18182 |
| **3/23** | $15928 | $18744 |
| **4/23** | $15855 | $19073 |
| **5/23** | $15489 | $18882 |
| **6/23** | $16933 | $20024 |
| **7/23** | $17184 | $20697 |
| **8/23** | $16452 | $20203 |
| **9/23** | $15594 | $19331 |
| **10/23** | $15405 | $18770 |
| **11/23** | $17048 | $20530 |
| **12/23** | $17603 | $21538 |
| **1/24** | $18670 | $21796 |
| **2/24** | $20638 | $22720 |
| **3/24** | $21454 | $23450 |
| **4/24** | $20523 | $22579 |
| **5/24** | $21918 | $23588 |
| **6/24** | $22300 | $24068 |
| **7/24** | $21918 | $24492 |
| **8/24** | $23143 | $25139 |
| **9/24** | $23073 | $25599 |
| **10/24** | $23324 | $25092 |
| **11/24** | $24438 | $26243 |
| **12/24** | $23243 | $25559 |
| **1/25** | $24007 | $26461 |
| **2/25** | $24398 | $26271 |
| **3/25** | $22832 | $25101 |
| **4/25** | $23143 | $25324 |
| **5/25** | $24870 | $26823 |
| **6/25** | $25904 | $27981 |
| **7/25** | $26376 | $28341 |
| **8/25** | $27099 | $29080 |
| **9/25** | $27912 | $30015 |
| **10/25** | $27350 | $30616 |
| **11/25** | $26908 | $30702 |
| **12/25** | $27258 | $30951 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class C, with conversion to Class A after 8 years | 16.36% | 9.96% | 11.01% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 15.36% | 9.96% | 11.01% |
| MSCI World Net Index | 21.09% | 12.15% | 12.49% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $359646678 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $2127050 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Consumer Staples | 1.8% |
| Consumer Discretionary | 2.6% |
| Health Care | 4.7% |
| Materials | 5.8% |
| Real Estate | 6.1% |
| Industrials | 7.8% |
| Communication Services | 9.8% |
| Information Technology | 30.2% |
| Financials | 30.2% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.8% |
| Microsoft Corp. | 7.7% |
| Tencent Holdings Ltd. | 7.2% |
| CBRE Group, Inc. | 6.1% |
| Banco Santander SA | 5.8% |
| CRH PLC | 5.8% |
| Mizuho Financial Group, Inc. | 5.6% |
| JPMorgan Chase & Co. | 5.3% |
| Rolls-Royce Holdings PLC | 5.3% |
| Total | 67.5% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MLNCX -TSR-AR

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

# Class I MLNIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $109 | 1.00% |

---

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

↓ Overall stock selection in Europe and North America.

↓ A lack of exposure to high-risk stocks in the U.S.

↑ Overall stock selection in Asia ex Japan and Japan.

↑ Stock selection within the overall global information technology sector.

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

![Growth of 10K Chart](tm262201d1_tsrimg035.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI World Net Index** |
| **5/16** | $1000000 | $1000000 |
| **5/16** | $1002000 | $999199 |
| **6/16** | $976000 | $988002 |
| **7/16** | $1023000 | $1029744 |
| **8/16** | $1015000 | $1030600 |
| **9/16** | $1038000 | $1036074 |
| **10/16** | $1001000 | $1016023 |
| **11/16** | $1015000 | $1030632 |
| **12/16** | $1022399 | $1055294 |
| **1/17** | $1044538 | $1080763 |
| **2/17** | $1071708 | $1110748 |
| **3/17** | $1077746 | $1122579 |
| **4/17** | $1096865 | $1139201 |
| **5/17** | $1128060 | $1163300 |
| **6/17** | $1138123 | $1167776 |
| **7/17** | $1186304 | $1195724 |
| **8/17** | $1198409 | $1197408 |
| **9/17** | $1221611 | $1224282 |
| **10/17** | $1215558 | $1247419 |
| **11/17** | $1252883 | $1274448 |
| **12/17** | $1253859 | $1291683 |
| **1/18** | $1351785 | $1359884 |
| **2/18** | $1302317 | $1303548 |
| **3/18** | $1273041 | $1275135 |
| **4/18** | $1248811 | $1289788 |
| **5/18** | $1266983 | $1297870 |
| **6/18** | $1238716 | $1297251 |
| **7/18** | $1251840 | $1337769 |
| **8/18** | $1238716 | $1354321 |
| **9/18** | $1240735 | $1361862 |
| **10/18** | $1133723 | $1261863 |
| **11/18** | $1163000 | $1276198 |
| **12/18** | $1070725 | $1179158 |
| **1/19** | $1157156 | $1270904 |
| **2/19** | $1201897 | $1309119 |
| **3/19** | $1227318 | $1326314 |
| **4/19** | $1304597 | $1373344 |
| **5/19** | $1205964 | $1294101 |
| **6/19** | $1272058 | $1379376 |
| **7/19** | $1294428 | $1386208 |
| **8/19** | $1287311 | $1357854 |
| **9/19** | $1292395 | $1386750 |
| **10/19** | $1330018 | $1422040 |
| **11/19** | $1377809 | $1461644 |
| **12/19** | $1425168 | $1505432 |
| **1/20** | $1413857 | $1496269 |
| **2/20** | $1325427 | $1369796 |
| **3/20** | $1123888 | $1188514 |
| **4/20** | $1243166 | $1318352 |
| **5/20** | $1307946 | $1382039 |
| **6/20** | $1355246 | $1418596 |
| **7/20** | $1462185 | $1486463 |
| **8/20** | $1569124 | $1585780 |
| **9/20** | $1549587 | $1531072 |
| **10/20** | $1562955 | $1484107 |
| **11/20** | $1705883 | $1673867 |
| **12/20** | $1760423 | $1744833 |
| **1/21** | $1788187 | $1727492 |
| **2/21** | $1851940 | $1771758 |
| **3/21** | $1853997 | $1830708 |
| **4/21** | $1946542 | $1915909 |
| **5/21** | $1950656 | $1943509 |
| **6/21** | $1954769 | $1972476 |
| **7/21** | $1968136 | $2007809 |
| **8/21** | $1994872 | $2057780 |
| **9/21** | $1924948 | $1972340 |
| **10/21** | $2062739 | $2084054 |
| **11/21** | $2034975 | $2038387 |
| **12/21** | $2074230 | $2125508 |
| **1/22** | $1947062 | $2013045 |
| **2/22** | $1845541 | $1962133 |
| **3/22** | $1835924 | $2015980 |
| **4/22** | $1687383 | $1848506 |
| **5/22** | $1682039 | $1849906 |
| **6/22** | $1555940 | $1689663 |
| **7/22** | $1703412 | $1823816 |
| **8/22** | $1628607 | $1747567 |
| **9/22** | $1500371 | $1585113 |
| **10/22** | $1488616 | $1698945 |
| **11/22** | $1678834 | $1817073 |
| **12/22** | $1612075 | $1739907 |
| **1/23** | $1811440 | $1863016 |
| **2/23** | $1753560 | $1818232 |
| **3/23** | $1713901 | $1874415 |
| **4/23** | $1708542 | $1907272 |
| **5/23** | $1669955 | $1888231 |
| **6/23** | $1827518 | $2002427 |
| **7/23** | $1855387 | $2069694 |
| **8/23** | $1778213 | $2020258 |
| **9/23** | $1687105 | $1933107 |
| **10/23** | $1667811 | $1877017 |
| **11/23** | $1848955 | $2052991 |
| **12/23** | $1909050 | $2153781 |
| **1/24** | $2026813 | $2179627 |
| **2/24** | $2242891 | $2272038 |
| **3/24** | $2333644 | $2345050 |
| **4/24** | $2234248 | $2257944 |
| **5/24** | $2388744 | $2358765 |
| **6/24** | $2430879 | $2406761 |
| **7/24** | $2388744 | $2449174 |
| **8/24** | $2523792 | $2513907 |
| **9/24** | $2516230 | $2559947 |
| **10/24** | $2544320 | $2509165 |
| **11/24** | $2666404 | $2624302 |
| **12/24** | $2537226 | $2555912 |
| **1/25** | $2620574 | $2646106 |
| **2/25** | $2663871 | $2627061 |
| **3/25** | $2492847 | $2510103 |
| **4/25** | $2527484 | $2532411 |
| **5/25** | $2716910 | $2682309 |
| **6/25** | $2830566 | $2798058 |
| **7/25** | $2883605 | $2834077 |
| **8/25** | $2963705 | $2908005 |
| **9/25** | $3053548 | $3001485 |
| **10/25** | $2991849 | $3061591 |
| **11/25** | $2944222 | $3070239 |
| **12/25** | $2983547 | $3095057 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class I | 17.59% | 11.13% | 12.06% |
| MSCI World Net Index | 21.09% | 12.15% | 12.49% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $359646678 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $2127050 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Consumer Staples | 1.8% |
| Consumer Discretionary | 2.6% |
| Health Care | 4.7% |
| Materials | 5.8% |
| Real Estate | 6.1% |
| Industrials | 7.8% |
| Communication Services | 9.8% |
| Information Technology | 30.2% |
| Financials | 30.2% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.8% |
| Microsoft Corp. | 7.7% |
| Tencent Holdings Ltd. | 7.2% |
| CBRE Group, Inc. | 6.1% |
| Banco Santander SA | 5.8% |
| CRH PLC | 5.8% |
| Mizuho Financial Group, Inc. | 5.6% |
| JPMorgan Chase & Co. | 5.3% |
| Rolls-Royce Holdings PLC | 5.3% |
| Total | 67.5% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MLNIX -TSR-AR

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

# Class R6 MLNSX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Concentrated Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $103 | 0.95% |

---

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

↓ Overall stock selection in Europe and North America.

↓ A lack of exposure to high-risk stocks in the U.S.

↑ Overall stock selection in Asia ex Japan and Japan.

↑ Stock selection within the overall global information technology sector.

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

![Growth of 10K Chart](tm262201d1_tsrimg119.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI World Net Index** |
| **5/16** | $5000000 | $5000000 |
| **5/16** | $5010000 | $4995993 |
| **6/16** | $4880000 | $4940011 |
| **7/16** | $5115000 | $5148719 |
| **8/16** | $5075000 | $5152998 |
| **9/16** | $5190000 | $5180370 |
| **10/16** | $5005000 | $5080115 |
| **11/16** | $5075000 | $5153162 |
| **12/16** | $5112674 | $5276469 |
| **1/17** | $5223382 | $5403817 |
| **2/17** | $5359250 | $5553738 |
| **3/17** | $5389443 | $5612896 |
| **4/17** | $5490086 | $5696005 |
| **5/17** | $5646083 | $5816501 |
| **6/17** | $5696405 | $5838880 |
| **7/17** | $5932309 | $5978619 |
| **8/17** | $5992843 | $5987038 |
| **9/17** | $6113911 | $6121412 |
| **10/17** | $6083644 | $6237097 |
| **11/17** | $6265245 | $6372240 |
| **12/17** | $6271615 | $6458415 |
| **1/18** | $6761427 | $6799421 |
| **2/18** | $6519045 | $6517738 |
| **3/18** | $6367557 | $6375674 |
| **4/18** | $6251416 | $6448938 |
| **5/18** | $6337259 | $6489350 |
| **6/18** | $6195870 | $6486254 |
| **7/18** | $6266565 | $6688843 |
| **8/18** | $6200920 | $6771603 |
| **9/18** | $6211019 | $6809308 |
| **10/18** | $5675761 | $6309315 |
| **11/18** | $5817150 | $6380989 |
| **12/18** | $5359273 | $5895791 |
| **1/19** | $5791883 | $6354518 |
| **2/19** | $6015822 | $6545597 |
| **3/19** | $6143061 | $6631570 |
| **4/19** | $6529865 | $6866721 |
| **5/19** | $6041270 | $6470505 |
| **6/19** | $6367000 | $6896878 |
| **7/19** | $6484059 | $6931041 |
| **8/19** | $6443343 | $6789270 |
| **9/19** | $6468791 | $6933752 |
| **10/19** | $6662193 | $7110199 |
| **11/19** | $6901400 | $7308219 |
| **12/19** | $7136505 | $7527160 |
| **1/20** | $7079866 | $7481345 |
| **2/20** | $6637053 | $6848982 |
| **3/20** | $5627850 | $5942569 |
| **4/20** | $6225133 | $6591761 |
| **5/20** | $6554669 | $6910197 |
| **6/20** | $6786374 | $7092979 |
| **7/20** | $7327018 | $7432316 |
| **8/20** | $7862513 | $7928902 |
| **9/20** | $7764682 | $7655362 |
| **10/20** | $7831619 | $7420533 |
| **11/20** | $8547329 | $8369334 |
| **12/20** | $8825587 | $8724166 |
| **1/21** | $8964613 | $8637460 |
| **2/21** | $9283859 | $8858789 |
| **3/21** | $9294157 | $9153540 |
| **4/21** | $9757577 | $9579546 |
| **5/21** | $9778174 | $9717544 |
| **6/21** | $9803919 | $9862382 |
| **7/21** | $9870858 | $10039046 |
| **8/21** | $9999586 | $10288901 |
| **9/21** | $9649446 | $9861700 |
| **10/21** | $10344577 | $10420272 |
| **11/21** | $10200401 | $10191933 |
| **12/21** | $10402101 | $10627538 |
| **1/22** | $9765347 | $10065225 |
| **2/22** | $9251663 | $9810664 |
| **3/22** | $9208856 | $10079901 |
| **4/22** | $8459734 | $9242530 |
| **5/22** | $8432979 | $9249530 |
| **6/22** | $7806927 | $8448317 |
| **7/22** | $8545348 | $9119082 |
| **8/22** | $8165435 | $8737834 |
| **9/22** | $7528681 | $7925565 |
| **10/22** | $7469822 | $8494724 |
| **11/22** | $8422277 | $9085365 |
| **12/22** | $8087140 | $8699534 |
| **1/23** | $9085950 | $9315079 |
| **2/23** | $8801343 | $9091159 |
| **3/23** | $8602655 | $9372073 |
| **4/23** | $8570435 | $9536361 |
| **5/23** | $8377117 | $9441156 |
| **6/23** | $9166500 | $10012136 |
| **7/23** | $9311488 | $10348471 |
| **8/23** | $8924852 | $10101290 |
| **9/23** | $8468406 | $9665537 |
| **10/23** | $8371747 | $9385083 |
| **11/23** | $9279268 | $10264954 |
| **12/23** | $9584242 | $10768905 |
| **1/24** | $10174458 | $10898137 |
| **2/24** | $11257423 | $11360192 |
| **3/24** | $11712269 | $11725250 |
| **4/24** | $11214105 | $11289719 |
| **5/24** | $11993840 | $11793827 |
| **6/24** | $12205018 | $12033807 |
| **7/24** | $11993840 | $12245872 |
| **8/24** | $12670693 | $12569536 |
| **9/24** | $12638204 | $12799734 |
| **10/24** | $12773575 | $12545827 |
| **11/24** | $13385450 | $13121512 |
| **12/24** | $12737544 | $12779558 |
| **1/25** | $13155435 | $13230530 |
| **2/25** | $13377949 | $13135307 |
| **3/25** | $12520457 | $12550516 |
| **4/25** | $12694126 | $12662053 |
| **5/25** | $13643879 | $13411544 |
| **6/25** | $14219158 | $13990292 |
| **7/25** | $14479662 | $14170385 |
| **8/25** | $14886699 | $14540025 |
| **9/25** | $15337153 | $15007427 |
| **10/25** | $15027805 | $15307956 |
| **11/25** | $14789010 | $15351197 |
| **12/25** | $14987522 | $15475287 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class R6 | 17.66% | 11.17% | 12.12% |
| MSCI World Net Index | 21.09% | 12.15% | 12.49% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $359646678 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $2127050 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Consumer Staples | 1.8% |
| Consumer Discretionary | 2.6% |
| Health Care | 4.7% |
| Materials | 5.8% |
| Real Estate | 6.1% |
| Industrials | 7.8% |
| Communication Services | 9.8% |
| Information Technology | 30.2% |
| Financials | 30.2% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.8% |
| Microsoft Corp. | 7.7% |
| Tencent Holdings Ltd. | 7.2% |
| CBRE Group, Inc. | 6.1% |
| Banco Santander SA | 5.8% |
| CRH PLC | 5.8% |
| Mizuho Financial Group, Inc. | 5.6% |
| JPMorgan Chase & Co. | 5.3% |
| Rolls-Royce Holdings PLC | 5.3% |
| Total | 67.5% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MLNSX -TSR-AR

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

# Class A MLMAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $146 | 1.34% |

---

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

↓ Poor stock selection overall in Europe and North America

↓ Poor stock selection within the financial sector in the U.S.

↓ Underweighted allocation to higher-risk stocks in the U.S.

↑ Excellent stock selection in Asia Pacific ex Japan and Japan

↑ Excellent allocation to and stock selection within Europe and Japan

↑ Overweighted allocation to higher-risk stocks in Europe

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

![Growth of 10K Chart](tm262201d1_tsrimg022.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI World Net Index** |
| **5/16** | $9479 | $10000 |
| **5/16** | $9469 | $9992 |
| **6/16** | $9213 | $9880 |
| **7/16** | $9640 | $10297 |
| **8/16** | $9602 | $10306 |
| **9/16** | $9716 | $10361 |
| **10/16** | $9384 | $10160 |
| **11/16** | $9488 | $10306 |
| **12/16** | $9558 | $10553 |
| **1/17** | $9758 | $10808 |
| **2/17** | $10082 | $11107 |
| **3/17** | $10111 | $11226 |
| **4/17** | $10273 | $11392 |
| **5/17** | $10540 | $11633 |
| **6/17** | $10578 | $11678 |
| **7/17** | $10895 | $11957 |
| **8/17** | $10933 | $11974 |
| **9/17** | $11047 | $12243 |
| **10/17** | $11334 | $12474 |
| **11/17** | $11677 | $12744 |
| **12/17** | $11643 | $12917 |
| **1/18** | $12408 | $13599 |
| **2/18** | $11920 | $13035 |
| **3/18** | $11519 | $12751 |
| **4/18** | $11280 | $12898 |
| **5/18** | $11385 | $12979 |
| **6/18** | $11232 | $12973 |
| **7/18** | $11490 | $13378 |
| **8/18** | $11547 | $13543 |
| **9/18** | $11557 | $13619 |
| **10/18** | $10534 | $12619 |
| **11/18** | $10649 | $12762 |
| **12/18** | $9732 | $11792 |
| **1/19** | $10556 | $12709 |
| **2/19** | $10854 | $13091 |
| **3/19** | $11017 | $13263 |
| **4/19** | $11707 | $13733 |
| **5/19** | $10863 | $12941 |
| **6/19** | $11486 | $13794 |
| **7/19** | $11592 | $13862 |
| **8/19** | $11410 | $13579 |
| **9/19** | $11554 | $13868 |
| **10/19** | $11880 | $14220 |
| **11/19** | $12311 | $14616 |
| **12/19** | $12686 | $15054 |
| **1/20** | $12706 | $14963 |
| **2/20** | $11656 | $13698 |
| **3/20** | $9835 | $11885 |
| **4/20** | $10846 | $13184 |
| **5/20** | $11521 | $13820 |
| **6/20** | $12012 | $14186 |
| **7/20** | $12956 | $14865 |
| **8/20** | $13967 | $15858 |
| **9/20** | $13611 | $15311 |
| **10/20** | $13515 | $14841 |
| **11/20** | $14728 | $16739 |
| **12/20** | $15335 | $17448 |
| **1/21** | $15432 | $17275 |
| **2/21** | $15923 | $17718 |
| **3/21** | $15933 | $18307 |
| **4/21** | $16780 | $19159 |
| **5/21** | $16896 | $19435 |
| **6/21** | $17031 | $19725 |
| **7/21** | $17146 | $20078 |
| **8/21** | $17377 | $20578 |
| **9/21** | $16722 | $19723 |
| **10/21** | $17936 | $20841 |
| **11/21** | $17541 | $20384 |
| **12/21** | $17963 | $21255 |
| **1/22** | $17058 | $20130 |
| **2/22** | $16283 | $19621 |
| **3/22** | $16313 | $20160 |
| **4/22** | $15216 | $18485 |
| **5/22** | $15085 | $18499 |
| **6/22** | $13797 | $16897 |
| **7/22** | $15125 | $18238 |
| **8/22** | $14471 | $17476 |
| **9/22** | $13203 | $15851 |
| **10/22** | $13747 | $16989 |
| **11/22** | $15065 | $18171 |
| **12/22** | $14435 | $17399 |
| **1/23** | $15815 | $18630 |
| **2/23** | $15342 | $18182 |
| **3/23** | $15352 | $18744 |
| **4/23** | $15493 | $19073 |
| **5/23** | $14979 | $18882 |
| **6/23** | $16289 | $20024 |
| **7/23** | $16631 | $20697 |
| **8/23** | $16037 | $20203 |
| **9/23** | $15160 | $19331 |
| **10/23** | $14828 | $18770 |
| **11/23** | $16379 | $20530 |
| **12/23** | $16978 | $21538 |
| **1/24** | $17423 | $21796 |
| **2/24** | $18810 | $22720 |
| **3/24** | $19457 | $23450 |
| **4/24** | $18557 | $22579 |
| **5/24** | $19457 | $23588 |
| **6/24** | $19852 | $24068 |
| **7/24** | $19923 | $24492 |
| **8/24** | $20631 | $25139 |
| **9/24** | $20752 | $25599 |
| **10/24** | $20783 | $25092 |
| **11/24** | $21794 | $26243 |
| **12/24** | $20975 | $25559 |
| **1/25** | $21683 | $26461 |
| **2/25** | $21673 | $26271 |
| **3/25** | $20337 | $25101 |
| **4/25** | $20327 | $25324 |
| **5/25** | $21663 | $26823 |
| **6/25** | $22503 | $27981 |
| **7/25** | $22827 | $28341 |
| **8/25** | $23737 | $29080 |
| **9/25** | $24708 | $30015 |
| **10/25** | $24577 | $30616 |
| **11/25** | $24415 | $30702 |
| **12/25** | $24668 | $30951 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class A | 17.61% | 9.97% | 10.48% |
| Class A, with 5.25% maximum front end sales charge | 11.42% | 8.80% | 9.86% |
| MSCI World Net Index | 21.09% | 12.15% | 12.49% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $54736439 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $84126 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.2% |
| Short-Term Investments | 0.7% |
| Energy | 1.8% |
| Real Estate | 3.2% |
| Materials | 6.4% |
| Industrials | 7.1% |
| Communication Services | 13.3% |
| Consumer Discretionary | 15.0% |
| Information Technology | 24.1% |
| Financials | 28.2% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.7% |
| Alphabet, Inc. | 5.6% |
| CRH PLC | 5.5% |
| Apple, Inc. | 5.1% |
| JPMorgan Chase & Co. | 5.0% |
| Microsoft Corp. | 4.8% |
| Banco Santander SA | 4.8% |
| Tencent Holdings Ltd. | 4.4% |
| Amazon.com, Inc. | 4.2% |
| Total | 52.1% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MLMAX -TSR-AR

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

# Class C MLMCX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $227 | 2.10% |

---

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

↓ Poor stock selection overall in Europe and North America

↓ Poor stock selection within the financial sector in the U.S.

↓ Underweighted allocation to higher-risk stocks in the U.S.

↑ Excellent stock selection in Asia Pacific ex Japan and Japan

↑ Excellent allocation to and stock selection within Europe and Japan

↑ Overweighted allocation to higher-risk stocks in Europe

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

![Growth of 10K Chart](tm262201d1_tsrimg131.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI World Net Index** |
| **5/16** | $10000 | $10000 |
| **5/16** | $9990 | $9992 |
| **6/16** | $9720 | $9880 |
| **7/16** | $10160 | $10297 |
| **8/16** | $10110 | $10306 |
| **9/16** | $10230 | $10361 |
| **10/16** | $9870 | $10160 |
| **11/16** | $9980 | $10306 |
| **12/16** | $10041 | $10553 |
| **1/17** | $10251 | $10808 |
| **2/17** | $10583 | $11107 |
| **3/17** | $10603 | $11226 |
| **4/17** | $10764 | $11392 |
| **5/17** | $11045 | $11633 |
| **6/17** | $11065 | $11678 |
| **7/17** | $11398 | $11957 |
| **8/17** | $11428 | $11974 |
| **9/17** | $11548 | $12243 |
| **10/17** | $11830 | $12474 |
| **11/17** | $12181 | $12744 |
| **12/17** | $12141 | $12917 |
| **1/18** | $12925 | $13599 |
| **2/18** | $12413 | $13035 |
| **3/18** | $11990 | $12751 |
| **4/18** | $11739 | $12898 |
| **5/18** | $11830 | $12979 |
| **6/18** | $11669 | $12973 |
| **7/18** | $11920 | $13378 |
| **8/18** | $11980 | $13543 |
| **9/18** | $11980 | $13619 |
| **10/18** | $10915 | $12619 |
| **11/18** | $11026 | $12762 |
| **12/18** | $10071 | $11792 |
| **1/19** | $10915 | $12709 |
| **2/19** | $11217 | $13091 |
| **3/19** | $11377 | $13263 |
| **4/19** | $12081 | $13733 |
| **5/19** | $11207 | $12941 |
| **6/19** | $11840 | $13794 |
| **7/19** | $11950 | $13862 |
| **8/19** | $11749 | $13579 |
| **9/19** | $11890 | $13868 |
| **10/19** | $12222 | $14220 |
| **11/19** | $12644 | $14616 |
| **12/19** | $13036 | $15054 |
| **1/20** | $13046 | $14963 |
| **2/20** | $11960 | $13698 |
| **3/20** | $10081 | $11885 |
| **4/20** | $11106 | $13184 |
| **5/20** | $11789 | $13820 |
| **6/20** | $12292 | $14186 |
| **7/20** | $13247 | $14865 |
| **8/20** | $14272 | $15858 |
| **9/20** | $13900 | $15311 |
| **10/20** | $13800 | $14841 |
| **11/20** | $15026 | $16739 |
| **12/20** | $15629 | $17448 |
| **1/21** | $15729 | $17275 |
| **2/21** | $16212 | $17718 |
| **3/21** | $16212 | $18307 |
| **4/21** | $17066 | $19159 |
| **5/21** | $17177 | $19435 |
| **6/21** | $17297 | $19725 |
| **7/21** | $17398 | $20078 |
| **8/21** | $17619 | $20578 |
| **9/21** | $16956 | $19723 |
| **10/21** | $18172 | $20841 |
| **11/21** | $17760 | $20384 |
| **12/21** | $18180 | $21255 |
| **1/22** | $17244 | $20130 |
| **2/22** | $16456 | $19621 |
| **3/22** | $16477 | $20160 |
| **4/22** | $15352 | $18485 |
| **5/22** | $15215 | $18499 |
| **6/22** | $13900 | $16897 |
| **7/22** | $15236 | $18238 |
| **8/22** | $14573 | $17476 |
| **9/22** | $13280 | $15851 |
| **10/22** | $13816 | $16989 |
| **11/22** | $15141 | $18171 |
| **12/22** | $14500 | $17399 |
| **1/23** | $15867 | $18630 |
| **2/23** | $15394 | $18182 |
| **3/23** | $15383 | $18744 |
| **4/23** | $15509 | $19073 |
| **5/23** | $14994 | $18882 |
| **6/23** | $16298 | $20024 |
| **7/23** | $16634 | $20697 |
| **8/23** | $16014 | $20203 |
| **9/23** | $15131 | $19331 |
| **10/23** | $14805 | $18770 |
| **11/23** | $16329 | $20530 |
| **12/23** | $16918 | $21538 |
| **1/24** | $17349 | $21796 |
| **2/24** | $18727 | $22720 |
| **3/24** | $19347 | $23450 |
| **4/24** | $18443 | $22579 |
| **5/24** | $19332 | $23588 |
| **6/24** | $19724 | $24068 |
| **7/24** | $19795 | $24492 |
| **8/24** | $20498 | $25139 |
| **9/24** | $20619 | $25599 |
| **10/24** | $20649 | $25092 |
| **11/24** | $21654 | $26243 |
| **12/24** | $20840 | $25559 |
| **1/25** | $21544 | $26461 |
| **2/25** | $21534 | $26271 |
| **3/25** | $20207 | $25101 |
| **4/25** | $20197 | $25324 |
| **5/25** | $21524 | $26823 |
| **6/25** | $22358 | $27981 |
| **7/25** | $22680 | $28341 |
| **8/25** | $23585 | $29080 |
| **9/25** | $24550 | $30015 |
| **10/25** | $24419 | $30616 |
| **11/25** | $24258 | $30702 |
| **12/25** | $24509 | $30951 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class C, with conversion to Class A after 8 years | 16.62% | 9.13% | 9.79% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 15.62% | 9.13% | 9.79% |
| MSCI World Net Index | 21.09% | 12.15% | 12.49% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $54736439 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $84126 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.2% |
| Short-Term Investments | 0.7% |
| Energy | 1.8% |
| Real Estate | 3.2% |
| Materials | 6.4% |
| Industrials | 7.1% |
| Communication Services | 13.3% |
| Consumer Discretionary | 15.0% |
| Information Technology | 24.1% |
| Financials | 28.2% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.7% |
| Alphabet, Inc. | 5.6% |
| CRH PLC | 5.5% |
| Apple, Inc. | 5.1% |
| JPMorgan Chase & Co. | 5.0% |
| Microsoft Corp. | 4.8% |
| Banco Santander SA | 4.8% |
| Tencent Holdings Ltd. | 4.4% |
| Amazon.com, Inc. | 4.2% |
| Total | 52.1% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MLMCX -TSR-AR

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

# Class I MLMIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $109 | 1.00% |

---

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

↓ Poor stock selection overall in Europe and North America

↓ Poor stock selection within the financial sector in the U.S.

↓ Underweighted allocation to higher-risk stocks in the U.S.

↑ Excellent stock selection in Asia Pacific ex Japan and Japan

↑ Excellent allocation to and stock selection within Europe and Japan

↑ Overweighted allocation to higher-risk stocks in Europe

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

![Growth of 10K Chart](tm262201d1_tsrimg077.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI World Net Index** |
| **5/16** | $1000000 | $1000000 |
| **5/16** | $1000000 | $999199 |
| **6/16** | $973000 | $988002 |
| **7/16** | $1018000 | $1029744 |
| **8/16** | $1014000 | $1030600 |
| **9/16** | $1027000 | $1036074 |
| **10/16** | $992000 | $1016023 |
| **11/16** | $1003000 | $1030632 |
| **12/16** | $1010838 | $1055294 |
| **1/17** | $1033010 | $1080763 |
| **2/17** | $1067275 | $1110748 |
| **3/17** | $1070299 | $1122579 |
| **4/17** | $1088439 | $1139201 |
| **5/17** | $1116658 | $1163300 |
| **6/17** | $1120689 | $1167776 |
| **7/17** | $1155096 | $1195724 |
| **8/17** | $1159132 | $1197408 |
| **9/17** | $1172246 | $1224282 |
| **10/17** | $1202511 | $1247419 |
| **11/17** | $1238828 | $1274448 |
| **12/17** | $1235936 | $1291683 |
| **1/18** | $1316981 | $1359884 |
| **2/18** | $1266328 | $1303548 |
| **3/18** | $1224792 | $1275135 |
| **4/18** | $1199466 | $1289788 |
| **5/18** | $1210609 | $1297870 |
| **6/18** | $1194400 | $1297251 |
| **7/18** | $1221753 | $1337769 |
| **8/18** | $1228844 | $1354321 |
| **9/18** | $1229858 | $1361862 |
| **10/18** | $1121460 | $1261863 |
| **11/18** | $1134630 | $1276198 |
| **12/18** | $1036291 | $1179158 |
| **1/19** | $1125116 | $1270904 |
| **2/19** | $1156766 | $1309119 |
| **3/19** | $1174122 | $1326314 |
| **4/19** | $1248654 | $1373344 |
| **5/19** | $1158808 | $1294101 |
| **6/19** | $1226192 | $1379376 |
| **7/19** | $1237423 | $1386208 |
| **8/19** | $1219045 | $1357854 |
| **9/19** | $1234360 | $1386750 |
| **10/19** | $1269073 | $1422040 |
| **11/19** | $1316038 | $1461644 |
| **12/19** | $1357113 | $1505432 |
| **1/20** | $1359170 | $1496269 |
| **2/20** | $1247021 | $1369796 |
| **3/20** | $1052560 | $1188514 |
| **4/20** | $1160594 | $1318352 |
| **5/20** | $1233645 | $1382039 |
| **6/20** | $1287148 | $1418596 |
| **7/20** | $1387979 | $1486463 |
| **8/20** | $1497042 | $1585780 |
| **9/20** | $1458973 | $1531072 |
| **10/20** | $1449713 | $1484107 |
| **11/20** | $1580383 | $1673867 |
| **12/20** | $1645203 | $1744833 |
| **1/21** | $1656521 | $1727492 |
| **2/21** | $1710024 | $1771758 |
| **3/21** | $1711052 | $1830708 |
| **4/21** | $1802624 | $1915909 |
| **5/21** | $1816000 | $1943509 |
| **6/21** | $1831433 | $1972476 |
| **7/21** | $1843780 | $2007809 |
| **8/21** | $1869502 | $2057780 |
| **9/21** | $1799537 | $1972340 |
| **10/21** | $1931236 | $2084054 |
| **11/21** | $1889051 | $2038387 |
| **12/21** | $1935201 | $2125508 |
| **1/22** | $1837420 | $2013045 |
| **2/22** | $1754682 | $1962133 |
| **3/22** | $1758981 | $2015980 |
| **4/22** | $1640784 | $1848506 |
| **5/22** | $1626815 | $1849906 |
| **6/22** | $1488203 | $1689663 |
| **7/22** | $1632188 | $1823816 |
| **8/22** | $1562344 | $1747567 |
| **9/22** | $1425881 | $1585113 |
| **10/22** | $1484979 | $1698945 |
| **11/22** | $1627890 | $1817073 |
| **12/22** | $1560364 | $1739907 |
| **1/23** | $1710254 | $1863016 |
| **2/23** | $1659572 | $1818232 |
| **3/23** | $1660650 | $1874415 |
| **4/23** | $1675747 | $1907272 |
| **5/23** | $1621830 | $1888231 |
| **6/23** | $1764171 | $2002427 |
| **7/23** | $1801913 | $2069694 |
| **8/23** | $1737213 | $2020258 |
| **9/23** | $1642318 | $1933107 |
| **10/23** | $1607811 | $1877017 |
| **11/23** | $1776033 | $2052991 |
| **12/23** | $1840657 | $2153781 |
| **1/24** | $1889524 | $2179627 |
| **2/24** | $2041554 | $2272038 |
| **3/24** | $2111054 | $2345050 |
| **4/24** | $2014406 | $2257944 |
| **5/24** | $2113226 | $2358765 |
| **6/24** | $2155577 | $2406761 |
| **7/24** | $2164265 | $2449174 |
| **8/24** | $2242452 | $2513907 |
| **9/24** | $2255483 | $2559947 |
| **10/24** | $2259827 | $2509165 |
| **11/24** | $2369506 | $2624302 |
| **12/24** | $2282092 | $2555912 |
| **1/25** | $2359322 | $2646106 |
| **2/25** | $2358234 | $2627061 |
| **3/25** | $2213564 | $2510103 |
| **4/25** | $2213564 | $2532411 |
| **5/25** | $2359322 | $2682309 |
| **6/25** | $2450693 | $2798058 |
| **7/25** | $2487676 | $2834077 |
| **8/25** | $2587749 | $2908005 |
| **9/25** | $2694348 | $3001485 |
| **10/25** | $2681295 | $3061591 |
| **11/25** | $2662803 | $3070239 |
| **12/25** | $2691843 | $3095057 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class I | 17.96% | 10.35% | 10.87% |
| MSCI World Net Index | 21.09% | 12.15% | 12.49% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $54736439 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $84126 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.2% |
| Short-Term Investments | 0.7% |
| Energy | 1.8% |
| Real Estate | 3.2% |
| Materials | 6.4% |
| Industrials | 7.1% |
| Communication Services | 13.3% |
| Consumer Discretionary | 15.0% |
| Information Technology | 24.1% |
| Financials | 28.2% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.7% |
| Alphabet, Inc. | 5.6% |
| CRH PLC | 5.5% |
| Apple, Inc. | 5.1% |
| JPMorgan Chase & Co. | 5.0% |
| Microsoft Corp. | 4.8% |
| Banco Santander SA | 4.8% |
| Tencent Holdings Ltd. | 4.4% |
| Amazon.com, Inc. | 4.2% |
| Total | 52.1% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MLMIX -TSR-AR

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

# Class R6 MLMSX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Core Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $104 | 0.95% |

---

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

↓ Poor stock selection overall in Europe and North America

↓ Poor stock selection within the financial sector in the U.S.

↓ Underweighted allocation to higher-risk stocks in the U.S.

↑ Excellent stock selection in Asia Pacific ex Japan and Japan

↑ Excellent allocation to and stock selection within Europe and Japan

↑ Overweighted allocation to higher-risk stocks in Europe

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

![Growth of 10K Chart](tm262201d1_tsrimg104.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI World Net Index** |
| **5/16** | $5000000 | $5000000 |
| **5/16** | $5000000 | $4995993 |
| **6/16** | $4865000 | $4940011 |
| **7/16** | $5090000 | $5148719 |
| **8/16** | $5070000 | $5152998 |
| **9/16** | $5135000 | $5180370 |
| **10/16** | $4960000 | $5080115 |
| **11/16** | $5020000 | $5153162 |
| **12/16** | $5054958 | $5276469 |
| **1/17** | $5165834 | $5403817 |
| **2/17** | $5337189 | $5553738 |
| **3/17** | $5352308 | $5612896 |
| **4/17** | $5443026 | $5696005 |
| **5/17** | $5584141 | $5816501 |
| **6/17** | $5604300 | $5838880 |
| **7/17** | $5776361 | $5978619 |
| **8/17** | $5796541 | $5987038 |
| **9/17** | $5862124 | $6121412 |
| **10/17** | $6013470 | $6237097 |
| **11/17** | $6200129 | $6372240 |
| **12/17** | $6181943 | $6458415 |
| **1/18** | $6587316 | $6799421 |
| **2/18** | $6333958 | $6517738 |
| **3/18** | $6126204 | $6375674 |
| **4/18** | $5999525 | $6448938 |
| **5/18** | $6055264 | $6489350 |
| **6/18** | $5979256 | $6486254 |
| **7/18** | $6116070 | $6688843 |
| **8/18** | $6146473 | $6771603 |
| **9/18** | $6151540 | $6809308 |
| **10/18** | $5614420 | $6309315 |
| **11/18** | $5675226 | $6380989 |
| **12/18** | $5186888 | $5895791 |
| **1/19** | $5631478 | $6354518 |
| **2/19** | $5789895 | $6545597 |
| **3/19** | $5876769 | $6631570 |
| **4/19** | $6249817 | $6866721 |
| **5/19** | $5800116 | $6470505 |
| **6/19** | $6137391 | $6896878 |
| **7/19** | $6193604 | $6931041 |
| **8/19** | $6101620 | $6789270 |
| **9/19** | $6178273 | $6933752 |
| **10/19** | $6357131 | $7110199 |
| **11/19** | $6587092 | $7308219 |
| **12/19** | $6789551 | $7527160 |
| **1/20** | $6805005 | $7481345 |
| **2/20** | $6243502 | $6848982 |
| **3/20** | $5269887 | $5942569 |
| **4/20** | $5810784 | $6591761 |
| **5/20** | $6176534 | $6910197 |
| **6/20** | $6444407 | $7092979 |
| **7/20** | $6949245 | $7432316 |
| **8/20** | $7495293 | $7928902 |
| **9/20** | $7304692 | $7655362 |
| **10/20** | $7258329 | $7420533 |
| **11/20** | $7912557 | $8369334 |
| **12/20** | $8242247 | $8724166 |
| **1/21** | $8298913 | $8637460 |
| **2/21** | $8561634 | $8858789 |
| **3/21** | $8571937 | $9153540 |
| **4/21** | $9030412 | $9579546 |
| **5/21** | $9097380 | $9717544 |
| **6/21** | $9169500 | $9862382 |
| **7/21** | $9236468 | $10039046 |
| **8/21** | $9360102 | $10288901 |
| **9/21** | $9014958 | $9861700 |
| **10/21** | $9669186 | $10420272 |
| **11/21** | $9463130 | $10191933 |
| **12/21** | $9688802 | $10627538 |
| **1/22** | $9204630 | $10065225 |
| **2/22** | $8790395 | $9810664 |
| **3/22** | $8811914 | $10079901 |
| **4/22** | $8220149 | $9242530 |
| **5/22** | $8155593 | $9249530 |
| **6/22** | $7456235 | $8448317 |
| **7/22** | $8182492 | $9119082 |
| **8/22** | $7832812 | $8737834 |
| **9/22** | $7144213 | $7925565 |
| **10/22** | $7440096 | $8494724 |
| **11/22** | $8160973 | $9085365 |
| **12/22** | $7821114 | $8699534 |
| **1/23** | $8566496 | $9315079 |
| **2/23** | $8318036 | $9091159 |
| **3/23** | $8323437 | $9372073 |
| **4/23** | $8399055 | $9536361 |
| **5/23** | $8128989 | $9441156 |
| **6/23** | $8841964 | $10012136 |
| **7/23** | $9031010 | $10348471 |
| **8/23** | $8706931 | $10101290 |
| **9/23** | $8231614 | $9665537 |
| **10/23** | $8058772 | $9385083 |
| **11/23** | $8906780 | $10264954 |
| **12/23** | $9229273 | $10768905 |
| **1/24** | $9474154 | $10898137 |
| **2/24** | $10236004 | $11360192 |
| **3/24** | $10589720 | $11725250 |
| **4/24** | $10099959 | $11289719 |
| **5/24** | $10595162 | $11793827 |
| **6/24** | $10812834 | $12033807 |
| **7/24** | $10856368 | $12245872 |
| **8/24** | $11242735 | $12569536 |
| **9/24** | $11308036 | $12799734 |
| **10/24** | $11335245 | $12545827 |
| **11/24** | $11884866 | $13121512 |
| **12/24** | $11446205 | $12779558 |
| **1/25** | $11833380 | $13230530 |
| **2/25** | $11827927 | $13135307 |
| **3/25** | $11108109 | $12550516 |
| **4/25** | $11108109 | $12662053 |
| **5/25** | $11838834 | $13411544 |
| **6/25** | $12296900 | $13990292 |
| **7/25** | $12482308 | $14170385 |
| **8/25** | $12983999 | $14540025 |
| **9/25** | $13523863 | $15007427 |
| **10/25** | $13452972 | $15307956 |
| **11/25** | $13365721 | $15351197 |
| **12/25** | $13511021 | $15475287 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class R6 | 18.04% | 10.39% | 10.91% |
| MSCI World Net Index | 21.09% | 12.15% | 12.49% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $54736439 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $84126 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.2% |
| Short-Term Investments | 0.7% |
| Energy | 1.8% |
| Real Estate | 3.2% |
| Materials | 6.4% |
| Industrials | 7.1% |
| Communication Services | 13.3% |
| Consumer Discretionary | 15.0% |
| Information Technology | 24.1% |
| Financials | 28.2% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.7% |
| Alphabet, Inc. | 5.6% |
| CRH PLC | 5.5% |
| Apple, Inc. | 5.1% |
| JPMorgan Chase & Co. | 5.0% |
| Microsoft Corp. | 4.8% |
| Banco Santander SA | 4.8% |
| Tencent Holdings Ltd. | 4.4% |
| Amazon.com, Inc. | 4.2% |
| Total | 52.1% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MLMSX -TSR-AR

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

# Class A MSJAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $151 | 1.35% |

---

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

↑ Stock selection in health care, where a biopharmaceutical company focused on innovative therapies for sleep disorders and other central nervous system conditions was the sector's largest contributor

↑ Stock selection in industrials, with the largest contribution from an aerospace and defense company

↑ Average underweight in consumer staples

↓ Stock selection and average overweight in consumer discretionary, which declined mainly due to a designer, manufacturer and distributor of flooring products

↓ Stock selection and average underweight in financials

↓ Stock selection and average underweight in materials

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

![Growth of 10K Chart](tm262201d1_tsrimg048.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World Net Index** |
| **12/18** | $9479 | $10000 |
| **1/19** | $10133 | $10790 |
| **2/19** | $10711 | $11078 |
| **3/19** | $11251 | $11218 |
| **4/19** | $12142 | $11596 |
| **5/19** | $10891 | $10908 |
| **6/19** | $11564 | $11623 |
| **7/19** | $11355 | $11657 |
| **8/19** | $11479 | $11380 |
| **9/19** | $11062 | $11620 |
| **10/19** | $11100 | $11938 |
| **11/19** | $12360 | $12229 |
| **12/19** | $12313 | $12660 |
| **1/20** | $13109 | $12520 |
| **2/20** | $12209 | $11509 |
| **3/20** | $8976 | $9955 |
| **4/20** | $11033 | $11021 |
| **5/20** | $13602 | $11501 |
| **6/20** | $15725 | $11868 |
| **7/20** | $17024 | $12496 |
| **8/20** | $19318 | $13261 |
| **9/20** | $19100 | $12833 |
| **10/20** | $18531 | $12521 |
| **11/20** | $23592 | $14065 |
| **12/20** | $25746 | $14718 |
| **1/21** | $33529 | $14651 |
| **2/21** | $34321 | $14990 |
| **3/21** | $31476 | $15390 |
| **4/21** | $33285 | $16063 |
| **5/21** | $31955 | $16313 |
| **6/21** | $35485 | $16528 |
| **7/21** | $33431 | $16642 |
| **8/21** | $32669 | $17059 |
| **9/21** | $31349 | $16354 |
| **10/21** | $34028 | $17189 |
| **11/21** | $30146 | $16775 |
| **12/21** | $28114 | $17446 |
| **1/22** | $22983 | $16589 |
| **2/22** | $20392 | $16161 |
| **3/22** | $19173 | $16511 |
| **4/22** | $15219 | $15189 |
| **5/22** | $13007 | $15207 |
| **6/22** | $11379 | $13925 |
| **7/22** | $12382 | $14897 |
| **8/22** | $11891 | $14349 |
| **9/22** | $10795 | $12975 |
| **10/22** | $10877 | $13758 |
| **11/22** | $10088 | $14825 |
| **12/22** | $9453 | $14242 |
| **1/23** | $11440 | $15263 |
| **2/23** | $11788 | $14825 |
| **3/23** | $12372 | $15283 |
| **4/23** | $11901 | $15502 |
| **5/23** | $13263 | $15336 |
| **6/23** | $15240 | $16227 |
| **7/23** | $17237 | $16821 |
| **8/23** | $16407 | $16351 |
| **9/23** | $15137 | $15674 |
| **10/23** | $13427 | $15203 |
| **11/23** | $14093 | $16606 |
| **12/23** | $16262 | $17404 |
| **1/24** | $15378 | $17506 |
| **2/24** | $16356 | $18257 |
| **3/24** | $17126 | $18831 |
| **4/24** | $15909 | $18209 |
| **5/24** | $15888 | $18949 |
| **6/24** | $15378 | $19371 |
| **7/24** | $16523 | $19683 |
| **8/24** | $16387 | $20183 |
| **9/24** | $17428 | $20652 |
| **10/24** | $16887 | $20188 |
| **11/24** | $17761 | $20944 |
| **12/24** | $17168 | $20448 |
| **1/25** | $18812 | $21134 |
| **2/25** | $18343 | $21007 |
| **3/25** | $16668 | $20177 |
| **4/25** | $17157 | $20365 |
| **5/25** | $17480 | $21536 |
| **6/25** | $18874 | $22503 |
| **7/25** | $19155 | $22808 |
| **8/25** | $20133 | $23371 |
| **9/25** | $20549 | $24218 |
| **10/25** | $20903 | $24760 |
| **11/25** | $20996 | $24757 |
| **12/25** | $21335 | $25015 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/31/18 (Inception)* |
| Class A | 24.27% | (3.69)% | 12.29% |
| Class A, with 5.25% maximum front end sales charge | 17.78% | (4.72)% | 11.43% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 14.00% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $26085582 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 176% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2% |
| Communication Services | 1.3% |
| Energy | 3.9% |
| Financials | 4.2% |
| Information Technology | 5.4% |
| Industrials | 7.2% |
| Short-Term Investments | 10.8% |
| Consumer Discretionary | 16.3% |
| Health Care | 49.7% |

---

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

---

| | |
|:---|:---|
| Victoria PLC | 7.5% |
| Roivant Sciences Ltd. | 7.2% |
| QXO, Inc. | 5.8% |
| Teva Pharmaceutical Industries Ltd. | 5.8% |
| Abivax SA | 5.6% |
| Teleflex, Inc. | 5.5% |
| Immunovant, Inc. | 5.2% |
| Arbutus Biopharma Corp. | 5.0% |
| Belite Bio, Inc. | 4.3% |
| Floor & Decor Holdings, Inc. | 4.3% |
| Total | 56.2% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSJAX -TSR-AR

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

# Class C MSJCX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $234 | 2.10% |

---

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

↑ Stock selection in health care, where a biopharmaceutical company focused on innovative therapies for sleep disorders and other central nervous system conditions was the sector's largest contributor

↑ Stock selection in industrials, with the largest contribution from an aerospace and defense company

↑ Average underweight in consumer staples

↓ Stock selection and average overweight in consumer discretionary, which declined mainly due to a designer, manufacturer and distributor of flooring products

↓ Stock selection and average underweight in financials

↓ Stock selection and average underweight in materials

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

![Growth of 10K Chart](tm262201d1_tsrimg105.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World Net Index** |
| **12/18** | $10000 | $10000 |
| **1/19** | $10690 | $10790 |
| **2/19** | $11290 | $11078 |
| **3/19** | $11840 | $11218 |
| **4/19** | $12770 | $11596 |
| **5/19** | $11450 | $10908 |
| **6/19** | $12150 | $11623 |
| **7/19** | $11920 | $11657 |
| **8/19** | $12050 | $11380 |
| **9/19** | $11600 | $11620 |
| **10/19** | $11640 | $11938 |
| **11/19** | $12950 | $12229 |
| **12/19** | $12890 | $12660 |
| **1/20** | $13720 | $12520 |
| **2/20** | $12770 | $11509 |
| **3/20** | $9380 | $9955 |
| **4/20** | $11520 | $11021 |
| **5/20** | $14200 | $11501 |
| **6/20** | $16400 | $11868 |
| **7/20** | $17740 | $12496 |
| **8/20** | $20130 | $13261 |
| **9/20** | $19890 | $12833 |
| **10/20** | $19290 | $12521 |
| **11/20** | $24540 | $14065 |
| **12/20** | $26758 | $14718 |
| **1/21** | $34828 | $14651 |
| **2/21** | $35633 | $14990 |
| **3/21** | $32651 | $15390 |
| **4/21** | $34508 | $16063 |
| **5/21** | $33115 | $16313 |
| **6/21** | $36748 | $16528 |
| **7/21** | $34601 | $16642 |
| **8/21** | $33786 | $17059 |
| **9/21** | $32403 | $16354 |
| **10/21** | $35138 | $17189 |
| **11/21** | $31113 | $16775 |
| **12/21** | $29010 | $17446 |
| **1/22** | $23697 | $16589 |
| **2/22** | $21035 | $16161 |
| **3/22** | $19758 | $16511 |
| **4/22** | $15679 | $15189 |
| **5/22** | $13396 | $15207 |
| **6/22** | $11708 | $13925 |
| **7/22** | $12725 | $14897 |
| **8/22** | $12216 | $14349 |
| **9/22** | $11080 | $12975 |
| **10/22** | $11167 | $13758 |
| **11/22** | $10344 | $14825 |
| **12/22** | $9695 | $14242 |
| **1/23** | $11719 | $15263 |
| **2/23** | $12065 | $14825 |
| **3/23** | $12660 | $15283 |
| **4/23** | $12162 | $15502 |
| **5/23** | $13547 | $15336 |
| **6/23** | $15560 | $16227 |
| **7/23** | $17594 | $16821 |
| **8/23** | $16739 | $16351 |
| **9/23** | $15430 | $15674 |
| **10/23** | $13677 | $15203 |
| **11/23** | $14348 | $16606 |
| **12/23** | $16542 | $17404 |
| **1/24** | $15634 | $17506 |
| **2/24** | $16630 | $18257 |
| **3/24** | $17395 | $18831 |
| **4/24** | $16148 | $18209 |
| **5/24** | $16115 | $18949 |
| **6/24** | $15590 | $19371 |
| **7/24** | $16739 | $19683 |
| **8/24** | $16597 | $20183 |
| **9/24** | $17636 | $20652 |
| **10/24** | $17067 | $20188 |
| **11/24** | $17942 | $20944 |
| **12/24** | $17341 | $20448 |
| **1/25** | $18993 | $21134 |
| **2/25** | $18500 | $21007 |
| **3/25** | $16794 | $20177 |
| **4/25** | $17286 | $20365 |
| **5/25** | $17603 | $21536 |
| **6/25** | $18993 | $22503 |
| **7/25** | $19255 | $22808 |
| **8/25** | $20229 | $23371 |
| **9/25** | $20634 | $24218 |
| **10/25** | $20984 | $24760 |
| **11/25** | $21061 | $24757 |
| **12/25** | $21378 | $25015 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/31/18 (Inception)* |
| Class C | 23.28% | (4.39)% | 11.46% |
| Class C, with 1% maximum contingent deferred sales charge | 22.28% | (4.39)% | 11.46% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 14.00% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $26085582 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 176% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2% |
| Communication Services | 1.3% |
| Energy | 3.9% |
| Financials | 4.2% |
| Information Technology | 5.4% |
| Industrials | 7.2% |
| Short-Term Investments | 10.8% |
| Consumer Discretionary | 16.3% |
| Health Care | 49.7% |

---

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

---

| | |
|:---|:---|
| Victoria PLC | 7.5% |
| Roivant Sciences Ltd. | 7.2% |
| QXO, Inc. | 5.8% |
| Teva Pharmaceutical Industries Ltd. | 5.8% |
| Abivax SA | 5.6% |
| Teleflex, Inc. | 5.5% |
| Immunovant, Inc. | 5.2% |
| Arbutus Biopharma Corp. | 5.0% |
| Belite Bio, Inc. | 4.3% |
| Floor & Decor Holdings, Inc. | 4.3% |
| Total | 56.2% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSJCX -TSR-AR

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

# Class I MSJIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $112 | 1.00% |

---

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

↑ Stock selection in health care, where a biopharmaceutical company focused on innovative therapies for sleep disorders and other central nervous system conditions was the sector's largest contributor

↑ Stock selection in industrials, with the largest contribution from an aerospace and defense company

↑ Average underweight in consumer staples

↓ Stock selection and average overweight in consumer discretionary, which declined mainly due to a designer, manufacturer and distributor of flooring products

↓ Stock selection and average underweight in financials

↓ Stock selection and average underweight in materials

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

![Growth of 10K Chart](tm262201d1_tsrimg068.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World Net Index** |
| **12/18** | $1000000 | $1000000 |
| **1/19** | $1070000 | $1078960 |
| **2/19** | $1131000 | $1107819 |
| **3/19** | $1188000 | $1121751 |
| **4/19** | $1282000 | $1159627 |
| **5/19** | $1151000 | $1090839 |
| **6/19** | $1222000 | $1162267 |
| **7/19** | $1200000 | $1165673 |
| **8/19** | $1214000 | $1138020 |
| **9/19** | $1170000 | $1161966 |
| **10/19** | $1175000 | $1193767 |
| **11/19** | $1309000 | $1222909 |
| **12/19** | $1303000 | $1265974 |
| **1/20** | $1389000 | $1251990 |
| **2/20** | $1294000 | $1150867 |
| **3/20** | $951000 | $995496 |
| **4/20** | $1169000 | $1102139 |
| **5/20** | $1442000 | $1150072 |
| **6/20** | $1667000 | $1186820 |
| **7/20** | $1806000 | $1249587 |
| **8/20** | $2050000 | $1326068 |
| **9/20** | $2028000 | $1283312 |
| **10/20** | $1968000 | $1252116 |
| **11/20** | $2506000 | $1406455 |
| **12/20** | $2736680 | $1471756 |
| **1/21** | $3563568 | $1465063 |
| **2/21** | $3649251 | $1498999 |
| **3/21** | $3347813 | $1539036 |
| **4/21** | $3541889 | $1606327 |
| **5/21** | $3401494 | $1631325 |
| **6/21** | $3778291 | $1652821 |
| **7/21** | $3560471 | $1664211 |
| **8/21** | $3480983 | $1705865 |
| **9/21** | $3341619 | $1635396 |
| **10/21** | $3626540 | $1718872 |
| **11/21** | $3213612 | $1677481 |
| **12/21** | $2999112 | $1744581 |
| **1/22** | $2452247 | $1658900 |
| **2/22** | $2176653 | $1616056 |
| **3/22** | $2046961 | $1651058 |
| **4/22** | $1625465 | $1518904 |
| **5/22** | $1389859 | $1520682 |
| **6/22** | $1215856 | $1392494 |
| **7/22** | $1322851 | $1489735 |
| **8/22** | $1270975 | $1434891 |
| **9/22** | $1154253 | $1297530 |
| **10/22** | $1163980 | $1375832 |
| **11/22** | $1079680 | $1482546 |
| **12/22** | $1012673 | $1424206 |
| **1/23** | $1225583 | $1526289 |
| **2/23** | $1262329 | $1482545 |
| **3/23** | $1326094 | $1528256 |
| **4/23** | $1275298 | $1550221 |
| **5/23** | $1422281 | $1533617 |
| **6/23** | $1635191 | $1622661 |
| **7/23** | $1849182 | $1682063 |
| **8/23** | $1761640 | $1635059 |
| **9/23** | $1624384 | $1567448 |
| **10/23** | $1441735 | $1520320 |
| **11/23** | $1513065 | $1660639 |
| **12/23** | $1747427 | $1740406 |
| **1/24** | $1652733 | $1750609 |
| **2/24** | $1759539 | $1825734 |
| **3/24** | $1842120 | $1883056 |
| **4/24** | $1712192 | $1820928 |
| **5/24** | $1709990 | $1894883 |
| **6/24** | $1654935 | $1937086 |
| **7/24** | $1779358 | $1968326 |
| **8/24** | $1766145 | $2018315 |
| **9/24** | $1877355 | $2065203 |
| **10/24** | $1818998 | $2018845 |
| **11/24** | $1914792 | $2094358 |
| **12/24** | $1851968 | $2044781 |
| **1/25** | $2030191 | $2113416 |
| **2/25** | $1979270 | $2100684 |
| **3/25** | $1798833 | $2017697 |
| **4/25** | $1853075 | $2036515 |
| **5/25** | $1888498 | $2153572 |
| **6/25** | $2039046 | $2250269 |
| **7/25** | $2070042 | $2280787 |
| **8/25** | $2176311 | $2337102 |
| **9/25** | $2221697 | $2421803 |
| **10/25** | $2260441 | $2475969 |
| **11/25** | $2271511 | $2475694 |
| **12/25** | $2308029 | $2501532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/31/18 (Inception)* |
| Class I | 24.63% | (3.35)% | 12.69% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 14.00% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $26085582 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 176% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2% |
| Communication Services | 1.3% |
| Energy | 3.9% |
| Financials | 4.2% |
| Information Technology | 5.4% |
| Industrials | 7.2% |
| Short-Term Investments | 10.8% |
| Consumer Discretionary | 16.3% |
| Health Care | 49.7% |

---

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

---

| | |
|:---|:---|
| Victoria PLC | 7.5% |
| Roivant Sciences Ltd. | 7.2% |
| QXO, Inc. | 5.8% |
| Teva Pharmaceutical Industries Ltd. | 5.8% |
| Abivax SA | 5.6% |
| Teleflex, Inc. | 5.5% |
| Immunovant, Inc. | 5.2% |
| Arbutus Biopharma Corp. | 5.0% |
| Belite Bio, Inc. | 4.3% |
| Floor & Decor Holdings, Inc. | 4.3% |
| Total | 56.2% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSJIX -TSR-AR

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

# Class R6 MSJSX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Endurance Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $107 | 0.95% |

---

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

↑ Stock selection in health care, where a biopharmaceutical company focused on innovative therapies for sleep disorders and other central nervous system conditions was the sector's largest contributor

↑ Stock selection in industrials, with the largest contribution from an aerospace and defense company

↑ Average underweight in consumer staples

↓ Stock selection and average overweight in consumer discretionary, which declined mainly due to a designer, manufacturer and distributor of flooring products

↓ Stock selection and average underweight in financials

↓ Stock selection and average underweight in materials

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

![Growth of 10K Chart](tm262201d1_tsrimg097.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Net Index** |
| **12/18** | $5000000 | $5000000 |
| **1/19** | $5350000 | $5394798 |
| **2/19** | $5655000 | $5539093 |
| **3/19** | $5940000 | $5608753 |
| **4/19** | $6410000 | $5798136 |
| **5/19** | $5755000 | $5454196 |
| **6/19** | $6110000 | $5811335 |
| **7/19** | $6000000 | $5828363 |
| **8/19** | $6075000 | $5690101 |
| **9/19** | $5850000 | $5809829 |
| **10/19** | $5875000 | $5968837 |
| **11/19** | $6545000 | $6114545 |
| **12/19** | $6520000 | $6329870 |
| **1/20** | $6945000 | $6259951 |
| **2/20** | $6470000 | $5754336 |
| **3/20** | $4755000 | $4977481 |
| **4/20** | $5850000 | $5510694 |
| **5/20** | $7215000 | $5750360 |
| **6/20** | $8345000 | $5934099 |
| **7/20** | $9035000 | $6247935 |
| **8/20** | $10260000 | $6630341 |
| **9/20** | $10150000 | $6416558 |
| **10/20** | $9850000 | $6260580 |
| **11/20** | $12545000 | $7032277 |
| **12/20** | $13696971 | $7358782 |
| **1/21** | $17837556 | $7325314 |
| **2/21** | $18266071 | $7494994 |
| **3/21** | $16758526 | $7695180 |
| **4/21** | $17729137 | $8031633 |
| **5/21** | $17026993 | $8156624 |
| **6/21** | $18916586 | $8264107 |
| **7/21** | $17827231 | $8321053 |
| **8/21** | $17424530 | $8529323 |
| **9/21** | $16727549 | $8176979 |
| **10/21** | $18157651 | $8594361 |
| **11/21** | $16092522 | $8387405 |
| **12/21** | $15014602 | $8722905 |
| **1/22** | $12279761 | $8294502 |
| **2/22** | $10901531 | $8080278 |
| **3/22** | $10247547 | $8255289 |
| **4/22** | $8139665 | $7594521 |
| **5/22** | $6961414 | $7603408 |
| **6/22** | $6085832 | $6962469 |
| **7/22** | $6626315 | $7448675 |
| **8/22** | $6366883 | $7174453 |
| **9/22** | $5783162 | $6487648 |
| **10/22** | $5831805 | $6879158 |
| **11/22** | $5404824 | $7412729 |
| **12/22** | $5069725 | $7121031 |
| **1/23** | $6134476 | $7631444 |
| **2/23** | $6323644 | $7412727 |
| **3/23** | $6642529 | $7641280 |
| **4/23** | $6388502 | $7751105 |
| **5/23** | $7123558 | $7668087 |
| **6/23** | $8188309 | $8113303 |
| **7/23** | $9263869 | $8410314 |
| **8/23** | $8826078 | $8175297 |
| **9/23** | $8139665 | $7837242 |
| **10/23** | $7226250 | $7601601 |
| **11/23** | $7582968 | $8303197 |
| **12/23** | $8753387 | $8702032 |
| **1/24** | $8285144 | $8753046 |
| **2/24** | $8813983 | $9128668 |
| **3/24** | $9232647 | $9415280 |
| **4/24** | $8577107 | $9104642 |
| **5/24** | $8571598 | $9474414 |
| **6/24** | $8296161 | $9685430 |
| **7/24** | $8918649 | $9841631 |
| **8/24** | $8852544 | $10091574 |
| **9/24** | $9414436 | $10326013 |
| **10/24** | $9122472 | $10094227 |
| **11/24** | $9596224 | $10471788 |
| **12/24** | $9282788 | $10223904 |
| **1/25** | $10175044 | $10567079 |
| **2/25** | $9925655 | $10503419 |
| **3/25** | $9016773 | $10088485 |
| **4/25** | $9288329 | $10182576 |
| **5/25** | $9465672 | $10767859 |
| **6/25** | $10224921 | $11251347 |
| **7/25** | $10380096 | $11403937 |
| **8/25** | $10912125 | $11685509 |
| **9/25** | $11144887 | $12109015 |
| **10/25** | $11338856 | $12379844 |
| **11/25** | $11394275 | $12378470 |
| **12/25** | $11577785 | $12507658 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 12/31/18 (Inception)* |
| Class R6 | 24.72% | (3.31)% | 12.74% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 14.00% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $26085582 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 176% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2% |
| Communication Services | 1.3% |
| Energy | 3.9% |
| Financials | 4.2% |
| Information Technology | 5.4% |
| Industrials | 7.2% |
| Short-Term Investments | 10.8% |
| Consumer Discretionary | 16.3% |
| Health Care | 49.7% |

---

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

---

| | |
|:---|:---|
| Victoria PLC | 7.5% |
| Roivant Sciences Ltd. | 7.2% |
| QXO, Inc. | 5.8% |
| Teva Pharmaceutical Industries Ltd. | 5.8% |
| Abivax SA | 5.6% |
| Teleflex, Inc. | 5.5% |
| Immunovant, Inc. | 5.2% |
| Arbutus Biopharma Corp. | 5.0% |
| Belite Bio, Inc. | 4.3% |
| Floor & Decor Holdings, Inc. | 4.3% |
| Total | 56.2% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSJSX -TSR-AR

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

# Class A MSFBX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $120 | 1.20% |

---

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

↓ Stock selection in information technology was the primary detractor, as the portfolio's tilt toward software and services lagged the exceptional performance of semiconductors and hardware, which dominated index gains

↓ Stock selection in financials and industrials were other leading detractors from performance

↑ The underweight to consumer staples and the overweights to financials and industrials contributed positively

↑ The largest contributors to absolute performance were the cloud hyperscalers Alphabet and Microsoft

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

![Growth of 10K Chart](tm262201d1_tsrimg063.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI World Net Index** |
| **12/15** | $9473 | $10000 |
| **1/16** | $9478 | $9402 |
| **2/16** | $9250 | $9332 |
| **3/16** | $9820 | $9965 |
| **4/16** | $9848 | $10123 |
| **5/16** | $9976 | $10180 |
| **6/16** | $10104 | $10066 |
| **7/16** | $10163 | $10491 |
| **8/16** | $10153 | $10499 |
| **9/16** | $10167 | $10555 |
| **10/16** | $9939 | $10351 |
| **11/16** | $9705 | $10500 |
| **12/16** | $9981 | $10751 |
| **1/17** | $10293 | $11011 |
| **2/17** | $10718 | $11316 |
| **3/17** | $10961 | $11437 |
| **4/17** | $11204 | $11606 |
| **5/17** | $11719 | $11851 |
| **6/17** | $11610 | $11897 |
| **7/17** | $11709 | $12182 |
| **8/17** | $11645 | $12199 |
| **9/17** | $11620 | $12473 |
| **10/17** | $11952 | $12708 |
| **11/17** | $12254 | $12984 |
| **12/17** | $12534 | $13159 |
| **1/18** | $13031 | $13854 |
| **2/18** | $12342 | $13280 |
| **3/18** | $12410 | $12991 |
| **4/18** | $12348 | $13140 |
| **5/18** | $12487 | $13222 |
| **6/18** | $12938 | $13216 |
| **7/18** | $13191 | $13629 |
| **8/18** | $13311 | $13797 |
| **9/18** | $13551 | $13874 |
| **10/18** | $12779 | $12856 |
| **11/18** | $13149 | $13002 |
| **12/18** | $12312 | $12013 |
| **1/19** | $12836 | $12948 |
| **2/19** | $13497 | $13337 |
| **3/19** | $14164 | $13512 |
| **4/19** | $14541 | $13991 |
| **5/19** | $14137 | $13184 |
| **6/19** | $14880 | $14053 |
| **7/19** | $14907 | $14122 |
| **8/19** | $14973 | $13833 |
| **9/19** | $14880 | $14128 |
| **10/19** | $14995 | $14487 |
| **11/19** | $15448 | $14891 |
| **12/19** | $15911 | $15337 |
| **1/20** | $16162 | $15244 |
| **2/20** | $14957 | $13955 |
| **3/20** | $13826 | $12108 |
| **4/20** | $15094 | $13431 |
| **5/20** | $15688 | $14080 |
| **6/20** | $15985 | $14452 |
| **7/20** | $16836 | $15144 |
| **8/20** | $17453 | $16156 |
| **9/20** | $17030 | $15598 |
| **10/20** | $16202 | $15120 |
| **11/20** | $17333 | $17053 |
| **12/20** | $17971 | $17776 |
| **1/21** | $17505 | $17599 |
| **2/21** | $17440 | $18050 |
| **3/21** | $18190 | $18651 |
| **4/21** | $19152 | $19519 |
| **5/21** | $19270 | $19800 |
| **6/21** | $19707 | $20095 |
| **7/21** | $20262 | $20455 |
| **8/21** | $20451 | $20964 |
| **9/21** | $19648 | $20094 |
| **10/21** | $20846 | $21232 |
| **11/21** | $20291 | $20767 |
| **12/21** | $21856 | $21654 |
| **1/22** | $20540 | $20508 |
| **2/22** | $19855 | $19990 |
| **3/22** | $19873 | $20538 |
| **4/22** | $18958 | $18832 |
| **5/22** | $18988 | $18846 |
| **6/22** | $17818 | $17214 |
| **7/22** | $18988 | $18581 |
| **8/22** | $17945 | $17804 |
| **9/22** | $16278 | $16149 |
| **10/22** | $17127 | $17308 |
| **11/22** | $18636 | $18512 |
| **12/22** | $18042 | $17726 |
| **1/23** | $18866 | $18980 |
| **2/23** | $18153 | $18524 |
| **3/23** | $19174 | $19096 |
| **4/23** | $19802 | $19431 |
| **5/23** | $19100 | $19237 |
| **6/23** | $20146 | $20400 |
| **7/23** | $20349 | $21085 |
| **8/23** | $20245 | $20582 |
| **9/23** | $19150 | $19694 |
| **10/23** | $18793 | $19123 |
| **11/23** | $20368 | $20915 |
| **12/23** | $20958 | $21942 |
| **1/24** | $21396 | $22205 |
| **2/24** | $21972 | $23147 |
| **3/24** | $21979 | $23891 |
| **4/24** | $20757 | $23003 |
| **5/24** | $21215 | $24030 |
| **6/24** | $21528 | $24519 |
| **7/24** | $22298 | $24952 |
| **8/24** | $23100 | $25611 |
| **9/24** | $23570 | $26080 |
| **10/24** | $22831 | $25563 |
| **11/24** | $23469 | $26736 |
| **12/24** | $22783 | $26039 |
| **1/25** | $23978 | $26958 |
| **2/25** | $23957 | $26764 |
| **3/25** | $23496 | $25572 |
| **4/25** | $23461 | $25800 |
| **5/25** | $24398 | $27327 |
| **6/25** | $24384 | $28506 |
| **7/25** | $24027 | $28873 |
| **8/25** | $24069 | $29626 |
| **9/25** | $23601 | $30578 |
| **10/25** | $22859 | $31191 |
| **11/25** | $22776 | $31279 |
| **12/25** | $22774 | $31532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | (0.04)% | 4.85% | 9.17% |
| Class A, with 5.25% maximum front end sales charge | (5.30)% | 3.72% | 8.58% |
| MSCI World Net Index | 21.09% | 12.15% | 12.17% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1935029249 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $18692899 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg126.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Communication Services | 5.0% |
| Consumer Discretionary | 7.1% |
| Consumer Staples | 12.5% |
| Health Care | 13.5% |
| Industrials | 16.5% |
| Information Technology | 21.4% |
| Financials | 23.0% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.7% |
| SAP SE | 7.6% |
| Visa, Inc. | 5.3% |
| Alphabet, Inc. | 5.0% |
| RELX PLC | 4.3% |
| Coca-Cola Co. | 4.1% |
| L'Oreal SA | 3.6% |
| Arthur J Gallagher & Co. | 3.5% |
| Intercontinental Exchange, Inc. | 3.5% |
| S&P Global, Inc. | 3.5% |
| Total | 49.1% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSFBX -TSR-AR

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

# Class C MSGFX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $194 | 1.95% |

---

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

↓ Stock selection in information technology was the primary detractor, as the portfolio's tilt toward software and services lagged the exceptional performance of semiconductors and hardware, which dominated index gains

↓ Stock selection in financials and industrials were other leading detractors from performance

↑ The underweight to consumer staples and the overweights to financials and industrials contributed positively

↑ The largest contributors to absolute performance were the cloud hyperscalers Alphabet and Microsoft

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

![Growth of 10K Chart](tm262201d1_tsrimg036.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI World Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $10000 | $9402 |
| **2/16** | $9752 | $9332 |
| **3/16** | $10349 | $9965 |
| **4/16** | $10375 | $10123 |
| **5/16** | $10506 | $10180 |
| **6/16** | $10633 | $10066 |
| **7/16** | $10685 | $10491 |
| **8/16** | $10670 | $10499 |
| **9/16** | $10675 | $10555 |
| **10/16** | $10431 | $10351 |
| **11/16** | $10181 | $10500 |
| **12/16** | $10458 | $10751 |
| **1/17** | $10779 | $11011 |
| **2/17** | $11221 | $11316 |
| **3/17** | $11468 | $11437 |
| **4/17** | $11710 | $11606 |
| **5/17** | $12241 | $11851 |
| **6/17** | $12120 | $11897 |
| **7/17** | $12216 | $12182 |
| **8/17** | $12137 | $12199 |
| **9/17** | $12110 | $12473 |
| **10/17** | $12442 | $12708 |
| **11/17** | $12748 | $12984 |
| **12/17** | $13033 | $13159 |
| **1/18** | $13542 | $13854 |
| **2/18** | $12820 | $13280 |
| **3/18** | $12880 | $12991 |
| **4/18** | $12809 | $13140 |
| **5/18** | $12946 | $13222 |
| **6/18** | $13405 | $13216 |
| **7/18** | $13656 | $13629 |
| **8/18** | $13772 | $13797 |
| **9/18** | $14015 | $13874 |
| **10/18** | $13210 | $12856 |
| **11/18** | $13579 | $13002 |
| **12/18** | $12707 | $12013 |
| **1/19** | $13246 | $12948 |
| **2/19** | $13918 | $13337 |
| **3/19** | $14596 | $13512 |
| **4/19** | $14975 | $13991 |
| **5/19** | $14550 | $13184 |
| **6/19** | $15308 | $14053 |
| **7/19** | $15319 | $14122 |
| **8/19** | $15382 | $13833 |
| **9/19** | $15273 | $14128 |
| **10/19** | $15382 | $14487 |
| **11/19** | $15836 | $14891 |
| **12/19** | $16299 | $15337 |
| **1/20** | $16550 | $15244 |
| **2/20** | $15308 | $13955 |
| **3/20** | $14132 | $12108 |
| **4/20** | $15427 | $13431 |
| **5/20** | $16018 | $14080 |
| **6/20** | $16317 | $14452 |
| **7/20** | $17171 | $15144 |
| **8/20** | $17792 | $16156 |
| **9/20** | $17350 | $15598 |
| **10/20** | $16496 | $15120 |
| **11/20** | $17630 | $17053 |
| **12/20** | $18269 | $17776 |
| **1/21** | $17784 | $17599 |
| **2/21** | $17711 | $18050 |
| **3/21** | $18460 | $18651 |
| **4/21** | $19423 | $19519 |
| **5/21** | $19533 | $19800 |
| **6/21** | $19963 | $20095 |
| **7/21** | $20515 | $20455 |
| **8/21** | $20687 | $20964 |
| **9/21** | $19865 | $20094 |
| **10/21** | $21068 | $21232 |
| **11/21** | $20491 | $20767 |
| **12/21** | $22059 | $21654 |
| **1/22** | $20717 | $20508 |
| **2/22** | $20015 | $19990 |
| **3/22** | $20021 | $20538 |
| **4/22** | $19087 | $18832 |
| **5/22** | $19112 | $18846 |
| **6/22** | $17914 | $17214 |
| **7/22** | $19087 | $18581 |
| **8/22** | $18021 | $17804 |
| **9/22** | $16340 | $16149 |
| **10/22** | $17180 | $17308 |
| **11/22** | $18679 | $18512 |
| **12/22** | $18075 | $17726 |
| **1/23** | $18884 | $18980 |
| **2/23** | $18163 | $18524 |
| **3/23** | $19169 | $19096 |
| **4/23** | $19795 | $19431 |
| **5/23** | $19074 | $19237 |
| **6/23** | $20112 | $20400 |
| **7/23** | $20302 | $21085 |
| **8/23** | $20188 | $20582 |
| **9/23** | $19074 | $19694 |
| **10/23** | $18707 | $19123 |
| **11/23** | $20264 | $20915 |
| **12/23** | $20838 | $21942 |
| **1/24** | $21274 | $22205 |
| **2/24** | $21847 | $23147 |
| **3/24** | $21853 | $23891 |
| **4/24** | $20639 | $23003 |
| **5/24** | $21093 | $24030 |
| **6/24** | $21405 | $24519 |
| **7/24** | $22171 | $24952 |
| **8/24** | $22968 | $25611 |
| **9/24** | $23435 | $26080 |
| **10/24** | $22700 | $25563 |
| **11/24** | $23335 | $26736 |
| **12/24** | $22652 | $26039 |
| **1/25** | $23841 | $26958 |
| **2/25** | $23821 | $26764 |
| **3/25** | $23362 | $25572 |
| **4/25** | $23327 | $25800 |
| **5/25** | $24259 | $27327 |
| **6/25** | $24245 | $28506 |
| **7/25** | $23890 | $28873 |
| **8/25** | $23932 | $29626 |
| **9/25** | $23466 | $30578 |
| **10/25** | $22729 | $31191 |
| **11/25** | $22645 | $31279 |
| **12/25** | $22644 | $31532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (0.77)% | 4.08% | 8.52% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | (1.64)% | 4.08% | 8.52% |
| MSCI World Net Index | 21.09% | 12.15% | 12.17% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1935029249 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $18692899 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg126.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Communication Services | 5.0% |
| Consumer Discretionary | 7.1% |
| Consumer Staples | 12.5% |
| Health Care | 13.5% |
| Industrials | 16.5% |
| Information Technology | 21.4% |
| Financials | 23.0% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.7% |
| SAP SE | 7.6% |
| Visa, Inc. | 5.3% |
| Alphabet, Inc. | 5.0% |
| RELX PLC | 4.3% |
| Coca-Cola Co. | 4.1% |
| L'Oreal SA | 3.6% |
| Arthur J Gallagher & Co. | 3.5% |
| Intercontinental Exchange, Inc. | 3.5% |
| S&P Global, Inc. | 3.5% |
| Total | 49.1% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSGFX -TSR-AR

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

# Class I MSFAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $95 | 0.95% |

---

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

↓ Stock selection in information technology was the primary detractor, as the portfolio's tilt toward software and services lagged the exceptional performance of semiconductors and hardware, which dominated index gains

↓ Stock selection in financials and industrials were other leading detractors from performance

↑ The underweight to consumer staples and the overweights to financials and industrials contributed positively

↑ The largest contributors to absolute performance were the cloud hyperscalers Alphabet and Microsoft

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

![Growth of 10K Chart](tm262201d1_tsrimg066.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI World Net Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $1000984 | $940176 |
| **2/16** | $976881 | $933178 |
| **3/16** | $1037383 | $996503 |
| **4/16** | $1040826 | $1012271 |
| **5/16** | $1054599 | $1017957 |
| **6/16** | $1068372 | $1006550 |
| **7/16** | $1074402 | $1049075 |
| **8/16** | $1073908 | $1049947 |
| **9/16** | $1075390 | $1055524 |
| **10/16** | $1051679 | $1035097 |
| **11/16** | $1026980 | $1049981 |
| **12/16** | $1056425 | $1075105 |
| **1/17** | $1089824 | $1101053 |
| **2/17** | $1135040 | $1131600 |
| **3/17** | $1161245 | $1143654 |
| **4/17** | $1186937 | $1160587 |
| **5/17** | $1241916 | $1185139 |
| **6/17** | $1230098 | $1189699 |
| **7/17** | $1240945 | $1218171 |
| **8/17** | $1234256 | $1219887 |
| **9/17** | $1232198 | $1247266 |
| **10/17** | $1267698 | $1270838 |
| **11/17** | $1299596 | $1298373 |
| **12/17** | $1329506 | $1315932 |
| **1/18** | $1382750 | $1385413 |
| **2/18** | $1309606 | $1328019 |
| **3/18** | $1317674 | $1299073 |
| **4/18** | $1311220 | $1314001 |
| **5/18** | $1326279 | $1322235 |
| **6/18** | $1374683 | $1321604 |
| **7/18** | $1402064 | $1362883 |
| **8/18** | $1415071 | $1379746 |
| **9/18** | $1441086 | $1387428 |
| **10/18** | $1359249 | $1285552 |
| **11/18** | $1398812 | $1300156 |
| **12/18** | $1309515 | $1201295 |
| **1/19** | $1366376 | $1294762 |
| **2/19** | $1436884 | $1333696 |
| **3/19** | $1507961 | $1351213 |
| **4/19** | $1548901 | $1399126 |
| **5/19** | $1505686 | $1318395 |
| **6/19** | $1585861 | $1405271 |
| **7/19** | $1588704 | $1412232 |
| **8/19** | $1596096 | $1383345 |
| **9/19** | $1586429 | $1412784 |
| **10/19** | $1598939 | $1448736 |
| **11/19** | $1647840 | $1489083 |
| **12/19** | $1697091 | $1533694 |
| **1/20** | $1725048 | $1524359 |
| **2/20** | $1596562 | $1395512 |
| **3/20** | $1475214 | $1210826 |
| **4/20** | $1611433 | $1343102 |
| **5/20** | $1675082 | $1407985 |
| **6/20** | $1707798 | $1445227 |
| **7/20** | $1798214 | $1514369 |
| **8/20** | $1865432 | $1615551 |
| **9/20** | $1820224 | $1559815 |
| **10/20** | $1732187 | $1511968 |
| **11/20** | $1852940 | $1705291 |
| **12/20** | $1921384 | $1777589 |
| **1/21** | $1872118 | $1759922 |
| **2/21** | $1865959 | $1805019 |
| **3/21** | $1946017 | $1865076 |
| **4/21** | $2049476 | $1951877 |
| **5/21** | $2063024 | $1979995 |
| **6/21** | $2109827 | $2009506 |
| **7/21** | $2170179 | $2045502 |
| **8/21** | $2189885 | $2096411 |
| **9/21** | $2104901 | $2009367 |
| **10/21** | $2233609 | $2123179 |
| **11/21** | $2175105 | $2076654 |
| **12/21** | $2342571 | $2165410 |
| **1/22** | $2201979 | $2050836 |
| **2/22** | $2129150 | $1998968 |
| **3/22** | $2131050 | $2053827 |
| **4/22** | $2034155 | $1883208 |
| **5/22** | $2037955 | $1884635 |
| **6/22** | $1911928 | $1721384 |
| **7/22** | $2038588 | $1858055 |
| **8/22** | $1926494 | $1780374 |
| **9/22** | $1747904 | $1614871 |
| **10/22** | $1839732 | $1730839 |
| **11/22** | $2001857 | $1851185 |
| **12/22** | $1938676 | $1772570 |
| **1/23** | $2027559 | $1897991 |
| **2/23** | $1950914 | $1852366 |
| **3/23** | $2061051 | $1909603 |
| **4/23** | $2129323 | $1943078 |
| **5/23** | $2054610 | $1923679 |
| **6/23** | $2167324 | $2040019 |
| **7/23** | $2189867 | $2108549 |
| **8/23** | $2178917 | $2058185 |
| **9/23** | $2061051 | $1969398 |
| **10/23** | $2023050 | $1912254 |
| **11/23** | $2193087 | $2091532 |
| **12/23** | $2256985 | $2194214 |
| **1/24** | $2304936 | $2220546 |
| **2/24** | $2367995 | $2314692 |
| **3/24** | $2368651 | $2389074 |
| **4/24** | $2237935 | $2300333 |
| **5/24** | $2287200 | $2403047 |
| **6/24** | $2321357 | $2451944 |
| **7/24** | $2404779 | $2495153 |
| **8/24** | $2492142 | $2561101 |
| **9/24** | $2543377 | $2608005 |
| **10/24** | $2463897 | $2556270 |
| **11/24** | $2533524 | $2673569 |
| **12/24** | $2459333 | $2603894 |
| **1/25** | $2589775 | $2695782 |
| **2/25** | $2587576 | $2676380 |
| **3/25** | $2538477 | $2557226 |
| **4/25** | $2535546 | $2579952 |
| **5/25** | $2636675 | $2732664 |
| **6/25** | $2635942 | $2850587 |
| **7/25** | $2597836 | $2887282 |
| **8/25** | $2602965 | $2962598 |
| **9/25** | $2553134 | $3057833 |
| **10/25** | $2473257 | $3119067 |
| **11/25** | $2465196 | $3127878 |
| **12/25** | $2464894 | $3153162 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 0.23% | 5.11% | 9.44% |
| MSCI World Net Index | 21.09% | 12.15% | 12.17% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1935029249 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $18692899 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg126.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Communication Services | 5.0% |
| Consumer Discretionary | 7.1% |
| Consumer Staples | 12.5% |
| Health Care | 13.5% |
| Industrials | 16.5% |
| Information Technology | 21.4% |
| Financials | 23.0% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.7% |
| SAP SE | 7.6% |
| Visa, Inc. | 5.3% |
| Alphabet, Inc. | 5.0% |
| RELX PLC | 4.3% |
| Coca-Cola Co. | 4.1% |
| L'Oreal SA | 3.6% |
| Arthur J Gallagher & Co. | 3.5% |
| Intercontinental Exchange, Inc. | 3.5% |
| S&P Global, Inc. | 3.5% |
| Total | 49.1% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSFAX -TSR-AR

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

# Class L MSFLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $176 | 1.77% |

---

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

↓ Stock selection in information technology was the primary detractor, as the portfolio's tilt toward software and services lagged the exceptional performance of semiconductors and hardware, which dominated index gains

↓ Stock selection in financials and industrials were other leading detractors from performance

↑ The underweight to consumer staples and the overweights to financials and industrials contributed positively

↑ The largest contributors to absolute performance were the cloud hyperscalers Alphabet and Microsoft

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

![Growth of 10K Chart](tm262201d1_tsrimg129.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI World Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $10000 | $9402 |
| **2/16** | $9754 | $9332 |
| **3/16** | $10352 | $9965 |
| **4/16** | $10382 | $10123 |
| **5/16** | $10512 | $10180 |
| **6/16** | $10643 | $10066 |
| **7/16** | $10699 | $10491 |
| **8/16** | $10684 | $10499 |
| **9/16** | $10694 | $10555 |
| **10/16** | $10447 | $10351 |
| **11/16** | $10200 | $10500 |
| **12/16** | $10482 | $10751 |
| **1/17** | $10810 | $11011 |
| **2/17** | $11253 | $11316 |
| **3/17** | $11503 | $11437 |
| **4/17** | $11753 | $11606 |
| **5/17** | $12284 | $11851 |
| **6/17** | $12164 | $11897 |
| **7/17** | $12264 | $12182 |
| **8/17** | $12191 | $12199 |
| **9/17** | $12165 | $12473 |
| **10/17** | $12504 | $12708 |
| **11/17** | $12817 | $12984 |
| **12/17** | $13101 | $13159 |
| **1/18** | $13621 | $13854 |
| **2/18** | $12889 | $13280 |
| **3/18** | $12960 | $12991 |
| **4/18** | $12889 | $13140 |
| **5/18** | $13025 | $13222 |
| **6/18** | $13496 | $13216 |
| **7/18** | $13750 | $13629 |
| **8/18** | $13871 | $13797 |
| **9/18** | $14116 | $13874 |
| **10/18** | $13308 | $12856 |
| **11/18** | $13685 | $13002 |
| **12/18** | $12801 | $12013 |
| **1/19** | $13347 | $12948 |
| **2/19** | $14030 | $13337 |
| **3/19** | $14712 | $13512 |
| **4/19** | $15099 | $13991 |
| **5/19** | $14672 | $13184 |
| **6/19** | $15440 | $14053 |
| **7/19** | $15463 | $14122 |
| **8/19** | $15525 | $13833 |
| **9/19** | $15417 | $14128 |
| **10/19** | $15531 | $14487 |
| **11/19** | $15992 | $14891 |
| **12/19** | $16465 | $15337 |
| **1/20** | $16725 | $15244 |
| **2/20** | $15466 | $13955 |
| **3/20** | $14289 | $12108 |
| **4/20** | $15596 | $13431 |
| **5/20** | $16199 | $14080 |
| **6/20** | $16507 | $14452 |
| **7/20** | $17370 | $15144 |
| **8/20** | $18003 | $16156 |
| **9/20** | $17559 | $15598 |
| **10/20** | $16702 | $15120 |
| **11/20** | $17855 | $17053 |
| **12/20** | $18504 | $17776 |
| **1/21** | $18017 | $17599 |
| **2/21** | $17944 | $18050 |
| **3/21** | $18705 | $18651 |
| **4/21** | $19691 | $19519 |
| **5/21** | $19806 | $19800 |
| **6/21** | $20244 | $20095 |
| **7/21** | $20804 | $20455 |
| **8/21** | $20987 | $20964 |
| **9/21** | $20153 | $20094 |
| **10/21** | $21376 | $21232 |
| **11/21** | $20804 | $20767 |
| **12/21** | $22393 | $21654 |
| **1/22** | $21038 | $20508 |
| **2/22** | $20329 | $19990 |
| **3/22** | $20335 | $20538 |
| **4/22** | $19396 | $18832 |
| **5/22** | $19421 | $18846 |
| **6/22** | $18208 | $17214 |
| **7/22** | $19402 | $18581 |
| **8/22** | $18326 | $17804 |
| **9/22** | $16616 | $16149 |
| **10/22** | $17474 | $17308 |
| **11/22** | $19004 | $18512 |
| **12/22** | $18394 | $17726 |
| **1/23** | $19223 | $18980 |
| **2/23** | $18488 | $18524 |
| **3/23** | $19518 | $19096 |
| **4/23** | $20159 | $19431 |
| **5/23** | $19430 | $19237 |
| **6/23** | $20491 | $20400 |
| **7/23** | $20686 | $21085 |
| **8/23** | $20573 | $20582 |
| **9/23** | $19449 | $19694 |
| **10/23** | $19078 | $19123 |
| **11/23** | $20667 | $20915 |
| **12/23** | $21257 | $21942 |
| **1/24** | $21697 | $22205 |
| **2/24** | $22269 | $23147 |
| **3/24** | $22263 | $23891 |
| **4/24** | $21022 | $23003 |
| **5/24** | $21474 | $24030 |
| **6/24** | $21786 | $24519 |
| **7/24** | $22549 | $24952 |
| **8/24** | $23351 | $25611 |
| **9/24** | $23815 | $26080 |
| **10/24** | $23058 | $25563 |
| **11/24** | $23694 | $26736 |
| **12/24** | $22991 | $26039 |
| **1/25** | $24193 | $26958 |
| **2/25** | $24158 | $26764 |
| **3/25** | $23684 | $25572 |
| **4/25** | $23641 | $25800 |
| **5/25** | $24568 | $27327 |
| **6/25** | $24547 | $28506 |
| **7/25** | $24172 | $28873 |
| **8/25** | $24207 | $29626 |
| **9/25** | $23712 | $30578 |
| **10/25** | $22948 | $31191 |
| **11/25** | $22849 | $31279 |
| **12/25** | $22858 | $31532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | (0.58)% | 4.32% | 8.62% |
| MSCI World Net Index | 21.09% | 12.15% | 12.17% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1935029249 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $18692899 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg126.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Communication Services | 5.0% |
| Consumer Discretionary | 7.1% |
| Consumer Staples | 12.5% |
| Health Care | 13.5% |
| Industrials | 16.5% |
| Information Technology | 21.4% |
| Financials | 23.0% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.7% |
| SAP SE | 7.6% |
| Visa, Inc. | 5.3% |
| Alphabet, Inc. | 5.0% |
| RELX PLC | 4.3% |
| Coca-Cola Co. | 4.1% |
| L'Oreal SA | 3.6% |
| Arthur J Gallagher & Co. | 3.5% |
| Intercontinental Exchange, Inc. | 3.5% |
| S&P Global, Inc. | 3.5% |
| Total | 49.1% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSFLX -TSR-AR

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

# Class R6 MGISX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Franchise Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $83 | 0.83% |

---

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

↓ Stock selection in information technology was the primary detractor, as the portfolio's tilt toward software and services lagged the exceptional performance of semiconductors and hardware, which dominated index gains

↓ Stock selection in financials and industrials were other leading detractors from performance

↑ The underweight to consumer staples and the overweights to financials and industrials contributed positively

↑ The largest contributors to absolute performance were the cloud hyperscalers Alphabet and Microsoft

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

![Growth of 10K Chart](tm262201d1_tsrimg042.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI World Net Index** |
| **12/15** | $5000000 | $5000000 |
| **1/16** | $5004921 | $4700879 |
| **2/16** | $4886811 | $4665892 |
| **3/16** | $5189469 | $4982516 |
| **4/16** | $5206693 | $5061356 |
| **5/16** | $5275591 | $5089784 |
| **6/16** | $5344488 | $5032751 |
| **7/16** | $5374655 | $5245377 |
| **8/16** | $5372184 | $5249736 |
| **9/16** | $5379597 | $5277622 |
| **10/16** | $5260984 | $5175485 |
| **11/16** | $5139900 | $5249903 |
| **12/16** | $5285177 | $5375525 |
| **1/17** | $5454920 | $5505264 |
| **2/17** | $5681244 | $5657999 |
| **3/17** | $5809837 | $5718268 |
| **4/17** | $5941002 | $5802937 |
| **5/17** | $6213620 | $5925695 |
| **6/17** | $6157039 | $5948495 |
| **7/17** | $6211326 | $6090857 |
| **8/17** | $6180423 | $6099434 |
| **9/17** | $6170123 | $6236331 |
| **10/17** | $6345235 | $6354188 |
| **11/17** | $6507471 | $6491867 |
| **12/17** | $6659334 | $6579660 |
| **1/18** | $6926031 | $6927067 |
| **2/18** | $6559660 | $6640096 |
| **3/18** | $6600068 | $6495366 |
| **4/18** | $6567741 | $6570005 |
| **5/18** | $6643171 | $6611176 |
| **6/18** | $6885622 | $6608022 |
| **7/18** | $7022770 | $6814414 |
| **8/18** | $7087921 | $6898728 |
| **9/18** | $7218224 | $6937141 |
| **10/18** | $6811028 | $6427761 |
| **11/18** | $7006482 | $6500780 |
| **12/18** | $6562895 | $6006474 |
| **1/19** | $6845017 | $6473812 |
| **2/19** | $7201232 | $6668479 |
| **3/19** | $7557446 | $6756066 |
| **4/19** | $7762626 | $6995631 |
| **5/19** | $7548897 | $6591977 |
| **6/19** | $7947857 | $7026355 |
| **7/19** | $7964956 | $7061159 |
| **8/19** | $8002002 | $6916726 |
| **9/19** | $7953557 | $7063921 |
| **10/19** | $8016250 | $7243680 |
| **11/19** | $8261326 | $7445417 |
| **12/19** | $8510396 | $7668469 |
| **1/20** | $8650595 | $7621794 |
| **2/20** | $8006275 | $6977560 |
| **3/20** | $7400733 | $6054130 |
| **4/20** | $8083832 | $6715509 |
| **5/20** | $8405992 | $7039923 |
| **6/20** | $8567072 | $7226137 |
| **7/20** | $9023466 | $7571845 |
| **8/20** | $9360541 | $8077753 |
| **9/20** | $9133835 | $7799077 |
| **10/20** | $8692357 | $7559840 |
| **11/20** | $9300881 | $8526453 |
| **12/20** | $9645153 | $8887947 |
| **1/21** | $9397921 | $8799612 |
| **2/21** | $9367017 | $9025097 |
| **3/21** | $9771860 | $9325381 |
| **4/21** | $10291048 | $9759385 |
| **5/21** | $10359037 | $9899973 |
| **6/21** | $10596998 | $10047531 |
| **7/21** | $10899858 | $10227511 |
| **8/21** | $11001841 | $10482057 |
| **9/21** | $10572275 | $10046836 |
| **10/21** | $11221260 | $10615894 |
| **11/21** | $10927671 | $10383268 |
| **12/21** | $11771701 | $10827051 |
| **1/22** | $11065590 | $10254182 |
| **2/22** | $10699811 | $9994841 |
| **3/22** | $10712534 | $10269133 |
| **4/22** | $10222709 | $9416042 |
| **5/22** | $10241793 | $9423173 |
| **6/22** | $9612018 | $8606919 |
| **7/22** | $10248154 | $9290277 |
| **8/22** | $9688355 | $8901871 |
| **9/22** | $8791403 | $8074354 |
| **10/22** | $9249421 | $8654197 |
| **11/22** | $10066856 | $9255927 |
| **12/22** | $9750508 | $8862852 |
| **1/23** | $10197392 | $9489953 |
| **2/23** | $9815274 | $9261829 |
| **3/23** | $10369022 | $9548016 |
| **4/23** | $10715520 | $9715389 |
| **5/23** | $10336639 | $9618396 |
| **6/23** | $10906579 | $10200096 |
| **7/23** | $11019920 | $10542745 |
| **8/23** | $10964869 | $10290924 |
| **9/23** | $10372260 | $9846990 |
| **10/23** | $10181201 | $9561271 |
| **11/23** | $11039349 | $10457660 |
| **12/23** | $11361318 | $10971071 |
| **1/24** | $11605931 | $11102730 |
| **2/24** | $11919962 | $11573459 |
| **3/24** | $11926574 | $11945370 |
| **4/24** | $11268761 | $11501663 |
| **5/24** | $11516680 | $12015235 |
| **6/24** | $11691877 | $12259720 |
| **7/24** | $12111687 | $12475766 |
| **8/24** | $12551330 | $12805507 |
| **9/24** | $12812472 | $13040026 |
| **10/24** | $12412496 | $12781352 |
| **11/24** | $12766194 | $13367844 |
| **12/24** | $12391298 | $13019471 |
| **1/25** | $13048328 | $13478910 |
| **2/25** | $13040946 | $13381899 |
| **3/25** | $12793637 | $12786130 |
| **4/25** | $12778872 | $12899761 |
| **5/25** | $13291946 | $13663321 |
| **6/25** | $13288255 | $14252935 |
| **7/25** | $13100005 | $14436408 |
| **8/25** | $13125843 | $14812988 |
| **9/25** | $12874843 | $15289165 |
| **10/25** | $12476195 | $15595335 |
| **11/25** | $12435592 | $15639388 |
| **12/25** | $12435953 | $15765808 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 0.36% | 5.21% | 9.54% |
| MSCI World Net Index | 21.09% | 12.15% | 12.17% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1935029249 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $18692899 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg126.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.0% |
| Communication Services | 5.0% |
| Consumer Discretionary | 7.1% |
| Consumer Staples | 12.5% |
| Health Care | 13.5% |
| Industrials | 16.5% |
| Information Technology | 21.4% |
| Financials | 23.0% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.7% |
| SAP SE | 7.6% |
| Visa, Inc. | 5.3% |
| Alphabet, Inc. | 5.0% |
| RELX PLC | 4.3% |
| Coca-Cola Co. | 4.1% |
| L'Oreal SA | 3.6% |
| Arthur J Gallagher & Co. | 3.5% |
| Intercontinental Exchange, Inc. | 3.5% |
| S&P Global, Inc. | 3.5% |
| Total | 49.1% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGISX -TSR-AR

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

# Class A MIGPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $142 | 1.32% |

---

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

↓ Stock selection and average overweight in consumer discretionary, as an underperforming cross-border ecommerce platform led the sector lower

↓ Stock selection and average overweight in real estate, driven by a digital homebuying platform

↓ Stock selection and average underweight in financials, where the greatest detractor was a Bitcoin development company

↑ Stock selection and average overweight in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Lack of exposure to consumer staples

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

![Growth of 10K Chart](tm262201d1_tsrimg079.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World Net Index** |
| **12/15** | $9476 | $10000 |
| **1/16** | $8828 | $9397 |
| **2/16** | $8504 | $9332 |
| **3/16** | $9021 | $10024 |
| **4/16** | $9098 | $10172 |
| **5/16** | $9206 | $10185 |
| **6/16** | $9175 | $10123 |
| **7/16** | $9665 | $10559 |
| **8/16** | $9735 | $10595 |
| **9/16** | $9898 | $10660 |
| **10/16** | $9680 | $10479 |
| **11/16** | $9454 | $10558 |
| **12/16** | $9465 | $10786 |
| **1/17** | $9946 | $11081 |
| **2/17** | $10198 | $11392 |
| **3/17** | $10529 | $11532 |
| **4/17** | $11152 | $11711 |
| **5/17** | $11688 | $11970 |
| **6/17** | $11609 | $12024 |
| **7/17** | $12105 | $12360 |
| **8/17** | $12326 | $12408 |
| **9/17** | $12279 | $12647 |
| **10/17** | $12633 | $12910 |
| **11/17** | $13035 | $13160 |
| **12/17** | $13348 | $13372 |
| **1/18** | $14410 | $14127 |
| **2/18** | $14085 | $13533 |
| **3/18** | $13760 | $13244 |
| **4/18** | $14076 | $13370 |
| **5/18** | $14401 | $13387 |
| **6/18** | $14471 | $13314 |
| **7/18** | $14330 | $13716 |
| **8/18** | $14759 | $13824 |
| **9/18** | $14714 | $13884 |
| **10/18** | $13196 | $12843 |
| **11/18** | $13485 | $13031 |
| **12/18** | $12543 | $12113 |
| **1/19** | $13842 | $13070 |
| **2/19** | $14629 | $13419 |
| **3/19** | $15104 | $13588 |
| **4/19** | $15772 | $14047 |
| **5/19** | $15159 | $13214 |
| **6/19** | $16083 | $14079 |
| **7/19** | $16239 | $14120 |
| **8/19** | $15671 | $13785 |
| **9/19** | $15315 | $14075 |
| **10/19** | $15452 | $14460 |
| **11/19** | $16248 | $14813 |
| **12/19** | $16436 | $15335 |
| **1/20** | $17194 | $15166 |
| **2/20** | $16361 | $13941 |
| **3/20** | $14350 | $12059 |
| **4/20** | $17053 | $13350 |
| **5/20** | $20327 | $13931 |
| **6/20** | $22629 | $14376 |
| **7/20** | $24537 | $15137 |
| **8/20** | $26211 | $16063 |
| **9/20** | $25678 | $15545 |
| **10/20** | $25379 | $15167 |
| **11/20** | $29916 | $17037 |
| **12/20** | $31962 | $17828 |
| **1/21** | $31458 | $17747 |
| **2/21** | $32844 | $18158 |
| **3/21** | $30412 | $18643 |
| **4/21** | $31429 | $19458 |
| **5/21** | $30218 | $19761 |
| **6/21** | $32737 | $20021 |
| **7/21** | $32437 | $20159 |
| **8/21** | $33106 | $20664 |
| **9/21** | $30392 | $19810 |
| **10/21** | $32495 | $20821 |
| **11/21** | $30315 | $20320 |
| **12/21** | $27331 | $21133 |
| **1/22** | $20872 | $20095 |
| **2/22** | $21044 | $19576 |
| **3/22** | $19328 | $20000 |
| **4/22** | $15179 | $18399 |
| **5/22** | $13322 | $18420 |
| **6/22** | $12246 | $16868 |
| **7/22** | $14040 | $18046 |
| **8/22** | $13962 | $17381 |
| **9/22** | $12745 | $15717 |
| **10/22** | $13073 | $16666 |
| **11/22** | $13010 | $17958 |
| **12/22** | $11525 | $17252 |
| **1/23** | $13711 | $18488 |
| **2/23** | $13164 | $17958 |
| **3/23** | $13914 | $18512 |
| **4/23** | $13227 | $18778 |
| **5/23** | $14398 | $18577 |
| **6/23** | $15444 | $19656 |
| **7/23** | $16772 | $20375 |
| **8/23** | $15226 | $19806 |
| **9/23** | $14257 | $18987 |
| **10/23** | $13008 | $18416 |
| **11/23** | $15397 | $20116 |
| **12/23** | $17349 | $21082 |
| **1/24** | $16163 | $21206 |
| **2/24** | $18161 | $22116 |
| **3/24** | $18692 | $22810 |
| **4/24** | $17240 | $22057 |
| **5/24** | $17271 | $22953 |
| **6/24** | $17896 | $23464 |
| **7/24** | $18068 | $23843 |
| **8/24** | $19395 | $24448 |
| **9/24** | $20644 | $25016 |
| **10/24** | $21972 | $24455 |
| **11/24** | $26969 | $25369 |
| **12/24** | $25622 | $24769 |
| **1/25** | $27894 | $25600 |
| **2/25** | $26159 | $25446 |
| **3/25** | $23208 | $24441 |
| **4/25** | $25354 | $24669 |
| **5/25** | $28194 | $26087 |
| **6/25** | $29898 | $27258 |
| **7/25** | $30150 | $27628 |
| **8/25** | $31255 | $28310 |
| **9/25** | $33085 | $29336 |
| **10/25** | $33779 | $29992 |
| **11/25** | $30403 | $29989 |
| **12/25** | $29645 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 15.70% | (1.49)% | 12.08% |
| Class A, with 5.25% maximum front end sales charge | 9.63% | (2.55)% | 11.48% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63259926 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $196136 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg140.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.2% |
| Communication Services | 3.4% |
| Real Estate | 4.3% |
| Industrials | 6.7% |
| Health Care | 13.0% |
| Consumer Discretionary | 15.4% |
| Financials | 17.4% |
| Information Technology | 36.6% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.3% |
| Tesla, Inc. | 8.1% |
| Affirm Holdings, Inc. | 6.4% |
| Shopify, Inc. | 5.8% |
| Royalty Pharma PLC | 5.6% |
| AppLovin Corp. | 5.5% |
| Adyen NV | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| Roivant Sciences Ltd. | 4.7% |
| QXO, Inc. | 4.6% |
| Total | 62.7% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MIGPX -TSR-AR

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

# Class C MSPTX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $226 | 2.10% |

---

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

↓ Stock selection and average overweight in consumer discretionary, as an underperforming cross-border ecommerce platform led the sector lower

↓ Stock selection and average overweight in real estate, driven by a digital homebuying platform

↓ Stock selection and average underweight in financials, where the greatest detractor was a Bitcoin development company

↑ Stock selection and average overweight in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Lack of exposure to consumer staples

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

![Growth of 10K Chart](tm262201d1_tsrimg041.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9302 | $9397 |
| **2/16** | $8953 | $9332 |
| **3/16** | $9493 | $10024 |
| **4/16** | $9568 | $10172 |
| **5/16** | $9684 | $10185 |
| **6/16** | $9635 | $10123 |
| **7/16** | $10145 | $10559 |
| **8/16** | $10213 | $10595 |
| **9/16** | $10380 | $10660 |
| **10/16** | $10145 | $10479 |
| **11/16** | $9902 | $10558 |
| **12/16** | $9905 | $10786 |
| **1/17** | $10406 | $11081 |
| **2/17** | $10661 | $11392 |
| **3/17** | $11001 | $11532 |
| **4/17** | $11646 | $11711 |
| **5/17** | $12207 | $11970 |
| **6/17** | $12114 | $12024 |
| **7/17** | $12623 | $12360 |
| **8/17** | $12836 | $12408 |
| **9/17** | $12785 | $12647 |
| **10/17** | $13150 | $12910 |
| **11/17** | $13558 | $13160 |
| **12/17** | $13869 | $13372 |
| **1/18** | $14962 | $14127 |
| **2/18** | $14610 | $13533 |
| **3/18** | $14268 | $13244 |
| **4/18** | $14582 | $13370 |
| **5/18** | $14914 | $13387 |
| **6/18** | $14971 | $13314 |
| **7/18** | $14828 | $13716 |
| **8/18** | $15254 | $13824 |
| **9/18** | $15196 | $13884 |
| **10/18** | $13628 | $12843 |
| **11/18** | $13902 | $13031 |
| **12/18** | $12930 | $12113 |
| **1/19** | $14260 | $13070 |
| **2/19** | $15053 | $13419 |
| **3/19** | $15540 | $13588 |
| **4/19** | $16214 | $14047 |
| **5/19** | $15579 | $13214 |
| **6/19** | $16512 | $14079 |
| **7/19** | $16661 | $14120 |
| **8/19** | $16066 | $13785 |
| **9/19** | $15689 | $14075 |
| **10/19** | $15818 | $14460 |
| **11/19** | $16621 | $14813 |
| **12/19** | $16805 | $15335 |
| **1/20** | $17568 | $15166 |
| **2/20** | $16704 | $13941 |
| **3/20** | $14641 | $12059 |
| **4/20** | $17395 | $13350 |
| **5/20** | $20717 | $13931 |
| **6/20** | $23044 | $14376 |
| **7/20** | $24975 | $15137 |
| **8/20** | $26661 | $16063 |
| **9/20** | $26102 | $15545 |
| **10/20** | $25777 | $15167 |
| **11/20** | $30370 | $17037 |
| **12/20** | $32429 | $17828 |
| **1/21** | $31902 | $17747 |
| **2/21** | $33284 | $18158 |
| **3/21** | $30794 | $18643 |
| **4/21** | $31817 | $19458 |
| **5/21** | $30561 | $19761 |
| **6/21** | $33094 | $20021 |
| **7/21** | $32778 | $20159 |
| **8/21** | $33421 | $20664 |
| **9/21** | $30667 | $19810 |
| **10/21** | $32767 | $20821 |
| **11/21** | $30551 | $20320 |
| **12/21** | $27519 | $21133 |
| **1/22** | $21015 | $20095 |
| **2/22** | $21175 | $19576 |
| **3/22** | $19424 | $20000 |
| **4/22** | $15243 | $18399 |
| **5/22** | $13384 | $18420 |
| **6/22** | $12276 | $16868 |
| **7/22** | $14081 | $18046 |
| **8/22** | $13974 | $17381 |
| **9/22** | $12759 | $15717 |
| **10/22** | $13081 | $16666 |
| **11/22** | $13009 | $17958 |
| **12/22** | $11540 | $17252 |
| **1/23** | $13704 | $18488 |
| **2/23** | $13132 | $17958 |
| **3/23** | $13883 | $18512 |
| **4/23** | $13203 | $18778 |
| **5/23** | $14349 | $18577 |
| **6/23** | $15386 | $19656 |
| **7/23** | $16710 | $20375 |
| **8/23** | $15136 | $19806 |
| **9/23** | $14170 | $18987 |
| **10/23** | $12917 | $18416 |
| **11/23** | $15279 | $20116 |
| **12/23** | $17211 | $21082 |
| **1/24** | $16034 | $21206 |
| **2/24** | $18017 | $22116 |
| **3/24** | $18543 | $22810 |
| **4/24** | $17103 | $22057 |
| **5/24** | $17134 | $22953 |
| **6/24** | $17753 | $23464 |
| **7/24** | $17924 | $23843 |
| **8/24** | $19240 | $24448 |
| **9/24** | $20480 | $25016 |
| **10/24** | $21797 | $24455 |
| **11/24** | $26754 | $25369 |
| **12/24** | $25418 | $24769 |
| **1/25** | $27672 | $25600 |
| **2/25** | $25950 | $25446 |
| **3/25** | $23023 | $24441 |
| **4/25** | $25152 | $24669 |
| **5/25** | $27969 | $26087 |
| **6/25** | $29660 | $27258 |
| **7/25** | $29910 | $27628 |
| **8/25** | $31006 | $28310 |
| **9/25** | $32821 | $29336 |
| **10/25** | $33510 | $29992 |
| **11/25** | $30160 | $29989 |
| **12/25** | $29409 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 14.85% | (2.24)% | 11.39% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 13.85% | (2.24)% | 11.39% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63259926 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $196136 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg140.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.2% |
| Communication Services | 3.4% |
| Real Estate | 4.3% |
| Industrials | 6.7% |
| Health Care | 13.0% |
| Consumer Discretionary | 15.4% |
| Financials | 17.4% |
| Information Technology | 36.6% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.3% |
| Tesla, Inc. | 8.1% |
| Affirm Holdings, Inc. | 6.4% |
| Shopify, Inc. | 5.8% |
| Royalty Pharma PLC | 5.6% |
| AppLovin Corp. | 5.5% |
| Adyen NV | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| Roivant Sciences Ltd. | 4.7% |
| QXO, Inc. | 4.6% |
| Total | 62.7% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSPTX -TSR-AR

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

# Class I MIGIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $108 | 1.00% |

---

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

↓ Stock selection and average overweight in consumer discretionary, as an underperforming cross-border ecommerce platform led the sector lower

↓ Stock selection and average overweight in real estate, driven by a digital homebuying platform

↓ Stock selection and average underweight in financials, where the greatest detractor was a Bitcoin development company

↑ Stock selection and average overweight in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Lack of exposure to consumer staples

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

![Growth of 10K Chart](tm262201d1_tsrimg058.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World Net Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $932039 | $939689 |
| **2/16** | $897249 | $933221 |
| **3/16** | $953074 | $1002382 |
| **4/16** | $961165 | $1017178 |
| **5/16** | $973301 | $1018463 |
| **6/16** | $970065 | $1012294 |
| **7/16** | $1021444 | $1055920 |
| **8/16** | $1029622 | $1059471 |
| **9/16** | $1047614 | $1065964 |
| **10/16** | $1024715 | $1047872 |
| **11/16** | $1000999 | $1055835 |
| **12/16** | $1002137 | $1078643 |
| **1/17** | $1054228 | $1108136 |
| **2/17** | $1080687 | $1139221 |
| **3/17** | $1116242 | $1153158 |
| **4/17** | $1182389 | $1171129 |
| **5/17** | $1240268 | $1196991 |
| **6/17** | $1232000 | $1202434 |
| **7/17** | $1284918 | $1236039 |
| **8/17** | $1308070 | $1240774 |
| **9/17** | $1303936 | $1264746 |
| **10/17** | $1341970 | $1291009 |
| **11/17** | $1384966 | $1316000 |
| **12/17** | $1418608 | $1337216 |
| **1/18** | $1530772 | $1412658 |
| **2/18** | $1496755 | $1353328 |
| **3/18** | $1463658 | $1324358 |
| **4/18** | $1496755 | $1337005 |
| **5/18** | $1532611 | $1338674 |
| **6/18** | $1539966 | $1331425 |
| **7/18** | $1526123 | $1371576 |
| **8/18** | $1571037 | $1382352 |
| **9/18** | $1567294 | $1388368 |
| **10/18** | $1406354 | $1284325 |
| **11/18** | $1437624 | $1303109 |
| **12/18** | $1337058 | $1211325 |
| **1/19** | $1475935 | $1306971 |
| **2/19** | $1560220 | $1341929 |
| **3/19** | $1611940 | $1358805 |
| **4/19** | $1682815 | $1404686 |
| **5/19** | $1618644 | $1321361 |
| **6/19** | $1717295 | $1407883 |
| **7/19** | $1734535 | $1412009 |
| **8/19** | $1674195 | $1378513 |
| **9/19** | $1635884 | $1407519 |
| **10/19** | $1651209 | $1446041 |
| **11/19** | $1737409 | $1481341 |
| **12/19** | $1758078 | $1533506 |
| **1/20** | $1839326 | $1516567 |
| **2/20** | $1750247 | $1394075 |
| **3/20** | $1535871 | $1205870 |
| **4/20** | $1826600 | $1335049 |
| **5/20** | $2177041 | $1393111 |
| **6/20** | $2423720 | $1437625 |
| **7/20** | $2629286 | $1513657 |
| **8/20** | $2808422 | $1606300 |
| **9/20** | $2751647 | $1554508 |
| **10/20** | $2720322 | $1516720 |
| **11/20** | $3207807 | $1703675 |
| **12/20** | $3427818 | $1782776 |
| **1/21** | $3374116 | $1774668 |
| **2/21** | $3523064 | $1815775 |
| **3/21** | $3262659 | $1864273 |
| **4/21** | $3374116 | $1945784 |
| **5/21** | $3244420 | $1976065 |
| **6/21** | $3514958 | $2002104 |
| **7/21** | $3484560 | $2015901 |
| **8/21** | $3556501 | $2066357 |
| **9/21** | $3266712 | $1980996 |
| **10/21** | $3493679 | $2082114 |
| **11/21** | $3259619 | $2031975 |
| **12/21** | $2939329 | $2113255 |
| **1/22** | $2246212 | $2009468 |
| **2/22** | $2265465 | $1957569 |
| **3/22** | $2080955 | $1999968 |
| **4/22** | $1633317 | $1839887 |
| **5/22** | $1435971 | $1842040 |
| **6/22** | $1318847 | $1686763 |
| **7/22** | $1512984 | $1804554 |
| **8/22** | $1504962 | $1738119 |
| **9/22** | $1373398 | $1571730 |
| **10/22** | $1410300 | $1666580 |
| **11/22** | $1402278 | $1795845 |
| **12/22** | $1244675 | $1725177 |
| **1/23** | $1480761 | $1848832 |
| **2/23** | $1419732 | $1795845 |
| **3/23** | $1501640 | $1851215 |
| **4/23** | $1429368 | $1877822 |
| **5/23** | $1554639 | $1857710 |
| **6/23** | $1668667 | $1965570 |
| **7/23** | $1813210 | $2037525 |
| **8/23** | $1646182 | $1980589 |
| **9/23** | $1541790 | $1898690 |
| **10/23** | $1406884 | $1841602 |
| **11/23** | $1667061 | $2011575 |
| **12/23** | $1877451 | $2108199 |
| **1/24** | $1750575 | $2120557 |
| **2/24** | $1967389 | $2211558 |
| **3/24** | $2025206 | $2280994 |
| **4/24** | $1869421 | $2205737 |
| **5/24** | $1871027 | $2295320 |
| **6/24** | $1940086 | $2346441 |
| **7/24** | $1959359 | $2384284 |
| **8/24** | $2103901 | $2444836 |
| **9/24** | $2238808 | $2501632 |
| **10/24** | $2384957 | $2445479 |
| **11/24** | $2927796 | $2536948 |
| **12/24** | $2781037 | $2476895 |
| **1/25** | $3029721 | $2560034 |
| **2/25** | $2841176 | $2544612 |
| **3/25** | $2520975 | $2444088 |
| **4/25** | $2755031 | $2466882 |
| **5/25** | $3065479 | $2608676 |
| **6/25** | $3252399 | $2725808 |
| **7/25** | $3280031 | $2762776 |
| **8/25** | $3400309 | $2830991 |
| **9/25** | $3600232 | $2933591 |
| **10/25** | $3676625 | $2999204 |
| **11/25** | $3312538 | $2998871 |
| **12/25** | $3228018 | $3030169 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 16.07% | (1.19)% | 12.43% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63259926 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $196136 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg140.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.2% |
| Communication Services | 3.4% |
| Real Estate | 4.3% |
| Industrials | 6.7% |
| Health Care | 13.0% |
| Consumer Discretionary | 15.4% |
| Financials | 17.4% |
| Information Technology | 36.6% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.3% |
| Tesla, Inc. | 8.1% |
| Affirm Holdings, Inc. | 6.4% |
| Shopify, Inc. | 5.8% |
| Royalty Pharma PLC | 5.6% |
| AppLovin Corp. | 5.5% |
| Adyen NV | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| Roivant Sciences Ltd. | 4.7% |
| QXO, Inc. | 4.6% |
| Total | 62.7% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MIGIX -TSR-AR

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

# Class L MIGLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $199 | 1.85% |

---

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

↓ Stock selection and average overweight in consumer discretionary, as an underperforming cross-border ecommerce platform led the sector lower

↓ Stock selection and average overweight in real estate, driven by a digital homebuying platform

↓ Stock selection and average underweight in financials, where the greatest detractor was a Bitcoin development company

↑ Stock selection and average overweight in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Lack of exposure to consumer staples

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

![Growth of 10K Chart](tm262201d1_tsrimg087.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI All Country World Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9305 | $9397 |
| **2/16** | $8958 | $9332 |
| **3/16** | $9504 | $10024 |
| **4/16** | $9578 | $10172 |
| **5/16** | $9694 | $10185 |
| **6/16** | $9653 | $10123 |
| **7/16** | $10161 | $10559 |
| **8/16** | $10236 | $10595 |
| **9/16** | $10404 | $10660 |
| **10/16** | $10170 | $10479 |
| **11/16** | $9927 | $10558 |
| **12/16** | $9930 | $10786 |
| **1/17** | $10438 | $11081 |
| **2/17** | $10700 | $11392 |
| **3/17** | $11038 | $11532 |
| **4/17** | $11690 | $11711 |
| **5/17** | $12248 | $11970 |
| **6/17** | $12163 | $12024 |
| **7/17** | $12671 | $12360 |
| **8/17** | $12891 | $12408 |
| **9/17** | $12840 | $12647 |
| **10/17** | $13212 | $12910 |
| **11/17** | $13618 | $13160 |
| **12/17** | $13936 | $13372 |
| **1/18** | $15041 | $14127 |
| **2/18** | $14692 | $13533 |
| **3/18** | $14352 | $13244 |
| **4/18** | $14673 | $13370 |
| **5/18** | $15003 | $13387 |
| **6/18** | $15070 | $13314 |
| **7/18** | $14927 | $13716 |
| **8/18** | $15351 | $13824 |
| **9/18** | $15303 | $13884 |
| **10/18** | $13724 | $12843 |
| **11/18** | $14017 | $13031 |
| **12/18** | $13030 | $12113 |
| **1/19** | $14372 | $13070 |
| **2/19** | $15181 | $13419 |
| **3/19** | $15674 | $13588 |
| **4/19** | $16355 | $14047 |
| **5/19** | $15713 | $13214 |
| **6/19** | $16660 | $14079 |
| **7/19** | $16818 | $14120 |
| **8/19** | $16216 | $13785 |
| **9/19** | $15842 | $14075 |
| **10/19** | $15980 | $14460 |
| **11/19** | $16798 | $14813 |
| **12/19** | $16982 | $15335 |
| **1/20** | $17759 | $15166 |
| **2/20** | $16891 | $13941 |
| **3/20** | $14811 | $12059 |
| **4/20** | $17597 | $13350 |
| **5/20** | $20959 | $13931 |
| **6/20** | $23322 | $14376 |
| **7/20** | $25270 | $15137 |
| **8/20** | $26987 | $16063 |
| **9/20** | $26421 | $15545 |
| **10/20** | $26098 | $15167 |
| **11/20** | $30752 | $17037 |
| **12/20** | $32839 | $17828 |
| **1/21** | $32295 | $17747 |
| **2/21** | $33699 | $18158 |
| **3/21** | $31184 | $18643 |
| **4/21** | $32221 | $19458 |
| **5/21** | $30964 | $19761 |
| **6/21** | $33531 | $20021 |
| **7/21** | $33217 | $20159 |
| **8/21** | $33877 | $20664 |
| **9/21** | $31090 | $19810 |
| **10/21** | $33227 | $20821 |
| **11/21** | $30974 | $20320 |
| **12/21** | $27926 | $21133 |
| **1/22** | $21316 | $20095 |
| **2/22** | $21491 | $19576 |
| **3/22** | $19707 | $20000 |
| **4/22** | $15476 | $18399 |
| **5/22** | $13587 | $18420 |
| **6/22** | $12468 | $16868 |
| **7/22** | $14304 | $18046 |
| **8/22** | $14217 | $17381 |
| **9/22** | $12975 | $15717 |
| **10/22** | $13290 | $16666 |
| **11/22** | $13220 | $17958 |
| **12/22** | $11712 | $17252 |
| **1/23** | $13935 | $18488 |
| **2/23** | $13358 | $17958 |
| **3/23** | $14110 | $18512 |
| **4/23** | $13428 | $18778 |
| **5/23** | $14601 | $18577 |
| **6/23** | $15651 | $19656 |
| **7/23** | $16999 | $20375 |
| **8/23** | $15423 | $19806 |
| **9/23** | $14443 | $18987 |
| **10/23** | $13148 | $18416 |
| **11/23** | $15563 | $20116 |
| **12/23** | $17542 | $21082 |
| **1/24** | $16334 | $21206 |
| **2/24** | $18347 | $22116 |
| **3/24** | $18872 | $22810 |
| **4/24** | $17402 | $22057 |
| **5/24** | $17419 | $22953 |
| **6/24** | $18049 | $23464 |
| **7/24** | $18207 | $23843 |
| **8/24** | $19537 | $24448 |
| **9/24** | $20780 | $25016 |
| **10/24** | $22128 | $24455 |
| **11/24** | $27135 | $25369 |
| **12/24** | $25761 | $24769 |
| **1/25** | $28035 | $25600 |
| **2/25** | $26272 | $25446 |
| **3/25** | $23310 | $24441 |
| **4/25** | $25461 | $24669 |
| **5/25** | $28282 | $26087 |
| **6/25** | $29992 | $27258 |
| **7/25** | $30222 | $27628 |
| **8/25** | $31315 | $28310 |
| **9/25** | $33131 | $29336 |
| **10/25** | $33819 | $29992 |
| **11/25** | $30433 | $29989 |
| **12/25** | $29657 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 15.13% | (2.02)% | 11.48% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63259926 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $196136 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg140.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.2% |
| Communication Services | 3.4% |
| Real Estate | 4.3% |
| Industrials | 6.7% |
| Health Care | 13.0% |
| Consumer Discretionary | 15.4% |
| Financials | 17.4% |
| Information Technology | 36.6% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.3% |
| Tesla, Inc. | 8.1% |
| Affirm Holdings, Inc. | 6.4% |
| Shopify, Inc. | 5.8% |
| Royalty Pharma PLC | 5.6% |
| AppLovin Corp. | 5.5% |
| Adyen NV | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| Roivant Sciences Ltd. | 4.7% |
| QXO, Inc. | 4.6% |
| Total | 62.7% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MIGLX -TSR-AR

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

# Class R6 MGZZX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Insight Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $102 | 0.94% |

---

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

↓ Stock selection and average overweight in consumer discretionary, as an underperforming cross-border ecommerce platform led the sector lower

↓ Stock selection and average overweight in real estate, driven by a digital homebuying platform

↓ Stock selection and average underweight in financials, where the greatest detractor was a Bitcoin development company

↑ Stock selection and average overweight in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Lack of exposure to consumer staples

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

![Growth of 10K Chart](tm262201d1_tsrimg142.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Net Index** |
| **6/21** | $5000000 | $5000000 |
| **6/21** | $5194669 | $4995538 |
| **7/21** | $5149745 | $5029961 |
| **8/21** | $5256065 | $5155858 |
| **9/21** | $4827793 | $4942870 |
| **10/21** | $5163223 | $5195172 |
| **11/21** | $4817311 | $5070070 |
| **12/21** | $4344401 | $5272875 |
| **1/22** | $3318838 | $5013912 |
| **2/22** | $3347325 | $4884416 |
| **3/22** | $3074317 | $4990208 |
| **4/22** | $2414348 | $4590782 |
| **5/22** | $2122347 | $4596155 |
| **6/22** | $1949046 | $4208716 |
| **7/22** | $2236298 | $4502621 |
| **8/22** | $2224428 | $4336857 |
| **9/22** | $2032135 | $3921693 |
| **10/22** | $2084363 | $4158356 |
| **11/22** | $2074867 | $4480892 |
| **12/22** | $1839296 | $4304564 |
| **1/23** | $2188620 | $4613102 |
| **2/23** | $2100695 | $4480890 |
| **3/23** | $2219513 | $4619048 |
| **4/23** | $2112577 | $4685435 |
| **5/23** | $2300308 | $4635252 |
| **6/23** | $2469029 | $4904379 |
| **7/23** | $2682901 | $5083918 |
| **8/23** | $2433384 | $4941854 |
| **9/23** | $2281298 | $4737504 |
| **10/23** | $2079308 | $4595062 |
| **11/23** | $2464277 | $5019167 |
| **12/23** | $2777955 | $5260258 |
| **1/24** | $2587847 | $5291095 |
| **2/24** | $2911031 | $5518153 |
| **3/24** | $2994203 | $5691406 |
| **4/24** | $2763697 | $5503630 |
| **5/24** | $2768450 | $5727152 |
| **6/24** | $2868257 | $5854708 |
| **7/24** | $2896773 | $5949130 |
| **8/24** | $3110644 | $6100217 |
| **9/24** | $3312634 | $6241931 |
| **10/24** | $3526506 | $6101820 |
| **11/24** | $4329713 | $6330050 |
| **12/24** | $4114296 | $6180208 |
| **1/25** | $4482417 | $6387652 |
| **2/25** | $4203318 | $6349171 |
| **3/25** | $3729332 | $6098349 |
| **4/25** | $4075799 | $6155226 |
| **5/25** | $4535349 | $6509021 |
| **6/25** | $4812042 | $6801283 |
| **7/25** | $4852944 | $6893521 |
| **8/25** | $5030990 | $7063728 |
| **9/25** | $5326930 | $7319732 |
| **10/25** | $5440013 | $7483444 |
| **11/25** | $4898658 | $7482613 |
| **12/25** | $4775951 | $7560706 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 6/14/21 (Inception)* |
| Class R6 | 16.08% | (1.00)% |
| MSCI All Country World Net Index | 22.34% | 9.52% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63259926 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $196136 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg140.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.2% |
| Communication Services | 3.4% |
| Real Estate | 4.3% |
| Industrials | 6.7% |
| Health Care | 13.0% |
| Consumer Discretionary | 15.4% |
| Financials | 17.4% |
| Information Technology | 36.6% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.3% |
| Tesla, Inc. | 8.1% |
| Affirm Holdings, Inc. | 6.4% |
| Shopify, Inc. | 5.8% |
| Royalty Pharma PLC | 5.6% |
| AppLovin Corp. | 5.5% |
| Adyen NV | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| Roivant Sciences Ltd. | 4.7% |
| QXO, Inc. | 4.6% |
| Total | 62.7% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGZZX -TSR-AR

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

# Class A MGGPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $129 | 1.22% |

---

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

↓ Stock selection in financials, where exposure in a financial technology company was the main detractor

↓ Stock selection in communication services

↓ An average overweight in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↑ No exposure to health care

↑ No exposure to consumer staples

↑ An average overweight in communication services, led by a Swedish audio streaming platform

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

![Growth of 10K Chart](tm262201d1_tsrimg130.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World Net Index** |
| **12/15** | $9474 | $10000 |
| **1/16** | $9025 | $9397 |
| **2/16** | $8593 | $9332 |
| **3/16** | $9113 | $10024 |
| **4/16** | $9249 | $10172 |
| **5/16** | $9474 | $10185 |
| **6/16** | $9249 | $10123 |
| **7/16** | $9836 | $10559 |
| **8/16** | $9843 | $10595 |
| **9/16** | $10051 | $10660 |
| **10/16** | $9982 | $10479 |
| **11/16** | $9634 | $10558 |
| **12/16** | $9533 | $10786 |
| **1/17** | $10086 | $11081 |
| **2/17** | $10511 | $11392 |
| **3/17** | $11045 | $11532 |
| **4/17** | $11508 | $11711 |
| **5/17** | $12105 | $11970 |
| **6/17** | $12061 | $12024 |
| **7/17** | $12880 | $12360 |
| **8/17** | $13109 | $12408 |
| **9/17** | $13331 | $12647 |
| **10/17** | $13693 | $12910 |
| **11/17** | $13871 | $13160 |
| **12/17** | $14207 | $13372 |
| **1/18** | $15386 | $14127 |
| **2/18** | $15087 | $13533 |
| **3/18** | $14985 | $13244 |
| **4/18** | $15227 | $13370 |
| **5/18** | $16145 | $13387 |
| **6/18** | $15960 | $13314 |
| **7/18** | $15773 | $13716 |
| **8/18** | $15998 | $13824 |
| **9/18** | $15786 | $13884 |
| **10/18** | $14033 | $12843 |
| **11/18** | $14252 | $13031 |
| **12/18** | $13359 | $12113 |
| **1/19** | $14759 | $13070 |
| **2/19** | $15202 | $13419 |
| **3/19** | $15812 | $13588 |
| **4/19** | $16601 | $14047 |
| **5/19** | $15825 | $13214 |
| **6/19** | $16794 | $14079 |
| **7/19** | $16666 | $14120 |
| **8/19** | $16460 | $13785 |
| **9/19** | $16197 | $14075 |
| **10/19** | $16768 | $14460 |
| **11/19** | $17609 | $14813 |
| **12/19** | $18039 | $15335 |
| **1/20** | $18392 | $15166 |
| **2/20** | $17584 | $13941 |
| **3/20** | $15914 | $12059 |
| **4/20** | $17943 | $13350 |
| **5/20** | $19497 | $13931 |
| **6/20** | $20941 | $14376 |
| **7/20** | $22360 | $15137 |
| **8/20** | $24947 | $16063 |
| **9/20** | $24838 | $15545 |
| **10/20** | $24356 | $15167 |
| **11/20** | $27033 | $17037 |
| **12/20** | $27967 | $17828 |
| **1/21** | $27622 | $17747 |
| **2/21** | $28636 | $18158 |
| **3/21** | $27609 | $18643 |
| **4/21** | $29253 | $19458 |
| **5/21** | $28766 | $19761 |
| **6/21** | $29747 | $20021 |
| **7/21** | $28941 | $20159 |
| **8/21** | $29552 | $20664 |
| **9/21** | $28194 | $19810 |
| **10/21** | $29650 | $20821 |
| **11/21** | $27941 | $20320 |
| **12/21** | $27952 | $21133 |
| **1/22** | $24887 | $20095 |
| **2/22** | $22972 | $19576 |
| **3/22** | $22267 | $20000 |
| **4/22** | $18929 | $18399 |
| **5/22** | $17971 | $18420 |
| **6/22** | $16165 | $16868 |
| **7/22** | $18039 | $18046 |
| **8/22** | $17588 | $17381 |
| **9/22** | $15508 | $15717 |
| **10/22** | $16056 | $16666 |
| **11/22** | $17560 | $17958 |
| **12/22** | $16285 | $17252 |
| **1/23** | $18949 | $18488 |
| **2/23** | $18423 | $17958 |
| **3/23** | $19628 | $18512 |
| **4/23** | $19739 | $18778 |
| **5/23** | $20477 | $18577 |
| **6/23** | $21852 | $19656 |
| **7/23** | $22989 | $20375 |
| **8/23** | $22191 | $19806 |
| **9/23** | $20765 | $18987 |
| **10/23** | $20222 | $18416 |
| **11/23** | $23218 | $20116 |
| **12/23** | $24311 | $21082 |
| **1/24** | $24789 | $21206 |
| **2/24** | $27080 | $22116 |
| **3/24** | $27358 | $22810 |
| **4/24** | $25978 | $22057 |
| **5/24** | $26108 | $22953 |
| **6/24** | $27149 | $23464 |
| **7/24** | $26516 | $23843 |
| **8/24** | $28200 | $24448 |
| **9/24** | $29771 | $25016 |
| **10/24** | $30101 | $24455 |
| **11/24** | $31888 | $25369 |
| **12/24** | $30897 | $24769 |
| **1/25** | $32998 | $25600 |
| **2/25** | $32722 | $25446 |
| **3/25** | $30450 | $24441 |
| **4/25** | $31981 | $24669 |
| **5/25** | $34376 | $26087 |
| **6/25** | $36219 | $27258 |
| **7/25** | $34936 | $27628 |
| **8/25** | $35240 | $28310 |
| **9/25** | $36001 | $29336 |
| **10/25** | $35925 | $29992 |
| **11/25** | $34309 | $29989 |
| **12/25** | $34629 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 12.08% | 4.37% | 13.84% |
| Class A, with 5.25% maximum front end sales charge | 6.20% | 3.25% | 13.23% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3250236407 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $24263396 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.8% |
| Industrials | 15.3% |
| Financials | 15.9% |
| Information Technology | 16.1% |
| Communication Services | 16.7% |
| Consumer Discretionary | 32.2% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1% |
| Uber Technologies, Inc. | 5.7% |
| DoorDash, Inc. | 5.5% |
| DSV AS | 4.7% |
| MercadoLibre, Inc. | 4.5% |
| Spotify Technology SA | 4.5% |
| Schneider Electric SE | 4.2% |
| ICICI Bank Ltd. | 3.1% |
| ASML Holding NV | 3.0% |
| Total | 48.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGGPX -TSR-AR

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

# Class C MSOPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $205 | 1.94% |

---

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

↓ Stock selection in financials, where exposure in a financial technology company was the main detractor

↓ Stock selection in communication services

↓ An average overweight in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↑ No exposure to health care

↑ No exposure to consumer staples

↑ An average overweight in communication services, led by a Swedish audio streaming platform

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

![Growth of 10K Chart](tm262201d1_tsrimg111.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9519 | $9397 |
| **2/16** | $9063 | $9332 |
| **3/16** | $9614 | $10024 |
| **4/16** | $9747 | $10172 |
| **5/16** | $9981 | $10185 |
| **6/16** | $9734 | $10123 |
| **7/16** | $10343 | $10559 |
| **8/16** | $10343 | $10595 |
| **9/16** | $10567 | $10660 |
| **10/16** | $10479 | $10479 |
| **11/16** | $10106 | $10558 |
| **12/16** | $10005 | $10786 |
| **1/17** | $10570 | $11081 |
| **2/17** | $11012 | $11392 |
| **3/17** | $11564 | $11532 |
| **4/17** | $12041 | $11711 |
| **5/17** | $12661 | $11970 |
| **6/17** | $12606 | $12024 |
| **7/17** | $13451 | $12360 |
| **8/17** | $13682 | $12408 |
| **9/17** | $13914 | $12647 |
| **10/17** | $14281 | $12910 |
| **11/17** | $14452 | $13160 |
| **12/17** | $14798 | $13372 |
| **1/18** | $16022 | $14127 |
| **2/18** | $15694 | $13533 |
| **3/18** | $15585 | $13244 |
| **4/18** | $15831 | $13370 |
| **5/18** | $16775 | $13387 |
| **6/18** | $16569 | $13314 |
| **7/18** | $16362 | $13716 |
| **8/18** | $16582 | $13824 |
| **9/18** | $16362 | $13884 |
| **10/18** | $14537 | $12843 |
| **11/18** | $14757 | $13031 |
| **12/18** | $13821 | $12113 |
| **1/19** | $15260 | $13070 |
| **2/19** | $15708 | $13419 |
| **3/19** | $16327 | $13588 |
| **4/19** | $17140 | $14047 |
| **5/19** | $16327 | $13214 |
| **6/19** | $17319 | $14079 |
| **7/19** | $17168 | $14120 |
| **8/19** | $16947 | $13785 |
| **9/19** | $16665 | $14075 |
| **10/19** | $17243 | $14460 |
| **11/19** | $18097 | $14813 |
| **12/19** | $18524 | $15335 |
| **1/20** | $18882 | $15166 |
| **2/20** | $18035 | $13941 |
| **3/20** | $16321 | $12059 |
| **4/20** | $18386 | $13350 |
| **5/20** | $19970 | $13931 |
| **6/20** | $21437 | $14376 |
| **7/20** | $22876 | $15137 |
| **8/20** | $25500 | $16063 |
| **9/20** | $25383 | $15545 |
| **10/20** | $24866 | $15167 |
| **11/20** | $27587 | $17037 |
| **12/20** | $28526 | $17828 |
| **1/21** | $28156 | $17747 |
| **2/21** | $29174 | $18158 |
| **3/21** | $28107 | $18643 |
| **4/21** | $29767 | $19458 |
| **5/21** | $29251 | $19761 |
| **6/21** | $30234 | $20021 |
| **7/21** | $29390 | $20159 |
| **8/21** | $29997 | $20664 |
| **9/21** | $28602 | $19810 |
| **10/21** | $30067 | $20821 |
| **11/21** | $28316 | $20320 |
| **12/21** | $28307 | $21133 |
| **1/22** | $25191 | $20095 |
| **2/22** | $23239 | $19576 |
| **3/22** | $22510 | $20000 |
| **4/22** | $19129 | $18399 |
| **5/22** | $18142 | $18420 |
| **6/22** | $16315 | $16868 |
| **7/22** | $18194 | $18046 |
| **8/22** | $17730 | $17381 |
| **9/22** | $15623 | $15717 |
| **10/22** | $16161 | $16666 |
| **11/22** | $17671 | $17958 |
| **12/22** | $16377 | $17252 |
| **1/23** | $19044 | $18488 |
| **2/23** | $18505 | $17958 |
| **3/23** | $19704 | $18512 |
| **4/23** | $19797 | $18778 |
| **5/23** | $20531 | $18577 |
| **6/23** | $21898 | $19656 |
| **7/23** | $23022 | $20375 |
| **8/23** | $22214 | $19806 |
| **9/23** | $20773 | $18987 |
| **10/23** | $20215 | $18416 |
| **11/23** | $23190 | $20116 |
| **12/23** | $24275 | $21082 |
| **1/24** | $24752 | $21206 |
| **2/24** | $27040 | $22116 |
| **3/24** | $27317 | $22810 |
| **4/24** | $25939 | $22057 |
| **5/24** | $26069 | $22953 |
| **6/24** | $27109 | $23464 |
| **7/24** | $26477 | $23843 |
| **8/24** | $28158 | $24448 |
| **9/24** | $29727 | $25016 |
| **10/24** | $30056 | $24455 |
| **11/24** | $31842 | $25369 |
| **12/24** | $30852 | $24769 |
| **1/25** | $32949 | $25600 |
| **2/25** | $32674 | $25446 |
| **3/25** | $30406 | $24441 |
| **4/25** | $31933 | $24669 |
| **5/25** | $34325 | $26087 |
| **6/25** | $36166 | $27258 |
| **7/25** | $34885 | $27628 |
| **8/25** | $35189 | $28310 |
| **9/25** | $35948 | $29336 |
| **10/25** | $35872 | $29992 |
| **11/25** | $34259 | $29989 |
| **12/25** | $34578 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 11.31% | 3.63% | 13.21% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 10.32% | 3.63% | 13.21% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3250236407 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $24263396 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.8% |
| Industrials | 15.3% |
| Financials | 15.9% |
| Information Technology | 16.1% |
| Communication Services | 16.7% |
| Consumer Discretionary | 32.2% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1% |
| Uber Technologies, Inc. | 5.7% |
| DoorDash, Inc. | 5.5% |
| DSV AS | 4.7% |
| MercadoLibre, Inc. | 4.5% |
| Spotify Technology SA | 4.5% |
| Schneider Electric SE | 4.2% |
| ICICI Bank Ltd. | 3.1% |
| ASML Holding NV | 3.0% |
| Total | 48.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSOPX -TSR-AR

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

# Class I MGGIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $99 | 0.93% |

---

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

↓ Stock selection in financials, where exposure in a financial technology company was the main detractor

↓ Stock selection in communication services

↓ An average overweight in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↑ No exposure to health care

↑ No exposure to consumer staples

↑ An average overweight in communication services, led by a Swedish audio streaming platform

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

![Growth of 10K Chart](tm262201d1_tsrimg067.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World Net Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $952934 | $939689 |
| **2/16** | $907702 | $933221 |
| **3/16** | $963325 | $1002382 |
| **4/16** | $977995 | $1017178 |
| **5/16** | $1001834 | $1018463 |
| **6/16** | $978606 | $1012294 |
| **7/16** | $1040502 | $1055920 |
| **8/16** | $1041154 | $1059471 |
| **9/16** | $1064639 | $1065964 |
| **10/16** | $1056811 | $1047872 |
| **11/16** | $1020279 | $1055835 |
| **12/16** | $1010501 | $1078643 |
| **1/17** | $1068862 | $1108136 |
| **2/17** | $1114764 | $1139221 |
| **3/17** | $1171158 | $1153158 |
| **4/17** | $1220339 | $1171129 |
| **5/17** | $1284602 | $1196991 |
| **6/17** | $1280011 | $1202434 |
| **7/17** | $1367225 | $1236039 |
| **8/17** | $1392144 | $1240774 |
| **9/17** | $1416406 | $1264746 |
| **10/17** | $1455095 | $1291009 |
| **11/17** | $1474112 | $1316000 |
| **12/17** | $1510109 | $1337216 |
| **1/18** | $1636500 | $1412658 |
| **2/18** | $1604244 | $1353328 |
| **3/18** | $1594370 | $1324358 |
| **4/18** | $1620701 | $1337005 |
| **5/18** | $1718786 | $1338674 |
| **6/18** | $1699696 | $1331425 |
| **7/18** | $1679715 | $1371576 |
| **8/18** | $1704232 | $1382352 |
| **9/18** | $1682366 | $1388368 |
| **10/18** | $1496172 | $1284325 |
| **11/18** | $1520026 | $1303109 |
| **12/18** | $1424611 | $1211325 |
| **1/19** | $1574360 | $1306971 |
| **2/19** | $1622068 | $1341929 |
| **3/19** | $1687667 | $1358805 |
| **4/19** | $1772481 | $1404686 |
| **5/19** | $1690317 | $1321361 |
| **6/19** | $1794347 | $1407883 |
| **7/19** | $1780432 | $1412009 |
| **8/19** | $1759228 | $1378513 |
| **9/19** | $1731399 | $1407519 |
| **10/19** | $1793022 | $1446041 |
| **11/19** | $1883136 | $1481341 |
| **12/19** | $1929519 | $1533506 |
| **1/20** | $1967951 | $1516567 |
| **2/20** | $1881149 | $1394075 |
| **3/20** | $1703569 | $1205870 |
| **4/20** | $1921568 | $1335049 |
| **5/20** | $2088545 | $1393111 |
| **6/20** | $2242934 | $1437625 |
| **7/20** | $2395996 | $1513657 |
| **8/20** | $2673630 | $1606300 |
| **9/20** | $2663028 | $1554508 |
| **10/20** | $2611344 | $1516720 |
| **11/20** | $2898917 | $1703675 |
| **12/20** | $2999879 | $1782776 |
| **1/21** | $2963679 | $1774668 |
| **2/21** | $3072949 | $1815775 |
| **3/21** | $2963679 | $1864273 |
| **4/21** | $3140655 | $1945784 |
| **5/21** | $3089037 | $1976065 |
| **6/21** | $3194955 | $2002104 |
| **7/21** | $3109148 | $2015901 |
| **8/21** | $3176185 | $2066357 |
| **9/21** | $3030716 | $1980996 |
| **10/21** | $3188251 | $2082114 |
| **11/21** | $3005242 | $2031975 |
| **12/21** | $3006402 | $2113255 |
| **1/22** | $2678226 | $2009468 |
| **2/22** | $2471883 | $1957569 |
| **3/22** | $2396530 | $1999968 |
| **4/22** | $2038071 | $1839887 |
| **5/22** | $1935252 | $1842040 |
| **6/22** | $1741586 | $1686763 |
| **7/22** | $1943703 | $1804554 |
| **8/22** | $1895815 | $1738119 |
| **9/22** | $1671866 | $1571730 |
| **10/22** | $1731023 | $1666580 |
| **11/22** | $1893702 | $1795845 |
| **12/22** | $1757634 | $1725177 |
| **1/23** | $2044524 | $1848832 |
| **2/23** | $1988356 | $1795845 |
| **3/23** | $2118839 | $1851215 |
| **4/23** | $2130937 | $1877822 |
| **5/23** | $2211301 | $1857710 |
| **6/23** | $2361659 | $1965570 |
| **7/23** | $2484365 | $2037525 |
| **8/23** | $2398816 | $1980589 |
| **9/23** | $2245866 | $1898690 |
| **10/23** | $2187105 | $1841602 |
| **11/23** | $2511153 | $2011575 |
| **12/23** | $2631164 | $2108199 |
| **1/24** | $2683240 | $2120557 |
| **2/24** | $2932146 | $2211558 |
| **3/24** | $2963039 | $2280994 |
| **4/24** | $2812989 | $2205737 |
| **5/24** | $2828877 | $2295320 |
| **6/24** | $2941855 | $2346441 |
| **7/24** | $2874774 | $2384284 |
| **8/24** | $3057482 | $2444836 |
| **9/24** | $3228715 | $2501632 |
| **10/24** | $3264903 | $2445479 |
| **11/24** | $3459968 | $2536948 |
| **12/24** | $3352928 | $2476895 |
| **1/25** | $3581580 | $2560034 |
| **2/25** | $3552759 | $2544612 |
| **3/25** | $3306813 | $2444088 |
| **4/25** | $3473979 | $2466882 |
| **5/25** | $3735296 | $2608676 |
| **6/25** | $3936088 | $2725808 |
| **7/25** | $3797743 | $2762776 |
| **8/25** | $3831369 | $2830991 |
| **9/25** | $3914952 | $2933591 |
| **10/25** | $3908227 | $2999204 |
| **11/25** | $3733375 | $2998871 |
| **12/25** | $3768553 | $3030169 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 12.40% | 4.67% | 14.19% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3250236407 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $24263396 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.8% |
| Industrials | 15.3% |
| Financials | 15.9% |
| Information Technology | 16.1% |
| Communication Services | 16.7% |
| Consumer Discretionary | 32.2% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1% |
| Uber Technologies, Inc. | 5.7% |
| DoorDash, Inc. | 5.5% |
| DSV AS | 4.7% |
| MercadoLibre, Inc. | 4.5% |
| Spotify Technology SA | 4.5% |
| Schneider Electric SE | 4.2% |
| ICICI Bank Ltd. | 3.1% |
| ASML Holding NV | 3.0% |
| Total | 48.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGGIX -TSR-AR

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

# Class IR MGORX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $89 | 0.84% |

---

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

↓ Stock selection in financials, where exposure in a financial technology company was the main detractor

↓ Stock selection in communication services

↓ An average overweight in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↑ No exposure to health care

↑ No exposure to consumer staples

↑ An average overweight in communication services, led by a Swedish audio streaming platform

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

![Growth of 10K Chart](tm262201d1_tsrimg012.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IR** | **MSCI All Country World Net Index** |
| **6/18** | $5000000 | $5000000 |
| **6/18** | $4850019 | $4887818 |
| **7/18** | $4795004 | $5035219 |
| **8/18** | $4864825 | $5074777 |
| **9/18** | $4802553 | $5096864 |
| **10/18** | $4270403 | $4714910 |
| **11/18** | $4340224 | $4783868 |
| **12/18** | $4068489 | $4446918 |
| **1/19** | $4496850 | $4798045 |
| **2/19** | $4632718 | $4926379 |
| **3/19** | $4819536 | $4988333 |
| **4/19** | $5062966 | $5156768 |
| **5/19** | $4827084 | $4850873 |
| **6/19** | $5125239 | $5168506 |
| **7/19** | $5085611 | $5183651 |
| **8/19** | $5025225 | $5060683 |
| **9/19** | $4945969 | $5167168 |
| **10/19** | $5123352 | $5308586 |
| **11/19** | $5381878 | $5438177 |
| **12/19** | $5513972 | $5629683 |
| **1/20** | $5625308 | $5567498 |
| **2/20** | $5378104 | $5117812 |
| **3/20** | $4870487 | $4426891 |
| **4/20** | $5493214 | $4901122 |
| **5/20** | $5970639 | $5114277 |
| **6/20** | $6414097 | $5277690 |
| **7/20** | $6850006 | $5556812 |
| **8/20** | $7644456 | $5896917 |
| **9/20** | $7614263 | $5706782 |
| **10/20** | $7468960 | $5568058 |
| **11/20** | $8291716 | $6254393 |
| **12/20** | $8583060 | $6544781 |
| **1/21** | $8478062 | $6515015 |
| **2/21** | $8793054 | $6665925 |
| **3/21** | $8479971 | $6843968 |
| **4/21** | $8987777 | $7143203 |
| **5/21** | $8838872 | $7254369 |
| **6/21** | $9144318 | $7349962 |
| **7/21** | $8899961 | $7400609 |
| **8/21** | $9090865 | $7585841 |
| **9/21** | $8676603 | $7272472 |
| **10/21** | $9127137 | $7643684 |
| **11/21** | $8604059 | $7459621 |
| **12/21** | $8609306 | $7758010 |
| **1/22** | $7668979 | $7376995 |
| **2/22** | $7079520 | $7186468 |
| **3/22** | $6864989 | $7342119 |
| **4/22** | $5838449 | $6754443 |
| **5/22** | $5543719 | $6762347 |
| **6/22** | $4990350 | $6192306 |
| **7/22** | $5569784 | $6624730 |
| **8/22** | $5433446 | $6380842 |
| **9/22** | $4791859 | $5770008 |
| **10/22** | $4960275 | $6118211 |
| **11/22** | $5427432 | $6592760 |
| **12/22** | $5035664 | $6333329 |
| **1/23** | $5861022 | $6787282 |
| **2/23** | $5698898 | $6592758 |
| **3/23** | $6074731 | $6796030 |
| **4/23** | $6109121 | $6893706 |
| **5/23** | $6340024 | $6819871 |
| **6/23** | $6769898 | $7215839 |
| **7/23** | $7123623 | $7479997 |
| **8/23** | $6877981 | $7270976 |
| **9/23** | $6438281 | $6970315 |
| **10/23** | $6271245 | $6760740 |
| **11/23** | $7202228 | $7384728 |
| **12/23** | $7545830 | $7739446 |
| **1/24** | $7696345 | $7784816 |
| **2/24** | $8411292 | $8118889 |
| **3/24** | $8499093 | $8373797 |
| **4/24** | $8070124 | $8097520 |
| **5/24** | $8115279 | $8426390 |
| **6/24** | $8441395 | $8614063 |
| **7/24** | $8248234 | $8752986 |
| **8/24** | $8775037 | $8975282 |
| **9/24** | $9264212 | $9183787 |
| **10/24** | $9369572 | $8977640 |
| **11/24** | $9928987 | $9313437 |
| **12/24** | $9619690 | $9092973 |
| **1/25** | $10277190 | $9398187 |
| **2/25** | $10192615 | $9341569 |
| **3/25** | $9488735 | $8972534 |
| **4/25** | $9971630 | $9056217 |
| **5/25** | $10721889 | $9576758 |
| **6/25** | $11297543 | $10006765 |
| **7/25** | $10901951 | $10142475 |
| **8/25** | $11000167 | $10392901 |
| **9/25** | $11240250 | $10769561 |
| **10/25** | $11221152 | $11010432 |
| **11/25** | $10719161 | $11009210 |
| **12/25** | $10824696 | $11124107 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/15/18 (Inception)* |
| Class IR | 12.53% | 4.75% | 10.78% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.18% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3250236407 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $24263396 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.8% |
| Industrials | 15.3% |
| Financials | 15.9% |
| Information Technology | 16.1% |
| Communication Services | 16.7% |
| Consumer Discretionary | 32.2% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1% |
| Uber Technologies, Inc. | 5.7% |
| DoorDash, Inc. | 5.5% |
| DSV AS | 4.7% |
| MercadoLibre, Inc. | 4.5% |
| Spotify Technology SA | 4.5% |
| Schneider Electric SE | 4.2% |
| ICICI Bank Ltd. | 3.1% |
| ASML Holding NV | 3.0% |
| Total | 48.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGORX -TSR-AR

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

# Class L MGGLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $139 | 1.31% |

---

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

↓ Stock selection in financials, where exposure in a financial technology company was the main detractor

↓ Stock selection in communication services

↓ An average overweight in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↑ No exposure to health care

↑ No exposure to consumer staples

↑ An average overweight in communication services, led by a Swedish audio streaming platform

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

![Growth of 10K Chart](tm262201d1_tsrimg083.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI All Country World Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9521 | $9397 |
| **2/16** | $9067 | $9332 |
| **3/16** | $9622 | $10024 |
| **4/16** | $9761 | $10172 |
| **5/16** | $10000 | $10185 |
| **6/16** | $9761 | $10123 |
| **7/16** | $10373 | $10559 |
| **8/16** | $10380 | $10595 |
| **9/16** | $10609 | $10660 |
| **10/16** | $10528 | $10479 |
| **11/16** | $10164 | $10558 |
| **12/16** | $10056 | $10786 |
| **1/17** | $10639 | $11081 |
| **2/17** | $11086 | $11392 |
| **3/17** | $11649 | $11532 |
| **4/17** | $12130 | $11711 |
| **5/17** | $12760 | $11970 |
| **6/17** | $12720 | $12024 |
| **7/17** | $13574 | $12360 |
| **8/17** | $13817 | $12408 |
| **9/17** | $14055 | $12647 |
| **10/17** | $14434 | $12910 |
| **11/17** | $14617 | $13160 |
| **12/17** | $14976 | $13372 |
| **1/18** | $16214 | $14127 |
| **2/18** | $15894 | $13533 |
| **3/18** | $15792 | $13244 |
| **4/18** | $16051 | $13370 |
| **5/18** | $17010 | $13387 |
| **6/18** | $16813 | $13314 |
| **7/18** | $16613 | $13716 |
| **8/18** | $16853 | $13824 |
| **9/18** | $16633 | $13884 |
| **10/18** | $14784 | $12843 |
| **11/18** | $15017 | $13031 |
| **12/18** | $14071 | $12113 |
| **1/19** | $15544 | $13070 |
| **2/19** | $16010 | $13419 |
| **3/19** | $16647 | $13588 |
| **4/19** | $17483 | $14047 |
| **5/19** | $16668 | $13214 |
| **6/19** | $17688 | $14079 |
| **7/19** | $17545 | $14120 |
| **8/19** | $17332 | $13785 |
| **9/19** | $17051 | $14075 |
| **10/19** | $17654 | $14460 |
| **11/19** | $18538 | $14813 |
| **12/19** | $18990 | $15335 |
| **1/20** | $19360 | $15166 |
| **2/20** | $18504 | $13941 |
| **3/20** | $16757 | $12059 |
| **4/20** | $18887 | $13350 |
| **5/20** | $20525 | $13931 |
| **6/20** | $22039 | $14376 |
| **7/20** | $23532 | $15137 |
| **8/20** | $26252 | $16063 |
| **9/20** | $26142 | $15545 |
| **10/20** | $25628 | $15167 |
| **11/20** | $28444 | $17037 |
| **12/20** | $29433 | $17828 |
| **1/21** | $29066 | $17747 |
| **2/21** | $30127 | $18158 |
| **3/21** | $29045 | $18643 |
| **4/21** | $30779 | $19458 |
| **5/21** | $30258 | $19761 |
| **6/21** | $31292 | $20021 |
| **7/21** | $30446 | $20159 |
| **8/21** | $31091 | $20664 |
| **9/21** | $29662 | $19810 |
| **10/21** | $31188 | $20821 |
| **11/21** | $29392 | $20320 |
| **12/21** | $29396 | $21133 |
| **1/22** | $26174 | $20095 |
| **2/22** | $24157 | $19576 |
| **3/22** | $23419 | $20000 |
| **4/22** | $19904 | $18399 |
| **5/22** | $18896 | $18420 |
| **6/22** | $17004 | $16868 |
| **7/22** | $18969 | $18046 |
| **8/22** | $18494 | $17381 |
| **9/22** | $16302 | $15717 |
| **10/22** | $16872 | $16666 |
| **11/22** | $18458 | $17958 |
| **12/22** | $17116 | $17252 |
| **1/23** | $19910 | $18488 |
| **2/23** | $19364 | $17958 |
| **3/23** | $20619 | $18512 |
| **4/23** | $20738 | $18778 |
| **5/23** | $21511 | $18577 |
| **6/23** | $22958 | $19656 |
| **7/23** | $24150 | $20375 |
| **8/23** | $23313 | $19806 |
| **9/23** | $21811 | $18987 |
| **10/23** | $21229 | $18416 |
| **11/23** | $24378 | $20116 |
| **12/23** | $25532 | $21082 |
| **1/24** | $26026 | $21206 |
| **2/24** | $28437 | $22116 |
| **3/24** | $28726 | $22810 |
| **4/24** | $27264 | $22057 |
| **5/24** | $27404 | $22953 |
| **6/24** | $28493 | $23464 |
| **7/24** | $27832 | $23843 |
| **8/24** | $29601 | $24448 |
| **9/24** | $31249 | $25016 |
| **10/24** | $31585 | $24455 |
| **11/24** | $33466 | $25369 |
| **12/24** | $32420 | $24769 |
| **1/25** | $34617 | $25600 |
| **2/25** | $34331 | $25446 |
| **3/25** | $31940 | $24441 |
| **4/25** | $33554 | $24669 |
| **5/25** | $36057 | $26087 |
| **6/25** | $37989 | $27258 |
| **7/25** | $36640 | $27628 |
| **8/25** | $36957 | $28310 |
| **9/25** | $37754 | $29336 |
| **10/25** | $37672 | $29992 |
| **11/25** | $35976 | $29989 |
| **12/25** | $36297 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 11.96% | 4.28% | 13.76% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3250236407 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $24263396 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.8% |
| Industrials | 15.3% |
| Financials | 15.9% |
| Information Technology | 16.1% |
| Communication Services | 16.7% |
| Consumer Discretionary | 32.2% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1% |
| Uber Technologies, Inc. | 5.7% |
| DoorDash, Inc. | 5.5% |
| DSV AS | 4.7% |
| MercadoLibre, Inc. | 4.5% |
| Spotify Technology SA | 4.5% |
| Schneider Electric SE | 4.2% |
| ICICI Bank Ltd. | 3.1% |
| ASML Holding NV | 3.0% |
| Total | 48.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGGLX -TSR-AR

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

# Class R6 MGTSX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $89 | 0.84% |

---

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

↓ Stock selection in financials, where exposure in a financial technology company was the main detractor

↓ Stock selection in communication services

↓ An average overweight in consumer discretionary, where exposure to a Chinese consumer services app was the primary detractor

↑ No exposure to health care

↑ No exposure to consumer staples

↑ An average overweight in communication services, led by a Swedish audio streaming platform

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

![Growth of 10K Chart](tm262201d1_tsrimg090.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Net Index** |
| **12/15** | $5000000 | $5000000 |
| **1/16** | $4761905 | $4698446 |
| **2/16** | $4536020 | $4666106 |
| **3/16** | $4816850 | $5011909 |
| **4/16** | $4887057 | $5085891 |
| **5/16** | $5009158 | $5092317 |
| **6/16** | $4893162 | $5061469 |
| **7/16** | $5202234 | $5279600 |
| **8/16** | $5208749 | $5297355 |
| **9/16** | $5322762 | $5329820 |
| **10/16** | $5286930 | $5239358 |
| **11/16** | $5104509 | $5279176 |
| **12/16** | $5055682 | $5393215 |
| **1/17** | $5347104 | $5540682 |
| **2/17** | $5576313 | $5696105 |
| **3/17** | $5861186 | $5765789 |
| **4/17** | $6106767 | $5855647 |
| **5/17** | $6427658 | $5984956 |
| **6/17** | $6404738 | $6012172 |
| **7/17** | $6840233 | $6180193 |
| **8/17** | $6964661 | $6203870 |
| **9/17** | $7089088 | $6323728 |
| **10/17** | $7282278 | $6455043 |
| **11/17** | $7377236 | $6580001 |
| **12/17** | $7560273 | $6686082 |
| **1/18** | $8191392 | $7063288 |
| **2/18** | $8030325 | $6766642 |
| **3/18** | $7981019 | $6621790 |
| **4/18** | $8112502 | $6685025 |
| **5/18** | $8602276 | $6693372 |
| **6/18** | $8506951 | $6657124 |
| **7/18** | $8403876 | $6857882 |
| **8/18** | $8526295 | $6911760 |
| **9/18** | $8417111 | $6941841 |
| **10/18** | $7484082 | $6421627 |
| **11/18** | $7603192 | $6515546 |
| **12/18** | $7123443 | $6056627 |
| **1/19** | $7874498 | $6534856 |
| **2/19** | $8112718 | $6709644 |
| **3/19** | $8440271 | $6794025 |
| **4/19** | $8867082 | $7023429 |
| **5/19** | $8453506 | $6606806 |
| **6/19** | $8972958 | $7039417 |
| **7/19** | $8906785 | $7060044 |
| **8/19** | $8800910 | $6892564 |
| **9/19** | $8661948 | $7037594 |
| **10/19** | $8969649 | $7230204 |
| **11/19** | $9422929 | $7406704 |
| **12/19** | $9654532 | $7667532 |
| **1/20** | $9849740 | $7582837 |
| **2/20** | $9416312 | $6970373 |
| **3/20** | $8529604 | $6029350 |
| **4/20** | $9618137 | $6675244 |
| **5/20** | $10455216 | $6965557 |
| **6/20** | $11232740 | $7188124 |
| **7/20** | $11997030 | $7568283 |
| **8/20** | $13386647 | $8031500 |
| **9/20** | $13333709 | $7772539 |
| **10/20** | $13078946 | $7583599 |
| **11/20** | $14521501 | $8518376 |
| **12/20** | $15028976 | $8913880 |
| **1/21** | $14844880 | $8873339 |
| **2/21** | $15397169 | $9078876 |
| **3/21** | $14848227 | $9321367 |
| **4/21** | $15738585 | $9728921 |
| **5/21** | $15477502 | $9880326 |
| **6/21** | $16013056 | $10010522 |
| **7/21** | $15581266 | $10079503 |
| **8/21** | $15919334 | $10331786 |
| **9/21** | $15192989 | $9904982 |
| **10/21** | $15982931 | $10410568 |
| **11/21** | $15065795 | $10159876 |
| **12/21** | $15078365 | $10566276 |
| **1/22** | $13429553 | $10047341 |
| **2/22** | $12399485 | $9787846 |
| **3/22** | $12023317 | $9999841 |
| **4/22** | $10226851 | $9199436 |
| **5/22** | $9710059 | $9210201 |
| **6/22** | $8739756 | $8433815 |
| **7/22** | $9755762 | $9022769 |
| **8/22** | $9513186 | $8690597 |
| **9/22** | $8388197 | $7858652 |
| **10/22** | $8687022 | $8332899 |
| **11/22** | $9506155 | $8979227 |
| **12/22** | $8819188 | $8625885 |
| **1/23** | $10262484 | $9244162 |
| **2/23** | $9982441 | $8979224 |
| **3/23** | $10637310 | $9256077 |
| **4/23** | $10697627 | $9389110 |
| **5/23** | $11102612 | $9288548 |
| **6/23** | $11856573 | $9827850 |
| **7/23** | $12472666 | $10187627 |
| **8/23** | $12046140 | $9902945 |
| **9/23** | $11274946 | $9493450 |
| **10/23** | $10981978 | $9208012 |
| **11/23** | $12614842 | $10057873 |
| **12/23** | $13213182 | $10540993 |
| **1/24** | $13477182 | $10602787 |
| **2/24** | $14726780 | $11057788 |
| **3/24** | $14885180 | $11404968 |
| **4/24** | $14132781 | $11028684 |
| **5/24** | $14211981 | $11476599 |
| **6/24** | $14783980 | $11732207 |
| **7/24** | $14445181 | $11921418 |
| **8/24** | $15364779 | $12224180 |
| **9/24** | $16227178 | $12508161 |
| **10/24** | $16407578 | $12227393 |
| **11/24** | $17393177 | $12684742 |
| **12/24** | $16855375 | $12384474 |
| **1/25** | $18008738 | $12800171 |
| **2/25** | $17860380 | $12723058 |
| **3/25** | $16625660 | $12220438 |
| **4/25** | $17467950 | $12334412 |
| **5/25** | $18784028 | $13043381 |
| **6/25** | $19793819 | $13629042 |
| **7/25** | $19099887 | $13813878 |
| **8/25** | $19272174 | $14154954 |
| **9/25** | $19693319 | $14667957 |
| **10/25** | $19659819 | $14996020 |
| **11/25** | $18784028 | $14994355 |
| **12/25** | $18964389 | $15150844 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 12.51% | 4.76% | 14.26% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3250236407 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $24263396 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.8% |
| Industrials | 15.3% |
| Financials | 15.9% |
| Information Technology | 16.1% |
| Communication Services | 16.7% |
| Consumer Discretionary | 32.2% |

---

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

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 7.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1% |
| Uber Technologies, Inc. | 5.7% |
| DoorDash, Inc. | 5.5% |
| DSV AS | 4.7% |
| MercadoLibre, Inc. | 4.5% |
| Spotify Technology SA | 4.5% |
| Schneider Electric SE | 4.2% |
| ICICI Bank Ltd. | 3.1% |
| ASML Holding NV | 3.0% |
| Total | 48.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGTSX -TSR-AR

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

# Class A MGKAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $154 | 1.35% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in industrials, with the largest contribution from an aerospace and defense company

↓ Stock selection and average overweight in consumer discretionary, where a hard surface flooring retailer was the largest detractor

↓ Stock selection and average overweight in real estate, driven by an underperforming Texas landowner

↓ Average underweight and stock selection in financials

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

![Growth of 10K Chart](tm262201d1_tsrimg008.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World Net Index** |
| **4/19** | $9479 | $10000 |
| **5/19** | $9280 | $9407 |
| **6/19** | $9801 | $10023 |
| **7/19** | $9773 | $10052 |
| **8/19** | $9858 | $9814 |
| **9/19** | $9791 | $10020 |
| **10/19** | $9839 | $10294 |
| **11/19** | $10047 | $10546 |
| **12/19** | $10057 | $10917 |
| **1/20** | $10152 | $10796 |
| **2/20** | $9431 | $9924 |
| **3/20** | $8265 | $8585 |
| **4/20** | $9412 | $9504 |
| **5/20** | $10142 | $9918 |
| **6/20** | $10483 | $10234 |
| **7/20** | $10976 | $10776 |
| **8/20** | $11412 | $11435 |
| **9/20** | $11223 | $11067 |
| **10/20** | $10957 | $10798 |
| **11/20** | $12085 | $12129 |
| **12/20** | $12729 | $12692 |
| **1/21** | $12206 | $12634 |
| **2/21** | $12863 | $12927 |
| **3/21** | $13110 | $13272 |
| **4/21** | $13881 | $13852 |
| **5/21** | $13967 | $14068 |
| **6/21** | $14338 | $14253 |
| **7/21** | $14767 | $14351 |
| **8/21** | $15034 | $14710 |
| **9/21** | $14262 | $14103 |
| **10/21** | $15272 | $14823 |
| **11/21** | $14929 | $14466 |
| **12/21** | $15182 | $15044 |
| **1/22** | $13821 | $14305 |
| **2/22** | $13419 | $13936 |
| **3/22** | $13832 | $14238 |
| **4/22** | $12393 | $13098 |
| **5/22** | $12081 | $13114 |
| **6/22** | $11456 | $12008 |
| **7/22** | $12616 | $12847 |
| **8/22** | $11746 | $12374 |
| **9/22** | $10865 | $11189 |
| **10/22** | $11746 | $11864 |
| **11/22** | $12862 | $12785 |
| **12/22** | $12129 | $12282 |
| **1/23** | $13298 | $13162 |
| **2/23** | $13105 | $12785 |
| **3/23** | $13787 | $13179 |
| **4/23** | $13696 | $13368 |
| **5/23** | $13980 | $13225 |
| **6/23** | $14457 | $13993 |
| **7/23** | $15036 | $14505 |
| **8/23** | $14354 | $14100 |
| **9/23** | $13366 | $13517 |
| **10/23** | $12537 | $13110 |
| **11/23** | $13650 | $14320 |
| **12/23** | $14605 | $15008 |
| **1/24** | $14462 | $15096 |
| **2/24** | $15920 | $15744 |
| **3/24** | $16410 | $16238 |
| **4/24** | $14964 | $15703 |
| **5/24** | $15514 | $16340 |
| **6/24** | $15227 | $16704 |
| **7/24** | $15860 | $16974 |
| **8/24** | $15836 | $17405 |
| **9/24** | $15776 | $17809 |
| **10/24** | $15406 | $17409 |
| **11/24** | $16410 | $18061 |
| **12/24** | $16120 | $17633 |
| **1/25** | $17312 | $18225 |
| **2/25** | $17427 | $18115 |
| **3/25** | $16694 | $17400 |
| **4/25** | $17226 | $17562 |
| **5/25** | $18864 | $18571 |
| **6/25** | $20401 | $19405 |
| **7/25** | $20200 | $19668 |
| **8/25** | $20674 | $20154 |
| **9/25** | $21004 | $20884 |
| **10/25** | $21062 | $21351 |
| **11/25** | $20272 | $21349 |
| **12/25** | $20549 | $21572 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/19 (Inception)* |
| Class A | 27.48% | 10.05% | 12.30% |
| Class A, with 5.25% maximum front end sales charge | 20.80% | 8.87% | 11.40% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 12.22% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4602164 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 86% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.5% |
| Energy | 1.1% |
| Communication Services | 1.7% |
| Consumer Staples | 2.5% |
| Real Estate | 2.9% |
| Materials | 6.6% |
| Financials | 11.8% |
| Health Care | 15.2% |
| Consumer Discretionary | 17.6% |
| Information Technology | 19.8% |
| Industrials | 20.3% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Royalty Pharma PLC | 6.5% |
| Royal Gold, Inc. | 6.2% |
| Eurofins Scientific SE | 5.5% |
| QXO, Inc. | 5.4% |
| Canadian National Railway Co. | 5.4% |
| Core & Main, Inc. | 5.0% |
| MercadoLibre, Inc. | 4.9% |
| LVMH Moet Hennessy Louis Vuitton SE | 4.9% |
| Floor & Decor Holdings, Inc. | 3.5% |
| Total | 59.7% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGKAX -TSR-AR

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

# Class C MGKCX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $238 | 2.10% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in industrials, with the largest contribution from an aerospace and defense company

↓ Stock selection and average overweight in consumer discretionary, where a hard surface flooring retailer was the largest detractor

↓ Stock selection and average overweight in real estate, driven by an underperforming Texas landowner

↓ Average underweight and stock selection in financials

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

![Growth of 10K Chart](tm262201d1_tsrimg003.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World Net Index** |
| **4/19** | $10000 | $10000 |
| **5/19** | $9780 | $9407 |
| **6/19** | $10330 | $10023 |
| **7/19** | $10290 | $10052 |
| **8/19** | $10370 | $9814 |
| **9/19** | $10300 | $10020 |
| **10/19** | $10340 | $10294 |
| **11/19** | $10550 | $10546 |
| **12/19** | $10560 | $10917 |
| **1/20** | $10650 | $10796 |
| **2/20** | $9890 | $9924 |
| **3/20** | $8660 | $8585 |
| **4/20** | $9850 | $9504 |
| **5/20** | $10610 | $9918 |
| **6/20** | $10970 | $10234 |
| **7/20** | $11470 | $10776 |
| **8/20** | $11920 | $11435 |
| **9/20** | $11710 | $11067 |
| **10/20** | $11430 | $10798 |
| **11/20** | $12600 | $12129 |
| **12/20** | $13263 | $12692 |
| **1/21** | $12702 | $12634 |
| **2/21** | $13393 | $12927 |
| **3/21** | $13634 | $13272 |
| **4/21** | $14425 | $13852 |
| **5/21** | $14515 | $14068 |
| **6/21** | $14886 | $14253 |
| **7/21** | $15327 | $14351 |
| **8/21** | $15587 | $14710 |
| **9/21** | $14776 | $14103 |
| **10/21** | $15818 | $14823 |
| **11/21** | $15457 | $14466 |
| **12/21** | $15702 | $15044 |
| **1/22** | $14277 | $14305 |
| **2/22** | $13865 | $13936 |
| **3/22** | $14277 | $14238 |
| **4/22** | $12783 | $13098 |
| **5/22** | $12453 | $13114 |
| **6/22** | $11806 | $12008 |
| **7/22** | $12994 | $12847 |
| **8/22** | $12088 | $12374 |
| **9/22** | $11182 | $11189 |
| **10/22** | $12076 | $11864 |
| **11/22** | $13206 | $12785 |
| **12/22** | $12444 | $12282 |
| **1/23** | $13643 | $13162 |
| **2/23** | $13440 | $12785 |
| **3/23** | $14135 | $13179 |
| **4/23** | $14027 | $13368 |
| **5/23** | $14303 | $13225 |
| **6/23** | $14782 | $13993 |
| **7/23** | $15370 | $14505 |
| **8/23** | $14662 | $14100 |
| **9/23** | $13643 | $13517 |
| **10/23** | $12792 | $13110 |
| **11/23** | $13907 | $14320 |
| **12/23** | $14879 | $15008 |
| **1/24** | $14727 | $15096 |
| **2/24** | $16206 | $15744 |
| **3/24** | $16687 | $16238 |
| **4/24** | $15208 | $15703 |
| **5/24** | $15764 | $16340 |
| **6/24** | $15460 | $16704 |
| **7/24** | $16092 | $16974 |
| **8/24** | $16055 | $17405 |
| **9/24** | $15991 | $17809 |
| **10/24** | $15599 | $17409 |
| **11/24** | $16611 | $18061 |
| **12/24** | $16308 | $17633 |
| **1/25** | $17499 | $18225 |
| **2/25** | $17606 | $18115 |
| **3/25** | $16858 | $17400 |
| **4/25** | $17392 | $17562 |
| **5/25** | $19026 | $18571 |
| **6/25** | $20553 | $19405 |
| **7/25** | $20339 | $19668 |
| **8/25** | $20812 | $20154 |
| **9/25** | $21133 | $20884 |
| **10/25** | $21164 | $21351 |
| **11/25** | $20370 | $21349 |
| **12/25** | $20633 | $21572 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/19 (Inception)* |
| Class C | 26.52% | 9.24% | 11.47% |
| Class C, with 1% maximum contingent deferred sales charge | 25.52% | 9.24% | 11.47% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 12.22% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4602164 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 86% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.5% |
| Energy | 1.1% |
| Communication Services | 1.7% |
| Consumer Staples | 2.5% |
| Real Estate | 2.9% |
| Materials | 6.6% |
| Financials | 11.8% |
| Health Care | 15.2% |
| Consumer Discretionary | 17.6% |
| Information Technology | 19.8% |
| Industrials | 20.3% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Royalty Pharma PLC | 6.5% |
| Royal Gold, Inc. | 6.2% |
| Eurofins Scientific SE | 5.5% |
| QXO, Inc. | 5.4% |
| Canadian National Railway Co. | 5.4% |
| Core & Main, Inc. | 5.0% |
| MercadoLibre, Inc. | 4.9% |
| LVMH Moet Hennessy Louis Vuitton SE | 4.9% |
| Floor & Decor Holdings, Inc. | 3.5% |
| Total | 59.7% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGKCX -TSR-AR

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

# Class I MGKIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $114 | 1.00% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in industrials, with the largest contribution from an aerospace and defense company

↓ Stock selection and average overweight in consumer discretionary, where a hard surface flooring retailer was the largest detractor

↓ Stock selection and average overweight in real estate, driven by an underperforming Texas landowner

↓ Average underweight and stock selection in financials

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

![Growth of 10K Chart](tm262201d1_tsrimg078.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World Net Index** |
| **4/19** | $1000000 | $1000000 |
| **5/19** | $979000 | $940681 |
| **6/19** | $1035000 | $1002276 |
| **7/19** | $1032000 | $1005213 |
| **8/19** | $1041000 | $981367 |
| **9/19** | $1034000 | $1002017 |
| **10/19** | $1040000 | $1029441 |
| **11/19** | $1062000 | $1054571 |
| **12/19** | $1063000 | $1091708 |
| **1/20** | $1074000 | $1079649 |
| **2/20** | $998000 | $992446 |
| **3/20** | $875000 | $858462 |
| **4/20** | $996000 | $950425 |
| **5/20** | $1074000 | $991760 |
| **6/20** | $1111000 | $1023449 |
| **7/20** | $1163000 | $1077577 |
| **8/20** | $1210000 | $1143530 |
| **9/20** | $1189000 | $1106659 |
| **10/20** | $1162000 | $1079757 |
| **11/20** | $1282000 | $1212851 |
| **12/20** | $1350640 | $1269163 |
| **1/21** | $1295244 | $1263391 |
| **2/21** | $1366755 | $1292656 |
| **3/21** | $1392942 | $1327182 |
| **4/21** | $1474524 | $1385209 |
| **5/21** | $1484596 | $1406767 |
| **6/21** | $1524883 | $1425304 |
| **7/21** | $1570207 | $1435126 |
| **8/21** | $1599415 | $1471046 |
| **9/21** | $1517833 | $1410277 |
| **10/21** | $1625602 | $1482263 |
| **11/21** | $1590351 | $1446569 |
| **12/21** | $1617056 | $1504433 |
| **1/22** | $1472087 | $1430546 |
| **2/22** | $1429657 | $1393599 |
| **3/22** | $1473266 | $1423783 |
| **4/22** | $1321225 | $1309821 |
| **5/22** | $1288223 | $1311354 |
| **6/22** | $1222221 | $1200812 |
| **7/22** | $1345975 | $1284667 |
| **8/22** | $1254044 | $1237372 |
| **9/22** | $1159755 | $1118920 |
| **10/22** | $1254044 | $1186443 |
| **11/22** | $1374262 | $1278468 |
| **12/22** | $1295628 | $1228159 |
| **1/23** | $1421592 | $1316189 |
| **2/23** | $1401198 | $1278467 |
| **3/23** | $1474377 | $1317886 |
| **4/23** | $1464779 | $1336827 |
| **5/23** | $1494771 | $1322509 |
| **6/23** | $1547556 | $1399295 |
| **7/23** | $1609938 | $1450520 |
| **8/23** | $1536759 | $1409987 |
| **9/23** | $1431189 | $1351683 |
| **10/23** | $1343614 | $1311042 |
| **11/23** | $1463580 | $1432046 |
| **12/23** | $1566727 | $1500833 |
| **1/24** | $1551566 | $1509631 |
| **2/24** | $1708238 | $1574414 |
| **3/24** | $1761305 | $1623846 |
| **4/24** | $1607159 | $1570270 |
| **5/24** | $1666543 | $1634045 |
| **6/24** | $1636219 | $1670439 |
| **7/24** | $1704448 | $1697378 |
| **8/24** | $1701921 | $1740486 |
| **9/24** | $1696867 | $1780919 |
| **10/24** | $1656435 | $1740943 |
| **11/24** | $1765095 | $1806061 |
| **12/24** | $1734222 | $1763309 |
| **1/25** | $1863642 | $1822496 |
| **2/25** | $1875822 | $1811516 |
| **3/25** | $1798171 | $1739953 |
| **4/25** | $1856029 | $1756181 |
| **5/25** | $2032648 | $1857124 |
| **6/25** | $2200132 | $1940511 |
| **7/25** | $2177294 | $1966828 |
| **8/25** | $2230584 | $2015391 |
| **9/25** | $2267126 | $2088432 |
| **10/25** | $2273216 | $2135142 |
| **11/25** | $2189474 | $2134905 |
| **12/25** | $2219110 | $2157186 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/19 (Inception)* |
| Class I | 27.96% | 10.44% | 12.69% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 12.22% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4602164 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 86% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.5% |
| Energy | 1.1% |
| Communication Services | 1.7% |
| Consumer Staples | 2.5% |
| Real Estate | 2.9% |
| Materials | 6.6% |
| Financials | 11.8% |
| Health Care | 15.2% |
| Consumer Discretionary | 17.6% |
| Information Technology | 19.8% |
| Industrials | 20.3% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Royalty Pharma PLC | 6.5% |
| Royal Gold, Inc. | 6.2% |
| Eurofins Scientific SE | 5.5% |
| QXO, Inc. | 5.4% |
| Canadian National Railway Co. | 5.4% |
| Core & Main, Inc. | 5.0% |
| MercadoLibre, Inc. | 4.9% |
| LVMH Moet Hennessy Louis Vuitton SE | 4.9% |
| Floor & Decor Holdings, Inc. | 3.5% |
| Total | 59.7% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGKIX -TSR-AR

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

# Class R6 MGKQX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Permanence Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $108 | 0.95% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in industrials, with the largest contribution from an aerospace and defense company

↓ Stock selection and average overweight in consumer discretionary, where a hard surface flooring retailer was the largest detractor

↓ Stock selection and average overweight in real estate, driven by an underperforming Texas landowner

↓ Average underweight and stock selection in financials

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

![Growth of 10K Chart](tm262201d1_tsrimg009.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Net Index** |
| **4/19** | $5000000 | $5000000 |
| **5/19** | $4895000 | $4703405 |
| **6/19** | $5175000 | $5011382 |
| **7/19** | $5160000 | $5026066 |
| **8/19** | $5205000 | $4906836 |
| **9/19** | $5170000 | $5010084 |
| **10/19** | $5200000 | $5147203 |
| **11/19** | $5315000 | $5272854 |
| **12/19** | $5320000 | $5458539 |
| **1/20** | $5370000 | $5398244 |
| **2/20** | $4995000 | $4962229 |
| **3/20** | $4375000 | $4292312 |
| **4/20** | $4985000 | $4752126 |
| **5/20** | $5375000 | $4958801 |
| **6/20** | $5555000 | $5117247 |
| **7/20** | $5820000 | $5387883 |
| **8/20** | $6050000 | $5717649 |
| **9/20** | $5950000 | $5533293 |
| **10/20** | $5815000 | $5398787 |
| **11/20** | $6415000 | $6064257 |
| **12/20** | $6761060 | $6345817 |
| **1/21** | $6483967 | $6316956 |
| **2/21** | $6836631 | $6463279 |
| **3/21** | $6972658 | $6635909 |
| **4/21** | $7380740 | $6926047 |
| **5/21** | $7431120 | $7033833 |
| **6/21** | $7632642 | $7126520 |
| **7/21** | $7859354 | $7175628 |
| **8/21** | $8005458 | $7355229 |
| **9/21** | $7597376 | $7051386 |
| **10/21** | $8141485 | $7411314 |
| **11/21** | $7960115 | $7232846 |
| **12/21** | $8093663 | $7522163 |
| **1/22** | $7368594 | $7152732 |
| **2/22** | $7156378 | $6967996 |
| **3/22** | $7380383 | $7118916 |
| **4/22** | $6619945 | $6549105 |
| **5/22** | $6454888 | $6556769 |
| **6/22** | $6118880 | $6004058 |
| **7/22** | $6743737 | $6423336 |
| **8/22** | $6278042 | $6186862 |
| **9/22** | $5812347 | $5594598 |
| **10/22** | $6283937 | $5932215 |
| **11/22** | $6879319 | $6392338 |
| **12/22** | $6491924 | $6140793 |
| **1/23** | $7121917 | $6580946 |
| **2/23** | $7019918 | $6392336 |
| **3/23** | $7385914 | $6589428 |
| **4/23** | $7337914 | $6684135 |
| **5/23** | $7493913 | $6612545 |
| **6/23** | $7751910 | $6996475 |
| **7/23** | $8063906 | $7252602 |
| **8/23** | $7697910 | $7049936 |
| **9/23** | $7175916 | $6758415 |
| **10/23** | $6731922 | $6555211 |
| **11/23** | $7331915 | $7160229 |
| **12/23** | $7852135 | $7504164 |
| **1/24** | $7776268 | $7548155 |
| **2/24** | $8560217 | $7872072 |
| **3/24** | $8825749 | $8119230 |
| **4/24** | $8054444 | $7851352 |
| **5/24** | $8351586 | $8170224 |
| **6/24** | $8199854 | $8352193 |
| **7/24** | $8547573 | $8486892 |
| **8/24** | $8534929 | $8702430 |
| **9/24** | $8509640 | $8904597 |
| **10/24** | $8307331 | $8704717 |
| **11/24** | $8851037 | $9030305 |
| **12/24** | $8702278 | $8816543 |
| **1/25** | $9342376 | $9112479 |
| **2/25** | $9410958 | $9057582 |
| **3/25** | $9022327 | $8699766 |
| **4/25** | $9311895 | $8780904 |
| **5/25** | $10195839 | $9285621 |
| **6/25** | $11034062 | $9702555 |
| **7/25** | $10919759 | $9834140 |
| **8/25** | $11186466 | $10076953 |
| **9/25** | $11369351 | $10442162 |
| **10/25** | $11399832 | $10675710 |
| **11/25** | $10980721 | $10674526 |
| **12/25** | $11134243 | $10785930 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 4/30/19 (Inception)* |
| Class R6 | 27.95% | 10.49% | 12.75% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 12.22% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4602164 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 86% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.5% |
| Energy | 1.1% |
| Communication Services | 1.7% |
| Consumer Staples | 2.5% |
| Real Estate | 2.9% |
| Materials | 6.6% |
| Financials | 11.8% |
| Health Care | 15.2% |
| Consumer Discretionary | 17.6% |
| Information Technology | 19.8% |
| Industrials | 20.3% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Royalty Pharma PLC | 6.5% |
| Royal Gold, Inc. | 6.2% |
| Eurofins Scientific SE | 5.5% |
| QXO, Inc. | 5.4% |
| Canadian National Railway Co. | 5.4% |
| Core & Main, Inc. | 5.0% |
| MercadoLibre, Inc. | 4.9% |
| LVMH Moet Hennessy Louis Vuitton SE | 4.9% |
| Floor & Decor Holdings, Inc. | 3.5% |
| Total | 59.7% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGKQX -TSR-AR

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

# Class A MGQAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $119 | 1.15% |

---

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

↓ Negative stock selection driven by weakness in financials, industrials and information technology

↓ The largest absolute detractor was UnitedHealth Group, which declined following its unprecedented downgrade to full-year earnings per share guidance

↑ Sector allocation was modestly positive mainly driven by a slight overweight to information technology

↑ The top three absolute contributors were Alphabet, Taiwan Semiconductor Manufacturing Company and Galderma

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

![Growth of 10K Chart](tm262201d1_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World Net Index** | **MSCI World/MSCI AC World Blended Index** |
| **12/15** | $9476 | $10000 | $10000 |
| **1/16** | $9385 | $10000 | $10000 |
| **2/16** | $9177 | $9332 | $9332 |
| **3/16** | $9676 | $10024 | $9965 |
| **4/16** | $9709 | $10172 | $10123 |
| **5/16** | $9834 | $10185 | $10180 |
| **6/16** | $9900 | $10123 | $10066 |
| **7/16** | $10109 | $10559 | $10491 |
| **8/16** | $10025 | $10595 | $10499 |
| **9/16** | $10016 | $10660 | $10555 |
| **10/16** | $9771 | $10479 | $10351 |
| **11/16** | $9594 | $10558 | $10500 |
| **12/16** | $9839 | $10786 | $10751 |
| **1/17** | $10122 | $11081 | $11011 |
| **2/17** | $10559 | $11392 | $11316 |
| **3/17** | $10760 | $11532 | $11437 |
| **4/17** | $10997 | $11711 | $11606 |
| **5/17** | $11453 | $11970 | $11851 |
| **6/17** | $11335 | $12024 | $11897 |
| **7/17** | $11472 | $12360 | $12182 |
| **8/17** | $11363 | $12408 | $12199 |
| **9/17** | $11390 | $12647 | $12473 |
| **10/17** | $11582 | $12910 | $12708 |
| **11/17** | $11839 | $13160 | $12984 |
| **12/17** | $12048 | $13372 | $13159 |
| **1/18** | $12619 | $14127 | $13854 |
| **2/18** | $12028 | $13533 | $13280 |
| **3/18** | $12048 | $13244 | $12991 |
| **4/18** | $12028 | $13370 | $13140 |
| **5/18** | $12300 | $13387 | $13222 |
| **6/18** | $12687 | $13314 | $13216 |
| **7/18** | $12899 | $13716 | $13629 |
| **8/18** | $13163 | $13824 | $13797 |
| **9/18** | $13339 | $13884 | $13874 |
| **10/18** | $12381 | $12843 | $12856 |
| **11/18** | $12889 | $13031 | $13002 |
| **12/18** | $12079 | $12113 | $12013 |
| **1/19** | $12560 | $13070 | $12948 |
| **2/19** | $13103 | $13419 | $13337 |
| **3/19** | $13574 | $13588 | $13512 |
| **4/19** | $14054 | $14047 | $13991 |
| **5/19** | $13594 | $13214 | $13184 |
| **6/19** | $14409 | $14079 | $14053 |
| **7/19** | $14493 | $14120 | $14122 |
| **8/19** | $14598 | $13785 | $13833 |
| **9/19** | $14566 | $14075 | $14128 |
| **10/19** | $14775 | $14460 | $14487 |
| **11/19** | $15235 | $14813 | $14891 |
| **12/19** | $15647 | $15335 | $15337 |
| **1/20** | $15882 | $15166 | $15244 |
| **2/20** | $14662 | $13941 | $13955 |
| **3/20** | $13463 | $12059 | $12108 |
| **4/20** | $14876 | $13350 | $13431 |
| **5/20** | $15486 | $13931 | $14080 |
| **6/20** | $15839 | $14376 | $14452 |
| **7/20** | $16738 | $15137 | $15144 |
| **8/20** | $17455 | $16063 | $16156 |
| **9/20** | $16974 | $15545 | $15598 |
| **10/20** | $16160 | $15167 | $15120 |
| **11/20** | $17466 | $17037 | $17053 |
| **12/20** | $18077 | $17828 | $17776 |
| **1/21** | $17672 | $17747 | $17599 |
| **2/21** | $17760 | $18158 | $18050 |
| **3/21** | $18493 | $18643 | $18651 |
| **4/21** | $19391 | $19458 | $19519 |
| **5/21** | $19391 | $19761 | $19800 |
| **6/21** | $19621 | $20021 | $20095 |
| **7/21** | $20190 | $20159 | $20455 |
| **8/21** | $20475 | $20664 | $20964 |
| **9/21** | $19588 | $19810 | $20094 |
| **10/21** | $20639 | $20821 | $21232 |
| **11/21** | $20004 | $20320 | $20767 |
| **12/21** | $21368 | $21133 | $21654 |
| **1/22** | $20089 | $20095 | $20508 |
| **2/22** | $19366 | $19576 | $19990 |
| **3/22** | $19444 | $20000 | $20538 |
| **4/22** | $18109 | $18399 | $18832 |
| **5/22** | $18098 | $18420 | $18846 |
| **6/22** | $16919 | $16868 | $17214 |
| **7/22** | $18131 | $18046 | $18581 |
| **8/22** | $17030 | $17381 | $17804 |
| **9/22** | $15395 | $15717 | $16149 |
| **10/22** | $16162 | $16666 | $17308 |
| **11/22** | $17597 | $17958 | $18512 |
| **12/22** | $16900 | $17252 | $17726 |
| **1/23** | $17960 | $18488 | $18980 |
| **2/23** | $17179 | $17958 | $18524 |
| **3/23** | $18139 | $18512 | $19096 |
| **4/23** | $18540 | $18778 | $19431 |
| **5/23** | $18317 | $18577 | $19237 |
| **6/23** | $19322 | $19656 | $20400 |
| **7/23** | $19646 | $20375 | $21085 |
| **8/23** | $19500 | $19806 | $20582 |
| **9/23** | $18462 | $18987 | $19694 |
| **10/23** | $17960 | $18416 | $19123 |
| **11/23** | $19724 | $20116 | $20915 |
| **12/23** | $20482 | $21082 | $21942 |
| **1/24** | $20884 | $21206 | $22205 |
| **2/24** | $21711 | $22116 | $23147 |
| **3/24** | $21722 | $22810 | $23891 |
| **4/24** | $20716 | $22057 | $23003 |
| **5/24** | $21353 | $22953 | $24030 |
| **6/24** | $21766 | $23464 | $24527 |
| **7/24** | $22359 | $23843 | $24923 |
| **8/24** | $22973 | $24448 | $25556 |
| **9/24** | $23532 | $25016 | $26150 |
| **10/24** | $23096 | $24455 | $25563 |
| **11/24** | $24403 | $25369 | $26519 |
| **12/24** | $23740 | $24769 | $25891 |
| **1/25** | $24958 | $25600 | $26760 |
| **2/25** | $24654 | $25446 | $26599 |
| **3/25** | $23957 | $24441 | $25548 |
| **4/25** | $24378 | $24669 | $25786 |
| **5/25** | $25698 | $26087 | $27269 |
| **6/25** | $26350 | $27258 | $28493 |
| **7/25** | $25828 | $27628 | $28879 |
| **8/25** | $26075 | $28310 | $29592 |
| **9/25** | $26133 | $29336 | $30665 |
| **10/25** | $25640 | $29992 | $31351 |
| **11/25** | $25176 | $29989 | $31347 |
| **12/25** | $25231 | $30302 | $31674 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 6.28% | 6.90% | 10.29% |
| Class A, with 5.25% maximum front end sales charge | 0.68% | 5.76% | 9.70% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |
| MSCI World/MSCI AC World Blended Index | 22.34% | 12.25% | 12.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;MSCI World/MSCI AC World Blended Index is performance linked benchmarks of the Fund. The old benchmark represented by MSCI World Index from the Fund's inception to June 26, 2024 and the new benchmark represented by MSCI All Country World Index for periods thereafter. It is not possible to invest directly in an index. |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34431548 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg109.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3% |
| Consumer Staples | 2.0% |
| Health Care | 6.1% |
| Communication Services | 10.2% |
| Consumer Discretionary | 13.3% |
| Industrials | 18.0% |
| Financials | 20.1% |
| Information Technology | 30.0% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.5% |
| SAP SE | 4.6% |
| Visa, Inc. | 4.1% |
| Alphabet, Inc. | 4.0% |
| Intercontinental Exchange, Inc. | 3.8% |
| Mastercard, Inc. | 3.7% |
| Uber Technologies, Inc. | 3.6% |
| Microsoft Corp. | 3.6% |
| Cencora, Inc. | 3.6% |
| S&P Global, Inc. | 3.5% |
| Total | 41.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGQAX -TSR-AR

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

# Class C MSGQX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $195 | 1.90% |

---

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

↓ Negative stock selection driven by weakness in financials, industrials and information technology

↓ The largest absolute detractor was UnitedHealth Group, which declined following its unprecedented downgrade to full-year earnings per share guidance

↑ Sector allocation was modestly positive mainly driven by a slight overweight to information technology

↑ The top three absolute contributors were Alphabet, Taiwan Semiconductor Manufacturing Company and Galderma

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

![Growth of 10K Chart](tm262201d1_tsrimg136.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI All Country World Net Index** | **MSCI World/MSCI AC World Blended Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9903 | $9397 | $9402 |
| **2/16** | $9673 | $9332 | $9332 |
| **3/16** | $10186 | $10024 | $9965 |
| **4/16** | $10212 | $10172 | $10123 |
| **5/16** | $10345 | $10185 | $10180 |
| **6/16** | $10407 | $10123 | $10066 |
| **7/16** | $10611 | $10559 | $10491 |
| **8/16** | $10521 | $10595 | $10499 |
| **9/16** | $10504 | $10660 | $10555 |
| **10/16** | $10243 | $10479 | $10351 |
| **11/16** | $10054 | $10558 | $10500 |
| **12/16** | $10306 | $10786 | $10751 |
| **1/17** | $10596 | $11081 | $11011 |
| **2/17** | $11040 | $11392 | $11316 |
| **3/17** | $11243 | $11532 | $11437 |
| **4/17** | $11485 | $11711 | $11606 |
| **5/17** | $11948 | $11970 | $11851 |
| **6/17** | $11823 | $12024 | $11897 |
| **7/17** | $11959 | $12360 | $12182 |
| **8/17** | $11842 | $12408 | $12199 |
| **9/17** | $11862 | $12647 | $12473 |
| **10/17** | $12046 | $12910 | $12708 |
| **11/17** | $12308 | $13160 | $12984 |
| **12/17** | $12518 | $13372 | $13159 |
| **1/18** | $13110 | $14127 | $13854 |
| **2/18** | $12477 | $13533 | $13280 |
| **3/18** | $12497 | $13244 | $12991 |
| **4/18** | $12467 | $13370 | $13140 |
| **5/18** | $12742 | $13387 | $13222 |
| **6/18** | $13130 | $13314 | $13216 |
| **7/18** | $13343 | $13716 | $13629 |
| **8/18** | $13611 | $13824 | $13797 |
| **9/18** | $13786 | $13884 | $13874 |
| **10/18** | $12787 | $12843 | $12856 |
| **11/18** | $13302 | $13031 | $13002 |
| **12/18** | $12455 | $12113 | $12013 |
| **1/19** | $12951 | $13070 | $12948 |
| **2/19** | $13491 | $13419 | $13337 |
| **3/19** | $13976 | $13588 | $13512 |
| **4/19** | $14461 | $14047 | $13991 |
| **5/19** | $13976 | $13214 | $13184 |
| **6/19** | $14814 | $14079 | $14053 |
| **7/19** | $14891 | $14120 | $14122 |
| **8/19** | $14980 | $13785 | $13833 |
| **9/19** | $14946 | $14075 | $14128 |
| **10/19** | $15145 | $14460 | $14487 |
| **11/19** | $15608 | $14813 | $14891 |
| **12/19** | $16021 | $15335 | $15337 |
| **1/20** | $16258 | $15166 | $15244 |
| **2/20** | $14996 | $13941 | $13955 |
| **3/20** | $13756 | $12059 | $12108 |
| **4/20** | $15187 | $13350 | $13431 |
| **5/20** | $15807 | $13931 | $14080 |
| **6/20** | $16156 | $14376 | $14452 |
| **7/20** | $17057 | $15137 | $15144 |
| **8/20** | $17779 | $16063 | $16156 |
| **9/20** | $17283 | $15545 | $15598 |
| **10/20** | $16438 | $15167 | $15120 |
| **11/20** | $17767 | $17037 | $17053 |
| **12/20** | $18373 | $17828 | $17776 |
| **1/21** | $17947 | $17747 | $17599 |
| **2/21** | $18027 | $18158 | $18050 |
| **3/21** | $18753 | $18643 | $18651 |
| **4/21** | $19664 | $19458 | $19519 |
| **5/21** | $19653 | $19761 | $19800 |
| **6/21** | $19872 | $20021 | $20095 |
| **7/21** | $20425 | $20159 | $20455 |
| **8/21** | $20701 | $20664 | $20964 |
| **9/21** | $19791 | $19810 | $20094 |
| **10/21** | $20840 | $20821 | $21232 |
| **11/21** | $20194 | $20320 | $20767 |
| **12/21** | $21558 | $21133 | $21654 |
| **1/22** | $20247 | $20095 | $20508 |
| **2/22** | $19510 | $19576 | $19990 |
| **3/22** | $19580 | $20000 | $20538 |
| **4/22** | $18222 | $18399 | $18832 |
| **5/22** | $18199 | $18420 | $18846 |
| **6/22** | $17005 | $16868 | $17214 |
| **7/22** | $18210 | $18046 | $18581 |
| **8/22** | $17087 | $17381 | $17804 |
| **9/22** | $15437 | $15717 | $16149 |
| **10/22** | $16197 | $16666 | $17308 |
| **11/22** | $17625 | $17958 | $18512 |
| **12/22** | $16915 | $17252 | $17726 |
| **1/23** | $17972 | $18488 | $18980 |
| **2/23** | $17173 | $17958 | $18524 |
| **3/23** | $18125 | $18512 | $19096 |
| **4/23** | $18524 | $18778 | $19431 |
| **5/23** | $18277 | $18577 | $19237 |
| **6/23** | $19276 | $19656 | $20400 |
| **7/23** | $19593 | $20375 | $21085 |
| **8/23** | $19428 | $19806 | $20582 |
| **9/23** | $18383 | $18987 | $19694 |
| **10/23** | $17878 | $18416 | $19123 |
| **11/23** | $19616 | $20116 | $20915 |
| **12/23** | $20356 | $21082 | $21942 |
| **1/24** | $20756 | $21206 | $22205 |
| **2/24** | $21578 | $22116 | $23147 |
| **3/24** | $21589 | $22810 | $23891 |
| **4/24** | $20590 | $22057 | $23003 |
| **5/24** | $21223 | $22953 | $24030 |
| **6/24** | $21634 | $23464 | $24527 |
| **7/24** | $22222 | $23843 | $24923 |
| **8/24** | $22833 | $24448 | $25556 |
| **9/24** | $23388 | $25016 | $26150 |
| **10/24** | $22955 | $24455 | $25563 |
| **11/24** | $24254 | $25369 | $26519 |
| **12/24** | $23595 | $24769 | $25891 |
| **1/25** | $24806 | $25600 | $26760 |
| **2/25** | $24503 | $25446 | $26599 |
| **3/25** | $23811 | $24441 | $25548 |
| **4/25** | $24229 | $24669 | $25786 |
| **5/25** | $25541 | $26087 | $27269 |
| **6/25** | $26189 | $27258 | $28493 |
| **7/25** | $25670 | $27628 | $28879 |
| **8/25** | $25916 | $28310 | $29592 |
| **9/25** | $25973 | $29336 | $30665 |
| **10/25** | $25483 | $29992 | $31351 |
| **11/25** | $25022 | $29989 | $31347 |
| **12/25** | $25077 | $30302 | $31674 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 5.46% | 6.09% | 9.63% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 4.69% | 6.09% | 9.63% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |
| MSCI World/MSCI AC World Blended Index | 22.34% | 12.25% | 12.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;MSCI World/MSCI AC World Blended Index is performance linked benchmarks of the Fund. The old benchmark represented by MSCI World Index from the Fund's inception to June 26, 2024 and the new benchmark represented by MSCI All Country World Index for periods thereafter. It is not possible to invest directly in an index. |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34431548 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg109.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3% |
| Consumer Staples | 2.0% |
| Health Care | 6.1% |
| Communication Services | 10.2% |
| Consumer Discretionary | 13.3% |
| Industrials | 18.0% |
| Financials | 20.1% |
| Information Technology | 30.0% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.5% |
| SAP SE | 4.6% |
| Visa, Inc. | 4.1% |
| Alphabet, Inc. | 4.0% |
| Intercontinental Exchange, Inc. | 3.8% |
| Mastercard, Inc. | 3.7% |
| Uber Technologies, Inc. | 3.6% |
| Microsoft Corp. | 3.6% |
| Cencora, Inc. | 3.6% |
| S&P Global, Inc. | 3.5% |
| Total | 41.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSGQX -TSR-AR

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

# Class I MGQIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $83 | 0.80% |

---

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

↓ Negative stock selection driven by weakness in financials, industrials and information technology

↓ The largest absolute detractor was UnitedHealth Group, which declined following its unprecedented downgrade to full-year earnings per share guidance

↑ Sector allocation was modestly positive mainly driven by a slight overweight to information technology

↑ The top three absolute contributors were Alphabet, Taiwan Semiconductor Manufacturing Company and Galderma

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

![Growth of 10K Chart](tm262201d1_tsrimg046.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Net Index** | **MSCI World/MSCI AC World Blended Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $991243 | $939689 | $940176 |
| **2/16** | $969352 | $933221 | $933178 |
| **3/16** | $1021891 | $1002382 | $996503 |
| **4/16** | $1025394 | $1017178 | $1012271 |
| **5/16** | $1039405 | $1018463 | $1017957 |
| **6/16** | $1046410 | $1012294 | $1006550 |
| **7/16** | $1068388 | $1055920 | $1049075 |
| **8/16** | $1061271 | $1059471 | $1049947 |
| **9/16** | $1059492 | $1065964 | $1055524 |
| **10/16** | $1033694 | $1047872 | $1035097 |
| **11/16** | $1015903 | $1055835 | $1049981 |
| **12/16** | $1041993 | $1078643 | $1075105 |
| **1/17** | $1072839 | $1108136 | $1101053 |
| **2/17** | $1119107 | $1139221 | $1131600 |
| **3/17** | $1140313 | $1153158 | $1143654 |
| **4/17** | $1166338 | $1171129 | $1160587 |
| **5/17** | $1214534 | $1196991 | $1185139 |
| **6/17** | $1202967 | $1202434 | $1189699 |
| **7/17** | $1217535 | $1236039 | $1218171 |
| **8/17** | $1206889 | $1240774 | $1219887 |
| **9/17** | $1209793 | $1264746 | $1247266 |
| **10/17** | $1230117 | $1291009 | $1270838 |
| **11/17** | $1258184 | $1316000 | $1298373 |
| **12/17** | $1280181 | $1337216 | $1315932 |
| **1/18** | $1341778 | $1412658 | $1385413 |
| **2/18** | $1279155 | $1353328 | $1328019 |
| **3/18** | $1281208 | $1324358 | $1299073 |
| **4/18** | $1280181 | $1337005 | $1314001 |
| **5/18** | $1308926 | $1338674 | $1322235 |
| **6/18** | $1349991 | $1331425 | $1321604 |
| **7/18** | $1373469 | $1371576 | $1362883 |
| **8/18** | $1402471 | $1382352 | $1379746 |
| **9/18** | $1421116 | $1388368 | $1387428 |
| **10/18** | $1320643 | $1284325 | $1285552 |
| **11/18** | $1374505 | $1303109 | $1300156 |
| **12/18** | $1287817 | $1211325 | $1201295 |
| **1/19** | $1340086 | $1306971 | $1294762 |
| **2/19** | $1397915 | $1341929 | $1333696 |
| **3/19** | $1449072 | $1358805 | $1351213 |
| **4/19** | $1500229 | $1404686 | $1399126 |
| **5/19** | $1452408 | $1321361 | $1318395 |
| **6/19** | $1540264 | $1407883 | $1405271 |
| **7/19** | $1549161 | $1412009 | $1412232 |
| **8/19** | $1561394 | $1378513 | $1383345 |
| **9/19** | $1558058 | $1407519 | $1412784 |
| **10/19** | $1581412 | $1446041 | $1448736 |
| **11/19** | $1630345 | $1481341 | $1489083 |
| **12/19** | $1674548 | $1533506 | $1533694 |
| **1/20** | $1700820 | $1516567 | $1524359 |
| **2/20** | $1570603 | $1394075 | $1395512 |
| **3/20** | $1442670 | $1205870 | $1210826 |
| **4/20** | $1593448 | $1335049 | $1343102 |
| **5/20** | $1659699 | $1393111 | $1407985 |
| **6/20** | $1698536 | $1437625 | $1445227 |
| **7/20** | $1795627 | $1513657 | $1514369 |
| **8/20** | $1872159 | $1606300 | $1615551 |
| **9/20** | $1821899 | $1554508 | $1559815 |
| **10/20** | $1735088 | $1516720 | $1511968 |
| **11/20** | $1875585 | $1703675 | $1705291 |
| **12/20** | $1941783 | $1782776 | $1777589 |
| **1/21** | $1898424 | $1774668 | $1759922 |
| **2/21** | $1907799 | $1815775 | $1805019 |
| **3/21** | $1987486 | $1864273 | $1865076 |
| **4/21** | $2084751 | $1945784 | $1951877 |
| **5/21** | $2085922 | $1976065 | $1979995 |
| **6/21** | $2110532 | $2002104 | $2009506 |
| **7/21** | $2172641 | $2015901 | $2045502 |
| **8/21** | $2204281 | $2066357 | $2096411 |
| **9/21** | $2109360 | $1980996 | $2009367 |
| **10/21** | $2223031 | $2082114 | $2123179 |
| **11/21** | $2155063 | $2031975 | $2076654 |
| **12/21** | $2303374 | $2113255 | $2165410 |
| **1/22** | $2164933 | $2009468 | $2050836 |
| **2/22** | $2088552 | $1957569 | $1998968 |
| **3/22** | $2096906 | $1999968 | $2053827 |
| **4/22** | $1953691 | $1839887 | $1883208 |
| **5/22** | $1953691 | $1842040 | $1884635 |
| **6/22** | $1827184 | $1686763 | $1721384 |
| **7/22** | $1957271 | $1804554 | $1858055 |
| **8/22** | $1839119 | $1738119 | $1780374 |
| **9/22** | $1663681 | $1571730 | $1614871 |
| **10/22** | $1747223 | $1666580 | $1730839 |
| **11/22** | $1902372 | $1795845 | $1851185 |
| **12/22** | $1826917 | $1725177 | $1772570 |
| **1/23** | $1943503 | $1848832 | $1897991 |
| **2/23** | $1858167 | $1795845 | $1852366 |
| **3/23** | $1962734 | $1851215 | $1909603 |
| **4/23** | $2007205 | $1877822 | $1943078 |
| **5/23** | $1983167 | $1857710 | $1923679 |
| **6/23** | $2092541 | $1965570 | $2040019 |
| **7/23** | $2129801 | $2037525 | $2108549 |
| **8/23** | $2114176 | $1980589 | $2058185 |
| **9/23** | $2002397 | $1898690 | $1969398 |
| **10/23** | $1948311 | $1841602 | $1912254 |
| **11/23** | $2140618 | $2011575 | $2091532 |
| **12/23** | $2223226 | $2108199 | $2194214 |
| **1/24** | $2266700 | $2120557 | $2220546 |
| **2/24** | $2357272 | $2211558 | $2314692 |
| **3/24** | $2359687 | $2280994 | $2389074 |
| **4/24** | $2251001 | $2205737 | $2300333 |
| **5/24** | $2319835 | $2295320 | $2403047 |
| **6/24** | $2365725 | $2346441 | $2452741 |
| **7/24** | $2430936 | $2384284 | $2492298 |
| **8/24** | $2498563 | $2444836 | $2555594 |
| **9/24** | $2561359 | $2501632 | $2614963 |
| **10/24** | $2514262 | $2445479 | $2556265 |
| **11/24** | $2655553 | $2536948 | $2651879 |
| **12/24** | $2585053 | $2476895 | $2589105 |
| **1/25** | $2718465 | $2560034 | $2676010 |
| **2/25** | $2685505 | $2544612 | $2659889 |
| **3/25** | $2610166 | $2444088 | $2554811 |
| **4/25** | $2657253 | $2466882 | $2578639 |
| **5/25** | $2803221 | $2608676 | $2726856 |
| **6/25** | $2873851 | $2725808 | $2849295 |
| **7/25** | $2817347 | $2762776 | $2887937 |
| **8/25** | $2847168 | $2830991 | $2959242 |
| **9/25** | $2851877 | $2933591 | $3066491 |
| **10/25** | $2800082 | $2999204 | $3135076 |
| **11/25** | $2749856 | $2998871 | $3134728 |
| **12/25** | $2755807 | $3030169 | $3167443 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 6.61% | 7.25% | 10.67% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |
| MSCI World/MSCI AC World Blended Index | 22.34% | 12.25% | 12.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;MSCI World/MSCI AC World Blended Index is performance linked benchmarks of the Fund. The old benchmark represented by MSCI World Index from the Fund's inception to June 26, 2024 and the new benchmark represented by MSCI All Country World Index for periods thereafter. It is not possible to invest directly in an index. |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34431548 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg109.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3% |
| Consumer Staples | 2.0% |
| Health Care | 6.1% |
| Communication Services | 10.2% |
| Consumer Discretionary | 13.3% |
| Industrials | 18.0% |
| Financials | 20.1% |
| Information Technology | 30.0% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.5% |
| SAP SE | 4.6% |
| Visa, Inc. | 4.1% |
| Alphabet, Inc. | 4.0% |
| Intercontinental Exchange, Inc. | 3.8% |
| Mastercard, Inc. | 3.7% |
| Uber Technologies, Inc. | 3.6% |
| Microsoft Corp. | 3.6% |
| Cencora, Inc. | 3.6% |
| S&P Global, Inc. | 3.5% |
| Total | 41.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGQIX -TSR-AR

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

# Class L MGQLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $170 | 1.65% |

---

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

↓ Negative stock selection driven by weakness in financials, industrials and information technology

↓ The largest absolute detractor was UnitedHealth Group, which declined following its unprecedented downgrade to full-year earnings per share guidance

↑ Sector allocation was modestly positive mainly driven by a slight overweight to information technology

↑ The top three absolute contributors were Alphabet, Taiwan Semiconductor Manufacturing Company and Galderma

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

![Growth of 10K Chart](tm262201d1_tsrimg099.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **MSCI All Country World Net Index** | **MSCI World/MSCI AC World Blended Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9894 | $9397 | $9402 |
| **2/16** | $9675 | $9332 | $9332 |
| **3/16** | $10193 | $10024 | $9965 |
| **4/16** | $10220 | $10172 | $10123 |
| **5/16** | $10352 | $10185 | $10180 |
| **6/16** | $10413 | $10123 | $10066 |
| **7/16** | $10625 | $10559 | $10491 |
| **8/16** | $10545 | $10595 | $10499 |
| **9/16** | $10518 | $10660 | $10555 |
| **10/16** | $10259 | $10479 | $10351 |
| **11/16** | $10071 | $10558 | $10500 |
| **12/16** | $10331 | $10786 | $10751 |
| **1/17** | $10619 | $11081 | $11011 |
| **2/17** | $11070 | $11392 | $11316 |
| **3/17** | $11272 | $11532 | $11437 |
| **4/17** | $11521 | $11711 | $11606 |
| **5/17** | $11992 | $11970 | $11851 |
| **6/17** | $11867 | $12024 | $11897 |
| **7/17** | $12002 | $12360 | $12182 |
| **8/17** | $11887 | $12408 | $12199 |
| **9/17** | $11916 | $12647 | $12473 |
| **10/17** | $12099 | $12910 | $12708 |
| **11/17** | $12369 | $13160 | $12984 |
| **12/17** | $12582 | $13372 | $13159 |
| **1/18** | $13171 | $14127 | $13854 |
| **2/18** | $12542 | $13533 | $13280 |
| **3/18** | $12562 | $13244 | $12991 |
| **4/18** | $12542 | $13370 | $13140 |
| **5/18** | $12816 | $13387 | $13222 |
| **6/18** | $13211 | $13314 | $13216 |
| **7/18** | $13433 | $13716 | $13629 |
| **8/18** | $13699 | $13824 | $13797 |
| **9/18** | $13873 | $13884 | $13874 |
| **10/18** | $12880 | $12843 | $12856 |
| **11/18** | $13402 | $13031 | $13002 |
| **12/18** | $12551 | $12113 | $12013 |
| **1/19** | $13043 | $13070 | $12948 |
| **2/19** | $13601 | $13419 | $13337 |
| **3/19** | $14082 | $13588 | $13512 |
| **4/19** | $14574 | $14047 | $13991 |
| **5/19** | $14093 | $13214 | $13184 |
| **6/19** | $14935 | $14079 | $14053 |
| **7/19** | $15011 | $14120 | $14122 |
| **8/19** | $15120 | $13785 | $13833 |
| **9/19** | $15077 | $14075 | $14128 |
| **10/19** | $15295 | $14460 | $14487 |
| **11/19** | $15754 | $14813 | $14891 |
| **12/19** | $16175 | $15335 | $15337 |
| **1/20** | $16410 | $15166 | $15244 |
| **2/20** | $15148 | $13941 | $13955 |
| **3/20** | $13896 | $12059 | $12108 |
| **4/20** | $15349 | $13350 | $13431 |
| **5/20** | $15974 | $13931 | $14080 |
| **6/20** | $16343 | $14376 | $14452 |
| **7/20** | $17259 | $15137 | $15144 |
| **8/20** | $17974 | $16063 | $16156 |
| **9/20** | $17482 | $15545 | $15598 |
| **10/20** | $16633 | $15167 | $15120 |
| **11/20** | $17974 | $17037 | $17053 |
| **12/20** | $18597 | $17828 | $17776 |
| **1/21** | $18163 | $17747 | $17599 |
| **2/21** | $18243 | $18158 | $18050 |
| **3/21** | $18997 | $18643 | $18651 |
| **4/21** | $19911 | $19458 | $19519 |
| **5/21** | $19899 | $19761 | $19800 |
| **6/21** | $20128 | $20021 | $20095 |
| **7/21** | $20699 | $20159 | $20455 |
| **8/21** | $20984 | $20664 | $20964 |
| **9/21** | $20059 | $19810 | $20094 |
| **10/21** | $21133 | $20821 | $21232 |
| **11/21** | $20482 | $20320 | $20767 |
| **12/21** | $21867 | $21133 | $21654 |
| **1/22** | $20545 | $20095 | $20508 |
| **2/22** | $19803 | $19576 | $19990 |
| **3/22** | $19873 | $20000 | $20538 |
| **4/22** | $18505 | $18399 | $18832 |
| **5/22** | $18481 | $18420 | $18846 |
| **6/22** | $17276 | $16868 | $17214 |
| **7/22** | $18493 | $18046 | $18581 |
| **8/22** | $17357 | $17381 | $17804 |
| **9/22** | $15687 | $15717 | $16149 |
| **10/22** | $16464 | $16666 | $17308 |
| **11/22** | $17913 | $17958 | $18512 |
| **12/22** | $17198 | $17252 | $17726 |
| **1/23** | $18280 | $18488 | $18980 |
| **2/23** | $17477 | $17958 | $18524 |
| **3/23** | $18443 | $18512 | $19096 |
| **4/23** | $18838 | $18778 | $19431 |
| **5/23** | $18606 | $18577 | $19237 |
| **6/23** | $19618 | $19656 | $20400 |
| **7/23** | $19944 | $20375 | $21085 |
| **8/23** | $19793 | $19806 | $20582 |
| **9/23** | $18722 | $18987 | $19694 |
| **10/23** | $18210 | $18416 | $19123 |
| **11/23** | $19990 | $20116 | $20915 |
| **12/23** | $20747 | $21082 | $21942 |
| **1/24** | $21142 | $21206 | $22205 |
| **2/24** | $21980 | $22116 | $23147 |
| **3/24** | $21980 | $22810 | $23891 |
| **4/24** | $20956 | $22057 | $23003 |
| **5/24** | $21584 | $22953 | $24030 |
| **6/24** | $21992 | $23464 | $24527 |
| **7/24** | $22585 | $23843 | $24923 |
| **8/24** | $23190 | $24448 | $25556 |
| **9/24** | $23749 | $25016 | $26150 |
| **10/24** | $23295 | $24455 | $25563 |
| **11/24** | $24598 | $25369 | $26519 |
| **12/24** | $23920 | $24769 | $25891 |
| **1/25** | $25136 | $25600 | $26760 |
| **2/25** | $24832 | $25446 | $26599 |
| **3/25** | $24102 | $24441 | $25548 |
| **4/25** | $24528 | $24669 | $25786 |
| **5/25** | $25851 | $26087 | $27269 |
| **6/25** | $26474 | $27258 | $28493 |
| **7/25** | $25957 | $27628 | $28879 |
| **8/25** | $26201 | $28310 | $29592 |
| **9/25** | $26231 | $29336 | $30665 |
| **10/25** | $25729 | $29992 | $31351 |
| **11/25** | $25258 | $29989 | $31347 |
| **12/25** | $25299 | $30302 | $31674 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 5.77% | 6.35% | 9.73% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |
| MSCI World/MSCI AC World Blended Index | 22.34% | 12.25% | 12.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;MSCI World/MSCI AC World Blended Index is performance linked benchmarks of the Fund. The old benchmark represented by MSCI World Index from the Fund's inception to June 26, 2024 and the new benchmark represented by MSCI All Country World Index for periods thereafter. It is not possible to invest directly in an index. |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34431548 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg109.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3% |
| Consumer Staples | 2.0% |
| Health Care | 6.1% |
| Communication Services | 10.2% |
| Consumer Discretionary | 13.3% |
| Industrials | 18.0% |
| Financials | 20.1% |
| Information Technology | 30.0% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.5% |
| SAP SE | 4.6% |
| Visa, Inc. | 4.1% |
| Alphabet, Inc. | 4.0% |
| Intercontinental Exchange, Inc. | 3.8% |
| Mastercard, Inc. | 3.7% |
| Uber Technologies, Inc. | 3.6% |
| Microsoft Corp. | 3.6% |
| Cencora, Inc. | 3.6% |
| S&P Global, Inc. | 3.5% |
| Total | 41.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGQLX -TSR-AR

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

# Class R6 MGQSX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Global Stars Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $78 | 0.75% |

---

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

↓ Negative stock selection driven by weakness in financials, industrials and information technology

↓ The largest absolute detractor was UnitedHealth Group, which declined following its unprecedented downgrade to full-year earnings per share guidance

↑ Sector allocation was modestly positive mainly driven by a slight overweight to information technology

↑ The top three absolute contributors were Alphabet, Taiwan Semiconductor Manufacturing Company and Galderma

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

![Growth of 10K Chart](tm262201d1_tsrimg114.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Net Index** | **MSCI World/MSCI AC World Blended Index** |
| **12/15** | $5000000 | $5000000 | $5000000 |
| **1/16** | $4951881 | $4698446 | $4700879 |
| **2/16** | $4842520 | $4666106 | $4665892 |
| **3/16** | $5109361 | $5011909 | $4982516 |
| **4/16** | $5126859 | $5085891 | $5061356 |
| **5/16** | $5192476 | $5092317 | $5089784 |
| **6/16** | $5231846 | $5061469 | $5032751 |
| **7/16** | $5341711 | $5279600 | $5245377 |
| **8/16** | $5301715 | $5297355 | $5249736 |
| **9/16** | $5292827 | $5329820 | $5277622 |
| **10/16** | $5168394 | $5239358 | $5175485 |
| **11/16** | $5075070 | $5279176 | $5249903 |
| **12/16** | $5208631 | $5393215 | $5375525 |
| **1/17** | $5362818 | $5540682 | $5505264 |
| **2/17** | $5589280 | $5696105 | $5657999 |
| **3/17** | $5700102 | $5765789 | $5718268 |
| **4/17** | $5830197 | $5855647 | $5802937 |
| **5/17** | $6071115 | $5984956 | $5925695 |
| **6/17** | $6013295 | $6012172 | $5948495 |
| **7/17** | $6086117 | $6180193 | $6090857 |
| **8/17** | $6032900 | $6203870 | $6099434 |
| **9/17** | $6047413 | $6323728 | $6236331 |
| **10/17** | $6149010 | $6455043 | $6354188 |
| **11/17** | $6289310 | $6580001 | $6491867 |
| **12/17** | $6402179 | $6686082 | $6579660 |
| **1/18** | $6710223 | $7063288 | $6927067 |
| **2/18** | $6391911 | $6766642 | $6640096 |
| **3/18** | $6407313 | $6621790 | $6495366 |
| **4/18** | $6402179 | $6685025 | $6570005 |
| **5/18** | $6545933 | $6693372 | $6611176 |
| **6/18** | $6751295 | $6657124 | $6608022 |
| **7/18** | $6868710 | $6857882 | $6814414 |
| **8/18** | $7013751 | $6911760 | $6898728 |
| **9/18** | $7106991 | $6941841 | $6937141 |
| **10/18** | $6604529 | $6421627 | $6427761 |
| **11/18** | $6873890 | $6515546 | $6500780 |
| **12/18** | $6444305 | $6056627 | $6006474 |
| **1/19** | $6700296 | $6534856 | $6473812 |
| **2/19** | $6995243 | $6709644 | $6668479 |
| **3/19** | $7245669 | $6794025 | $6756066 |
| **4/19** | $7507226 | $7023429 | $6995631 |
| **5/19** | $7267929 | $6606806 | $6591977 |
| **6/19** | $7707567 | $7039417 | $7026355 |
| **7/19** | $7752087 | $7060044 | $7061159 |
| **8/19** | $7807737 | $6892564 | $6916726 |
| **9/19** | $7796607 | $7037594 | $7063921 |
| **10/19** | $7913473 | $7230204 | $7243680 |
| **11/19** | $8158334 | $7406704 | $7445417 |
| **12/19** | $8382497 | $7667532 | $7668469 |
| **1/20** | $8514010 | $7582837 | $7621794 |
| **2/20** | $7862165 | $6970373 | $6977560 |
| **3/20** | $7216038 | $6029350 | $6054130 |
| **4/20** | $7976523 | $6675244 | $6715509 |
| **5/20** | $8308164 | $6965557 | $7039923 |
| **6/20** | $8502574 | $7188124 | $7226137 |
| **7/20** | $8988598 | $7568283 | $7571845 |
| **8/20** | $9371700 | $8031500 | $8077753 |
| **9/20** | $9120111 | $7772539 | $7799077 |
| **10/20** | $8685548 | $7583599 | $7559840 |
| **11/20** | $9394572 | $8518376 | $8526453 |
| **12/20** | $9723620 | $8913880 | $8887947 |
| **1/21** | $9506497 | $8873339 | $8799612 |
| **2/21** | $9553442 | $9078876 | $9025097 |
| **3/21** | $9952481 | $9321367 | $9325381 |
| **4/21** | $10439542 | $9728921 | $9759385 |
| **5/21** | $10445410 | $9880326 | $9899973 |
| **6/21** | $10574511 | $10010522 | $10047531 |
| **7/21** | $10879657 | $10079503 | $10227511 |
| **8/21** | $11038099 | $10331786 | $10482057 |
| **9/21** | $10562774 | $9904982 | $10046836 |
| **10/21** | $11131990 | $10410568 | $10615894 |
| **11/21** | $10791634 | $10159876 | $10383268 |
| **12/21** | $11532595 | $10566276 | $10827051 |
| **1/22** | $10845063 | $10047341 | $10254182 |
| **2/22** | $10462437 | $9787846 | $9994841 |
| **3/22** | $10504287 | $9999841 | $10269133 |
| **4/22** | $9786863 | $9199436 | $9416042 |
| **5/22** | $9786863 | $9210201 | $9423173 |
| **6/22** | $9153138 | $8433815 | $8606919 |
| **7/22** | $9804798 | $9022769 | $9290277 |
| **8/22** | $9212923 | $8690597 | $8901871 |
| **9/22** | $8334079 | $7858652 | $8074354 |
| **10/22** | $8752576 | $8332899 | $8654197 |
| **11/22** | $9529786 | $8979227 | $9255927 |
| **12/22** | $9157071 | $8625885 | $8862852 |
| **1/23** | $9735412 | $9244162 | $9489953 |
| **2/23** | $9313705 | $8979224 | $9261829 |
| **3/23** | $9837827 | $9256077 | $9548016 |
| **4/23** | $10060729 | $9389110 | $9715389 |
| **5/23** | $9940241 | $9288548 | $9618396 |
| **6/23** | $10488461 | $9827850 | $10200096 |
| **7/23** | $10675217 | $10187627 | $10542745 |
| **8/23** | $10596900 | $9902945 | $10290924 |
| **9/23** | $10036632 | $9493450 | $9846990 |
| **10/23** | $9765534 | $9208012 | $9561271 |
| **11/23** | $10729436 | $10057873 | $10457660 |
| **12/23** | $11148444 | $10540993 | $10971071 |
| **1/24** | $11366447 | $10602787 | $11102730 |
| **2/24** | $11820620 | $11057788 | $11573459 |
| **3/24** | $11826676 | $11404968 | $11945370 |
| **4/24** | $11287724 | $11028684 | $11501663 |
| **5/24** | $11632895 | $11476599 | $12015235 |
| **6/24** | $11869066 | $11732207 | $12263707 |
| **7/24** | $12202126 | $11921418 | $12461489 |
| **8/24** | $12535187 | $12224180 | $12777968 |
| **9/24** | $12850080 | $12508161 | $13074814 |
| **10/24** | $12613910 | $12227393 | $12781326 |
| **11/24** | $13328476 | $12684742 | $13259394 |
| **12/24** | $12971412 | $12384474 | $12945523 |
| **1/25** | $13640854 | $12800171 | $13380052 |
| **2/25** | $13483338 | $12723058 | $13299446 |
| **3/25** | $13097425 | $12220438 | $12774056 |
| **4/25** | $13341574 | $12334412 | $12893194 |
| **5/25** | $14066146 | $13043381 | $13634280 |
| **6/25** | $14420556 | $13629042 | $14246474 |
| **7/25** | $14144904 | $13813878 | $14439683 |
| **8/25** | $14286668 | $14154954 | $14796211 |
| **9/25** | $14318171 | $14667957 | $15332454 |
| **10/25** | $14058270 | $14996020 | $15675379 |
| **11/25** | $13806245 | $14994355 | $15673639 |
| **12/25** | $13836084 | $15150844 | $15837217 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 6.67% | 7.31% | 10.71% |
| MSCI All Country World Net Index | 22.34% | 11.19% | 11.72% |
| MSCI World/MSCI AC World Blended Index | 22.34% | 12.25% | 12.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;MSCI World/MSCI AC World Blended Index is performance linked benchmarks of the Fund. The old benchmark represented by MSCI World Index from the Fund's inception to June 26, 2024 and the new benchmark represented by MSCI All Country World Index for periods thereafter. It is not possible to invest directly in an index. |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34431548 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg109.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3% |
| Consumer Staples | 2.0% |
| Health Care | 6.1% |
| Communication Services | 10.2% |
| Consumer Discretionary | 13.3% |
| Industrials | 18.0% |
| Financials | 20.1% |
| Information Technology | 30.0% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.5% |
| SAP SE | 4.6% |
| Visa, Inc. | 4.1% |
| Alphabet, Inc. | 4.0% |
| Intercontinental Exchange, Inc. | 3.8% |
| Mastercard, Inc. | 3.7% |
| Uber Technologies, Inc. | 3.6% |
| Microsoft Corp. | 3.6% |
| Cencora, Inc. | 3.6% |
| S&P Global, Inc. | 3.5% |
| Total | 41.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGQSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class A MSEGX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $100 | 0.89% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in financials, led by a payments technology services platform

↓ Stock selection communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection and average underweight in industrials

↓ Average overweight in consumer discretionary

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

![Growth of 10K Chart](tm262201d1_tsrimg102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $9475 | $9462 | $9442 |
| **1/16** | $8564 | $9038 | $9442 |
| **2/16** | $8315 | $9459 | $9438 |
| **3/16** | $8940 | $10117 | $10074 |
| **4/16** | $8918 | $10172 | $9982 |
| **5/16** | $9159 | $10351 | $10176 |
| **6/16** | $9082 | $10374 | $10136 |
| **7/16** | $9701 | $10769 | $10615 |
| **8/16** | $9781 | $10783 | $10562 |
| **9/16** | $10065 | $10792 | $10600 |
| **10/16** | $9707 | $10582 | $10351 |
| **11/16** | $9453 | $10999 | $10577 |
| **12/16** | $9266 | $11205 | $10708 |
| **1/17** | $10204 | $11431 | $11068 |
| **2/17** | $10406 | $11873 | $11528 |
| **3/17** | $10760 | $11881 | $11662 |
| **4/17** | $11232 | $12006 | $11928 |
| **5/17** | $11939 | $12160 | $12238 |
| **6/17** | $11816 | $12244 | $12206 |
| **7/17** | $12191 | $12487 | $12531 |
| **8/17** | $12538 | $12526 | $12760 |
| **9/17** | $12384 | $12793 | $12926 |
| **10/17** | $13058 | $13086 | $13427 |
| **11/17** | $13323 | $13485 | $13835 |
| **12/17** | $13291 | $13636 | $13943 |
| **1/18** | $14568 | $14384 | $14930 |
| **2/18** | $14765 | $13856 | $14539 |
| **3/18** | $14575 | $13541 | $14140 |
| **4/18** | $14601 | $13587 | $14189 |
| **5/18** | $15584 | $13934 | $14811 |
| **6/18** | $15858 | $14024 | $14954 |
| **7/18** | $15813 | $14508 | $15393 |
| **8/18** | $17214 | $15008 | $16235 |
| **9/18** | $17071 | $15065 | $16325 |
| **10/18** | $15290 | $13999 | $14865 |
| **11/18** | $15471 | $14284 | $15023 |
| **12/18** | $14274 | $12983 | $13732 |
| **1/19** | $16003 | $14071 | $14966 |
| **2/19** | $16810 | $14548 | $15501 |
| **3/19** | $17041 | $14801 | $15943 |
| **4/19** | $17711 | $15399 | $16663 |
| **5/19** | $17084 | $14417 | $15610 |
| **6/19** | $18262 | $15430 | $16682 |
| **7/19** | $18388 | $15669 | $17059 |
| **8/19** | $17516 | $15382 | $16928 |
| **9/19** | $16281 | $15649 | $16930 |
| **10/19** | $16295 | $15980 | $17408 |
| **11/19** | $17696 | $16584 | $18180 |
| **12/19** | $17530 | $17063 | $18729 |
| **1/20** | $18624 | $17082 | $19147 |
| **2/20** | $18560 | $15686 | $17843 |
| **3/20** | $16850 | $13613 | $16088 |
| **4/20** | $20306 | $15412 | $18468 |
| **5/20** | $24072 | $16225 | $19708 |
| **6/20** | $26659 | $16584 | $20567 |
| **7/20** | $29435 | $17555 | $22149 |
| **8/20** | $31945 | $18843 | $24434 |
| **9/20** | $32384 | $18155 | $23285 |
| **10/20** | $31104 | $17717 | $22494 |
| **11/20** | $37051 | $19803 | $24797 |
| **12/20** | $37705 | $20640 | $25938 |
| **1/21** | $38244 | $20470 | $25746 |
| **2/21** | $40313 | $21064 | $25740 |
| **3/21** | $37011 | $21861 | $26182 |
| **4/21** | $39000 | $23037 | $27963 |
| **5/21** | $37948 | $23147 | $27577 |
| **6/21** | $42554 | $23727 | $29307 |
| **7/21** | $42523 | $24220 | $30273 |
| **8/21** | $43455 | $24921 | $31404 |
| **9/21** | $40693 | $23776 | $29646 |
| **10/21** | $43813 | $25426 | $32213 |
| **11/21** | $42355 | $25085 | $32410 |
| **12/21** | $37766 | $26101 | $33096 |
| **1/22** | $29381 | $24629 | $30255 |
| **2/22** | $29086 | $23953 | $28970 |
| **3/22** | $27657 | $24762 | $30103 |
| **4/22** | $21520 | $22554 | $26468 |
| **5/22** | $17904 | $22520 | $25853 |
| **6/22** | $16251 | $20634 | $23805 |
| **7/22** | $18443 | $22556 | $26662 |
| **8/22** | $18683 | $21690 | $25420 |
| **9/22** | $16785 | $19683 | $22949 |
| **10/22** | $17208 | $21261 | $24290 |
| **11/22** | $16741 | $22412 | $25397 |
| **12/22** | $14941 | $21108 | $23453 |
| **1/23** | $17602 | $22524 | $25407 |
| **2/23** | $16873 | $21988 | $25106 |
| **3/23** | $17556 | $22683 | $26822 |
| **4/23** | $16470 | $22964 | $27086 |
| **5/23** | $18142 | $23071 | $28321 |
| **6/23** | $19749 | $24629 | $30258 |
| **7/23** | $21493 | $25476 | $31277 |
| **8/23** | $19502 | $25031 | $30996 |
| **9/23** | $18506 | $23854 | $29310 |
| **10/23** | $16886 | $23278 | $28893 |
| **11/23** | $19932 | $25452 | $32043 |
| **12/23** | $22391 | $26708 | $33462 |
| **1/24** | $21083 | $27081 | $34296 |
| **2/24** | $23563 | $28543 | $36636 |
| **3/24** | $24051 | $29458 | $37281 |
| **4/24** | $21767 | $28205 | $35700 |
| **5/24** | $21344 | $29533 | $37837 |
| **6/24** | $22417 | $30510 | $40388 |
| **7/24** | $22678 | $30954 | $39701 |
| **8/24** | $24155 | $31688 | $40528 |
| **9/24** | $25612 | $32366 | $41677 |
| **10/24** | $27512 | $32139 | $41539 |
| **11/24** | $34085 | $34209 | $44233 |
| **12/24** | $32753 | $33255 | $44623 |
| **1/25** | $36019 | $34313 | $45506 |
| **2/25** | $33400 | $33713 | $43871 |
| **3/25** | $29265 | $31762 | $40175 |
| **4/25** | $31806 | $31573 | $40887 |
| **5/25** | $36392 | $33589 | $44505 |
| **6/25** | $38887 | $35290 | $47342 |
| **7/25** | $39762 | $36074 | $49129 |
| **8/25** | $41154 | $36833 | $49679 |
| **9/25** | $44048 | $38110 | $52318 |
| **10/25** | $44505 | $38932 | $54218 |
| **11/25** | $40305 | $39027 | $53236 |
| **12/25** | $40755 | $39030 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 24.43% | 1.57% | 15.71% |
| Class A, with 5.25% maximum front end sales charge | 17.89% | 0.48% | 15.08% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4077681854 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $18061544 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Consumer Staples | 0.5% |
| Short-Term Investments | 1.3% |
| Communication Services | 4.6% |
| Industrials | 6.2% |
| Health Care | 11.6% |
| Financials | 12.7% |
| Consumer Discretionary | 15.6% |
| Information Technology | 47.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.2% |
| Tesla, Inc. | 9.7% |
| AppLovin Corp. | 8.0% |
| Affirm Holdings, Inc. | 7.3% |
| Databricks, Inc. | 6.2% |
| Royalty Pharma PLC | 5.2% |
| DoorDash, Inc. | 4.8% |
| Shopify, Inc. | 4.7% |
| QXO, Inc. | 4.6% |
| ROBLOX Corp. | 4.6% |
| Total | 67.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSEGX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class C MSGUX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $183 | 1.64% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in financials, led by a payments technology services platform

↓ Stock selection communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection and average underweight in industrials

↓ Average overweight in consumer discretionary

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

![Growth of 10K Chart](tm262201d1_tsrimg095.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $9462 | $9442 |
| **1/16** | $9034 | $9034 | $9442 |
| **2/16** | $8771 | $9459 | $9438 |
| **3/16** | $9422 | $10117 | $10074 |
| **4/16** | $9393 | $10172 | $9982 |
| **5/16** | $9641 | $10351 | $10176 |
| **6/16** | $9552 | $10374 | $10136 |
| **7/16** | $10198 | $10769 | $10615 |
| **8/16** | $10275 | $10783 | $10562 |
| **9/16** | $10567 | $10792 | $10600 |
| **10/16** | $10184 | $10582 | $10351 |
| **11/16** | $9910 | $10999 | $10577 |
| **12/16** | $9707 | $11205 | $10708 |
| **1/17** | $10683 | $11431 | $11068 |
| **2/17** | $10887 | $11873 | $11528 |
| **3/17** | $11251 | $11881 | $11662 |
| **4/17** | $11736 | $12006 | $11928 |
| **5/17** | $12467 | $12160 | $12238 |
| **6/17** | $12331 | $12244 | $12206 |
| **7/17** | $12717 | $12487 | $12531 |
| **8/17** | $13069 | $12526 | $12760 |
| **9/17** | $12899 | $12793 | $12926 |
| **10/17** | $13594 | $13086 | $13427 |
| **11/17** | $13864 | $13485 | $13835 |
| **12/17** | $13819 | $13636 | $13943 |
| **1/18** | $15137 | $14384 | $14930 |
| **2/18** | $15335 | $13856 | $14539 |
| **3/18** | $15130 | $13541 | $14140 |
| **4/18** | $15144 | $13587 | $14189 |
| **5/18** | $16154 | $13934 | $14811 |
| **6/18** | $16429 | $14024 | $14954 |
| **7/18** | $16372 | $14508 | $15393 |
| **8/18** | $17815 | $15008 | $16235 |
| **9/18** | $17654 | $15065 | $16325 |
| **10/18** | $15802 | $13999 | $14865 |
| **11/18** | $15978 | $14284 | $15023 |
| **12/18** | $14733 | $12983 | $13732 |
| **1/19** | $16508 | $14071 | $14966 |
| **2/19** | $17333 | $14548 | $15501 |
| **3/19** | $17559 | $14801 | $15943 |
| **4/19** | $18236 | $15399 | $16663 |
| **5/19** | $17582 | $14417 | $15610 |
| **6/19** | $18783 | $15430 | $16682 |
| **7/19** | $18898 | $15669 | $17059 |
| **8/19** | $17991 | $15382 | $16928 |
| **9/19** | $16714 | $15649 | $16930 |
| **10/19** | $16718 | $15980 | $17408 |
| **11/19** | $18145 | $16584 | $18180 |
| **12/19** | $17961 | $17063 | $18729 |
| **1/20** | $19068 | $17082 | $19147 |
| **2/20** | $18992 | $15686 | $17843 |
| **3/20** | $17229 | $13613 | $16088 |
| **4/20** | $20756 | $15412 | $18468 |
| **5/20** | $24587 | $16225 | $19708 |
| **6/20** | $27212 | $16584 | $20567 |
| **7/20** | $30029 | $17555 | $22149 |
| **8/20** | $32569 | $18843 | $24434 |
| **9/20** | $32993 | $18155 | $23285 |
| **10/20** | $31672 | $17717 | $22494 |
| **11/20** | $37708 | $19803 | $24797 |
| **12/20** | $38342 | $20640 | $25938 |
| **1/21** | $38867 | $20470 | $25746 |
| **2/21** | $40950 | $21064 | $25740 |
| **3/21** | $37570 | $21861 | $26182 |
| **4/21** | $39570 | $23037 | $27963 |
| **5/21** | $38476 | $23147 | $27577 |
| **6/21** | $43118 | $23727 | $29307 |
| **7/21** | $43064 | $24220 | $30273 |
| **8/21** | $43979 | $24921 | $31404 |
| **9/21** | $41158 | $23776 | $29646 |
| **10/21** | $44291 | $25426 | $32213 |
| **11/21** | $42791 | $25085 | $32410 |
| **12/21** | $38131 | $26101 | $33096 |
| **1/22** | $29651 | $24629 | $30255 |
| **2/22** | $29337 | $23953 | $28970 |
| **3/22** | $27875 | $24762 | $30103 |
| **4/22** | $21677 | $22554 | $26468 |
| **5/22** | $18024 | $22520 | $25853 |
| **6/22** | $16351 | $20634 | $23805 |
| **7/22** | $18543 | $22556 | $26662 |
| **8/22** | $18774 | $21690 | $25420 |
| **9/22** | $16857 | $19683 | $22949 |
| **10/22** | $17267 | $21261 | $24290 |
| **11/22** | $16787 | $22412 | $25397 |
| **12/22** | $14975 | $21108 | $23453 |
| **1/23** | $17628 | $22524 | $25407 |
| **2/23** | $16890 | $21988 | $25106 |
| **3/23** | $17559 | $22683 | $26822 |
| **4/23** | $16467 | $22964 | $27086 |
| **5/23** | $18128 | $23071 | $28321 |
| **6/23** | $19720 | $24629 | $30258 |
| **7/23** | $21450 | $25476 | $31277 |
| **8/23** | $19451 | $25031 | $30996 |
| **9/23** | $18443 | $23854 | $29310 |
| **10/23** | $16820 | $23278 | $28893 |
| **11/23** | $19843 | $25452 | $32043 |
| **12/23** | $22273 | $26708 | $33462 |
| **1/24** | $20972 | $27081 | $34296 |
| **2/24** | $23439 | $28543 | $36636 |
| **3/24** | $23924 | $29458 | $37281 |
| **4/24** | $21652 | $28205 | $35700 |
| **5/24** | $21231 | $29533 | $37837 |
| **6/24** | $22299 | $30510 | $40388 |
| **7/24** | $22558 | $30954 | $39701 |
| **8/24** | $24028 | $31688 | $40528 |
| **9/24** | $25478 | $32366 | $41677 |
| **10/24** | $27368 | $32139 | $41539 |
| **11/24** | $33905 | $34209 | $44233 |
| **12/24** | $32581 | $33255 | $44623 |
| **1/25** | $35830 | $34313 | $45506 |
| **2/25** | $33224 | $33713 | $43871 |
| **3/25** | $29111 | $31762 | $40175 |
| **4/25** | $31639 | $31573 | $40887 |
| **5/25** | $36200 | $33589 | $44505 |
| **6/25** | $38682 | $35290 | $47342 |
| **7/25** | $39553 | $36074 | $49129 |
| **8/25** | $40937 | $36833 | $49679 |
| **9/25** | $43816 | $38110 | $52318 |
| **10/25** | $44271 | $38932 | $54218 |
| **11/25** | $40092 | $39027 | $53236 |
| **12/25** | $40541 | $39030 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 23.50% | 0.82% | 15.02% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 22.50% | 0.82% | 15.02% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4077681854 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $18061544 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Consumer Staples | 0.5% |
| Short-Term Investments | 1.3% |
| Communication Services | 4.6% |
| Industrials | 6.2% |
| Health Care | 11.6% |
| Financials | 12.7% |
| Consumer Discretionary | 15.6% |
| Information Technology | 47.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.2% |
| Tesla, Inc. | 9.7% |
| AppLovin Corp. | 8.0% |
| Affirm Holdings, Inc. | 7.3% |
| Databricks, Inc. | 6.2% |
| Royalty Pharma PLC | 5.2% |
| DoorDash, Inc. | 4.8% |
| Shopify, Inc. | 4.7% |
| QXO, Inc. | 4.6% |
| ROBLOX Corp. | 4.6% |
| Total | 67.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSGUX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class I MSEQX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $70 | 0.62% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in financials, led by a payments technology services platform

↓ Stock selection communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection and average underweight in industrials

↓ Average overweight in consumer discretionary

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

![Growth of 10K Chart](tm262201d1_tsrimg037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $904055 | $946176 | $944173 |
| **2/16** | $878091 | $945851 | $943770 |
| **3/16** | $944115 | $1011740 | $1007419 |
| **4/16** | $942136 | $1017242 | $998220 |
| **5/16** | $967854 | $1035056 | $1017604 |
| **6/16** | $959941 | $1037400 | $1013608 |
| **7/16** | $1025503 | $1076919 | $1061452 |
| **8/16** | $1034159 | $1078350 | $1056178 |
| **9/16** | $1064583 | $1079203 | $1060042 |
| **10/16** | $1026815 | $1058159 | $1035149 |
| **11/16** | $1000325 | $1099875 | $1057672 |
| **12/16** | $980890 | $1120538 | $1070765 |
| **1/17** | $1080401 | $1143071 | $1106848 |
| **2/17** | $1101864 | $1187317 | $1152822 |
| **3/17** | $1139773 | $1188067 | $1166156 |
| **4/17** | $1189946 | $1200627 | $1192826 |
| **5/17** | $1264928 | $1215950 | $1223843 |
| **6/17** | $1252384 | $1224440 | $1220618 |
| **7/17** | $1292736 | $1248688 | $1253061 |
| **8/17** | $1329532 | $1252594 | $1276032 |
| **9/17** | $1313559 | $1279269 | $1292623 |
| **10/17** | $1385155 | $1308610 | $1342708 |
| **11/17** | $1413965 | $1348517 | $1383499 |
| **12/17** | $1410789 | $1363551 | $1394270 |
| **1/18** | $1546617 | $1438400 | $1493021 |
| **2/18** | $1567618 | $1385592 | $1453872 |
| **3/18** | $1547972 | $1354142 | $1414003 |
| **4/18** | $1551021 | $1358744 | $1418943 |
| **5/18** | $1656025 | $1393428 | $1481137 |
| **6/18** | $1685494 | $1402439 | $1495398 |
| **7/18** | $1681242 | $1450839 | $1539298 |
| **8/18** | $1830432 | $1500831 | $1623461 |
| **9/18** | $1815548 | $1506530 | $1632534 |
| **10/18** | $1626205 | $1399923 | $1486542 |
| **11/18** | $1645935 | $1428412 | $1502331 |
| **12/18** | $1518861 | $1298317 | $1373165 |
| **1/19** | $1703671 | $1407120 | $1496593 |
| **2/19** | $1789527 | $1454763 | $1550141 |
| **3/19** | $1814630 | $1480090 | $1594262 |
| **4/19** | $1886298 | $1539862 | $1666291 |
| **5/19** | $1820087 | $1441735 | $1561026 |
| **6/19** | $1945961 | $1542951 | $1668232 |
| **7/19** | $1959785 | $1566913 | $1705902 |
| **8/19** | $1867380 | $1538214 | $1692837 |
| **9/19** | $1736049 | $1564877 | $1693047 |
| **10/19** | $1737868 | $1598042 | $1740777 |
| **11/19** | $1887753 | $1658434 | $1818003 |
| **12/19** | $1870633 | $1706327 | $1872854 |
| **1/20** | $1987320 | $1708169 | $1914722 |
| **2/20** | $1980860 | $1568582 | $1784326 |
| **3/20** | $1798763 | $1361295 | $1608792 |
| **4/20** | $2168610 | $1541181 | $1846847 |
| **5/20** | $2571161 | $1622495 | $1970833 |
| **6/20** | $2847739 | $1658375 | $2056653 |
| **7/20** | $3145312 | $1755483 | $2214890 |
| **8/20** | $3413814 | $1884330 | $2443450 |
| **9/20** | $3461458 | $1815462 | $2328485 |
| **10/20** | $3325390 | $1771682 | $2249406 |
| **11/20** | $3962124 | $1980311 | $2479727 |
| **12/20** | $4032609 | $2064030 | $2593772 |
| **1/21** | $4091244 | $2047030 | $2574581 |
| **2/21** | $4313441 | $2106354 | $2573985 |
| **3/21** | $3960748 | $2186066 | $2618207 |
| **4/21** | $4175009 | $2303743 | $2796346 |
| **5/21** | $4063029 | $2314679 | $2757669 |
| **6/21** | $4556800 | $2372678 | $2930679 |
| **7/21** | $4555036 | $2421968 | $3027263 |
| **8/21** | $4655995 | $2492065 | $3140449 |
| **9/21** | $4360614 | $2377595 | $2964566 |
| **10/21** | $4696114 | $2542569 | $3221343 |
| **11/21** | $4540929 | $2508462 | $3241039 |
| **12/21** | $4049771 | $2610069 | $3309563 |
| **1/22** | $3151942 | $2462912 | $3025520 |
| **2/22** | $3120870 | $2395326 | $2897015 |
| **3/22** | $2967688 | $2476157 | $3010340 |
| **4/22** | $2309716 | $2255431 | $2646806 |
| **5/22** | $1921584 | $2252003 | $2585274 |
| **6/22** | $1744961 | $2063398 | $2380491 |
| **7/22** | $1980458 | $2255582 | $2666200 |
| **8/22** | $2007169 | $2168976 | $2541998 |
| **9/22** | $1803290 | $1968286 | $2294876 |
| **10/22** | $1849081 | $2126143 | $2429008 |
| **11/22** | $1798929 | $2241162 | $2539690 |
| **12/22** | $1606235 | $2110843 | $2345260 |
| **1/23** | $1892681 | $2252364 | $2540731 |
| **2/23** | $1814788 | $2198767 | $2510557 |
| **3/23** | $1888284 | $2268321 | $2682169 |
| **4/23** | $1772072 | $2296428 | $2708631 |
| **5/23** | $1952357 | $2307124 | $2832086 |
| **6/23** | $2125732 | $2462942 | $3025760 |
| **7/23** | $2313556 | $2547639 | $3127697 |
| **8/23** | $2099977 | $2503073 | $3099614 |
| **9/23** | $1993816 | $2385438 | $2931045 |
| **10/23** | $1819185 | $2327784 | $2889314 |
| **11/23** | $2147718 | $2545188 | $3204281 |
| **12/23** | $2413435 | $2670833 | $3346173 |
| **1/24** | $2273353 | $2708081 | $3429632 |
| **2/24** | $2540954 | $2854321 | $3663626 |
| **3/24** | $2593720 | $2945822 | $3728121 |
| **4/24** | $2348105 | $2820471 | $3569990 |
| **5/24** | $2302877 | $2953286 | $3783708 |
| **6/24** | $2419089 | $3051030 | $4038849 |
| **7/24** | $2447356 | $3095432 | $3970147 |
| **8/24** | $2607540 | $3168804 | $4052836 |
| **9/24** | $2765839 | $3236558 | $4167655 |
| **10/24** | $2971251 | $3213944 | $4153864 |
| **11/24** | $3681713 | $3420854 | $4423285 |
| **12/24** | $3538805 | $3325482 | $4462330 |
| **1/25** | $3893001 | $3431338 | $4550596 |
| **2/25** | $3610149 | $3371320 | $4387108 |
| **3/25** | $3164405 | $3176210 | $4017540 |
| **4/25** | $3439680 | $3157307 | $4088693 |
| **5/25** | $3936565 | $3358861 | $4450463 |
| **6/25** | $4206789 | $3528958 | $4734211 |
| **7/25** | $4302757 | $3607376 | $4912938 |
| **8/25** | $4454285 | $3683303 | $4967863 |
| **9/25** | $4769336 | $3810994 | $5231772 |
| **10/25** | $4819845 | $3893240 | $5421816 |
| **11/25** | $4365894 | $3902729 | $5323557 |
| **12/25** | $4415771 | $3902979 | $5290555 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 24.78% | 1.83% | 16.01% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4077681854 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $18061544 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Consumer Staples | 0.5% |
| Short-Term Investments | 1.3% |
| Communication Services | 4.6% |
| Industrials | 6.2% |
| Health Care | 11.6% |
| Financials | 12.7% |
| Consumer Discretionary | 15.6% |
| Information Technology | 47.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.2% |
| Tesla, Inc. | 9.7% |
| AppLovin Corp. | 8.0% |
| Affirm Holdings, Inc. | 7.3% |
| Databricks, Inc. | 6.2% |
| Royalty Pharma PLC | 5.2% |
| DoorDash, Inc. | 4.8% |
| Shopify, Inc. | 4.7% |
| QXO, Inc. | 4.6% |
| ROBLOX Corp. | 4.6% |
| Total | 67.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSEQX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class IR MGHRX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $58 | 0.52% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in financials, led by a payments technology services platform

↓ Stock selection communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection and average underweight in industrials

↓ Average overweight in consumer discretionary

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

![Growth of 10K Chart](tm262201d1_tsrimg092.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class IR** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **6/18** | $5000000 | $5000000 | $5000000 |
| **6/18** | $4798696 | $4890500 | $4861421 |
| **7/18** | $4785687 | $5059278 | $5004135 |
| **8/18** | $5211756 | $5233608 | $5277743 |
| **9/18** | $5169639 | $5253481 | $5307240 |
| **10/18** | $4630931 | $4881727 | $4832630 |
| **11/18** | $4686761 | $4981073 | $4883961 |
| **12/18** | $4326237 | $4527412 | $4464050 |
| **1/19** | $4852095 | $4906824 | $4865306 |
| **2/19** | $5098044 | $5072962 | $5039385 |
| **3/19** | $5169050 | $5161280 | $5182822 |
| **4/19** | $5373837 | $5369713 | $5416981 |
| **5/19** | $5185516 | $5027533 | $5074772 |
| **6/19** | $5544663 | $5380486 | $5423290 |
| **7/19** | $5583768 | $5464044 | $5545753 |
| **8/19** | $5320325 | $5363967 | $5503279 |
| **9/19** | $4946770 | $5456944 | $5503962 |
| **10/19** | $4952944 | $5572595 | $5659128 |
| **11/19** | $5381040 | $5783192 | $5910184 |
| **12/19** | $5332721 | $5950203 | $6088501 |
| **1/20** | $5665944 | $5956625 | $6224611 |
| **2/20** | $5647685 | $5469867 | $5800704 |
| **3/20** | $5129591 | $4747027 | $5230056 |
| **4/20** | $6184039 | $5374312 | $6003954 |
| **5/20** | $7332063 | $5657868 | $6407024 |
| **6/20** | $8121757 | $5782985 | $6686018 |
| **7/20** | $8969652 | $6121614 | $7200434 |
| **8/20** | $9736523 | $6570922 | $7943463 |
| **9/20** | $9873464 | $6330770 | $7569723 |
| **10/20** | $9485464 | $6178105 | $7312641 |
| **11/20** | $11303359 | $6905621 | $8061396 |
| **12/20** | $11504929 | $7197560 | $8432148 |
| **1/21** | $11671757 | $7138281 | $8369760 |
| **2/21** | $12306701 | $7345153 | $8367823 |
| **3/21** | $11300751 | $7623118 | $8511584 |
| **4/21** | $11913285 | $8033474 | $9090701 |
| **5/21** | $11594568 | $8071610 | $8964964 |
| **6/21** | $13005139 | $8273862 | $9527406 |
| **7/21** | $13000159 | $8445741 | $9841394 |
| **8/21** | $13288996 | $8690181 | $10209353 |
| **9/21** | $12447385 | $8291005 | $9637570 |
| **10/21** | $13407270 | $8866295 | $10472333 |
| **11/21** | $12965299 | $8747358 | $10536362 |
| **12/21** | $11564756 | $9101674 | $10759130 |
| **1/22** | $9000611 | $8588519 | $9835727 |
| **2/22** | $8913092 | $8352838 | $9417969 |
| **3/22** | $8478569 | $8634707 | $9786378 |
| **4/22** | $6597684 | $7865005 | $8604558 |
| **5/22** | $5490649 | $7853050 | $8404523 |
| **6/22** | $4987032 | $7195357 | $7738789 |
| **7/22** | $5661080 | $7865529 | $8667607 |
| **8/22** | $5736315 | $7563522 | $8263835 |
| **9/22** | $5152857 | $6863688 | $7460460 |
| **10/22** | $5281832 | $7414157 | $7896512 |
| **11/22** | $5137503 | $7815246 | $8256333 |
| **12/22** | $4578500 | $7360804 | $7624255 |
| **1/23** | $5394260 | $7854307 | $8259718 |
| **2/23** | $5175312 | $7667409 | $8161623 |
| **3/23** | $5383666 | $7909954 | $8719519 |
| **4/23** | $5053477 | $8007967 | $8805547 |
| **5/23** | $5567301 | $8045265 | $9206889 |
| **6/23** | $6063467 | $8588625 | $9836507 |
| **7/23** | $6598478 | $8883973 | $10167897 |
| **8/23** | $5989307 | $8728566 | $10076601 |
| **9/23** | $5685604 | $8318357 | $9528596 |
| **10/23** | $5189438 | $8117308 | $9392932 |
| **11/23** | $6127032 | $8875427 | $10416866 |
| **12/23** | $6882759 | $9313570 | $10878145 |
| **1/24** | $6483707 | $9443456 | $11149463 |
| **2/24** | $7248262 | $9953416 | $11910158 |
| **3/24** | $7400113 | $10272494 | $12119827 |
| **4/24** | $6699124 | $9835376 | $11605755 |
| **5/24** | $6571993 | $10298520 | $12300536 |
| **6/24** | $6903947 | $10639370 | $13129981 |
| **7/24** | $6985170 | $10794203 | $12906634 |
| **8/24** | $7442490 | $11050062 | $13175452 |
| **9/24** | $7896279 | $11286332 | $13548720 |
| **10/24** | $8484262 | $11207472 | $13503884 |
| **11/24** | $10513069 | $11928997 | $14379751 |
| **12/24** | $10104589 | $11596421 | $14506684 |
| **1/25** | $11116824 | $11965555 | $14793630 |
| **2/25** | $10310588 | $11756264 | $14262142 |
| **3/25** | $9037303 | $11075887 | $13060705 |
| **4/25** | $9825781 | $11009970 | $13292020 |
| **5/25** | $11244685 | $11712817 | $14468106 |
| **6/25** | $12018956 | $12305969 | $15390547 |
| **7/25** | $12292437 | $12579425 | $15971573 |
| **8/25** | $12727521 | $12844194 | $16150133 |
| **9/25** | $13627877 | $13289469 | $17008078 |
| **10/25** | $13773496 | $13576273 | $17625898 |
| **11/25** | $12475350 | $13609364 | $17306464 |
| **12/25** | $12620969 | $13610233 | $17199178 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/15/18 (Inception)* |
| Class IR | 24.90% | 1.87% | 13.06% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.19% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 17.79% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4077681854 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $18061544 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Consumer Staples | 0.5% |
| Short-Term Investments | 1.3% |
| Communication Services | 4.6% |
| Industrials | 6.2% |
| Health Care | 11.6% |
| Financials | 12.7% |
| Consumer Discretionary | 15.6% |
| Information Technology | 47.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.2% |
| Tesla, Inc. | 9.7% |
| AppLovin Corp. | 8.0% |
| Affirm Holdings, Inc. | 7.3% |
| Databricks, Inc. | 6.2% |
| Royalty Pharma PLC | 5.2% |
| DoorDash, Inc. | 4.8% |
| Shopify, Inc. | 4.7% |
| QXO, Inc. | 4.6% |
| ROBLOX Corp. | 4.6% |
| Total | 67.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGHRX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class L MSHLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $156 | 1.39% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in financials, led by a payments technology services platform

↓ Stock selection communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection and average underweight in industrials

↓ Average overweight in consumer discretionary

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

![Growth of 10K Chart](tm262201d1_tsrimg112.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $9462 | $9442 |
| **1/16** | $9034 | $9034 | $9442 |
| **2/16** | $8771 | $9459 | $9438 |
| **3/16** | $9422 | $10117 | $10074 |
| **4/16** | $9396 | $10172 | $9982 |
| **5/16** | $9646 | $10351 | $10176 |
| **6/16** | $9560 | $10374 | $10136 |
| **7/16** | $10208 | $10769 | $10615 |
| **8/16** | $10286 | $10783 | $10562 |
| **9/16** | $10582 | $10792 | $10600 |
| **10/16** | $10200 | $10582 | $10351 |
| **11/16** | $9928 | $10999 | $10577 |
| **12/16** | $9728 | $11205 | $10708 |
| **1/17** | $10710 | $11431 | $11068 |
| **2/17** | $10917 | $11873 | $11528 |
| **3/17** | $11284 | $11881 | $11662 |
| **4/17** | $11772 | $12006 | $11928 |
| **5/17** | $12508 | $12160 | $12238 |
| **6/17** | $12372 | $12244 | $12206 |
| **7/17** | $12761 | $12487 | $12531 |
| **8/17** | $13116 | $12526 | $12760 |
| **9/17** | $12949 | $12793 | $12926 |
| **10/17** | $13650 | $13086 | $13427 |
| **11/17** | $13922 | $13485 | $13835 |
| **12/17** | $13882 | $13636 | $13943 |
| **1/18** | $15208 | $14384 | $14930 |
| **2/18** | $15405 | $13856 | $14539 |
| **3/18** | $15204 | $13541 | $14140 |
| **4/18** | $15223 | $13587 | $14189 |
| **5/18** | $16242 | $13934 | $14811 |
| **6/18** | $16523 | $14024 | $14954 |
| **7/18** | $16466 | $14508 | $15393 |
| **8/18** | $17922 | $15008 | $16235 |
| **9/18** | $17765 | $15065 | $16325 |
| **10/18** | $15905 | $13999 | $14865 |
| **11/18** | $16085 | $14284 | $15023 |
| **12/18** | $14838 | $12983 | $13732 |
| **1/19** | $16629 | $14071 | $14966 |
| **2/19** | $17460 | $14548 | $15501 |
| **3/19** | $17693 | $14801 | $15943 |
| **4/19** | $18377 | $15399 | $16663 |
| **5/19** | $17721 | $14417 | $15610 |
| **6/19** | $18939 | $15430 | $16682 |
| **7/19** | $19057 | $15669 | $17059 |
| **8/19** | $18148 | $15382 | $16928 |
| **9/19** | $16862 | $15649 | $16930 |
| **10/19** | $16870 | $15980 | $17408 |
| **11/19** | $18314 | $16584 | $18180 |
| **12/19** | $18134 | $17063 | $18729 |
| **1/20** | $19255 | $17082 | $19147 |
| **2/20** | $19180 | $15686 | $17843 |
| **3/20** | $17409 | $13613 | $16088 |
| **4/20** | $20972 | $15412 | $18468 |
| **5/20** | $24851 | $16225 | $19708 |
| **6/20** | $27511 | $16584 | $20567 |
| **7/20** | $30362 | $17555 | $22149 |
| **8/20** | $32937 | $18843 | $24434 |
| **9/20** | $33378 | $18155 | $23285 |
| **10/20** | $32043 | $17717 | $22494 |
| **11/20** | $38155 | $19803 | $24797 |
| **12/20** | $38810 | $20640 | $25938 |
| **1/21** | $39346 | $20470 | $25746 |
| **2/21** | $41463 | $21064 | $25740 |
| **3/21** | $38052 | $21861 | $26182 |
| **4/21** | $40085 | $23037 | $27963 |
| **5/21** | $38987 | $23147 | $27577 |
| **6/21** | $43697 | $23727 | $29307 |
| **7/21** | $43653 | $24220 | $30273 |
| **8/21** | $44588 | $24921 | $31404 |
| **9/21** | $41738 | $23776 | $29646 |
| **10/21** | $44923 | $25426 | $32213 |
| **11/21** | $43412 | $25085 | $32410 |
| **12/21** | $38694 | $26101 | $33096 |
| **1/22** | $30093 | $24629 | $30255 |
| **2/22** | $29783 | $23953 | $28970 |
| **3/22** | $28306 | $24762 | $30103 |
| **4/22** | $22012 | $22554 | $26468 |
| **5/22** | $18311 | $22520 | $25853 |
| **6/22** | $16612 | $20634 | $23805 |
| **7/22** | $18843 | $22556 | $26662 |
| **8/22** | $19084 | $21690 | $25420 |
| **9/22** | $17138 | $19683 | $22949 |
| **10/22** | $17563 | $21261 | $24290 |
| **11/22** | $17075 | $22412 | $25397 |
| **12/22** | $15233 | $21108 | $23453 |
| **1/23** | $17933 | $22524 | $25407 |
| **2/23** | $17185 | $21988 | $25106 |
| **3/23** | $17873 | $22683 | $26822 |
| **4/23** | $16761 | $22964 | $27086 |
| **5/23** | $18455 | $23071 | $28321 |
| **6/23** | $20081 | $24629 | $30258 |
| **7/23** | $21844 | $25476 | $31277 |
| **8/23** | $19817 | $25031 | $30996 |
| **9/23** | $18796 | $23854 | $29310 |
| **10/23** | $17147 | $23278 | $28893 |
| **11/23** | $20225 | $25452 | $32043 |
| **12/23** | $22714 | $26708 | $33462 |
| **1/24** | $21375 | $27081 | $34296 |
| **2/24** | $23886 | $28543 | $36636 |
| **3/24** | $24362 | $29458 | $37281 |
| **4/24** | $22040 | $28205 | $35700 |
| **5/24** | $21602 | $29533 | $37837 |
| **6/24** | $22683 | $30510 | $40388 |
| **7/24** | $22933 | $30954 | $39701 |
| **8/24** | $24423 | $31688 | $40528 |
| **9/24** | $25883 | $32366 | $41677 |
| **10/24** | $27789 | $32139 | $41539 |
| **11/24** | $34414 | $34209 | $44233 |
| **12/24** | $33053 | $33255 | $44623 |
| **1/25** | $36339 | $34313 | $45506 |
| **2/25** | $33682 | $33713 | $43871 |
| **3/25** | $29502 | $31762 | $40175 |
| **4/25** | $32054 | $31573 | $40887 |
| **5/25** | $36657 | $33589 | $44505 |
| **6/25** | $39149 | $35290 | $47342 |
| **7/25** | $40020 | $36074 | $49129 |
| **8/25** | $41398 | $36833 | $49679 |
| **9/25** | $44298 | $38110 | $52318 |
| **10/25** | $44737 | $38932 | $54218 |
| **11/25** | $40497 | $39027 | $53236 |
| **12/25** | $40928 | $39030 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 23.83% | 1.07% | 15.13% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4077681854 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $18061544 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Consumer Staples | 0.5% |
| Short-Term Investments | 1.3% |
| Communication Services | 4.6% |
| Industrials | 6.2% |
| Health Care | 11.6% |
| Financials | 12.7% |
| Consumer Discretionary | 15.6% |
| Information Technology | 47.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.2% |
| Tesla, Inc. | 9.7% |
| AppLovin Corp. | 8.0% |
| Affirm Holdings, Inc. | 7.3% |
| Databricks, Inc. | 6.2% |
| Royalty Pharma PLC | 5.2% |
| DoorDash, Inc. | 4.8% |
| Shopify, Inc. | 4.7% |
| QXO, Inc. | 4.6% |
| ROBLOX Corp. | 4.6% |
| Total | 67.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSHLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Growth Portfolio

# Class R6 MGRPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $58 | 0.52% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in financials, led by a payments technology services platform

↓ Stock selection communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection and average underweight in industrials

↓ Average overweight in consumer discretionary

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

![Growth of 10K Chart](tm262201d1_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $5000000 | $5000000 | $5000000 |
| **1/16** | $4520227 | $4730879 | $4720863 |
| **2/16** | $4391959 | $4729256 | $4718849 |
| **3/16** | $4722496 | $5058700 | $5037094 |
| **4/16** | $4712630 | $5086210 | $4991098 |
| **5/16** | $4840898 | $5175279 | $5088021 |
| **6/16** | $4801431 | $5186998 | $5068038 |
| **7/16** | $5130917 | $5384594 | $5307260 |
| **8/16** | $5175385 | $5391748 | $5280892 |
| **9/16** | $5327103 | $5396015 | $5300209 |
| **10/16** | $5138764 | $5290793 | $5175744 |
| **11/16** | $5006665 | $5499375 | $5288360 |
| **12/16** | $4908383 | $5602691 | $5353824 |
| **1/17** | $5407282 | $5715353 | $5534241 |
| **2/17** | $5515678 | $5936583 | $5764109 |
| **3/17** | $5706065 | $5940334 | $5830779 |
| **4/17** | $5957599 | $6003137 | $5964129 |
| **5/17** | $6334205 | $6079751 | $6119213 |
| **6/17** | $6270279 | $6122201 | $6103092 |
| **7/17** | $6472822 | $6243442 | $6265307 |
| **8/17** | $6657678 | $6262972 | $6380159 |
| **9/17** | $6578048 | $6396343 | $6463113 |
| **10/17** | $6937807 | $6543049 | $6713540 |
| **11/17** | $7081426 | $6742586 | $6917496 |
| **12/17** | $7067269 | $6817753 | $6971350 |
| **1/18** | $7747171 | $7192001 | $7465104 |
| **2/18** | $7853459 | $6927959 | $7269362 |
| **3/18** | $7755607 | $6770710 | $7070014 |
| **4/18** | $7770791 | $6793722 | $7094713 |
| **5/18** | $8297167 | $6967140 | $7405684 |
| **6/18** | $8445632 | $7012194 | $7476990 |
| **7/18** | $8422735 | $7254195 | $7696488 |
| **8/18** | $9172611 | $7504155 | $8117303 |
| **9/18** | $9098485 | $7532650 | $8162671 |
| **10/18** | $8150367 | $6999615 | $7432708 |
| **11/18** | $8248627 | $7142061 | $7511656 |
| **12/18** | $7614110 | $6491584 | $6865823 |
| **1/19** | $8539612 | $7035600 | $7482965 |
| **2/19** | $8972479 | $7273815 | $7750704 |
| **3/19** | $9097449 | $7400448 | $7971312 |
| **4/19** | $9457870 | $7699309 | $8331456 |
| **5/19** | $9126428 | $7208676 | $7805129 |
| **6/19** | $9758522 | $7714755 | $8341159 |
| **7/19** | $9827346 | $7834564 | $8529510 |
| **8/19** | $9363689 | $7691070 | $8464184 |
| **9/19** | $8706239 | $7824383 | $8465235 |
| **10/19** | $8717106 | $7990209 | $8703884 |
| **11/19** | $9470548 | $8292171 | $9090015 |
| **12/19** | $9385303 | $8531637 | $9364271 |
| **1/20** | $9971759 | $8540846 | $9573611 |
| **2/20** | $9939625 | $7842912 | $8921631 |
| **3/20** | $9027806 | $6806476 | $8043960 |
| **4/20** | $10883578 | $7705903 | $9234234 |
| **5/20** | $12904039 | $8112477 | $9854167 |
| **6/20** | $14295868 | $8291874 | $10283267 |
| **7/20** | $15788117 | $8777414 | $11074452 |
| **8/20** | $17137769 | $9421650 | $12217248 |
| **9/20** | $17378778 | $9077310 | $11642427 |
| **10/20** | $16695918 | $8858412 | $11247029 |
| **11/20** | $19893308 | $9901554 | $12398633 |
| **12/20** | $20250072 | $10320148 | $12968860 |
| **1/21** | $20543679 | $10235152 | $12872905 |
| **2/21** | $21661136 | $10531772 | $12869926 |
| **3/21** | $19890733 | $10930330 | $13091034 |
| **4/21** | $20968750 | $11518715 | $13981730 |
| **5/21** | $20407831 | $11573395 | $13788344 |
| **6/21** | $22890338 | $11863392 | $14653394 |
| **7/21** | $22881574 | $12109840 | $15136316 |
| **8/21** | $23389907 | $12460327 | $15702246 |
| **9/21** | $21908729 | $11887973 | $14822829 |
| **10/21** | $23598061 | $12712847 | $16106716 |
| **11/21** | $22820223 | $12542310 | $16205193 |
| **12/21** | $20353172 | $13050343 | $16547817 |
| **1/22** | $15843156 | $12314560 | $15127599 |
| **2/22** | $15689129 | $11976632 | $14485077 |
| **3/22** | $14921696 | $12380787 | $15051699 |
| **4/22** | $11614171 | $11277157 | $13234030 |
| **5/22** | $9665865 | $11260016 | $12926371 |
| **6/22** | $8776833 | $10316989 | $11902455 |
| **7/22** | $9963110 | $11277909 | $13331001 |
| **8/22** | $10098222 | $10844879 | $12709989 |
| **9/22** | $9074078 | $9841430 | $11474378 |
| **10/22** | $9306469 | $10630714 | $12145038 |
| **11/22** | $9052460 | $11205811 | $12698451 |
| **12/22** | $8083973 | $10554213 | $11726300 |
| **1/23** | $9525542 | $11261818 | $12703657 |
| **2/23** | $9137188 | $10993836 | $12552784 |
| **3/23** | $9506901 | $11341607 | $13410844 |
| **4/23** | $8922817 | $11482141 | $13543157 |
| **5/23** | $9830011 | $11535621 | $14160431 |
| **6/23** | $10703031 | $12314712 | $15128800 |
| **7/23** | $11650614 | $12738194 | $15638485 |
| **8/23** | $10572544 | $12515365 | $15498069 |
| **9/23** | $10038169 | $11927191 | $14655225 |
| **10/23** | $9162043 | $11638920 | $14446570 |
| **11/23** | $10814877 | $12725941 | $16021406 |
| **12/23** | $12150814 | $13354167 | $16730865 |
| **1/24** | $11445563 | $13540404 | $17148160 |
| **2/24** | $12797034 | $14271604 | $18318128 |
| **3/24** | $13064222 | $14729111 | $18640604 |
| **4/24** | $11827703 | $14102354 | $17849948 |
| **5/24** | $11600905 | $14766428 | $18918538 |
| **6/24** | $12188096 | $15255152 | $20194246 |
| **7/24** | $12327903 | $15477158 | $19850733 |
| **8/24** | $13138786 | $15844018 | $20264182 |
| **9/24** | $13934134 | $16182792 | $20838277 |
| **10/24** | $14971816 | $16069719 | $20769318 |
| **11/24** | $18553991 | $17104271 | $22116425 |
| **12/24** | $17832157 | $16627410 | $22311651 |
| **1/25** | $19616310 | $17156688 | $22752981 |
| **2/25** | $18194612 | $16856600 | $21935539 |
| **3/25** | $15948016 | $15881048 | $20087698 |
| **4/25** | $17338468 | $15786533 | $20443467 |
| **5/25** | $19841282 | $16794304 | $22252317 |
| **6/25** | $21209862 | $17644788 | $23671054 |
| **7/25** | $21694177 | $18036880 | $24564688 |
| **8/25** | $22459706 | $18416516 | $24839317 |
| **9/25** | $24047009 | $19054969 | $26158859 |
| **10/25** | $24303227 | $19466200 | $27109082 |
| **11/25** | $22019136 | $19513647 | $26617784 |
| **12/25** | $22272230 | $19514893 | $26452775 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 24.90% | 1.92% | 16.11% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4077681854 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $18061544 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Consumer Staples | 0.5% |
| Short-Term Investments | 1.3% |
| Communication Services | 4.6% |
| Industrials | 6.2% |
| Health Care | 11.6% |
| Financials | 12.7% |
| Consumer Discretionary | 15.6% |
| Information Technology | 47.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.2% |
| Tesla, Inc. | 9.7% |
| AppLovin Corp. | 8.0% |
| Affirm Holdings, Inc. | 7.3% |
| Databricks, Inc. | 6.2% |
| Royalty Pharma PLC | 5.2% |
| DoorDash, Inc. | 4.8% |
| Shopify, Inc. | 4.7% |
| QXO, Inc. | 4.6% |
| ROBLOX Corp. | 4.6% |
| Total | 67.3% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MGRPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class A MSSMX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $133 | 1.32% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup><sup>®</sup></sup> Growth Index:

↓ Stock selection in health care, where a health care services provider detracted most within the sector

↓ Stock selection in consumer discretionary, as an underperforming cross-border e-commerce platform led the sector lower

↓ Stock selection in financials, where a payments technology services platform had the greatest negative impact

↑ Stock selection in information technology, led by an outperforming web-performance and security company

↑ Stock selection in consumer staples, most helped by strong gains from a lifestyle and energy drinks company

↑ Stock selection in materials, driven by the strong performance of a leading producer of rare earth elements in North America

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

![Growth of 10K Chart](tm262201d1_tsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **12/15** | $9474 | $10000 | $10000 |
| **1/16** | $8384 | $9436 | $8917 |
| **2/16** | $8221 | $9433 | $8853 |
| **3/16** | $8817 | $10097 | $9532 |
| **4/16** | $8948 | $10159 | $9627 |
| **5/16** | $9087 | $10341 | $9886 |
| **6/16** | $9319 | $10362 | $9841 |
| **7/16** | $9956 | $10774 | $10484 |
| **8/16** | $9988 | $10801 | $10596 |
| **9/16** | $9941 | $10818 | $10748 |
| **10/16** | $9247 | $10584 | $10080 |
| **11/16** | $9610 | $11058 | $10982 |
| **12/16** | $9405 | $11274 | $11132 |
| **1/17** | $9839 | $11486 | $11313 |
| **2/17** | $9630 | $11913 | $11590 |
| **3/17** | $9983 | $11921 | $11727 |
| **4/17** | $10537 | $12047 | $11943 |
| **5/17** | $10906 | $12171 | $11835 |
| **6/17** | $10826 | $12280 | $12242 |
| **7/17** | $10802 | $12512 | $12346 |
| **8/17** | $10649 | $12536 | $12332 |
| **9/17** | $10685 | $12842 | $13003 |
| **10/17** | $11125 | $13122 | $13205 |
| **11/17** | $11260 | $13521 | $13584 |
| **12/17** | $11434 | $13656 | $13599 |
| **1/18** | $11867 | $14375 | $14129 |
| **2/18** | $11981 | $13846 | $13727 |
| **3/18** | $11740 | $13568 | $13912 |
| **4/18** | $11778 | $13619 | $13926 |
| **5/18** | $12808 | $14004 | $14802 |
| **6/18** | $13279 | $14095 | $14918 |
| **7/18** | $13164 | $14563 | $15175 |
| **8/18** | $14411 | $15074 | $16119 |
| **9/18** | $14309 | $15099 | $15742 |
| **10/18** | $12490 | $13988 | $13750 |
| **11/18** | $12655 | $14268 | $13965 |
| **12/18** | $11437 | $12940 | $12334 |
| **1/19** | $13164 | $14051 | $13758 |
| **2/19** | $14683 | $14545 | $14646 |
| **3/19** | $14921 | $14757 | $14448 |
| **4/19** | $15204 | $15346 | $14888 |
| **5/19** | $14951 | $14353 | $13784 |
| **6/19** | $15829 | $15361 | $14845 |
| **7/19** | $16827 | $15590 | $14990 |
| **8/19** | $15368 | $15272 | $14343 |
| **9/19** | $14251 | $15540 | $14226 |
| **10/19** | $14534 | $15874 | $14630 |
| **11/19** | $15859 | $16478 | $15492 |
| **12/19** | $15635 | $16954 | $15847 |
| **1/20** | $16627 | $16935 | $15672 |
| **2/20** | $16241 | $15549 | $14541 |
| **3/20** | $12971 | $13410 | $11764 |
| **4/20** | $16370 | $15187 | $13516 |
| **5/20** | $19952 | $15999 | $14793 |
| **6/20** | $22433 | $16364 | $15362 |
| **7/20** | $24821 | $17294 | $15889 |
| **8/20** | $27559 | $18546 | $16822 |
| **9/20** | $26824 | $17871 | $16461 |
| **10/20** | $25593 | $17485 | $16586 |
| **11/20** | $32703 | $19613 | $19511 |
| **12/20** | $39066 | $20495 | $21335 |
| **1/21** | $51991 | $20404 | $22363 |
| **2/21** | $53935 | $21042 | $23102 |
| **3/21** | $48268 | $21796 | $22375 |
| **4/21** | $51028 | $22919 | $22863 |
| **5/21** | $48414 | $23024 | $22210 |
| **6/21** | $53601 | $23592 | $23251 |
| **7/21** | $49816 | $23991 | $22404 |
| **8/21** | $48352 | $24675 | $22812 |
| **9/21** | $44901 | $23568 | $21937 |
| **10/21** | $46239 | $25161 | $22964 |
| **11/21** | $41325 | $24778 | $21843 |
| **12/21** | $37621 | $25754 | $21939 |
| **1/22** | $29612 | $24239 | $18999 |
| **2/22** | $28586 | $23628 | $19082 |
| **3/22** | $27731 | $24395 | $19169 |
| **4/22** | $22031 | $22206 | $16817 |
| **5/22** | $19751 | $22176 | $16500 |
| **6/22** | $17671 | $20321 | $15478 |
| **7/22** | $19951 | $22227 | $17211 |
| **8/22** | $19324 | $21397 | $17049 |
| **9/22** | $17471 | $19413 | $15516 |
| **10/22** | $17671 | $21005 | $16988 |
| **11/22** | $16388 | $22102 | $17265 |
| **12/22** | $15210 | $20808 | $16157 |
| **1/23** | $18377 | $22241 | $17764 |
| **2/23** | $18263 | $21721 | $17571 |
| **3/23** | $18406 | $22302 | $17138 |
| **4/23** | $17179 | $22539 | $16939 |
| **5/23** | $18777 | $22627 | $16942 |
| **6/23** | $21716 | $24172 | $18347 |
| **7/23** | $23828 | $25039 | $19204 |
| **8/23** | $21859 | $24555 | $18205 |
| **9/23** | $20204 | $23386 | $17004 |
| **10/23** | $17578 | $22766 | $15692 |
| **11/23** | $19576 | $24888 | $17121 |
| **12/23** | $23457 | $26209 | $19171 |
| **1/24** | $21345 | $26499 | $18556 |
| **2/24** | $23257 | $27933 | $20064 |
| **3/24** | $24142 | $28835 | $20625 |
| **4/24** | $20889 | $27566 | $19037 |
| **5/24** | $20917 | $28868 | $20056 |
| **6/24** | $21345 | $29762 | $20023 |
| **7/24** | $22030 | $30315 | $21662 |
| **8/24** | $22002 | $30975 | $21422 |
| **9/24** | $23114 | $31616 | $21707 |
| **10/24** | $24627 | $31384 | $21419 |
| **11/24** | $31590 | $33471 | $24045 |
| **12/24** | $30291 | $32448 | $22077 |
| **1/25** | $31388 | $33473 | $22775 |
| **2/25** | $28878 | $32831 | $21233 |
| **3/25** | $27031 | $30916 | $19623 |
| **4/25** | $29108 | $30709 | $19497 |
| **5/25** | $29743 | $32655 | $20749 |
| **6/25** | $31445 | $34314 | $21971 |
| **7/25** | $32340 | $35070 | $22345 |
| **8/25** | $32945 | $35881 | $23666 |
| **9/25** | $35311 | $37120 | $24650 |
| **10/25** | $35917 | $37915 | $25447 |
| **11/25** | $32513 | $38019 | $25273 |
| **12/25** | $30522 | $38012 | $24949 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 0.76% | (4.82)% | 12.41% |
| Class A, with 5.25% maximum front end sales charge | (4.51)% | (5.84)% | 11.81% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $311872658 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid | $2637177 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.7% |
| Consumer Staples | 5.8% |
| Real Estate | 5.9% |
| Financials | 6.0% |
| Short-Term Investments | 6.0% |
| Industrials | 6.7% |
| Consumer Discretionary | 11.6% |
| Information Technology | 26.3% |
| Health Care | 29.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Roivant Sciences Ltd. | 8.4% |
| Oddity Tech Ltd. | 4.8% |
| IonQ, Inc. | 4.5% |
| Landbridge Co. LLC | 3.4% |
| Arbutus Biopharma Corp. | 3.2% |
| BitMine Immersion Technologies, Inc. | 3.1% |
| X4 Pharmaceuticals, Inc. | 3.0% |
| iShares Bitcoin Trust ETF | 2.8% |
| Immunovant, Inc. | 2.8% |
| Total | 48.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSSMX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class C MSCOX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $210 | 2.10% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup><sup>®</sup></sup> Growth Index:

↓ Stock selection in health care, where a health care services provider detracted most within the sector

↓ Stock selection in consumer discretionary, as an underperforming cross-border e-commerce platform led the sector lower

↓ Stock selection in financials, where a payments technology services platform had the greatest negative impact

↑ Stock selection in information technology, led by an outperforming web-performance and security company

↑ Stock selection in consumer staples, most helped by strong gains from a lifestyle and energy drinks company

↑ Stock selection in materials, driven by the strong performance of a leading producer of rare earth elements in North America

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

![Growth of 10K Chart](tm262201d1_tsrimg080.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **5/17** | $10000 | $10000 | $10000 |
| **6/17** | $9919 | $10090 | $10344 |
| **7/17** | $9889 | $10280 | $10432 |
| **8/17** | $9741 | $10300 | $10420 |
| **9/17** | $9765 | $10552 | $10987 |
| **10/17** | $10169 | $10782 | $11158 |
| **11/17** | $10285 | $11109 | $11478 |
| **12/17** | $10436 | $11220 | $11491 |
| **1/18** | $10822 | $11812 | $11939 |
| **2/18** | $10915 | $11376 | $11599 |
| **3/18** | $10705 | $11148 | $11755 |
| **4/18** | $10728 | $11190 | $11767 |
| **5/18** | $11663 | $11506 | $12508 |
| **6/18** | $12072 | $11581 | $12606 |
| **7/18** | $11967 | $11966 | $12822 |
| **8/18** | $13089 | $12386 | $13621 |
| **9/18** | $12984 | $12406 | $13302 |
| **10/18** | $11324 | $11493 | $11619 |
| **11/18** | $11465 | $11723 | $11800 |
| **12/18** | $10355 | $10632 | $10422 |
| **1/19** | $11905 | $11545 | $11625 |
| **2/19** | $13276 | $11951 | $12376 |
| **3/19** | $13482 | $12125 | $12208 |
| **4/19** | $13729 | $12609 | $12580 |
| **5/19** | $13482 | $11793 | $11647 |
| **6/19** | $14264 | $12622 | $12544 |
| **7/19** | $15155 | $12809 | $12666 |
| **8/19** | $13839 | $12548 | $12120 |
| **9/19** | $12824 | $12768 | $12020 |
| **10/19** | $13057 | $13043 | $12362 |
| **11/19** | $14250 | $13539 | $13090 |
| **12/19** | $14029 | $13930 | $13390 |
| **1/20** | $14914 | $13915 | $13243 |
| **2/20** | $14556 | $12776 | $12287 |
| **3/20** | $11628 | $11019 | $9940 |
| **4/20** | $14659 | $12478 | $11421 |
| **5/20** | $17842 | $13145 | $12500 |
| **6/20** | $20055 | $13446 | $12980 |
| **7/20** | $22184 | $14209 | $13426 |
| **8/20** | $24601 | $15239 | $14214 |
| **9/20** | $23937 | $14684 | $13909 |
| **10/20** | $22814 | $14367 | $14015 |
| **11/20** | $29130 | $16115 | $16486 |
| **12/20** | $34786 | $16840 | $18027 |
| **1/21** | $46265 | $16765 | $18896 |
| **2/21** | $47960 | $17289 | $19520 |
| **3/21** | $42893 | $17908 | $18906 |
| **4/21** | $45329 | $18832 | $19318 |
| **5/21** | $42971 | $18918 | $18767 |
| **6/21** | $47531 | $19384 | $19647 |
| **7/21** | $44160 | $19712 | $18931 |
| **8/21** | $42835 | $20274 | $19275 |
| **9/21** | $39756 | $19364 | $18536 |
| **10/21** | $40925 | $20674 | $19404 |
| **11/21** | $36540 | $20359 | $18457 |
| **12/21** | $33265 | $21161 | $18538 |
| **1/22** | $26158 | $19916 | $16054 |
| **2/22** | $25239 | $19414 | $16124 |
| **3/22** | $24483 | $20044 | $16197 |
| **4/22** | $19429 | $18245 | $14210 |
| **5/22** | $17403 | $18221 | $13942 |
| **6/22** | $15565 | $16696 | $13079 |
| **7/22** | $17565 | $18263 | $14543 |
| **8/22** | $16997 | $17581 | $14406 |
| **9/22** | $15349 | $15951 | $13110 |
| **10/22** | $15538 | $17259 | $14355 |
| **11/22** | $14403 | $18160 | $14589 |
| **12/22** | $13340 | $17097 | $13652 |
| **1/23** | $16100 | $18274 | $15010 |
| **2/23** | $15992 | $17847 | $14848 |
| **3/23** | $16127 | $18324 | $14481 |
| **4/23** | $15018 | $18519 | $14313 |
| **5/23** | $16425 | $18591 | $14315 |
| **6/23** | $18968 | $19861 | $15502 |
| **7/23** | $20809 | $20573 | $16227 |
| **8/23** | $19077 | $20176 | $15383 |
| **9/23** | $17616 | $19215 | $14368 |
| **10/23** | $15315 | $18705 | $13260 |
| **11/23** | $17047 | $20450 | $14467 |
| **12/23** | $20403 | $21534 | $16199 |
| **1/24** | $18563 | $21773 | $15680 |
| **2/24** | $20213 | $22952 | $16953 |
| **3/24** | $20971 | $23692 | $17428 |
| **4/24** | $18130 | $22649 | $16086 |
| **5/24** | $18157 | $23720 | $16947 |
| **6/24** | $18508 | $24454 | $16919 |
| **7/24** | $19077 | $24908 | $18304 |
| **8/24** | $19050 | $25451 | $18101 |
| **9/24** | $19970 | $25977 | $18342 |
| **10/24** | $21269 | $25786 | $18098 |
| **11/24** | $27276 | $27502 | $20318 |
| **12/24** | $26127 | $26661 | $18654 |
| **1/25** | $27053 | $27503 | $19244 |
| **2/25** | $24875 | $26976 | $17941 |
| **3/25** | $23270 | $25402 | $16581 |
| **4/25** | $25039 | $25232 | $16475 |
| **5/25** | $25556 | $26831 | $17532 |
| **6/25** | $27018 | $28194 | $18565 |
| **7/25** | $27786 | $28815 | $18881 |
| **8/25** | $28307 | $29482 | $19998 |
| **9/25** | $30340 | $30499 | $20828 |
| **10/25** | $30860 | $31153 | $21502 |
| **11/25** | $27935 | $31239 | $21355 |
| **12/25** | $26225 | $31232 | $21082 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/31/17 (Inception)* |
| Class C, with conversion to Class A after 8 years | 0.00% | (5.56)% | 11.88% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | (1.00)% | (5.56)% | 11.88% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.18% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.08% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $311872658 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid | $2637177 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.7% |
| Consumer Staples | 5.8% |
| Real Estate | 5.9% |
| Financials | 6.0% |
| Short-Term Investments | 6.0% |
| Industrials | 6.7% |
| Consumer Discretionary | 11.6% |
| Information Technology | 26.3% |
| Health Care | 29.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Roivant Sciences Ltd. | 8.4% |
| Oddity Tech Ltd. | 4.8% |
| IonQ, Inc. | 4.5% |
| Landbridge Co. LLC | 3.4% |
| Arbutus Biopharma Corp. | 3.2% |
| BitMine Immersion Technologies, Inc. | 3.1% |
| X4 Pharmaceuticals, Inc. | 3.0% |
| iShares Bitcoin Trust ETF | 2.8% |
| Immunovant, Inc. | 2.8% |
| Total | 48.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSCOX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class I MSSGX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $101 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup><sup>®</sup></sup> Growth Index:

↓ Stock selection in health care, where a health care services provider detracted most within the sector

↓ Stock selection in consumer discretionary, as an underperforming cross-border e-commerce platform led the sector lower

↓ Stock selection in financials, where a payments technology services platform had the greatest negative impact

↑ Stock selection in information technology, led by an outperforming web-performance and security company

↑ Stock selection in consumer staples, most helped by strong gains from a lifestyle and energy drinks company

↑ Stock selection in materials, driven by the strong performance of a leading producer of rare earth elements in North America

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

![Growth of 10K Chart](tm262201d1_tsrimg098.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $885091 | $943575 | $891651 |
| **2/16** | $868364 | $943271 | $885348 |
| **3/16** | $931636 | $1009683 | $953170 |
| **4/16** | $945455 | $1015940 | $962675 |
| **5/16** | $960000 | $1034116 | $988610 |
| **6/16** | $984727 | $1036242 | $984062 |
| **7/16** | $1052626 | $1077368 | $1048409 |
| **8/16** | $1056325 | $1080116 | $1059553 |
| **9/16** | $1051886 | $1081814 | $1074809 |
| **10/16** | $978654 | $1058408 | $1008015 |
| **11/16** | $1017859 | $1105774 | $1098201 |
| **12/16** | $996474 | $1127351 | $1113181 |
| **1/17** | $1042315 | $1148570 | $1131255 |
| **2/17** | $1019770 | $1191287 | $1158995 |
| **3/17** | $1058096 | $1192098 | $1172723 |
| **4/17** | $1116713 | $1204734 | $1194320 |
| **5/17** | $1156541 | $1217063 | $1183459 |
| **6/17** | $1148275 | $1228046 | $1224191 |
| **7/17** | $1146024 | $1251201 | $1234611 |
| **8/17** | $1130257 | $1253612 | $1233169 |
| **9/17** | $1134406 | $1284185 | $1300315 |
| **10/17** | $1181707 | $1312208 | $1320461 |
| **11/17** | $1195815 | $1352054 | $1358372 |
| **12/17** | $1214376 | $1365567 | $1359937 |
| **1/18** | $1261169 | $1437547 | $1412950 |
| **2/18** | $1273424 | $1384560 | $1372721 |
| **3/18** | $1248914 | $1356766 | $1391206 |
| **4/18** | $1252256 | $1361923 | $1392567 |
| **5/18** | $1362553 | $1400370 | $1480245 |
| **6/18** | $1411573 | $1409528 | $1491827 |
| **7/18** | $1401546 | $1456305 | $1517474 |
| **8/18** | $1534125 | $1507447 | $1611949 |
| **9/18** | $1522984 | $1509942 | $1574224 |
| **10/18** | $1330244 | $1398761 | $1375027 |
| **11/18** | $1346955 | $1426776 | $1396537 |
| **12/18** | $1217886 | $1293987 | $1233354 |
| **1/19** | $1402721 | $1405055 | $1375785 |
| **2/19** | $1564768 | $1454470 | $1464632 |
| **3/19** | $1590088 | $1475708 | $1444811 |
| **4/19** | $1620472 | $1534635 | $1488808 |
| **5/19** | $1593886 | $1435326 | $1378352 |
| **6/19** | $1687570 | $1536139 | $1484515 |
| **7/19** | $1795179 | $1558974 | $1499024 |
| **8/19** | $1639462 | $1527193 | $1434337 |
| **9/19** | $1521725 | $1553997 | $1422564 |
| **10/19** | $1550842 | $1587450 | $1463044 |
| **11/19** | $1693900 | $1647792 | $1549157 |
| **12/19** | $1669852 | $1695370 | $1584656 |
| **1/20** | $1775709 | $1693518 | $1567208 |
| **2/20** | $1735454 | $1554864 | $1454058 |
| **3/20** | $1388065 | $1341042 | $1176370 |
| **4/20** | $1750363 | $1518650 | $1351583 |
| **5/20** | $2133534 | $1599865 | $1479305 |
| **6/20** | $2398922 | $1636441 | $1536154 |
| **7/20** | $2656854 | $1729364 | $1588943 |
| **8/20** | $2949078 | $1854647 | $1682155 |
| **9/20** | $2871550 | $1787117 | $1646111 |
| **10/20** | $2740347 | $1748545 | $1658619 |
| **11/20** | $3500726 | $1961261 | $1951091 |
| **12/20** | $4184135 | $2049495 | $2133459 |
| **1/21** | $5570089 | $2040379 | $2236322 |
| **2/21** | $5778639 | $2104155 | $2310161 |
| **3/21** | $5172695 | $2179574 | $2237470 |
| **4/21** | $5469920 | $2291930 | $2286255 |
| **5/21** | $5189116 | $2302392 | $2220960 |
| **6/21** | $5745797 | $2359167 | $2325122 |
| **7/21** | $5343476 | $2399062 | $2240437 |
| **8/21** | $5185832 | $2467478 | $2281156 |
| **9/21** | $4817996 | $2356767 | $2193693 |
| **10/21** | $4964145 | $2516142 | $2296414 |
| **11/21** | $4437023 | $2477843 | $2184258 |
| **12/21** | $4044852 | $2575418 | $2193938 |
| **1/22** | $3185116 | $2423890 | $1899887 |
| **2/22** | $3074579 | $2362834 | $1908176 |
| **3/22** | $2982464 | $2439475 | $1916901 |
| **4/22** | $2370414 | $2220551 | $1681711 |
| **5/22** | $2126822 | $2217574 | $1649954 |
| **6/22** | $1901653 | $2032055 | $1547814 |
| **7/22** | $2149339 | $2222698 | $1721111 |
| **8/22** | $2079742 | $2139748 | $1704934 |
| **9/22** | $1881184 | $1941331 | $1551558 |
| **10/22** | $1905747 | $2100532 | $1698834 |
| **11/22** | $1768599 | $2210172 | $1726495 |
| **12/22** | $1641392 | $2080759 | $1615671 |
| **1/23** | $1980353 | $2224066 | $1776386 |
| **2/23** | $1970081 | $2172084 | $1757143 |
| **3/23** | $1986516 | $2230164 | $1713786 |
| **4/23** | $1852986 | $2253925 | $1693875 |
| **5/23** | $2027602 | $2262694 | $1694180 |
| **6/23** | $2346020 | $2417203 | $1834651 |
| **7/23** | $2571994 | $2503852 | $1920427 |
| **8/23** | $2360400 | $2455518 | $1820459 |
| **9/23** | $2183730 | $2338552 | $1700380 |
| **10/23** | $1900235 | $2276560 | $1569245 |
| **11/23** | $2115937 | $2488845 | $1712106 |
| **12/23** | $2535016 | $2620858 | $1917130 |
| **1/24** | $2309042 | $2649904 | $1855649 |
| **2/24** | $2516527 | $2793345 | $2006375 |
| **3/24** | $2613080 | $2883451 | $2062484 |
| **4/24** | $2261793 | $2756574 | $1903675 |
| **5/24** | $2265902 | $2886814 | $2005619 |
| **6/24** | $2313151 | $2976182 | $2002277 |
| **7/24** | $2389160 | $3031507 | $2166185 |
| **8/24** | $2385052 | $3097499 | $2142200 |
| **9/24** | $2506256 | $3161573 | $2170670 |
| **10/24** | $2670601 | $3138356 | $2141870 |
| **11/24** | $3428640 | $3347132 | $2404496 |
| **12/24** | $3286424 | $3244826 | $2207657 |
| **1/25** | $3406684 | $3347260 | $2277455 |
| **2/25** | $3135062 | $3283113 | $2123280 |
| **3/25** | $2936010 | $3091607 | $1962259 |
| **4/25** | $3159943 | $3070866 | $1949698 |
| **5/25** | $3230441 | $3265516 | $2074869 |
| **6/25** | $3417052 | $3431413 | $2197055 |
| **7/25** | $3516577 | $3506982 | $2234476 |
| **8/25** | $3580854 | $3588140 | $2366638 |
| **9/25** | $3840036 | $3711972 | $2464958 |
| **10/25** | $3908460 | $3791527 | $2544709 |
| **11/25** | $3535238 | $3801940 | $2527304 |
| **12/25** | $3321673 | $3801166 | $2494934 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 1.07% | (4.51)% | 12.75% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $311872658 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid | $2637177 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.7% |
| Consumer Staples | 5.8% |
| Real Estate | 5.9% |
| Financials | 6.0% |
| Short-Term Investments | 6.0% |
| Industrials | 6.7% |
| Consumer Discretionary | 11.6% |
| Information Technology | 26.3% |
| Health Care | 29.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Roivant Sciences Ltd. | 8.4% |
| Oddity Tech Ltd. | 4.8% |
| IonQ, Inc. | 4.5% |
| Landbridge Co. LLC | 3.4% |
| Arbutus Biopharma Corp. | 3.2% |
| BitMine Immersion Technologies, Inc. | 3.1% |
| X4 Pharmaceuticals, Inc. | 3.0% |
| iShares Bitcoin Trust ETF | 2.8% |
| Immunovant, Inc. | 2.8% |
| Total | 48.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSSGX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class L MSSLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $185 | 1.85% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup><sup>®</sup></sup> Growth Index:

↓ Stock selection in health care, where a health care services provider detracted most within the sector

↓ Stock selection in consumer discretionary, as an underperforming cross-border e-commerce platform led the sector lower

↓ Stock selection in financials, where a payments technology services platform had the greatest negative impact

↑ Stock selection in information technology, led by an outperforming web-performance and security company

↑ Stock selection in consumer staples, most helped by strong gains from a lifestyle and energy drinks company

↑ Stock selection in materials, driven by the strong performance of a leading producer of rare earth elements in North America

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

![Growth of 10K Chart](tm262201d1_tsrimg133.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $8851 | $9436 | $8917 |
| **2/16** | $8674 | $9433 | $8853 |
| **3/16** | $9295 | $10097 | $9532 |
| **4/16** | $9430 | $10159 | $9627 |
| **5/16** | $9572 | $10341 | $9886 |
| **6/16** | $9815 | $10362 | $9841 |
| **7/16** | $10481 | $10774 | $10484 |
| **8/16** | $10515 | $10801 | $10596 |
| **9/16** | $10456 | $10818 | $10748 |
| **10/16** | $9720 | $10584 | $10080 |
| **11/16** | $10096 | $11058 | $10982 |
| **12/16** | $9883 | $11274 | $11132 |
| **1/17** | $10327 | $11486 | $11313 |
| **2/17** | $10110 | $11913 | $11590 |
| **3/17** | $10467 | $11921 | $11727 |
| **4/17** | $11042 | $12047 | $11943 |
| **5/17** | $11434 | $12171 | $11835 |
| **6/17** | $11338 | $12280 | $12242 |
| **7/17** | $11311 | $12512 | $12346 |
| **8/17** | $11145 | $12536 | $12332 |
| **9/17** | $11184 | $12842 | $13003 |
| **10/17** | $11645 | $13122 | $13205 |
| **11/17** | $11772 | $13521 | $13584 |
| **12/17** | $11953 | $13656 | $13599 |
| **1/18** | $12406 | $14375 | $14129 |
| **2/18** | $12505 | $13846 | $13727 |
| **3/18** | $12250 | $13568 | $13912 |
| **4/18** | $12293 | $13619 | $13926 |
| **5/18** | $13352 | $14004 | $14802 |
| **6/18** | $13833 | $14095 | $14918 |
| **7/18** | $13720 | $14563 | $15175 |
| **8/18** | $15005 | $15074 | $16119 |
| **9/18** | $14878 | $15099 | $15742 |
| **10/18** | $12999 | $13988 | $13750 |
| **11/18** | $13154 | $14268 | $13965 |
| **12/18** | $11885 | $12940 | $12334 |
| **1/19** | $13676 | $14051 | $13758 |
| **2/19** | $15249 | $14545 | $14646 |
| **3/19** | $15483 | $14757 | $14448 |
| **4/19** | $15768 | $15346 | $14888 |
| **5/19** | $15483 | $14353 | $13784 |
| **6/19** | $16387 | $15361 | $14845 |
| **7/19** | $17408 | $15590 | $14990 |
| **8/19** | $15902 | $15272 | $14343 |
| **9/19** | $14747 | $15540 | $14226 |
| **10/19** | $15015 | $15874 | $14630 |
| **11/19** | $16387 | $16478 | $15492 |
| **12/19** | $16152 | $16954 | $15847 |
| **1/20** | $17165 | $16935 | $15672 |
| **2/20** | $16764 | $15549 | $14541 |
| **3/20** | $13390 | $13410 | $11764 |
| **4/20** | $16869 | $15187 | $13516 |
| **5/20** | $20560 | $15999 | $14793 |
| **6/20** | $23111 | $16364 | $15362 |
| **7/20** | $25557 | $17294 | $15889 |
| **8/20** | $28362 | $18546 | $16822 |
| **9/20** | $27581 | $17871 | $16461 |
| **10/20** | $26316 | $17485 | $16586 |
| **11/20** | $33591 | $19613 | $19511 |
| **12/20** | $40138 | $20495 | $21335 |
| **1/21** | $53362 | $20404 | $22363 |
| **2/21** | $55339 | $21042 | $23102 |
| **3/21** | $49507 | $21796 | $22375 |
| **4/21** | $52313 | $22919 | $22863 |
| **5/21** | $49580 | $23024 | $22210 |
| **6/21** | $54875 | $23592 | $23251 |
| **7/21** | $50971 | $23991 | $22404 |
| **8/21** | $49458 | $24675 | $22812 |
| **9/21** | $45920 | $23568 | $21937 |
| **10/21** | $47262 | $25161 | $22964 |
| **11/21** | $42212 | $24778 | $21843 |
| **12/21** | $38463 | $25754 | $21939 |
| **1/22** | $30246 | $24239 | $18999 |
| **2/22** | $29197 | $23628 | $19082 |
| **3/22** | $28288 | $24395 | $19169 |
| **4/22** | $22484 | $22206 | $16817 |
| **5/22** | $20141 | $22176 | $16500 |
| **6/22** | $18008 | $20321 | $15478 |
| **7/22** | $20351 | $22227 | $17211 |
| **8/22** | $19651 | $21397 | $17049 |
| **9/22** | $17763 | $19413 | $15516 |
| **10/22** | $17973 | $21005 | $16988 |
| **11/22** | $16679 | $22102 | $17265 |
| **12/22** | $15478 | $20808 | $16157 |
| **1/23** | $18665 | $22241 | $17764 |
| **2/23** | $18560 | $21721 | $17571 |
| **3/23** | $18700 | $22302 | $17138 |
| **4/23** | $17404 | $22539 | $16939 |
| **5/23** | $19015 | $22627 | $16942 |
| **6/23** | $21992 | $24172 | $18347 |
| **7/23** | $24128 | $25039 | $19204 |
| **8/23** | $22132 | $24555 | $18205 |
| **9/23** | $20451 | $23386 | $17004 |
| **10/23** | $17790 | $22766 | $15692 |
| **11/23** | $19786 | $24888 | $17121 |
| **12/23** | $23673 | $26209 | $19171 |
| **1/24** | $21537 | $26499 | $18556 |
| **2/24** | $23463 | $27933 | $20064 |
| **3/24** | $24338 | $28835 | $20625 |
| **4/24** | $21046 | $27566 | $19037 |
| **5/24** | $21082 | $28868 | $20056 |
| **6/24** | $21502 | $29762 | $20023 |
| **7/24** | $22167 | $30315 | $21662 |
| **8/24** | $22132 | $30975 | $21422 |
| **9/24** | $23218 | $31616 | $21707 |
| **10/24** | $24723 | $31384 | $21419 |
| **11/24** | $31727 | $33471 | $24045 |
| **12/24** | $30378 | $32448 | $22077 |
| **1/25** | $31475 | $33473 | $22775 |
| **2/25** | $28964 | $32831 | $21233 |
| **3/25** | $27089 | $30916 | $19623 |
| **4/25** | $29141 | $30709 | $19497 |
| **5/25** | $29777 | $32655 | $20749 |
| **6/25** | $31475 | $34314 | $21971 |
| **7/25** | $32359 | $35070 | $22345 |
| **8/25** | $32960 | $35881 | $23666 |
| **9/25** | $35294 | $37120 | $24650 |
| **10/25** | $35895 | $37915 | $25447 |
| **11/25** | $32465 | $38019 | $25273 |
| **12/25** | $30449 | $38012 | $24949 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 0.23% | (5.38)% | 11.78% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $311872658 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid | $2637177 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.7% |
| Consumer Staples | 5.8% |
| Real Estate | 5.9% |
| Financials | 6.0% |
| Short-Term Investments | 6.0% |
| Industrials | 6.7% |
| Consumer Discretionary | 11.6% |
| Information Technology | 26.3% |
| Health Care | 29.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Roivant Sciences Ltd. | 8.4% |
| Oddity Tech Ltd. | 4.8% |
| IonQ, Inc. | 4.5% |
| Landbridge Co. LLC | 3.4% |
| Arbutus Biopharma Corp. | 3.2% |
| BitMine Immersion Technologies, Inc. | 3.1% |
| X4 Pharmaceuticals, Inc. | 3.0% |
| iShares Bitcoin Trust ETF | 2.8% |
| Immunovant, Inc. | 2.8% |
| Total | 48.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSSLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Inception Portfolio

# Class R6 MFLLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Inception Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $94 | 0.93% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup><sup>®</sup></sup> Growth Index:

↓ Stock selection in health care, where a health care services provider detracted most within the sector

↓ Stock selection in consumer discretionary, as an underperforming cross-border e-commerce platform led the sector lower

↓ Stock selection in financials, where a payments technology services platform had the greatest negative impact

↑ Stock selection in information technology, led by an outperforming web-performance and security company

↑ Stock selection in consumer staples, most helped by strong gains from a lifestyle and energy drinks company

↑ Stock selection in materials, driven by the strong performance of a leading producer of rare earth elements in North America

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

![Growth of 10K Chart](tm262201d1_tsrimg055.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **12/15** | $5000000 | $5000000 | $5000000 |
| **1/16** | $4426289 | $4717874 | $4458253 |
| **2/16** | $4342774 | $4716354 | $4426738 |
| **3/16** | $4658678 | $5048414 | $4765851 |
| **4/16** | $4727669 | $5079702 | $4813375 |
| **5/16** | $4803922 | $5170580 | $4943052 |
| **6/16** | $4927378 | $5181212 | $4920312 |
| **7/16** | $5266431 | $5386838 | $5242043 |
| **8/16** | $5288590 | $5400579 | $5297766 |
| **9/16** | $5262738 | $5409069 | $5374044 |
| **10/16** | $4897116 | $5292040 | $5040075 |
| **11/16** | $5092853 | $5528870 | $5491006 |
| **12/16** | $4986091 | $5636756 | $5565904 |
| **1/17** | $5214949 | $5742851 | $5656276 |
| **2/17** | $5106148 | $5956436 | $5794973 |
| **3/17** | $5297487 | $5960489 | $5863614 |
| **4/17** | $5590125 | $6023668 | $5971602 |
| **5/17** | $5792720 | $6085315 | $5917293 |
| **6/17** | $5751451 | $6140231 | $6120956 |
| **7/17** | $5740220 | $6256005 | $6173057 |
| **8/17** | $5661530 | $6268059 | $6165845 |
| **9/17** | $5682238 | $6420923 | $6501577 |
| **10/17** | $5918308 | $6561041 | $6602305 |
| **11/17** | $5988714 | $6760268 | $6791859 |
| **12/17** | $6086865 | $6827836 | $6799683 |
| **1/18** | $6320120 | $7187736 | $7064748 |
| **2/18** | $6381211 | $6922798 | $6863603 |
| **3/18** | $6259030 | $6783829 | $6956031 |
| **4/18** | $6275691 | $6809613 | $6962837 |
| **5/18** | $6831062 | $7001850 | $7401225 |
| **6/18** | $7080978 | $7047642 | $7459133 |
| **7/18** | $7025441 | $7281523 | $7587369 |
| **8/18** | $7691886 | $7537234 | $8059743 |
| **9/18** | $7636349 | $7549711 | $7871119 |
| **10/18** | $6670004 | $6993805 | $6875136 |
| **11/18** | $6758863 | $7133882 | $6982685 |
| **12/18** | $6110193 | $6469935 | $6166770 |
| **1/19** | $7030821 | $7025276 | $6878926 |
| **2/19** | $7850558 | $7272349 | $7323160 |
| **3/19** | $7976671 | $7378538 | $7224054 |
| **4/19** | $8128007 | $7673177 | $7444039 |
| **5/19** | $7989282 | $7176632 | $6891759 |
| **6/19** | $8468513 | $7680695 | $7422574 |
| **7/19** | $8998189 | $7794868 | $7495121 |
| **8/19** | $8222592 | $7635967 | $7171687 |
| **9/19** | $7629859 | $7769985 | $7112822 |
| **10/19** | $7781195 | $7937249 | $7315220 |
| **11/19** | $8493736 | $8238958 | $7745784 |
| **12/19** | $8373704 | $8476848 | $7923279 |
| **1/20** | $8907722 | $8467589 | $7836041 |
| **2/20** | $8700049 | $7774319 | $7270292 |
| **3/20** | $6957072 | $6705212 | $5881851 |
| **4/20** | $8781635 | $7593252 | $6757917 |
| **5/20** | $10702617 | $7999327 | $7396526 |
| **6/20** | $12037663 | $8182206 | $7680768 |
| **7/20** | $13328207 | $8646820 | $7944715 |
| **8/20** | $14796758 | $9273233 | $8410773 |
| **9/20** | $14403661 | $8935585 | $8230555 |
| **10/20** | $13750972 | $8742727 | $8293094 |
| **11/20** | $17570686 | $9806307 | $9755454 |
| **12/20** | $21000624 | $10247474 | $10667293 |
| **1/21** | $27954582 | $10201894 | $11181612 |
| **2/21** | $29007469 | $10520777 | $11550804 |
| **3/21** | $25963073 | $10897872 | $11187350 |
| **4/21** | $27456704 | $11459648 | $11431273 |
| **5/21** | $26052854 | $11511961 | $11104800 |
| **6/21** | $28844231 | $11795834 | $11625611 |
| **7/21** | $26820074 | $11995309 | $11202186 |
| **8/21** | $26036530 | $12337388 | $11405778 |
| **9/21** | $24191936 | $11783836 | $10968467 |
| **10/21** | $24926509 | $12580712 | $11482071 |
| **11/21** | $22282046 | $12389217 | $10921292 |
| **12/21** | $20308774 | $12877088 | $10969691 |
| **1/22** | $15991001 | $12119449 | $9499437 |
| **2/22** | $15442389 | $11814169 | $9540882 |
| **3/22** | $14985213 | $12197377 | $9584503 |
| **4/22** | $11906895 | $11102756 | $8408555 |
| **5/22** | $10677600 | $11087870 | $8249769 |
| **6/22** | $9549899 | $10160274 | $7739072 |
| **7/22** | $10799513 | $11113490 | $8605555 |
| **8/22** | $10454091 | $10698742 | $8524671 |
| **9/22** | $9458464 | $9706657 | $7757789 |
| **10/22** | $9580377 | $10502661 | $8494170 |
| **11/22** | $8889533 | $11050861 | $8632477 |
| **12/22** | $8247783 | $10403795 | $8078356 |
| **1/23** | $9962668 | $11120332 | $8881928 |
| **2/23** | $9901423 | $10860420 | $8785713 |
| **3/23** | $9993291 | $11150818 | $8568930 |
| **4/23** | $9319586 | $11269623 | $8469376 |
| **5/23** | $10187237 | $11313471 | $8470900 |
| **6/23** | $11789838 | $12086016 | $9173256 |
| **7/23** | $12933095 | $12519260 | $9602135 |
| **8/23** | $11871499 | $12277592 | $9102294 |
| **9/23** | $10983434 | $11692758 | $8501900 |
| **10/23** | $9554362 | $11382799 | $7846223 |
| **11/23** | $10636374 | $12444225 | $8560529 |
| **12/23** | $12749357 | $13104290 | $9585652 |
| **1/24** | $11606100 | $13249521 | $9278245 |
| **2/24** | $12647281 | $13966725 | $10031874 |
| **3/24** | $13137248 | $14417255 | $10312420 |
| **4/24** | $11361117 | $13782871 | $9518374 |
| **5/24** | $11391740 | $14434071 | $10028094 |
| **6/24** | $11626516 | $14880912 | $10011384 |
| **7/24** | $12004199 | $15157533 | $10830926 |
| **8/24** | $11993991 | $15487493 | $10710999 |
| **9/24** | $12596243 | $15807865 | $10853349 |
| **10/24** | $13423063 | $15691779 | $10709349 |
| **11/24** | $17230517 | $16735661 | $12022478 |
| **12/24** | $16515332 | $16224131 | $11038284 |
| **1/25** | $17123195 | $16736298 | $11387274 |
| **2/25** | $15752927 | $16415564 | $10616399 |
| **3/25** | $14753559 | $15458036 | $9811294 |
| **4/25** | $15886863 | $15354329 | $9748490 |
| **5/25** | $16237157 | $16327578 | $10374347 |
| **6/25** | $17174709 | $17157066 | $10985277 |
| **7/25** | $17679544 | $17534909 | $11172379 |
| **8/25** | $18009233 | $17940700 | $11833190 |
| **9/25** | $19307381 | $18559858 | $12324792 |
| **10/25** | $19657675 | $18957634 | $12723547 |
| **11/25** | $17782572 | $19009698 | $12636520 |
| **12/25** | $16700782 | $19005828 | $12474669 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 1.12% | (4.48)% | 12.82% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $311872658 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid | $2637177 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.7% |
| Consumer Staples | 5.8% |
| Real Estate | 5.9% |
| Financials | 6.0% |
| Short-Term Investments | 6.0% |
| Industrials | 6.7% |
| Consumer Discretionary | 11.6% |
| Information Technology | 26.3% |
| Health Care | 29.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| Roivant Sciences Ltd. | 8.4% |
| Oddity Tech Ltd. | 4.8% |
| IonQ, Inc. | 4.5% |
| Landbridge Co. LLC | 3.4% |
| Arbutus Biopharma Corp. | 3.2% |
| BitMine Immersion Technologies, Inc. | 3.1% |
| X4 Pharmaceuticals, Inc. | 3.0% |
| iShares Bitcoin Trust ETF | 2.8% |
| Immunovant, Inc. | 2.8% |
| Total | 48.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MFLLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class A MFAPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $140 | 1.30% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in industrials

↓ An average overweight in consumer discretionary, where exposure to a global lifestyle and entertainment brand was the largest detractor across the portfolio

↑ Allocation to health care, driven by an Italian company that is a leader in the eyewear market

↑ Stock selection in consumer staples, where the world's leading beauty company was the top contributor

↑ An average overweight in information technology, led by a Taiwanese semiconductor foundry service provider

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

![Growth of 10K Chart](tm262201d1_tsrimg121.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World ex USA Net Index** |
| **12/15** | $9478 | $10000 |
| **1/16** | $9109 | $9320 |
| **2/16** | $8868 | $9213 |
| **3/16** | $9350 | $9962 |
| **4/16** | $9406 | $10225 |
| **5/16** | $9486 | $10052 |
| **6/16** | $9470 | $9898 |
| **7/16** | $10048 | $10388 |
| **8/16** | $9888 | $10453 |
| **9/16** | $10112 | $10582 |
| **10/16** | $10000 | $10430 |
| **11/16** | $9687 | $10189 |
| **12/16** | $9680 | $10450 |
| **1/17** | $10186 | $10820 |
| **2/17** | $10537 | $10992 |
| **3/17** | $11092 | $11271 |
| **4/17** | $11606 | $11512 |
| **5/17** | $12276 | $11886 |
| **6/17** | $12300 | $11923 |
| **7/17** | $12895 | $12362 |
| **8/17** | $13254 | $12427 |
| **9/17** | $13385 | $12657 |
| **10/17** | $13483 | $12896 |
| **11/17** | $13589 | $13000 |
| **12/17** | $13957 | $13291 |
| **1/18** | $14707 | $14031 |
| **2/18** | $14223 | $13370 |
| **3/18** | $14648 | $13134 |
| **4/18** | $14856 | $13343 |
| **5/18** | $15406 | $13035 |
| **6/18** | $15156 | $12790 |
| **7/18** | $15123 | $13096 |
| **8/18** | $15231 | $12822 |
| **9/18** | $15123 | $12881 |
| **10/18** | $13697 | $11833 |
| **11/18** | $13831 | $11945 |
| **12/18** | $13192 | $11404 |
| **1/19** | $14184 | $12266 |
| **2/19** | $14718 | $12506 |
| **3/19** | $15286 | $12580 |
| **4/19** | $15727 | $12912 |
| **5/19** | $15227 | $12219 |
| **6/19** | $15914 | $12955 |
| **7/19** | $15600 | $12798 |
| **8/19** | $15693 | $12403 |
| **9/19** | $15803 | $12722 |
| **10/19** | $16287 | $13166 |
| **11/19** | $16889 | $13282 |
| **12/19** | $17113 | $13857 |
| **1/20** | $16849 | $13485 |
| **2/20** | $16043 | $12419 |
| **3/20** | $14693 | $10621 |
| **4/20** | $15814 | $11426 |
| **5/20** | $16544 | $11800 |
| **6/20** | $17528 | $12333 |
| **7/20** | $18505 | $12883 |
| **8/20** | $19651 | $13434 |
| **9/20** | $20016 | $13104 |
| **10/20** | $19676 | $12822 |
| **11/20** | $21212 | $14547 |
| **12/20** | $22572 | $15334 |
| **1/21** | $22224 | $15367 |
| **2/21** | $23064 | $15671 |
| **3/21** | $22776 | $15869 |
| **4/21** | $24160 | $16336 |
| **5/21** | $24882 | $16847 |
| **6/21** | $24746 | $16738 |
| **7/21** | $25315 | $16462 |
| **8/21** | $25816 | $16775 |
| **9/21** | $24398 | $16238 |
| **10/21** | $25739 | $16626 |
| **11/21** | $25459 | $15877 |
| **12/21** | $25476 | $16533 |
| **1/22** | $22533 | $15924 |
| **2/22** | $20860 | $15609 |
| **3/22** | $20568 | $15634 |
| **4/22** | $18406 | $14652 |
| **5/22** | $17959 | $14757 |
| **6/22** | $16295 | $13488 |
| **7/22** | $17891 | $13949 |
| **8/22** | $16406 | $13501 |
| **9/22** | $14287 | $12152 |
| **10/22** | $14836 | $12515 |
| **11/22** | $17342 | $13992 |
| **12/22** | $16646 | $13887 |
| **1/23** | $18891 | $15014 |
| **2/23** | $18253 | $14487 |
| **3/23** | $19591 | $14841 |
| **4/23** | $19636 | $15099 |
| **5/23** | $19268 | $14550 |
| **6/23** | $20193 | $15203 |
| **7/23** | $20184 | $15821 |
| **8/23** | $18837 | $15106 |
| **9/23** | $17266 | $14629 |
| **10/23** | $16368 | $14025 |
| **11/23** | $18298 | $15288 |
| **12/23** | $19654 | $16056 |
| **1/24** | $19771 | $15897 |
| **2/24** | $20785 | $16299 |
| **3/24** | $20911 | $16808 |
| **4/24** | $19483 | $16507 |
| **5/24** | $20274 | $16986 |
| **6/24** | $20130 | $16970 |
| **7/24** | $20327 | $17363 |
| **8/24** | $21315 | $17857 |
| **9/24** | $22078 | $18338 |
| **10/24** | $20992 | $17438 |
| **11/24** | $21261 | $17280 |
| **12/24** | $20956 | $16945 |
| **1/25** | $22545 | $17627 |
| **2/25** | $22653 | $17872 |
| **3/25** | $21351 | $17831 |
| **4/25** | $22464 | $18475 |
| **5/25** | $23829 | $19322 |
| **6/25** | $24493 | $19977 |
| **7/25** | $23003 | $19920 |
| **8/25** | $23596 | $20611 |
| **9/25** | $23928 | $21354 |
| **10/25** | $24413 | $21785 |
| **11/25** | $24107 | $21780 |
| **12/25** | $24179 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 15.38% | 1.39% | 9.82% |
| Class A, with 5.25% maximum front end sales charge | 9.34% | 0.30% | 9.23% |
| MSCI All Country World ex USA Net Index | 32.39% | 7.91% | 8.41% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2680834213 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $20906070 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg127.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 13.5% |
| Switzerland | 5.6% |
| Italy | 5.7% |
| Sweden | 6.1% |
| Netherlands | 6.5% |
| Taiwan | 7.2% |
| Japan | 7.5% |
| United States | 7.9% |
| India | 8.2% |
| Denmark | 8.5% |
| France | 23.3% |

---

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

---

| | |
|:---|:---|
| DSV AS | 8.5% |
| Hermes International SCA | 7.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.2% |
| Spotify Technology SA | 6.1% |
| Moncler SpA | 5.7% |
| ASML Holding NV | 5.0% |
| Schneider Electric SE | 5.0% |
| Keyence Corp. | 4.5% |
| L'Oreal SA | 4.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.7% |
| Total | 57.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MFAPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class C MSIAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $220 | 2.05% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in industrials

↓ An average overweight in consumer discretionary, where exposure to a global lifestyle and entertainment brand was the largest detractor across the portfolio

↑ Allocation to health care, driven by an Italian company that is a leader in the eyewear market

↑ Stock selection in consumer staples, where the world's leading beauty company was the top contributor

↑ An average overweight in information technology, led by a Taiwanese semiconductor foundry service provider

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

![Growth of 10K Chart](tm262201d1_tsrimg122.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World ex USA Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9606 | $9320 |
| **2/16** | $9349 | $9213 |
| **3/16** | $9846 | $9962 |
| **4/16** | $9906 | $10225 |
| **5/16** | $9983 | $10052 |
| **6/16** | $9949 | $9898 |
| **7/16** | $10557 | $10388 |
| **8/16** | $10386 | $10453 |
| **9/16** | $10617 | $10582 |
| **10/16** | $10488 | $10430 |
| **11/16** | $10154 | $10189 |
| **12/16** | $10138 | $10450 |
| **1/17** | $10661 | $10820 |
| **2/17** | $11027 | $10992 |
| **3/17** | $11603 | $11271 |
| **4/17** | $12126 | $11512 |
| **5/17** | $12814 | $11886 |
| **6/17** | $12832 | $11923 |
| **7/17** | $13450 | $12362 |
| **8/17** | $13816 | $12427 |
| **9/17** | $13938 | $12657 |
| **10/17** | $14034 | $12896 |
| **11/17** | $14139 | $13000 |
| **12/17** | $14514 | $13291 |
| **1/18** | $15271 | $14031 |
| **2/18** | $14772 | $13370 |
| **3/18** | $15200 | $13134 |
| **4/18** | $15404 | $13343 |
| **5/18** | $15965 | $13035 |
| **6/18** | $15698 | $12790 |
| **7/18** | $15653 | $13096 |
| **8/18** | $15760 | $12822 |
| **9/18** | $15627 | $12881 |
| **10/18** | $14148 | $11833 |
| **11/18** | $14281 | $11945 |
| **12/18** | $13617 | $11404 |
| **1/19** | $14632 | $12266 |
| **2/19** | $15176 | $12506 |
| **3/19** | $15747 | $12580 |
| **4/19** | $16192 | $12912 |
| **5/19** | $15666 | $12219 |
| **6/19** | $16364 | $12955 |
| **7/19** | $16028 | $12798 |
| **8/19** | $16119 | $12403 |
| **9/19** | $16219 | $12722 |
| **10/19** | $16708 | $13166 |
| **11/19** | $17316 | $13282 |
| **12/19** | $17528 | $13857 |
| **1/20** | $17255 | $13485 |
| **2/20** | $16420 | $12419 |
| **3/20** | $15032 | $10621 |
| **4/20** | $16166 | $11426 |
| **5/20** | $16901 | $11800 |
| **6/20** | $17900 | $12333 |
| **7/20** | $18880 | $12883 |
| **8/20** | $20042 | $13434 |
| **9/20** | $20396 | $13104 |
| **10/20** | $20042 | $12822 |
| **11/20** | $21594 | $14547 |
| **12/20** | $22966 | $15334 |
| **1/21** | $22594 | $15367 |
| **2/21** | $23439 | $15671 |
| **3/21** | $23130 | $15869 |
| **4/21** | $24519 | $16336 |
| **5/21** | $25246 | $16847 |
| **6/21** | $25091 | $16738 |
| **7/21** | $25645 | $16462 |
| **8/21** | $26145 | $16775 |
| **9/21** | $24683 | $16238 |
| **10/21** | $26036 | $16626 |
| **11/21** | $25736 | $15877 |
| **12/21** | $25736 | $16533 |
| **1/22** | $22752 | $15924 |
| **2/22** | $21044 | $15609 |
| **3/22** | $20741 | $15634 |
| **4/22** | $18556 | $14652 |
| **5/22** | $18088 | $14757 |
| **6/22** | $16398 | $13488 |
| **7/22** | $17996 | $13949 |
| **8/22** | $16499 | $13501 |
| **9/22** | $14360 | $12152 |
| **10/22** | $14902 | $12515 |
| **11/22** | $17408 | $13992 |
| **12/22** | $16701 | $13887 |
| **1/23** | $18937 | $15014 |
| **2/23** | $18291 | $14487 |
| **3/23** | $19611 | $14841 |
| **4/23** | $19650 | $15099 |
| **5/23** | $19264 | $14550 |
| **6/23** | $20180 | $15203 |
| **7/23** | $20161 | $15821 |
| **8/23** | $18812 | $15106 |
| **9/23** | $17221 | $14629 |
| **10/23** | $16316 | $14025 |
| **11/23** | $18233 | $15288 |
| **12/23** | $19573 | $16056 |
| **1/24** | $19689 | $15897 |
| **2/24** | $20699 | $16299 |
| **3/24** | $20825 | $16808 |
| **4/24** | $19403 | $16507 |
| **5/24** | $20190 | $16986 |
| **6/24** | $20047 | $16970 |
| **7/24** | $20243 | $17363 |
| **8/24** | $21227 | $17857 |
| **9/24** | $21987 | $18338 |
| **10/24** | $20905 | $17438 |
| **11/24** | $21173 | $17280 |
| **12/24** | $20869 | $16945 |
| **1/25** | $22452 | $17627 |
| **2/25** | $22559 | $17872 |
| **3/25** | $21263 | $17831 |
| **4/25** | $22372 | $18475 |
| **5/25** | $23731 | $19322 |
| **6/25** | $24392 | $19977 |
| **7/25** | $22908 | $19920 |
| **8/25** | $23498 | $20611 |
| **9/25** | $23829 | $21354 |
| **10/25** | $24312 | $21785 |
| **11/25** | $24008 | $21780 |
| **12/25** | $24079 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 14.56% | 0.66% | 9.19% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 13.56% | 0.66% | 9.19% |
| MSCI All Country World ex USA Index | 32.39% | 7.91% | 8.41% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2680834213 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $20906070 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg127.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 13.5% |
| Switzerland | 5.6% |
| Italy | 5.7% |
| Sweden | 6.1% |
| Netherlands | 6.5% |
| Taiwan | 7.2% |
| Japan | 7.5% |
| United States | 7.9% |
| India | 8.2% |
| Denmark | 8.5% |
| France | 23.3% |

---

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

---

| | |
|:---|:---|
| DSV AS | 8.5% |
| Hermes International SCA | 7.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.2% |
| Spotify Technology SA | 6.1% |
| Moncler SpA | 5.7% |
| ASML Holding NV | 5.0% |
| Schneider Electric SE | 5.0% |
| Keyence Corp. | 4.5% |
| L'Oreal SA | 4.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.7% |
| Total | 57.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSIAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class I MFAIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $108 | 1.00% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in industrials

↓ An average overweight in consumer discretionary, where exposure to a global lifestyle and entertainment brand was the largest detractor across the portfolio

↑ Allocation to health care, driven by an Italian company that is a leader in the eyewear market

↑ Stock selection in consumer staples, where the world's leading beauty company was the top contributor

↑ An average overweight in information technology, led by a Taiwanese semiconductor foundry service provider

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

![Growth of 10K Chart](tm262201d1_tsrimg044.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World ex USA Net Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $961929 | $931977 |
| **2/16** | $935702 | $921324 |
| **3/16** | $987310 | $996237 |
| **4/16** | $994078 | $1022457 |
| **5/16** | $1002538 | $1005199 |
| **6/16** | $1000846 | $989820 |
| **7/16** | $1062606 | $1038770 |
| **8/16** | $1045685 | $1045339 |
| **9/16** | $1070220 | $1058230 |
| **10/16** | $1058376 | $1043015 |
| **11/16** | $1025381 | $1018889 |
| **12/16** | $1024656 | $1044951 |
| **1/17** | $1078857 | $1081968 |
| **2/17** | $1116712 | $1099222 |
| **3/17** | $1175214 | $1127089 |
| **4/17** | $1229415 | $1151217 |
| **5/17** | $1300823 | $1188574 |
| **6/17** | $1304264 | $1192264 |
| **7/17** | $1367800 | $1236208 |
| **8/17** | $1406560 | $1242677 |
| **9/17** | $1420342 | $1265746 |
| **10/17** | $1431539 | $1289559 |
| **11/17** | $1443598 | $1300034 |
| **12/17** | $1483205 | $1329091 |
| **1/18** | $1562239 | $1403116 |
| **2/18** | $1512184 | $1336955 |
| **3/18** | $1556970 | $1313376 |
| **4/18** | $1579802 | $1334344 |
| **5/18** | $1638638 | $1303535 |
| **6/18** | $1613172 | $1279034 |
| **7/18** | $1609621 | $1309624 |
| **8/18** | $1621922 | $1282213 |
| **9/18** | $1609621 | $1288055 |
| **10/18** | $1458499 | $1183287 |
| **11/18** | $1473436 | $1194487 |
| **12/18** | $1406156 | $1140422 |
| **1/19** | $1512466 | $1226590 |
| **2/19** | $1569642 | $1250556 |
| **3/19** | $1631284 | $1258005 |
| **4/19** | $1678632 | $1291238 |
| **5/19** | $1625030 | $1221937 |
| **6/19** | $1699179 | $1295515 |
| **7/19** | $1666125 | $1279834 |
| **8/19** | $1675952 | $1240308 |
| **9/19** | $1688459 | $1272226 |
| **10/19** | $1741168 | $1316617 |
| **11/19** | $1805490 | $1328223 |
| **12/19** | $1829331 | $1385742 |
| **1/20** | $1802495 | $1348516 |
| **2/20** | $1716619 | $1241923 |
| **3/20** | $1572598 | $1062101 |
| **4/20** | $1692467 | $1142588 |
| **5/20** | $1771186 | $1179981 |
| **6/20** | $1877636 | $1233305 |
| **7/20** | $1982297 | $1288291 |
| **8/20** | $2105743 | $1343438 |
| **9/20** | $2145103 | $1310413 |
| **10/20** | $2109322 | $1282241 |
| **11/20** | $2273917 | $1454722 |
| **12/20** | $2420756 | $1533351 |
| **1/21** | $2383169 | $1536683 |
| **2/21** | $2474451 | $1567104 |
| **3/21** | $2444024 | $1586918 |
| **4/21** | $2592580 | $1633631 |
| **5/21** | $2671333 | $1684731 |
| **6/21** | $2657014 | $1673815 |
| **7/21** | $2718764 | $1646231 |
| **8/21** | $2773354 | $1677523 |
| **9/21** | $2621217 | $1623808 |
| **10/21** | $2766194 | $1662569 |
| **11/21** | $2737557 | $1587706 |
| **12/21** | $2739330 | $1653321 |
| **1/22** | $2423810 | $1592396 |
| **2/22** | $2243900 | $1560875 |
| **3/22** | $2213162 | $1563363 |
| **4/22** | $1981720 | $1465195 |
| **5/22** | $1933805 | $1475712 |
| **6/22** | $1754799 | $1348761 |
| **7/22** | $1926572 | $1394934 |
| **8/22** | $1767456 | $1350069 |
| **9/22** | $1539630 | $1215156 |
| **10/22** | $1599299 | $1251467 |
| **11/22** | $1869616 | $1399199 |
| **12/22** | $1795463 | $1388737 |
| **1/23** | $2038323 | $1501375 |
| **2/23** | $1970284 | $1448674 |
| **3/23** | $2114866 | $1484088 |
| **4/23** | $2120536 | $1509871 |
| **5/23** | $2079902 | $1454975 |
| **6/23** | $2181015 | $1520258 |
| **7/23** | $2181015 | $1582067 |
| **8/23** | $2035488 | $1510612 |
| **9/23** | $1866336 | $1462900 |
| **10/23** | $1769003 | $1402543 |
| **11/23** | $1978789 | $1528792 |
| **12/23** | $2125417 | $1605601 |
| **1/24** | $2138653 | $1589653 |
| **2/24** | $2249273 | $1629898 |
| **3/24** | $2263455 | $1680849 |
| **4/24** | $2109344 | $1650665 |
| **5/24** | $2196327 | $1698582 |
| **6/24** | $2180254 | $1696967 |
| **7/24** | $2202945 | $1736259 |
| **8/24** | $2309783 | $1785707 |
| **9/24** | $2392985 | $1833791 |
| **10/24** | $2275746 | $1743817 |
| **11/24** | $2306001 | $1728032 |
| **12/24** | $2273048 | $1694456 |
| **1/25** | $2446296 | $1762731 |
| **2/25** | $2458603 | $1787197 |
| **3/25** | $2316597 | $1783142 |
| **4/25** | $2438722 | $1847518 |
| **5/25** | $2587355 | $1932158 |
| **6/25** | $2660252 | $1997703 |
| **7/25** | $2498365 | $1991989 |
| **8/25** | $2564634 | $2061104 |
| **9/25** | $2600609 | $2135367 |
| **10/25** | $2654572 | $2178524 |
| **11/25** | $2622384 | $2177968 |
| **12/25** | $2630904 | $2243240 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 15.74% | 1.68% | 10.16% |
| MSCI All Country World ex USA Net Index | 32.39% | 7.91% | 8.41% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2680834213 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $20906070 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg127.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 13.5% |
| Switzerland | 5.6% |
| Italy | 5.7% |
| Sweden | 6.1% |
| Netherlands | 6.5% |
| Taiwan | 7.2% |
| Japan | 7.5% |
| United States | 7.9% |
| India | 8.2% |
| Denmark | 8.5% |
| France | 23.3% |

---

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

---

| | |
|:---|:---|
| DSV AS | 8.5% |
| Hermes International SCA | 7.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.2% |
| Spotify Technology SA | 6.1% |
| Moncler SpA | 5.7% |
| ASML Holding NV | 5.0% |
| Schneider Electric SE | 5.0% |
| Keyence Corp. | 4.5% |
| L'Oreal SA | 4.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.7% |
| Total | 57.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MFAIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class L MSALX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $199 | 1.85% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in industrials

↓ An average overweight in consumer discretionary, where exposure to a global lifestyle and entertainment brand was the largest detractor across the portfolio

↑ Allocation to health care, driven by an Italian company that is a leader in the eyewear market

↑ Stock selection in consumer staples, where the world's leading beauty company was the top contributor

↑ An average overweight in information technology, led by a Taiwanese semiconductor foundry service provider

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

![Growth of 10K Chart](tm262201d1_tsrimg011.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI All Country World ex USA Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9607 | $9320 |
| **2/16** | $9351 | $9213 |
| **3/16** | $9846 | $9962 |
| **4/16** | $9906 | $10225 |
| **5/16** | $9991 | $10052 |
| **6/16** | $9966 | $9898 |
| **7/16** | $10572 | $10388 |
| **8/16** | $10401 | $10453 |
| **9/16** | $10632 | $10582 |
| **10/16** | $10512 | $10430 |
| **11/16** | $10171 | $10189 |
| **12/16** | $10164 | $10450 |
| **1/17** | $10693 | $10820 |
| **2/17** | $11058 | $10992 |
| **3/17** | $11632 | $11271 |
| **4/17** | $12161 | $11512 |
| **5/17** | $12856 | $11886 |
| **6/17** | $12874 | $11923 |
| **7/17** | $13498 | $12362 |
| **8/17** | $13872 | $12427 |
| **9/17** | $13994 | $12657 |
| **10/17** | $14098 | $12896 |
| **11/17** | $14202 | $13000 |
| **12/17** | $14576 | $13291 |
| **1/18** | $15348 | $14031 |
| **2/18** | $14842 | $13370 |
| **3/18** | $15277 | $13134 |
| **4/18** | $15490 | $13343 |
| **5/18** | $16058 | $13035 |
| **6/18** | $15791 | $12790 |
| **7/18** | $15747 | $13096 |
| **8/18** | $15853 | $12822 |
| **9/18** | $15729 | $12881 |
| **10/18** | $14238 | $11833 |
| **11/18** | $14371 | $11945 |
| **12/18** | $13709 | $11404 |
| **1/19** | $14738 | $12266 |
| **2/19** | $15280 | $12506 |
| **3/19** | $15867 | $12580 |
| **4/19** | $16319 | $12912 |
| **5/19** | $15786 | $12219 |
| **6/19** | $16490 | $12955 |
| **7/19** | $16165 | $12798 |
| **8/19** | $16246 | $12403 |
| **9/19** | $16355 | $12722 |
| **10/19** | $16852 | $13166 |
| **11/19** | $17466 | $13282 |
| **12/19** | $17686 | $13857 |
| **1/20** | $17406 | $13485 |
| **2/20** | $16565 | $12419 |
| **3/20** | $15163 | $10621 |
| **4/20** | $16312 | $11426 |
| **5/20** | $17062 | $11800 |
| **6/20** | $18066 | $12333 |
| **7/20** | $19060 | $12883 |
| **8/20** | $20236 | $13434 |
| **9/20** | $20607 | $13104 |
| **10/20** | $20245 | $12822 |
| **11/20** | $21809 | $14547 |
| **12/20** | $23194 | $15334 |
| **1/21** | $22823 | $15367 |
| **2/21** | $23673 | $15671 |
| **3/21** | $23366 | $15869 |
| **4/21** | $24777 | $16336 |
| **5/21** | $25510 | $16847 |
| **6/21** | $25356 | $16738 |
| **7/21** | $25917 | $16462 |
| **8/21** | $26423 | $16775 |
| **9/21** | $24958 | $16238 |
| **10/21** | $26315 | $16626 |
| **11/21** | $26025 | $15877 |
| **12/21** | $26025 | $16533 |
| **1/22** | $23007 | $15924 |
| **2/22** | $21288 | $15609 |
| **3/22** | $20977 | $15634 |
| **4/22** | $18774 | $14652 |
| **5/22** | $18307 | $14757 |
| **6/22** | $16597 | $13488 |
| **7/22** | $18216 | $13949 |
| **8/22** | $16698 | $13501 |
| **9/22** | $14530 | $12152 |
| **10/22** | $15088 | $12515 |
| **11/22** | $17630 | $13992 |
| **12/22** | $16917 | $13887 |
| **1/23** | $19180 | $15014 |
| **2/23** | $18538 | $14487 |
| **3/23** | $19880 | $14841 |
| **4/23** | $19919 | $15099 |
| **5/23** | $19526 | $14550 |
| **6/23** | $20456 | $15203 |
| **7/23** | $20437 | $15821 |
| **8/23** | $19065 | $15106 |
| **9/23** | $17464 | $14629 |
| **10/23** | $16543 | $14025 |
| **11/23** | $18490 | $15288 |
| **12/23** | $19852 | $16056 |
| **1/24** | $19957 | $15897 |
| **2/24** | $20974 | $16299 |
| **3/24** | $21098 | $16808 |
| **4/24** | $19641 | $16507 |
| **5/24** | $20437 | $16986 |
| **6/24** | $20274 | $16970 |
| **7/24** | $20465 | $17363 |
| **8/24** | $21444 | $17857 |
| **9/24** | $22201 | $18338 |
| **10/24** | $21108 | $17438 |
| **11/24** | $21367 | $17280 |
| **12/24** | $21041 | $16945 |
| **1/25** | $22633 | $17627 |
| **2/25** | $22729 | $17872 |
| **3/25** | $21405 | $17831 |
| **4/25** | $22518 | $18475 |
| **5/25** | $23870 | $19322 |
| **6/25** | $24532 | $19977 |
| **7/25** | $23016 | $19920 |
| **8/25** | $23611 | $20611 |
| **9/25** | $23927 | $21354 |
| **10/25** | $24397 | $21785 |
| **11/25** | $24091 | $21780 |
| **12/25** | $24148 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 14.77% | 0.81% | 9.22% |
| MSCI All Country World ex USA Net Index | 32.39% | 7.91% | 8.41% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2680834213 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $20906070 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg127.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 13.5% |
| Switzerland | 5.6% |
| Italy | 5.7% |
| Sweden | 6.1% |
| Netherlands | 6.5% |
| Taiwan | 7.2% |
| Japan | 7.5% |
| United States | 7.9% |
| India | 8.2% |
| Denmark | 8.5% |
| France | 23.3% |

---

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

---

| | |
|:---|:---|
| DSV AS | 8.5% |
| Hermes International SCA | 7.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.2% |
| Spotify Technology SA | 6.1% |
| Moncler SpA | 5.7% |
| ASML Holding NV | 5.0% |
| Schneider Electric SE | 5.0% |
| Keyence Corp. | 4.5% |
| L'Oreal SA | 4.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.7% |
| Total | 57.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSALX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio

# Class R6 IDVSX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $97 | 0.90% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in industrials

↓ An average overweight in consumer discretionary, where exposure to a global lifestyle and entertainment brand was the largest detractor across the portfolio

↑ Allocation to health care, driven by an Italian company that is a leader in the eyewear market

↑ Stock selection in consumer staples, where the world's leading beauty company was the top contributor

↑ An average overweight in information technology, led by a Taiwanese semiconductor foundry service provider

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

![Growth of 10K Chart](tm262201d1_tsrimg016.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World ex USA Net Index** |
| **6/18** | $5000000 | $5000000 |
| **6/18** | $4859788 | $4886213 |
| **7/18** | $4849092 | $5003075 |
| **8/18** | $4886148 | $4898360 |
| **9/18** | $4851739 | $4920675 |
| **10/18** | $4396475 | $4520439 |
| **11/18** | $4438825 | $4563225 |
| **12/18** | $4238831 | $4356683 |
| **1/19** | $4559098 | $4685865 |
| **2/19** | $4731342 | $4777423 |
| **3/19** | $4914352 | $4805878 |
| **4/19** | $5059684 | $4932838 |
| **5/19** | $4898204 | $4668088 |
| **6/19** | $5121584 | $4949176 |
| **7/19** | $5022005 | $4889271 |
| **8/19** | $5051610 | $4738270 |
| **9/19** | $5089288 | $4860204 |
| **10/19** | $5248076 | $5029789 |
| **11/19** | $5444542 | $5074127 |
| **12/19** | $5516587 | $5293864 |
| **1/20** | $5435699 | $5151653 |
| **2/20** | $5176856 | $4744440 |
| **3/20** | $4742755 | $4057478 |
| **4/20** | $5106753 | $4364957 |
| **5/20** | $5344025 | $4507810 |
| **6/20** | $5664882 | $4711518 |
| **7/20** | $5980347 | $4921577 |
| **8/20** | $6355130 | $5132254 |
| **9/20** | $6473766 | $5006091 |
| **10/20** | $6365915 | $4898467 |
| **11/20** | $6864727 | $5557384 |
| **12/20** | $7307323 | $5857764 |
| **1/21** | $7196728 | $5870495 |
| **2/21** | $7469168 | $5986709 |
| **3/21** | $7380153 | $6062403 |
| **4/21** | $7827925 | $6240860 |
| **5/21** | $8067996 | $6436073 |
| **6/21** | $8024837 | $6394373 |
| **7/21** | $8210960 | $6288993 |
| **8/21** | $8378200 | $6408536 |
| **9/21** | $7919638 | $6203332 |
| **10/21** | $8356621 | $6351407 |
| **11/21** | $8270303 | $6065416 |
| **12/21** | $8278366 | $6316078 |
| **1/22** | $7324637 | $6083330 |
| **2/22** | $6782374 | $5962915 |
| **3/22** | $6689727 | $5972419 |
| **4/22** | $5989417 | $5597393 |
| **5/22** | $5847720 | $5637572 |
| **6/22** | $5305457 | $5152587 |
| **7/22** | $5825921 | $5328978 |
| **8/22** | $5346331 | $5157585 |
| **9/22** | $4656922 | $4642187 |
| **10/22** | $4836768 | $4780901 |
| **11/22** | $5656974 | $5345275 |
| **12/22** | $5430753 | $5305306 |
| **1/23** | $6165485 | $5735610 |
| **2/23** | $5960443 | $5534280 |
| **3/23** | $6399004 | $5669569 |
| **4/23** | $6416091 | $5768066 |
| **5/23** | $6296483 | $5558350 |
| **6/23** | $6601198 | $5807749 |
| **7/23** | $6601198 | $6043871 |
| **8/23** | $6162637 | $5770896 |
| **9/23** | $5650033 | $5588627 |
| **10/23** | $5356710 | $5358046 |
| **11/23** | $5991769 | $5840350 |
| **12/23** | $6437751 | $6133780 |
| **1/24** | $6477684 | $6072853 |
| **2/24** | $6814261 | $6226600 |
| **3/24** | $6857046 | $6421243 |
| **4/24** | $6389261 | $6305935 |
| **5/24** | $6651677 | $6488988 |
| **6/24** | $6606039 | $6482817 |
| **7/24** | $6674496 | $6632924 |
| **8/24** | $6999663 | $6821825 |
| **9/24** | $7250670 | $7005520 |
| **10/24** | $6896979 | $6661795 |
| **11/24** | $6988254 | $6601494 |
| **12/24** | $6890668 | $6473226 |
| **1/25** | $7416760 | $6734054 |
| **2/25** | $7453930 | $6827519 |
| **3/25** | $7025050 | $6812028 |
| **4/25** | $7396746 | $7057959 |
| **5/25** | $7845640 | $7381302 |
| **6/25** | $8068658 | $7631701 |
| **7/25** | $7576875 | $7609871 |
| **8/25** | $7777019 | $7873909 |
| **9/25** | $7888528 | $8157610 |
| **10/25** | $8051502 | $8322482 |
| **11/25** | $7954290 | $8320356 |
| **12/25** | $7982882 | $8569711 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/15/18 (Inception)* |
| Class R6 | 15.85% | 1.78% | 6.40% |
| MSCI All Country World ex USA Net Index | 32.39% | 7.91% | 7.40% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2680834213 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $20906070 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg127.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 13.5% |
| Switzerland | 5.6% |
| Italy | 5.7% |
| Sweden | 6.1% |
| Netherlands | 6.5% |
| Taiwan | 7.2% |
| Japan | 7.5% |
| United States | 7.9% |
| India | 8.2% |
| Denmark | 8.5% |
| France | 23.3% |

---

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

---

| | |
|:---|:---|
| DSV AS | 8.5% |
| Hermes International SCA | 7.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.2% |
| Spotify Technology SA | 6.1% |
| Moncler SpA | 5.7% |
| ASML Holding NV | 5.0% |
| Schneider Electric SE | 5.0% |
| Keyence Corp. | 4.5% |
| L'Oreal SA | 4.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.7% |
| Total | 57.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## IDVSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class A MIQBX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $130 | 1.17% |

---

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

↓ Underperformance was driven primarily by negative stock selection, reflecting weakness in industrials and, to a lesser extent, financials, communication services and consumer discretionary

↓ An underweight to financials and overweight to information technology detracted

↑ Benefiting from the broader strength of the banks industry, a Finland-based bank was the largest absolute contributor to performance

↑ Underweight to materials

↑ Positive performances from a France-based aerospace company, a France-based electrical components maker, a Finland-based elevator and escalator company, and a U.K.-based specialized technical products and services provider

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

![Growth of 10K Chart](tm262201d1_tsrimg015.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI EAFE Index** |
| **12/15** | $9473 | $10000 |
| **1/16** | $9098 | $9277 |
| **2/16** | $8717 | $9107 |
| **3/16** | $9231 | $9699 |
| **4/16** | $9396 | $9980 |
| **5/16** | $9492 | $9890 |
| **6/16** | $9263 | $9558 |
| **7/16** | $9559 | $10042 |
| **8/16** | $9515 | $10049 |
| **9/16** | $9483 | $10173 |
| **10/16** | $9152 | $9965 |
| **11/16** | $8936 | $9766 |
| **12/16** | $9252 | $10100 |
| **1/17** | $9495 | $10393 |
| **2/17** | $9732 | $10542 |
| **3/17** | $10020 | $10832 |
| **4/17** | $10308 | $11107 |
| **5/17** | $10903 | $11515 |
| **6/17** | $10775 | $11495 |
| **7/17** | $10924 | $11826 |
| **8/17** | $10988 | $11822 |
| **9/17** | $11130 | $12116 |
| **10/17** | $11246 | $12300 |
| **11/17** | $11432 | $12429 |
| **12/17** | $11544 | $12628 |
| **1/18** | $11960 | $13262 |
| **2/18** | $11199 | $12663 |
| **3/18** | $11355 | $12435 |
| **4/18** | $11537 | $12719 |
| **5/18** | $11394 | $12433 |
| **6/18** | $11329 | $12281 |
| **7/18** | $11444 | $12584 |
| **8/18** | $11268 | $12341 |
| **9/18** | $11359 | $12448 |
| **10/18** | $10421 | $11457 |
| **11/18** | $10474 | $11442 |
| **12/18** | $9913 | $10887 |
| **1/19** | $10445 | $11602 |
| **2/19** | $10784 | $11898 |
| **3/19** | $11013 | $11973 |
| **4/19** | $11272 | $12310 |
| **5/19** | $10614 | $11719 |
| **6/19** | $11287 | $12414 |
| **7/19** | $10984 | $12256 |
| **8/19** | $10895 | $11939 |
| **9/19** | $11087 | $12281 |
| **10/19** | $11405 | $12722 |
| **11/19** | $11560 | $12866 |
| **12/19** | $11906 | $13284 |
| **1/20** | $11663 | $13006 |
| **2/20** | $10835 | $11831 |
| **3/20** | $9464 | $10252 |
| **4/20** | $10316 | $10914 |
| **5/20** | $10713 | $11389 |
| **6/20** | $11192 | $11777 |
| **7/20** | $11403 | $12051 |
| **8/20** | $11785 | $12671 |
| **9/20** | $11574 | $12342 |
| **10/20** | $10859 | $11849 |
| **11/20** | $12458 | $13686 |
| **12/20** | $13216 | $14322 |
| **1/21** | $12864 | $14169 |
| **2/21** | $12905 | $14487 |
| **3/21** | $13290 | $14820 |
| **4/21** | $13789 | $15266 |
| **5/21** | $14419 | $15764 |
| **6/21** | $14149 | $15587 |
| **7/21** | $13994 | $15704 |
| **8/21** | $14076 | $15981 |
| **9/21** | $13445 | $15517 |
| **10/21** | $13830 | $15899 |
| **11/21** | $13102 | $15159 |
| **12/21** | $13755 | $15935 |
| **1/22** | $13519 | $15165 |
| **2/22** | $13138 | $14897 |
| **3/22** | $12848 | $14993 |
| **4/22** | $12132 | $14023 |
| **5/22** | $12222 | $14128 |
| **6/22** | $11352 | $12817 |
| **7/22** | $11796 | $13456 |
| **8/22** | $10989 | $12817 |
| **9/22** | $9974 | $11618 |
| **10/22** | $10509 | $12242 |
| **11/22** | $11950 | $13621 |
| **12/22** | $11778 | $13632 |
| **1/23** | $12918 | $14736 |
| **2/23** | $12538 | $14429 |
| **3/23** | $13055 | $14786 |
| **4/23** | $13494 | $15204 |
| **5/23** | $12948 | $14560 |
| **6/23** | $13474 | $15223 |
| **7/23** | $13650 | $15715 |
| **8/23** | $13055 | $15113 |
| **9/23** | $12392 | $14597 |
| **10/23** | $11963 | $14005 |
| **11/23** | $13055 | $15305 |
| **12/23** | $13707 | $16118 |
| **1/24** | $13497 | $16211 |
| **2/24** | $13817 | $16508 |
| **3/24** | $14027 | $17051 |
| **4/24** | $13847 | $16614 |
| **5/24** | $14436 | $17258 |
| **6/24** | $14226 | $16979 |
| **7/24** | $14626 | $17477 |
| **8/24** | $15086 | $18046 |
| **9/24** | $15425 | $18212 |
| **10/24** | $14436 | $17222 |
| **11/24** | $14256 | $17124 |
| **12/24** | $14049 | $16735 |
| **1/25** | $14767 | $17614 |
| **2/25** | $15029 | $17956 |
| **3/25** | $14877 | $17883 |
| **4/25** | $15416 | $18702 |
| **5/25** | $16175 | $19558 |
| **6/25** | $16547 | $19989 |
| **7/25** | $16175 | $19708 |
| **8/25** | $16534 | $20549 |
| **9/25** | $16754 | $20942 |
| **10/25** | $16920 | $21188 |
| **11/25** | $16823 | $21320 |
| **12/25** | $17070 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 21.50% | 5.25% | 6.07% |
| Class A, with 5.25% maximum front end sales charge | 15.16% | 4.13% | 5.49% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $294329130 |
| # of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $3363182 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 8.2% |
| Sweden | 3.2% |
| Taiwan | 3.5% |
| Finland | 4.8% |
| Denmark | 4.8% |
| Italy | 6.5% |
| Netherlands | 7.7% |
| France | 10.3% |
| Japan | 10.8% |
| Germany | 12.1% |
| United Kingdom | 28.1% |

---

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

---

| | |
|:---|:---|
| SAP SE | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| ASML Holding NV | 3.3% |
| Keyence Corp. | 3.3% |
| L'Oreal SA | 3.0% |
| Safran SA | 2.9% |
| London Stock Exchange Group PLC | 2.9% |
| Haleon PLC | 2.9% |
| AstraZeneca PLC | 2.8% |
| DSV AS | 2.7% |
| Total | 31.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MIQBX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class C MSECX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $226 | 2.05% |

---

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

↓ Underperformance was driven primarily by negative stock selection, reflecting weakness in industrials and, to a lesser extent, financials, communication services and consumer discretionary

↓ An underweight to financials and overweight to information technology detracted

↑ Benefiting from the broader strength of the banks industry, a Finland-based bank was the largest absolute contributor to performance

↑ Underweight to materials

↑ Positive performances from a France-based aerospace company, a France-based electrical components maker, a Finland-based elevator and escalator company, and a U.K.-based specialized technical products and services provider

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

![Growth of 10K Chart](tm262201d1_tsrimg074.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI EAFE Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9594 | $9277 |
| **2/16** | $9188 | $9107 |
| **3/16** | $9729 | $9699 |
| **4/16** | $9898 | $9980 |
| **5/16** | $9993 | $9890 |
| **6/16** | $9743 | $9558 |
| **7/16** | $10045 | $10042 |
| **8/16** | $9991 | $10049 |
| **9/16** | $9957 | $10173 |
| **10/16** | $9604 | $9965 |
| **11/16** | $9367 | $9766 |
| **12/16** | $9699 | $10100 |
| **1/17** | $9943 | $10393 |
| **2/17** | $10180 | $10542 |
| **3/17** | $10485 | $10832 |
| **4/17** | $10777 | $11107 |
| **5/17** | $11387 | $11515 |
| **6/17** | $11251 | $11495 |
| **7/17** | $11395 | $11826 |
| **8/17** | $11457 | $11822 |
| **9/17** | $11600 | $12116 |
| **10/17** | $11709 | $12300 |
| **11/17** | $11900 | $12429 |
| **12/17** | $12005 | $12628 |
| **1/18** | $12431 | $13262 |
| **2/18** | $11635 | $12663 |
| **3/18** | $11793 | $12435 |
| **4/18** | $11971 | $12719 |
| **5/18** | $11813 | $12433 |
| **6/18** | $11738 | $12281 |
| **7/18** | $11845 | $12584 |
| **8/18** | $11660 | $12341 |
| **9/18** | $11742 | $12448 |
| **10/18** | $10767 | $11457 |
| **11/18** | $10815 | $11442 |
| **12/18** | $10227 | $10887 |
| **1/19** | $10766 | $11602 |
| **2/19** | $11110 | $11898 |
| **3/19** | $11345 | $11973 |
| **4/19** | $11603 | $12310 |
| **5/19** | $10923 | $11719 |
| **6/19** | $11603 | $12414 |
| **7/19** | $11290 | $12256 |
| **8/19** | $11188 | $11939 |
| **9/19** | $11368 | $12281 |
| **10/19** | $11697 | $12722 |
| **11/19** | $11837 | $12866 |
| **12/19** | $12188 | $13284 |
| **1/20** | $11932 | $13006 |
| **2/20** | $11077 | $11831 |
| **3/20** | $9667 | $10252 |
| **4/20** | $10530 | $10914 |
| **5/20** | $10923 | $11389 |
| **6/20** | $11411 | $11777 |
| **7/20** | $11616 | $12051 |
| **8/20** | $11992 | $12671 |
| **9/20** | $11778 | $12342 |
| **10/20** | $11043 | $11849 |
| **11/20** | $12667 | $13686 |
| **12/20** | $13428 | $14322 |
| **1/21** | $13059 | $14169 |
| **2/21** | $13093 | $14487 |
| **3/21** | $13471 | $14820 |
| **4/21** | $13969 | $15266 |
| **5/21** | $14595 | $15764 |
| **6/21** | $14303 | $15587 |
| **7/21** | $14132 | $15704 |
| **8/21** | $14200 | $15981 |
| **9/21** | $13557 | $15517 |
| **10/21** | $13934 | $15899 |
| **11/21** | $13187 | $15159 |
| **12/21** | $13833 | $15935 |
| **1/22** | $13587 | $15165 |
| **2/22** | $13190 | $14897 |
| **3/22** | $12897 | $14993 |
| **4/22** | $12169 | $14023 |
| **5/22** | $12254 | $14128 |
| **6/22** | $11365 | $12817 |
| **7/22** | $11810 | $13456 |
| **8/22** | $10996 | $12817 |
| **9/22** | $9975 | $11618 |
| **10/22** | $10495 | $12242 |
| **11/22** | $11923 | $13621 |
| **12/22** | $11742 | $13632 |
| **1/23** | $12883 | $14736 |
| **2/23** | $12489 | $14429 |
| **3/23** | $13004 | $14786 |
| **4/23** | $13428 | $15204 |
| **5/23** | $12872 | $14560 |
| **6/23** | $13387 | $15223 |
| **7/23** | $13559 | $15715 |
| **8/23** | $12953 | $15113 |
| **9/23** | $12287 | $14597 |
| **10/23** | $11853 | $14005 |
| **11/23** | $12933 | $15305 |
| **12/23** | $13569 | $16118 |
| **1/24** | $13361 | $16211 |
| **2/24** | $13678 | $16508 |
| **3/24** | $13885 | $17051 |
| **4/24** | $13707 | $16614 |
| **5/24** | $14291 | $17258 |
| **6/24** | $14083 | $16979 |
| **7/24** | $14479 | $17477 |
| **8/24** | $14934 | $18046 |
| **9/24** | $15270 | $18212 |
| **10/24** | $14291 | $17222 |
| **11/24** | $14113 | $17124 |
| **12/24** | $13908 | $16735 |
| **1/25** | $14618 | $17614 |
| **2/25** | $14878 | $17956 |
| **3/25** | $14727 | $17883 |
| **4/25** | $15260 | $18702 |
| **5/25** | $16012 | $19558 |
| **6/25** | $16381 | $19989 |
| **7/25** | $16012 | $19708 |
| **8/25** | $16367 | $20549 |
| **9/25** | $16585 | $20942 |
| **10/25** | $16749 | $21188 |
| **11/25** | $16654 | $21320 |
| **12/25** | $16898 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 20.50% | 4.37% | 5.39% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 19.87% | 4.37% | 5.39% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $294329130 |
| # of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $3363182 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 8.2% |
| Sweden | 3.2% |
| Taiwan | 3.5% |
| Finland | 4.8% |
| Denmark | 4.8% |
| Italy | 6.5% |
| Netherlands | 7.7% |
| France | 10.3% |
| Japan | 10.8% |
| Germany | 12.1% |
| United Kingdom | 28.1% |

---

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

---

| | |
|:---|:---|
| SAP SE | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| ASML Holding NV | 3.3% |
| Keyence Corp. | 3.3% |
| L'Oreal SA | 3.0% |
| Safran SA | 2.9% |
| London Stock Exchange Group PLC | 2.9% |
| Haleon PLC | 2.9% |
| AstraZeneca PLC | 2.8% |
| DSV AS | 2.7% |
| Total | 31.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSECX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class I MSIQX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $105 | 0.95% |

---

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

↓ Underperformance was driven primarily by negative stock selection, reflecting weakness in industrials and, to a lesser extent, financials, communication services and consumer discretionary

↓ An underweight to financials and overweight to information technology detracted

↑ Benefiting from the broader strength of the banks industry, a Finland-based bank was the largest absolute contributor to performance

↑ Underweight to materials

↑ Positive performances from a France-based aerospace company, a France-based electrical components maker, a Finland-based elevator and escalator company, and a U.K.-based specialized technical products and services provider

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

![Growth of 10K Chart](tm262201d1_tsrimg082.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI EAFE Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $960265 | $927686 |
| **2/16** | $920530 | $910690 |
| **3/16** | $974834 | $969946 |
| **4/16** | $993377 | $998027 |
| **5/16** | $1003311 | $988961 |
| **6/16** | $979470 | $955764 |
| **7/16** | $1011004 | $1004203 |
| **8/16** | $1006364 | $1004916 |
| **9/16** | $1003712 | $1017261 |
| **10/16** | $968575 | $996453 |
| **11/16** | $946035 | $976607 |
| **12/16** | $980026 | $1010002 |
| **1/17** | $1006134 | $1039300 |
| **2/17** | $1030902 | $1054161 |
| **3/17** | $1062365 | $1083181 |
| **4/17** | $1093158 | $1110742 |
| **5/17** | $1156752 | $1151511 |
| **6/17** | $1143364 | $1149474 |
| **7/17** | $1158935 | $1182632 |
| **8/17** | $1166347 | $1182186 |
| **9/17** | $1181844 | $1211600 |
| **10/17** | $1194646 | $1229998 |
| **11/17** | $1214860 | $1242899 |
| **12/17** | $1226653 | $1262849 |
| **1/18** | $1271705 | $1326193 |
| **2/18** | $1191157 | $1266334 |
| **3/18** | $1208222 | $1243510 |
| **4/18** | $1228018 | $1271903 |
| **5/18** | $1213000 | $1243313 |
| **6/18** | $1206174 | $1228123 |
| **7/18** | $1218905 | $1258354 |
| **8/18** | $1200447 | $1234052 |
| **9/18** | $1210018 | $1244762 |
| **10/18** | $1110892 | $1145689 |
| **11/18** | $1116361 | $1144245 |
| **12/18** | $1057350 | $1088699 |
| **1/19** | $1113784 | $1160248 |
| **2/19** | $1150623 | $1189825 |
| **3/19** | $1175705 | $1197327 |
| **4/19** | $1203138 | $1230991 |
| **5/19** | $1133379 | $1171871 |
| **6/19** | $1205489 | $1241393 |
| **7/19** | $1174137 | $1225631 |
| **8/19** | $1164731 | $1193880 |
| **9/19** | $1185110 | $1228092 |
| **10/19** | $1219598 | $1272216 |
| **11/19** | $1236057 | $1286558 |
| **12/19** | $1272760 | $1328371 |
| **1/20** | $1247719 | $1300624 |
| **2/20** | $1159645 | $1183051 |
| **3/20** | $1012854 | $1025151 |
| **4/20** | $1103519 | $1091378 |
| **5/20** | $1146693 | $1138902 |
| **6/20** | $1198501 | $1177681 |
| **7/20** | $1221815 | $1205132 |
| **8/20** | $1262398 | $1267089 |
| **9/20** | $1240811 | $1234166 |
| **10/20** | $1164826 | $1184887 |
| **11/20** | $1336657 | $1368560 |
| **12/20** | $1418101 | $1432193 |
| **1/21** | $1380460 | $1416934 |
| **2/21** | $1385712 | $1448715 |
| **3/21** | $1426854 | $1482026 |
| **4/21** | $1481127 | $1526619 |
| **5/21** | $1549406 | $1576404 |
| **6/21** | $1519644 | $1558663 |
| **7/21** | $1503011 | $1570399 |
| **8/21** | $1511765 | $1598100 |
| **9/21** | $1444362 | $1551721 |
| **10/21** | $1485504 | $1589887 |
| **11/21** | $1407596 | $1515887 |
| **12/21** | $1477472 | $1593506 |
| **1/22** | $1452232 | $1516502 |
| **2/22** | $1411461 | $1489688 |
| **3/22** | $1381368 | $1499263 |
| **4/22** | $1304679 | $1402268 |
| **5/22** | $1314387 | $1412781 |
| **6/22** | $1221195 | $1281692 |
| **7/22** | $1269732 | $1345559 |
| **8/22** | $1183336 | $1281652 |
| **9/22** | $1073642 | $1161758 |
| **10/22** | $1130916 | $1224231 |
| **11/22** | $1286235 | $1362123 |
| **12/22** | $1267961 | $1363217 |
| **1/23** | $1392250 | $1473607 |
| **2/23** | $1351517 | $1442858 |
| **3/23** | $1407917 | $1478618 |
| **4/23** | $1454917 | $1520363 |
| **5/23** | $1396428 | $1456024 |
| **6/23** | $1453873 | $1522287 |
| **7/23** | $1473717 | $1571543 |
| **8/23** | $1410006 | $1511334 |
| **9/23** | $1337939 | $1459710 |
| **10/23** | $1291983 | $1400531 |
| **11/23** | $1411050 | $1530525 |
| **12/23** | $1482310 | $1611840 |
| **1/24** | $1460479 | $1621116 |
| **2/24** | $1494317 | $1650790 |
| **3/24** | $1518331 | $1705084 |
| **4/24** | $1498683 | $1661418 |
| **5/24** | $1563084 | $1725774 |
| **6/24** | $1541253 | $1697913 |
| **7/24** | $1584915 | $1747724 |
| **8/24** | $1635126 | $1804553 |
| **9/24** | $1672238 | $1821217 |
| **10/24** | $1566359 | $1722177 |
| **11/24** | $1546711 | $1712407 |
| **12/24** | $1523968 | $1673463 |
| **1/25** | $1602977 | $1761407 |
| **2/25** | $1631846 | $1795566 |
| **3/25** | $1616652 | $1788322 |
| **4/25** | $1674390 | $1870237 |
| **5/25** | $1757957 | $1955805 |
| **6/25** | $1797462 | $1998899 |
| **7/25** | $1759476 | $1970841 |
| **8/25** | $1797462 | $2054863 |
| **9/25** | $1823292 | $2094190 |
| **10/25** | $1841525 | $2118825 |
| **11/25** | $1830889 | $2131981 |
| **12/25** | $1855913 | $2195939 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 21.78% | 5.53% | 6.38% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $294329130 |
| # of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $3363182 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 8.2% |
| Sweden | 3.2% |
| Taiwan | 3.5% |
| Finland | 4.8% |
| Denmark | 4.8% |
| Italy | 6.5% |
| Netherlands | 7.7% |
| France | 10.3% |
| Japan | 10.8% |
| Germany | 12.1% |
| United Kingdom | 28.1% |

---

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

---

| | |
|:---|:---|
| SAP SE | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| ASML Holding NV | 3.3% |
| Keyence Corp. | 3.3% |
| L'Oreal SA | 3.0% |
| Safran SA | 2.9% |
| London Stock Exchange Group PLC | 2.9% |
| Haleon PLC | 2.9% |
| AstraZeneca PLC | 2.8% |
| DSV AS | 2.7% |
| Total | 31.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSIQX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class L MSQLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $199 | 1.80% |

---

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

↓ Underperformance was driven primarily by negative stock selection, reflecting weakness in industrials and, to a lesser extent, financials, communication services and consumer discretionary

↓ An underweight to financials and overweight to information technology detracted

↑ Benefiting from the broader strength of the banks industry, a Finland-based bank was the largest absolute contributor to performance

↑ Underweight to materials

↑ Positive performances from a France-based aerospace company, a France-based electrical components maker, a Finland-based elevator and escalator company, and a U.K.-based specialized technical products and services provider

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

![Growth of 10K Chart](tm262201d1_tsrimg088.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI EAFE Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9597 | $9277 |
| **2/16** | $9186 | $9107 |
| **3/16** | $9731 | $9699 |
| **4/16** | $9906 | $9980 |
| **5/16** | $9993 | $9890 |
| **6/16** | $9751 | $9558 |
| **7/16** | $10058 | $10042 |
| **8/16** | $10004 | $10049 |
| **9/16** | $9970 | $10173 |
| **10/16** | $9620 | $9965 |
| **11/16** | $9385 | $9766 |
| **12/16** | $9718 | $10100 |
| **1/17** | $9967 | $10393 |
| **2/17** | $10210 | $10542 |
| **3/17** | $10513 | $10832 |
| **4/17** | $10809 | $11107 |
| **5/17** | $11422 | $11515 |
| **6/17** | $11287 | $11495 |
| **7/17** | $11430 | $11826 |
| **8/17** | $11498 | $11822 |
| **9/17** | $11640 | $12116 |
| **10/17** | $11762 | $12300 |
| **11/17** | $11952 | $12429 |
| **12/17** | $12056 | $12628 |
| **1/18** | $12492 | $13262 |
| **2/18** | $11695 | $12663 |
| **3/18** | $11851 | $12435 |
| **4/18** | $12035 | $12719 |
| **5/18** | $11879 | $12433 |
| **6/18** | $11804 | $12281 |
| **7/18** | $11917 | $12584 |
| **8/18** | $11733 | $12341 |
| **9/18** | $11822 | $12448 |
| **10/18** | $10846 | $11457 |
| **11/18** | $10894 | $11442 |
| **12/18** | $10309 | $10887 |
| **1/19** | $10860 | $11602 |
| **2/19** | $11202 | $11898 |
| **3/19** | $11442 | $11973 |
| **4/19** | $11706 | $12310 |
| **5/19** | $11023 | $11719 |
| **6/19** | $11706 | $12414 |
| **7/19** | $11396 | $12256 |
| **8/19** | $11295 | $11939 |
| **9/19** | $11481 | $12281 |
| **10/19** | $11815 | $12722 |
| **11/19** | $11963 | $12866 |
| **12/19** | $12317 | $13284 |
| **1/20** | $12062 | $13006 |
| **2/20** | $11196 | $11831 |
| **3/20** | $9777 | $10252 |
| **4/20** | $10644 | $10914 |
| **5/20** | $11051 | $11389 |
| **6/20** | $11544 | $11777 |
| **7/20** | $11756 | $12051 |
| **8/20** | $12139 | $12671 |
| **9/20** | $11926 | $12342 |
| **10/20** | $11187 | $11849 |
| **11/20** | $12827 | $13686 |
| **12/20** | $13597 | $14322 |
| **1/21** | $13230 | $14169 |
| **2/21** | $13273 | $14487 |
| **3/21** | $13657 | $14820 |
| **4/21** | $14161 | $15266 |
| **5/21** | $14802 | $15764 |
| **6/21** | $14512 | $15587 |
| **7/21** | $14341 | $15704 |
| **8/21** | $14418 | $15981 |
| **9/21** | $13760 | $15517 |
| **10/21** | $14153 | $15899 |
| **11/21** | $13392 | $15159 |
| **12/21** | $14052 | $15935 |
| **1/22** | $13807 | $15165 |
| **2/22** | $13403 | $14897 |
| **3/22** | $13101 | $14993 |
| **4/22** | $12377 | $14023 |
| **5/22** | $12461 | $14128 |
| **6/22** | $11558 | $12817 |
| **7/22** | $12019 | $13456 |
| **8/22** | $11181 | $12817 |
| **9/22** | $10146 | $11618 |
| **10/22** | $10683 | $12242 |
| **11/22** | $12141 | $13621 |
| **12/22** | $11964 | $13632 |
| **1/23** | $13119 | $14736 |
| **2/23** | $12727 | $14429 |
| **3/23** | $13250 | $14786 |
| **4/23** | $13682 | $15204 |
| **5/23** | $13129 | $14560 |
| **6/23** | $13652 | $15223 |
| **7/23** | $13832 | $15715 |
| **8/23** | $13220 | $15113 |
| **9/23** | $12537 | $14597 |
| **10/23** | $12105 | $14005 |
| **11/23** | $13200 | $15305 |
| **12/23** | $13855 | $16118 |
| **1/24** | $13636 | $16211 |
| **2/24** | $13949 | $16508 |
| **3/24** | $14167 | $17051 |
| **4/24** | $13980 | $16614 |
| **5/24** | $14553 | $17258 |
| **6/24** | $14345 | $16979 |
| **7/24** | $14740 | $17477 |
| **8/24** | $15199 | $18046 |
| **9/24** | $15532 | $18212 |
| **10/24** | $14542 | $17222 |
| **11/24** | $14345 | $17124 |
| **12/24** | $14121 | $16735 |
| **1/25** | $14846 | $17614 |
| **2/25** | $15107 | $17956 |
| **3/25** | $14947 | $17883 |
| **4/25** | $15484 | $18702 |
| **5/25** | $16223 | $19558 |
| **6/25** | $16600 | $19989 |
| **7/25** | $16223 | $19708 |
| **8/25** | $16571 | $20549 |
| **9/25** | $16788 | $20942 |
| **10/25** | $16948 | $21188 |
| **11/25** | $16846 | $21320 |
| **12/25** | $17068 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 20.87% | 4.65% | 5.49% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $294329130 |
| # of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $3363182 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 8.2% |
| Sweden | 3.2% |
| Taiwan | 3.5% |
| Finland | 4.8% |
| Denmark | 4.8% |
| Italy | 6.5% |
| Netherlands | 7.7% |
| France | 10.3% |
| Japan | 10.8% |
| Germany | 12.1% |
| United Kingdom | 28.1% |

---

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

---

| | |
|:---|:---|
| SAP SE | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| ASML Holding NV | 3.3% |
| Keyence Corp. | 3.3% |
| L'Oreal SA | 3.0% |
| Safran SA | 2.9% |
| London Stock Exchange Group PLC | 2.9% |
| Haleon PLC | 2.9% |
| AstraZeneca PLC | 2.8% |
| DSV AS | 2.7% |
| Total | 31.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSQLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio

# Class R6 MIQPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $101 | 0.91% |

---

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

↓ Underperformance was driven primarily by negative stock selection, reflecting weakness in industrials and, to a lesser extent, financials, communication services and consumer discretionary

↓ An underweight to financials and overweight to information technology detracted

↑ Benefiting from the broader strength of the banks industry, a Finland-based bank was the largest absolute contributor to performance

↑ Underweight to materials

↑ Positive performances from a France-based aerospace company, a France-based electrical components maker, a Finland-based elevator and escalator company, and a U.K.-based specialized technical products and services provider

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

![Growth of 10K Chart](tm262201d1_tsrimg027.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index** |
| **12/15** | $5000000 | $5000000 |
| **1/16** | $4801325 | $4638430 |
| **2/16** | $4602649 | $4553451 |
| **3/16** | $4874172 | $4849732 |
| **4/16** | $4966887 | $4990137 |
| **5/16** | $5016556 | $4944806 |
| **6/16** | $4897351 | $4778821 |
| **7/16** | $5055021 | $5021015 |
| **8/16** | $5031818 | $5024580 |
| **9/16** | $5018559 | $5086304 |
| **10/16** | $4846191 | $4982264 |
| **11/16** | $4733489 | $4883037 |
| **12/16** | $4902318 | $5050010 |
| **1/17** | $5032913 | $5196499 |
| **2/17** | $5156810 | $5270806 |
| **3/17** | $5314193 | $5415904 |
| **4/17** | $5468228 | $5553711 |
| **5/17** | $5786343 | $5757555 |
| **6/17** | $5719371 | $5747372 |
| **7/17** | $5797259 | $5913160 |
| **8/17** | $5834334 | $5910932 |
| **9/17** | $5915226 | $6057999 |
| **10/17** | $5979266 | $6149988 |
| **11/17** | $6077010 | $6214496 |
| **12/17** | $6138541 | $6314246 |
| **1/18** | $6363997 | $6630965 |
| **2/18** | $5960910 | $6331670 |
| **3/18** | $6046309 | $6217550 |
| **4/18** | $6145373 | $6359513 |
| **5/18** | $6070221 | $6216565 |
| **6/18** | $6036062 | $6140615 |
| **7/18** | $6099770 | $6291768 |
| **8/18** | $6007401 | $6170259 |
| **9/18** | $6058717 | $6223809 |
| **10/18** | $5559240 | $5728443 |
| **11/18** | $5590030 | $5721225 |
| **12/18** | $5293726 | $5443494 |
| **1/19** | $5576267 | $5801242 |
| **2/19** | $5760704 | $5949123 |
| **3/19** | $5886278 | $5986637 |
| **4/19** | $6023624 | $6154953 |
| **5/19** | $5678296 | $5859356 |
| **6/19** | $6035397 | $6206965 |
| **7/19** | $5878430 | $6128156 |
| **8/19** | $5831339 | $5969400 |
| **9/19** | $5933368 | $6140460 |
| **10/19** | $6106032 | $6361081 |
| **11/19** | $6188440 | $6432791 |
| **12/19** | $6374838 | $6641854 |
| **1/20** | $6249417 | $6503121 |
| **2/20** | $5808281 | $5915253 |
| **3/20** | $5073056 | $5125755 |
| **4/20** | $5531491 | $5456892 |
| **5/20** | $5743409 | $5694511 |
| **6/20** | $6002900 | $5888407 |
| **7/20** | $6119671 | $6025659 |
| **8/20** | $6322939 | $6335444 |
| **9/20** | $6214818 | $6170828 |
| **10/20** | $5834231 | $5924434 |
| **11/20** | $6694877 | $6842800 |
| **12/20** | $7101030 | $7160963 |
| **1/21** | $6916815 | $7084671 |
| **2/21** | $6938745 | $7243575 |
| **3/21** | $7144890 | $7410128 |
| **4/21** | $7416826 | $7633095 |
| **5/21** | $7758939 | $7882018 |
| **6/21** | $7609812 | $7793315 |
| **7/21** | $7526477 | $7851995 |
| **8/21** | $7574724 | $7990499 |
| **9/21** | $7232611 | $7758607 |
| **10/21** | $7443142 | $7949433 |
| **11/21** | $7048397 | $7579436 |
| **12/21** | $7401808 | $7967532 |
| **1/22** | $7280147 | $7582510 |
| **2/22** | $7070892 | $7448440 |
| **3/22** | $6920033 | $7496314 |
| **4/22** | $6540453 | $7011342 |
| **5/22** | $6589117 | $7063905 |
| **6/22** | $6117076 | $6408462 |
| **7/22** | $6360396 | $6727795 |
| **8/22** | $5927286 | $6408261 |
| **9/22** | $5382248 | $5808788 |
| **10/22** | $5669366 | $6121153 |
| **11/22** | $6447992 | $6810614 |
| **12/22** | $6355256 | $6816087 |
| **1/23** | $6978732 | $7368034 |
| **2/23** | $6774399 | $7214289 |
| **3/23** | $7057321 | $7393088 |
| **4/23** | $7293089 | $7601816 |
| **5/23** | $6999689 | $7280122 |
| **6/23** | $7287850 | $7611437 |
| **7/23** | $7387396 | $7857716 |
| **8/23** | $7067800 | $7556668 |
| **9/23** | $6711528 | $7298550 |
| **10/23** | $6480999 | $7002653 |
| **11/23** | $7073039 | $7652625 |
| **12/23** | $7433220 | $8059201 |
| **1/24** | $7323667 | $8105581 |
| **2/24** | $7493475 | $8253949 |
| **3/24** | $7613984 | $8525418 |
| **4/24** | $7515386 | $8307092 |
| **5/24** | $7833091 | $8628868 |
| **6/24** | $7729015 | $8489565 |
| **7/24** | $7948123 | $8738619 |
| **8/24** | $8200096 | $9022766 |
| **9/24** | $8386338 | $9106085 |
| **10/24** | $7855002 | $8610887 |
| **11/24** | $7750926 | $8562034 |
| **12/24** | $7641975 | $8367317 |
| **1/25** | $8038961 | $8807034 |
| **2/25** | $8184013 | $8977831 |
| **3/25** | $8107670 | $8941611 |
| **4/25** | $8397775 | $9351184 |
| **5/25** | $8810029 | $9779027 |
| **6/25** | $9016156 | $9994497 |
| **7/25** | $8825298 | $9854205 |
| **8/25** | $9016156 | $10274313 |
| **9/25** | $9145940 | $10470948 |
| **10/25** | $9237552 | $10594125 |
| **11/25** | $9184112 | $10659905 |
| **12/25** | $9309593 | $10979693 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 21.82% | 5.57% | 6.41% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $294329130 |
| # of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $3363182 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 8.2% |
| Sweden | 3.2% |
| Taiwan | 3.5% |
| Finland | 4.8% |
| Denmark | 4.8% |
| Italy | 6.5% |
| Netherlands | 7.7% |
| France | 10.3% |
| Japan | 10.8% |
| Germany | 12.1% |
| United Kingdom | 28.1% |

---

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

---

| | |
|:---|:---|
| SAP SE | 3.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| ASML Holding NV | 3.3% |
| Keyence Corp. | 3.3% |
| L'Oreal SA | 3.0% |
| Safran SA | 2.9% |
| London Stock Exchange Group PLC | 2.9% |
| Haleon PLC | 2.9% |
| AstraZeneca PLC | 2.8% |
| DSV AS | 2.7% |
| Total | 31.0% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MIQPX -TSR-AR

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

# Class A MIOPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $140 | 1.32% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in consumer discretionary, where a Chinese consumer services super-app (an integrated app platform combining multiple services) was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where an Indian online travel agency was the second-largest detractor

↑ No exposure to health care

↑ Stock selection in utilities, led by a position in a Brazilian sanitation company

↑ Allocation to consumer staples, driven by the world's leading beauty company

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

![Growth of 10K Chart](tm262201d1_tsrimg032.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World ex USA Net Index** |
| **12/15** | $9474 | $10000 |
| **1/16** | $8985 | $9320 |
| **2/16** | $8573 | $9213 |
| **3/16** | $9138 | $9962 |
| **4/16** | $9233 | $10225 |
| **5/16** | $9321 | $10052 |
| **6/16** | $9245 | $9898 |
| **7/16** | $9810 | $10388 |
| **8/16** | $9753 | $10453 |
| **9/16** | $9968 | $10582 |
| **10/16** | $9797 | $10430 |
| **11/16** | $9480 | $10189 |
| **12/16** | $9379 | $10450 |
| **1/17** | $9880 | $10820 |
| **2/17** | $10273 | $10992 |
| **3/17** | $10907 | $11271 |
| **4/17** | $11433 | $11512 |
| **5/17** | $12099 | $11886 |
| **6/17** | $12181 | $11923 |
| **7/17** | $13084 | $12362 |
| **8/17** | $13364 | $12427 |
| **9/17** | $13599 | $12657 |
| **10/17** | $13808 | $12896 |
| **11/17** | $13707 | $13000 |
| **12/17** | $14350 | $13291 |
| **1/18** | $15369 | $14031 |
| **2/18** | $14892 | $13370 |
| **3/18** | $15002 | $13134 |
| **4/18** | $15131 | $13343 |
| **5/18** | $15937 | $13035 |
| **6/18** | $15556 | $12790 |
| **7/18** | $15263 | $13096 |
| **8/18** | $15108 | $12822 |
| **9/18** | $14817 | $12881 |
| **10/18** | $13040 | $11833 |
| **11/18** | $13215 | $11945 |
| **12/18** | $12576 | $11404 |
| **1/19** | $13836 | $12266 |
| **2/19** | $14560 | $12506 |
| **3/19** | $15381 | $12580 |
| **4/19** | $15736 | $12912 |
| **5/19** | $14812 | $12219 |
| **6/19** | $15704 | $12955 |
| **7/19** | $15491 | $12798 |
| **8/19** | $15290 | $12403 |
| **9/19** | $15174 | $12722 |
| **10/19** | $15820 | $13166 |
| **11/19** | $16473 | $13282 |
| **12/19** | $16951 | $13857 |
| **1/20** | $16376 | $13485 |
| **2/20** | $15859 | $12419 |
| **3/20** | $14399 | $10621 |
| **4/20** | $16111 | $11426 |
| **5/20** | $17371 | $11800 |
| **6/20** | $19284 | $12333 |
| **7/20** | $20835 | $12883 |
| **8/20** | $22360 | $13434 |
| **9/20** | $22425 | $13104 |
| **10/20** | $22419 | $12822 |
| **11/20** | $24545 | $14547 |
| **12/20** | $26284 | $15334 |
| **1/21** | $26725 | $15367 |
| **2/21** | $28098 | $15671 |
| **3/21** | $26297 | $15869 |
| **4/21** | $27379 | $16336 |
| **5/21** | $27250 | $16847 |
| **6/21** | $27684 | $16738 |
| **7/21** | $26349 | $16462 |
| **8/21** | $27198 | $16775 |
| **9/21** | $25209 | $16238 |
| **10/21** | $26641 | $16626 |
| **11/21** | $25474 | $15877 |
| **12/21** | $24838 | $16533 |
| **1/22** | $21412 | $15924 |
| **2/22** | $19571 | $15609 |
| **3/22** | $18279 | $15634 |
| **4/22** | $15688 | $14652 |
| **5/22** | $15145 | $14757 |
| **6/22** | $13542 | $13488 |
| **7/22** | $14966 | $13949 |
| **8/22** | $14151 | $13501 |
| **9/22** | $12475 | $12152 |
| **10/22** | $12767 | $12515 |
| **11/22** | $14675 | $13992 |
| **12/22** | $13919 | $13887 |
| **1/23** | $15878 | $15014 |
| **2/23** | $15160 | $14487 |
| **3/23** | $16255 | $14841 |
| **4/23** | $16197 | $15099 |
| **5/23** | $16052 | $14550 |
| **6/23** | $16806 | $15203 |
| **7/23** | $17336 | $15821 |
| **8/23** | $16306 | $15106 |
| **9/23** | $15174 | $14629 |
| **10/23** | $14355 | $14025 |
| **11/23** | $16052 | $15288 |
| **12/23** | $16806 | $16056 |
| **1/24** | $16516 | $15897 |
| **2/24** | $17822 | $16299 |
| **3/24** | $18112 | $16808 |
| **4/24** | $17597 | $16507 |
| **5/24** | $18257 | $16986 |
| **6/24** | $18221 | $16970 |
| **7/24** | $18257 | $17363 |
| **8/24** | $19345 | $17857 |
| **9/24** | $20564 | $18338 |
| **10/24** | $20252 | $17438 |
| **11/24** | $20643 | $17280 |
| **12/24** | $19983 | $16945 |
| **1/25** | $21100 | $17627 |
| **2/25** | $21187 | $17872 |
| **3/25** | $20419 | $17831 |
| **4/25** | $21238 | $18475 |
| **5/25** | $22515 | $19322 |
| **6/25** | $23327 | $19977 |
| **7/25** | $21956 | $19920 |
| **8/25** | $22732 | $20611 |
| **9/25** | $23197 | $21354 |
| **10/25** | $23342 | $21785 |
| **11/25** | $22471 | $21780 |
| **12/25** | $22442 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 12.30% | (3.11)% | 9.01% |
| Class A, with 5.25% maximum front end sales charge | 6.40% | (4.15)% | 8.42% |
| MSCI All Country World ex USA Net Index | 32.39% | 7.91% | 8.41% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $739073398 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $5714661 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Sweden | 4.9% |
| Taiwan | 5.3% |
| Korea, Republic of | 5.8% |
| Denmark | 6.0% |
| Netherlands | 6.1% |
| Japan | 7.9% |
| United States | 8.1% |
| France | 12.2% |
| India | 12.6% |
| China | 14.1% |

---

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

---

| | |
|:---|:---|
| DSV AS | 6.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3% |
| MercadoLibre, Inc. | 5.2% |
| Spotify Technology SA | 4.9% |
| NU Holdings Ltd. | 4.6% |
| Schneider Electric SE | 4.2% |
| Hermes International SCA | 3.5% |
| Coupang, Inc. | 3.5% |
| Trip.com Group Ltd. | 3.4% |
| ASML Holding NV | 3.3% |
| Total | 43.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MIOPX -TSR-AR

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

# Class C MSOCX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $220 | 2.08% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in consumer discretionary, where a Chinese consumer services super-app (an integrated app platform combining multiple services) was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where an Indian online travel agency was the second-largest detractor

↑ No exposure to health care

↑ Stock selection in utilities, led by a position in a Brazilian sanitation company

↑ Allocation to consumer staples, driven by the world's leading beauty company

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

![Growth of 10K Chart](tm262201d1_tsrimg144.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World ex USA Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9474 | $9320 |
| **2/16** | $9037 | $9213 |
| **3/16** | $9624 | $9962 |
| **4/16** | $9720 | $10225 |
| **5/16** | $9802 | $10052 |
| **6/16** | $9713 | $9898 |
| **7/16** | $10307 | $10388 |
| **8/16** | $10239 | $10453 |
| **9/16** | $10464 | $10582 |
| **10/16** | $10273 | $10430 |
| **11/16** | $9939 | $10189 |
| **12/16** | $9829 | $10450 |
| **1/17** | $10342 | $10820 |
| **2/17** | $10745 | $10992 |
| **3/17** | $11400 | $11271 |
| **4/17** | $11940 | $11512 |
| **5/17** | $12630 | $11886 |
| **6/17** | $12712 | $11923 |
| **7/17** | $13643 | $12362 |
| **8/17** | $13924 | $12427 |
| **9/17** | $14163 | $12657 |
| **10/17** | $14368 | $12896 |
| **11/17** | $14259 | $13000 |
| **12/17** | $14918 | $13291 |
| **1/18** | $15968 | $14031 |
| **2/18** | $15467 | $13370 |
| **3/18** | $15571 | $13134 |
| **4/18** | $15690 | $13343 |
| **5/18** | $16517 | $13035 |
| **6/18** | $16114 | $12790 |
| **7/18** | $15798 | $13096 |
| **8/18** | $15631 | $12822 |
| **9/18** | $15324 | $12881 |
| **10/18** | $13471 | $11833 |
| **11/18** | $13645 | $11945 |
| **12/18** | $12978 | $11404 |
| **1/19** | $14274 | $12266 |
| **2/19** | $15012 | $12506 |
| **3/19** | $15848 | $12580 |
| **4/19** | $16210 | $12912 |
| **5/19** | $15249 | $12219 |
| **6/19** | $16155 | $12955 |
| **7/19** | $15925 | $12798 |
| **8/19** | $15702 | $12403 |
| **9/19** | $15583 | $12722 |
| **10/19** | $16231 | $13166 |
| **11/19** | $16893 | $13282 |
| **12/19** | $17374 | $13857 |
| **1/20** | $16775 | $13485 |
| **2/20** | $16238 | $12419 |
| **3/20** | $14726 | $10621 |
| **4/20** | $16475 | $11426 |
| **5/20** | $17750 | $11800 |
| **6/20** | $19686 | $12333 |
| **7/20** | $21261 | $12883 |
| **8/20** | $22800 | $13434 |
| **9/20** | $22856 | $13104 |
| **10/20** | $22835 | $12822 |
| **11/20** | $24988 | $14547 |
| **12/20** | $26744 | $15334 |
| **1/21** | $27170 | $15367 |
| **2/21** | $28553 | $15671 |
| **3/21** | $26709 | $15869 |
| **4/21** | $27785 | $16336 |
| **5/21** | $27638 | $16847 |
| **6/21** | $28064 | $16738 |
| **7/21** | $26695 | $16462 |
| **8/21** | $27541 | $16775 |
| **9/21** | $25515 | $16238 |
| **10/21** | $26940 | $16626 |
| **11/21** | $25746 | $15877 |
| **12/21** | $25094 | $16533 |
| **1/22** | $21617 | $15924 |
| **2/22** | $19757 | $15609 |
| **3/22** | $18441 | $15634 |
| **4/22** | $15816 | $14652 |
| **5/22** | $15265 | $14757 |
| **6/22** | $13634 | $13488 |
| **7/22** | $15058 | $13949 |
| **8/22** | $14228 | $13501 |
| **9/22** | $12533 | $12152 |
| **10/22** | $12819 | $12515 |
| **11/22** | $14729 | $13992 |
| **12/22** | $13963 | $13887 |
| **1/23** | $15919 | $15014 |
| **2/23** | $15185 | $14487 |
| **3/23** | $16274 | $14841 |
| **4/23** | $16211 | $15099 |
| **5/23** | $16053 | $14550 |
| **6/23** | $16795 | $15203 |
| **7/23** | $17315 | $15821 |
| **8/23** | $16282 | $15106 |
| **9/23** | $15138 | $14629 |
| **10/23** | $14310 | $14025 |
| **11/23** | $15990 | $15288 |
| **12/23** | $16732 | $16056 |
| **1/24** | $16443 | $15897 |
| **2/24** | $17743 | $16299 |
| **3/24** | $18031 | $16808 |
| **4/24** | $17519 | $16507 |
| **5/24** | $18176 | $16986 |
| **6/24** | $18140 | $16970 |
| **7/24** | $18176 | $17363 |
| **8/24** | $19259 | $17857 |
| **9/24** | $20472 | $18338 |
| **10/24** | $20162 | $17438 |
| **11/24** | $20552 | $17280 |
| **12/24** | $19894 | $16945 |
| **1/25** | $21007 | $17627 |
| **2/25** | $21093 | $17872 |
| **3/25** | $20328 | $17831 |
| **4/25** | $21144 | $18475 |
| **5/25** | $22415 | $19322 |
| **6/25** | $23223 | $19977 |
| **7/25** | $21859 | $19920 |
| **8/25** | $22631 | $20611 |
| **9/25** | $23093 | $21354 |
| **10/25** | $23238 | $21785 |
| **11/25** | $22371 | $21780 |
| **12/25** | $22342 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 11.46% | (3.82)% | 8.37% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 10.46% | (3.82)% | 8.37% |
| MSCI All Country World ex USA Net Index | 32.39% | 7.91% | 8.41% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $739073398 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $5714661 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Sweden | 4.9% |
| Taiwan | 5.3% |
| Korea, Republic of | 5.8% |
| Denmark | 6.0% |
| Netherlands | 6.1% |
| Japan | 7.9% |
| United States | 8.1% |
| France | 12.2% |
| India | 12.6% |
| China | 14.1% |

---

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

---

| | |
|:---|:---|
| DSV AS | 6.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3% |
| MercadoLibre, Inc. | 5.2% |
| Spotify Technology SA | 4.9% |
| NU Holdings Ltd. | 4.6% |
| Schneider Electric SE | 4.2% |
| Hermes International SCA | 3.5% |
| Coupang, Inc. | 3.5% |
| Trip.com Group Ltd. | 3.4% |
| ASML Holding NV | 3.3% |
| Total | 43.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSOCX -TSR-AR

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

# Class I MIOIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $106 | 1.00% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in consumer discretionary, where a Chinese consumer services super-app (an integrated app platform combining multiple services) was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where an Indian online travel agency was the second-largest detractor

↑ No exposure to health care

↑ Stock selection in utilities, led by a position in a Brazilian sanitation company

↑ Allocation to consumer staples, driven by the world's leading beauty company

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

![Growth of 10K Chart](tm262201d1_tsrimg094.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World ex USA Net Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $948769 | $931977 |
| **2/16** | $905522 | $921324 |
| **3/16** | $965403 | $996237 |
| **4/16** | $976048 | $1022457 |
| **5/16** | $985363 | $1005199 |
| **6/16** | $977379 | $989820 |
| **7/16** | $1037436 | $1038770 |
| **8/16** | $1032113 | $1045339 |
| **9/16** | $1055404 | $1058230 |
| **10/16** | $1037436 | $1043015 |
| **11/16** | $1004164 | $1018889 |
| **12/16** | $993517 | $1044951 |
| **1/17** | $1046753 | $1081968 |
| **2/17** | $1088676 | $1099222 |
| **3/17** | $1156552 | $1127089 |
| **4/17** | $1211784 | $1151217 |
| **5/17** | $1282987 | $1188574 |
| **6/17** | $1292304 | $1192264 |
| **7/17** | $1387706 | $1236208 |
| **8/17** | $1417700 | $1242677 |
| **9/17** | $1443028 | $1265746 |
| **10/17** | $1465690 | $1289559 |
| **11/17** | $1455692 | $1300034 |
| **12/17** | $1523891 | $1329091 |
| **1/18** | $1632838 | $1403116 |
| **2/18** | $1582763 | $1336955 |
| **3/18** | $1594943 | $1313376 |
| **4/18** | $1608477 | $1334344 |
| **5/18** | $1694416 | $1303535 |
| **6/18** | $1654491 | $1279034 |
| **7/18** | $1623732 | $1309624 |
| **8/18** | $1607461 | $1282213 |
| **9/18** | $1577630 | $1288055 |
| **10/18** | $1388477 | $1183287 |
| **11/18** | $1407460 | $1194487 |
| **12/18** | $1340470 | $1140422 |
| **1/19** | $1474720 | $1226590 |
| **2/19** | $1552016 | $1250556 |
| **3/19** | $1640160 | $1258005 |
| **4/19** | $1678808 | $1291238 |
| **5/19** | $1581171 | $1221937 |
| **6/19** | $1676095 | $1295515 |
| **7/19** | $1653720 | $1279834 |
| **8/19** | $1632701 | $1240308 |
| **9/19** | $1621175 | $1272226 |
| **10/19** | $1690334 | $1316617 |
| **11/19** | $1760849 | $1328223 |
| **12/19** | $1812380 | $1385742 |
| **1/20** | $1751357 | $1348516 |
| **2/20** | $1696436 | $1241923 |
| **3/20** | $1540489 | $1062101 |
| **4/20** | $1724236 | $1142588 |
| **5/20** | $1859164 | $1179981 |
| **6/20** | $2064608 | $1233305 |
| **7/20** | $2230726 | $1288291 |
| **8/20** | $2394809 | $1343438 |
| **9/20** | $2402268 | $1310413 |
| **10/20** | $2402268 | $1282241 |
| **11/20** | $2630765 | $1454722 |
| **12/20** | $2818018 | $1533351 |
| **1/21** | $2865596 | $1536683 |
| **2/21** | $3013090 | $1567104 |
| **3/21** | $2820736 | $1586918 |
| **4/21** | $2937644 | $1633631 |
| **5/21** | $2924730 | $1684731 |
| **6/21** | $2971629 | $1673815 |
| **7/21** | $2828893 | $1646231 |
| **8/21** | $2921331 | $1677523 |
| **9/21** | $2707907 | $1623808 |
| **10/21** | $2862198 | $1662569 |
| **11/21** | $2737814 | $1587706 |
| **12/21** | $2670341 | $1653321 |
| **1/22** | $2302857 | $1592396 |
| **2/22** | $2105568 | $1560875 |
| **3/22** | $1967327 | $1563363 |
| **4/22** | $1688067 | $1465195 |
| **5/22** | $1631103 | $1475712 |
| **6/22** | $1458128 | $1348761 |
| **7/22** | $1611652 | $1394934 |
| **8/22** | $1524818 | $1350069 |
| **9/22** | $1344201 | $1215156 |
| **10/22** | $1376157 | $1251467 |
| **11/22** | $1582476 | $1399199 |
| **12/22** | $1501921 | $1388737 |
| **1/23** | $1713556 | $1501375 |
| **2/23** | $1636184 | $1448674 |
| **3/23** | $1754517 | $1484088 |
| **4/23** | $1749207 | $1509871 |
| **5/23** | $1734037 | $1454975 |
| **6/23** | $1815201 | $1520258 |
| **7/23** | $1872851 | $1582067 |
| **8/23** | $1762861 | $1510612 |
| **9/23** | $1639977 | $1462900 |
| **10/23** | $1552744 | $1402543 |
| **11/23** | $1736312 | $1528792 |
| **12/23** | $1818994 | $1605601 |
| **1/24** | $1787893 | $1589653 |
| **2/24** | $1930500 | $1629898 |
| **3/24** | $1962359 | $1680849 |
| **4/24** | $1906985 | $1650665 |
| **5/24** | $1978288 | $1698582 |
| **6/24** | $1975254 | $1696967 |
| **7/24** | $1979806 | $1736259 |
| **8/24** | $2098139 | $1785707 |
| **9/24** | $2231643 | $1833791 |
| **10/24** | $2197508 | $1743817 |
| **11/24** | $2240745 | $1728032 |
| **12/24** | $2170395 | $1694456 |
| **1/25** | $2291184 | $1762731 |
| **2/25** | $2301059 | $1787197 |
| **3/25** | $2219014 | $1783142 |
| **4/25** | $2308656 | $1847518 |
| **5/25** | $2447677 | $1932158 |
| **6/25** | $2537319 | $1997703 |
| **7/25** | $2388422 | $1991989 |
| **8/25** | $2473506 | $2061104 |
| **9/25** | $2525164 | $2135367 |
| **10/25** | $2541117 | $2178524 |
| **11/25** | $2446917 | $2177968 |
| **12/25** | $2444638 | $2243240 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 12.64% | (2.80)% | 9.35% |
| MSCI All Country World ex USA Net Index | 32.39% | 7.91% | 8.41% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $739073398 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $5714661 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Sweden | 4.9% |
| Taiwan | 5.3% |
| Korea, Republic of | 5.8% |
| Denmark | 6.0% |
| Netherlands | 6.1% |
| Japan | 7.9% |
| United States | 8.1% |
| France | 12.2% |
| India | 12.6% |
| China | 14.1% |

---

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

---

| | |
|:---|:---|
| DSV AS | 6.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3% |
| MercadoLibre, Inc. | 5.2% |
| Spotify Technology SA | 4.9% |
| NU Holdings Ltd. | 4.6% |
| Schneider Electric SE | 4.2% |
| Hermes International SCA | 3.5% |
| Coupang, Inc. | 3.5% |
| Trip.com Group Ltd. | 3.4% |
| ASML Holding NV | 3.3% |
| Total | 43.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MIOIX -TSR-AR

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

# Class IR MRNPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $100 | 0.94% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in consumer discretionary, where a Chinese consumer services super-app (an integrated app platform combining multiple services) was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where an Indian online travel agency was the second-largest detractor

↑ No exposure to health care

↑ Stock selection in utilities, led by a position in a Brazilian sanitation company

↑ Allocation to consumer staples, driven by the world's leading beauty company

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

![Growth of 10K Chart](tm262201d1_tsrimg064.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IR** | **MSCI All Country World ex USA Net Index** |
| **6/18** | $5000000 | $5000000 |
| **6/18** | $4822625 | $4886213 |
| **7/18** | $4735013 | $5003075 |
| **8/18** | $4687623 | $4898360 |
| **9/18** | $4598768 | $4920675 |
| **10/18** | $4047863 | $4520439 |
| **11/18** | $4105126 | $4563225 |
| **12/18** | $3908042 | $4356683 |
| **1/19** | $4301018 | $4685865 |
| **2/19** | $4528115 | $4777423 |
| **3/19** | $4784834 | $4805878 |
| **4/19** | $4897395 | $4932838 |
| **5/19** | $4611055 | $4668088 |
| **6/19** | $4889496 | $4949176 |
| **7/19** | $4824329 | $4889271 |
| **8/19** | $4763111 | $4738270 |
| **9/19** | $4729540 | $4860204 |
| **10/19** | $4932940 | $5029789 |
| **11/19** | $5138315 | $5074127 |
| **12/19** | $5288396 | $5293864 |
| **1/20** | $5110668 | $5151653 |
| **2/20** | $4952688 | $4744440 |
| **3/20** | $4496519 | $4057478 |
| **4/20** | $5033653 | $4364957 |
| **5/20** | $5428604 | $4507810 |
| **6/20** | $6026955 | $4711518 |
| **7/20** | $6514720 | $4921577 |
| **8/20** | $6994585 | $5132254 |
| **9/20** | $7016308 | $5006091 |
| **10/20** | $7016308 | $4898467 |
| **11/20** | $7683775 | $5557384 |
| **12/20** | $8231120 | $5857764 |
| **1/21** | $8371671 | $5870495 |
| **2/21** | $8803220 | $5986709 |
| **3/21** | $8241018 | $6062403 |
| **4/21** | $8583486 | $6240860 |
| **5/21** | $8545874 | $6436073 |
| **6/21** | $8684445 | $6394373 |
| **7/21** | $8268732 | $6288993 |
| **8/21** | $8537956 | $6408536 |
| **9/21** | $7916366 | $6203332 |
| **10/21** | $8367711 | $6351407 |
| **11/21** | $8005447 | $6065416 |
| **12/21** | $7808958 | $6316078 |
| **1/22** | $6734720 | $6083330 |
| **2/22** | $6158152 | $5962915 |
| **3/22** | $5753543 | $5972419 |
| **4/22** | $4938255 | $5597393 |
| **5/22** | $4770343 | $5637572 |
| **6/22** | $4266604 | $5152587 |
| **7/22** | $4715720 | $5328978 |
| **8/22** | $4460817 | $5157585 |
| **9/22** | $3932802 | $4642187 |
| **10/22** | $4027885 | $4780901 |
| **11/22** | $4630752 | $5345275 |
| **12/22** | $4396173 | $5305306 |
| **1/23** | $5016627 | $5735610 |
| **2/23** | $4789201 | $5534280 |
| **3/23** | $5135860 | $5669569 |
| **4/23** | $5120404 | $5768066 |
| **5/23** | $5076244 | $5558350 |
| **6/23** | $5314710 | $5807749 |
| **7/23** | $5482520 | $6043871 |
| **8/23** | $5160148 | $5770896 |
| **9/23** | $4802449 | $5588627 |
| **10/23** | $4544110 | $5358046 |
| **11/23** | $5082868 | $5840350 |
| **12/23** | $5323542 | $6133780 |
| **1/24** | $5233013 | $6072853 |
| **2/24** | $5648121 | $6226600 |
| **3/24** | $5743066 | $6421243 |
| **4/24** | $5581881 | $6305935 |
| **5/24** | $5791643 | $6488988 |
| **6/24** | $5782811 | $6482817 |
| **7/24** | $5796059 | $6632924 |
| **8/24** | $6142718 | $6821825 |
| **9/24** | $6533538 | $7005520 |
| **10/24** | $6436385 | $6661795 |
| **11/24** | $6562243 | $6601494 |
| **12/24** | $6354800 | $6473226 |
| **1/25** | $6711041 | $6734054 |
| **2/25** | $6739805 | $6827519 |
| **3/25** | $6498624 | $6812028 |
| **4/25** | $6761932 | $7057959 |
| **5/25** | $7169064 | $7381302 |
| **6/25** | $7432372 | $7631701 |
| **7/25** | $6998688 | $7609871 |
| **8/25** | $7246508 | $7873909 |
| **9/25** | $7396969 | $8157610 |
| **10/25** | $7445648 | $8322482 |
| **11/25** | $7169064 | $8320356 |
| **12/25** | $7164639 | $8569711 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 6/15/18 (Inception)* |
| Class IR | 12.74% | (2.74)% | 4.88% |
| MSCI All Country World ex USA Net Index | 32.39% | 7.91% | 7.40% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $739073398 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $5714661 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Sweden | 4.9% |
| Taiwan | 5.3% |
| Korea, Republic of | 5.8% |
| Denmark | 6.0% |
| Netherlands | 6.1% |
| Japan | 7.9% |
| United States | 8.1% |
| France | 12.2% |
| India | 12.6% |
| China | 14.1% |

---

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

---

| | |
|:---|:---|
| DSV AS | 6.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3% |
| MercadoLibre, Inc. | 5.2% |
| Spotify Technology SA | 4.9% |
| NU Holdings Ltd. | 4.6% |
| Schneider Electric SE | 4.2% |
| Hermes International SCA | 3.5% |
| Coupang, Inc. | 3.5% |
| Trip.com Group Ltd. | 3.4% |
| ASML Holding NV | 3.3% |
| Total | 43.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MRNPX -TSR-AR

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

# Class L MIOLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $195 | 1.85% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in consumer discretionary, where a Chinese consumer services super-app (an integrated app platform combining multiple services) was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where an Indian online travel agency was the second-largest detractor

↑ No exposure to health care

↑ Stock selection in utilities, led by a position in a Brazilian sanitation company

↑ Allocation to consumer staples, driven by the world's leading beauty company

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

![Growth of 10K Chart](tm262201d1_tsrimg110.jpg)

---

| | | |
|:---|:---|:---|
| | **Class L** | **MSCI All Country World ex USA Net Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9476 | $9320 |
| **2/16** | $9040 | $9213 |
| **3/16** | $9632 | $9962 |
| **4/16** | $9735 | $10225 |
| **5/16** | $9816 | $10052 |
| **6/16** | $9728 | $9898 |
| **7/16** | $10327 | $10388 |
| **8/16** | $10259 | $10453 |
| **9/16** | $10483 | $10582 |
| **10/16** | $10300 | $10430 |
| **11/16** | $9966 | $10189 |
| **12/16** | $9850 | $10450 |
| **1/17** | $10374 | $10820 |
| **2/17** | $10776 | $10992 |
| **3/17** | $11443 | $11271 |
| **4/17** | $11981 | $11512 |
| **5/17** | $12675 | $11886 |
| **6/17** | $12757 | $11923 |
| **7/17** | $13692 | $12362 |
| **8/17** | $13978 | $12427 |
| **9/17** | $14217 | $12657 |
| **10/17** | $14428 | $12896 |
| **11/17** | $14319 | $13000 |
| **12/17** | $14983 | $13291 |
| **1/18** | $16043 | $14031 |
| **2/18** | $15537 | $13370 |
| **3/18** | $15641 | $13134 |
| **4/18** | $15766 | $13343 |
| **5/18** | $16597 | $13035 |
| **6/18** | $16195 | $12790 |
| **7/18** | $15887 | $13096 |
| **8/18** | $15714 | $12822 |
| **9/18** | $15408 | $12881 |
| **10/18** | $13555 | $11833 |
| **11/18** | $13729 | $11945 |
| **12/18** | $13064 | $11404 |
| **1/19** | $14369 | $12266 |
| **2/19** | $15111 | $12506 |
| **3/19** | $15958 | $12580 |
| **4/19** | $16319 | $12912 |
| **5/19** | $15354 | $12219 |
| **6/19** | $16271 | $12955 |
| **7/19** | $16042 | $12798 |
| **8/19** | $15826 | $12403 |
| **9/19** | $15701 | $12722 |
| **10/19** | $16361 | $13166 |
| **11/19** | $17027 | $13282 |
| **12/19** | $17513 | $13857 |
| **1/20** | $16909 | $13485 |
| **2/20** | $16375 | $12419 |
| **3/20** | $14855 | $10621 |
| **4/20** | $16618 | $11426 |
| **5/20** | $17909 | $11800 |
| **6/20** | $19866 | $12333 |
| **7/20** | $21456 | $12883 |
| **8/20** | $23018 | $13434 |
| **9/20** | $23066 | $13104 |
| **10/20** | $23052 | $12822 |
| **11/20** | $25225 | $14547 |
| **12/20** | $26996 | $15334 |
| **1/21** | $27435 | $15367 |
| **2/21** | $28827 | $15671 |
| **3/21** | $26968 | $15869 |
| **4/21** | $28061 | $16336 |
| **5/21** | $27915 | $16847 |
| **6/21** | $28346 | $16738 |
| **7/21** | $26968 | $16462 |
| **8/21** | $27824 | $16775 |
| **9/21** | $25778 | $16238 |
| **10/21** | $27226 | $16626 |
| **11/21** | $26029 | $15877 |
| **12/21** | $25366 | $16533 |
| **1/22** | $21860 | $15924 |
| **2/22** | $19972 | $15609 |
| **3/22** | $18647 | $15634 |
| **4/22** | $15996 | $14652 |
| **5/22** | $15440 | $14757 |
| **6/22** | $13794 | $13488 |
| **7/22** | $15241 | $13949 |
| **8/22** | $14400 | $13501 |
| **9/22** | $12690 | $12152 |
| **10/22** | $12982 | $12515 |
| **11/22** | $14920 | $13992 |
| **12/22** | $14143 | $13887 |
| **1/23** | $16135 | $15014 |
| **2/23** | $15390 | $14487 |
| **3/23** | $16496 | $14841 |
| **4/23** | $16434 | $15099 |
| **5/23** | $16277 | $14550 |
| **6/23** | $17030 | $15203 |
| **7/23** | $17555 | $15821 |
| **8/23** | $16504 | $15106 |
| **9/23** | $15351 | $14629 |
| **10/23** | $14520 | $14025 |
| **11/23** | $16222 | $15288 |
| **12/23** | $16975 | $16056 |
| **1/24** | $16677 | $15897 |
| **2/24** | $17987 | $16299 |
| **3/24** | $18277 | $16808 |
| **4/24** | $17744 | $16507 |
| **5/24** | $18402 | $16986 |
| **6/24** | $18363 | $16970 |
| **7/24** | $18387 | $17363 |
| **8/24** | $19477 | $17857 |
| **9/24** | $20693 | $18338 |
| **10/24** | $20363 | $17438 |
| **11/24** | $20756 | $17280 |
| **12/24** | $20081 | $16945 |
| **1/25** | $21195 | $17627 |
| **2/25** | $21266 | $17872 |
| **3/25** | $20497 | $17831 |
| **4/25** | $21305 | $18475 |
| **5/25** | $22576 | $19322 |
| **6/25** | $23384 | $19977 |
| **7/25** | $21995 | $19920 |
| **8/25** | $22764 | $20611 |
| **9/25** | $23219 | $21354 |
| **10/25** | $23352 | $21785 |
| **11/25** | $22474 | $21780 |
| **12/25** | $22434 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 11.72% | (3.63)% | 8.42% |
| MSCI All Country World ex USA Net Index | 32.39% | 7.91% | 8.41% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $739073398 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $5714661 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Sweden | 4.9% |
| Taiwan | 5.3% |
| Korea, Republic of | 5.8% |
| Denmark | 6.0% |
| Netherlands | 6.1% |
| Japan | 7.9% |
| United States | 8.1% |
| France | 12.2% |
| India | 12.6% |
| China | 14.1% |

---

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

---

| | |
|:---|:---|
| DSV AS | 6.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3% |
| MercadoLibre, Inc. | 5.2% |
| Spotify Technology SA | 4.9% |
| NU Holdings Ltd. | 4.6% |
| Schneider Electric SE | 4.2% |
| Hermes International SCA | 3.5% |
| Coupang, Inc. | 3.5% |
| Trip.com Group Ltd. | 3.4% |
| ASML Holding NV | 3.3% |
| Total | 43.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MIOLX -TSR-AR

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

# Class R6 MNOPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - International Opportunity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $100 | 0.94% |

---

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

↓ Stock selection in financials, where exposure in a leading global financial markets infrastructure and data provider was the main detractor

↓ Stock selection in consumer discretionary, where a Chinese consumer services super-app (an integrated app platform combining multiple services) was the largest detractor across the portfolio

↓ An average overweight in consumer discretionary, where an Indian online travel agency was the second-largest detractor

↑ No exposure to health care

↑ Stock selection in utilities, led by a position in a Brazilian sanitation company

↑ Allocation to consumer staples, driven by the world's leading beauty company

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

![Growth of 10K Chart](tm262201d1_tsrimg057.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World ex USA Net Index** |
| **12/15** | $5000000 | $5000000 |
| **1/16** | $4740691 | $4659883 |
| **2/16** | $4524601 | $4606622 |
| **3/16** | $4827128 | $4981185 |
| **4/16** | $4876995 | $5112287 |
| **5/16** | $4923537 | $5025993 |
| **6/16** | $4886968 | $4949100 |
| **7/16** | $5187709 | $5193850 |
| **8/16** | $5161105 | $5226695 |
| **9/16** | $5274171 | $5291148 |
| **10/16** | $5187709 | $5215074 |
| **11/16** | $5021436 | $5094447 |
| **12/16** | $4968229 | $5224756 |
| **1/17** | $5234265 | $5409841 |
| **2/17** | $5443769 | $5496108 |
| **3/17** | $5782965 | $5635443 |
| **4/17** | $6058978 | $5756085 |
| **5/17** | $6414802 | $5942868 |
| **6/17** | $6461358 | $5961321 |
| **7/17** | $6941438 | $6181041 |
| **8/17** | $7091325 | $6213387 |
| **9/17** | $7217896 | $6328729 |
| **10/17** | $7331144 | $6447793 |
| **11/17** | $7277851 | $6500170 |
| **12/17** | $7621993 | $6645455 |
| **1/18** | $8166421 | $7015579 |
| **2/18** | $7916187 | $6684775 |
| **3/18** | $7977055 | $6566880 |
| **4/18** | $8044686 | $6671721 |
| **5/18** | $8474141 | $6517673 |
| **6/18** | $8274630 | $6395169 |
| **7/18** | $8120911 | $6548120 |
| **8/18** | $8039601 | $6411066 |
| **9/18** | $7890531 | $6440273 |
| **10/18** | $6945294 | $5916436 |
| **11/18** | $7040156 | $5972435 |
| **12/18** | $6705389 | $5702110 |
| **1/19** | $7376267 | $6132949 |
| **2/19** | $7765918 | $6252782 |
| **3/19** | $8206394 | $6290024 |
| **4/19** | $8399525 | $6456192 |
| **5/19** | $7911614 | $6109683 |
| **6/19** | $8385972 | $6477576 |
| **7/19** | $8274159 | $6399171 |
| **8/19** | $8169123 | $6201538 |
| **9/19** | $8111522 | $6361128 |
| **10/19** | $8460514 | $6583083 |
| **11/19** | $8812894 | $6641114 |
| **12/19** | $9070403 | $6928709 |
| **1/20** | $8765458 | $6742581 |
| **2/20** | $8494397 | $6209613 |
| **3/20** | $7711706 | $5310504 |
| **4/20** | $8633316 | $5712938 |
| **5/20** | $9310970 | $5899907 |
| **6/20** | $10337616 | $6166524 |
| **7/20** | $11171131 | $6441454 |
| **8/20** | $11994481 | $6717191 |
| **9/20** | $12031752 | $6552066 |
| **10/20** | $12031752 | $6411206 |
| **11/20** | $13180376 | $7273609 |
| **12/20** | $14116118 | $7666753 |
| **1/21** | $14357274 | $7683415 |
| **2/21** | $15097725 | $7835518 |
| **3/21** | $14136498 | $7934588 |
| **4/21** | $14720706 | $8168156 |
| **5/21** | $14656172 | $8423655 |
| **6/21** | $14893931 | $8369077 |
| **7/21** | $14180653 | $8231153 |
| **8/21** | $14642586 | $8387614 |
| **9/21** | $13579461 | $8119038 |
| **10/21** | $14353878 | $8312843 |
| **11/21** | $13728910 | $7938531 |
| **12/21** | $13391703 | $8266603 |
| **1/22** | $11551992 | $7961978 |
| **2/22** | $10562714 | $7804376 |
| **3/22** | $9868484 | $7816815 |
| **4/22** | $8469610 | $7325975 |
| **5/22** | $8184975 | $7378561 |
| **6/22** | $7317187 | $6743803 |
| **7/22** | $8091254 | $6974668 |
| **8/22** | $7653889 | $6750345 |
| **9/22** | $6747919 | $6075782 |
| **10/22** | $6907592 | $6257334 |
| **11/22** | $7945466 | $6995997 |
| **12/22** | $7539500 | $6943685 |
| **1/23** | $8604123 | $7506875 |
| **2/23** | $8213887 | $7243370 |
| **3/23** | $8808712 | $7420439 |
| **4/23** | $8785980 | $7549354 |
| **5/23** | $8710206 | $7274874 |
| **6/23** | $9115596 | $7601292 |
| **7/23** | $9407326 | $7910333 |
| **8/23** | $8854176 | $7553058 |
| **9/23** | $8236619 | $7314501 |
| **10/23** | $7797131 | $7012713 |
| **11/23** | $8717784 | $7643960 |
| **12/23** | $9130751 | $8028007 |
| **1/24** | $8975415 | $7948265 |
| **2/24** | $9691478 | $8149492 |
| **3/24** | $9854392 | $8404244 |
| **4/24** | $9574028 | $8253327 |
| **5/24** | $9937743 | $8492911 |
| **6/24** | $9922588 | $8484834 |
| **7/24** | $9945320 | $8681296 |
| **8/24** | $10540145 | $8928534 |
| **9/24** | $11210744 | $9168957 |
| **10/24** | $11040253 | $8719084 |
| **11/24** | $11259997 | $8640161 |
| **12/24** | $10904059 | $8472281 |
| **1/25** | $11511527 | $8813657 |
| **2/25** | $11564681 | $8935987 |
| **3/25** | $11150843 | $8915712 |
| **4/25** | $11602647 | $9237591 |
| **5/25** | $12301236 | $9660789 |
| **6/25** | $12749244 | $9988515 |
| **7/25** | $12005095 | $9959944 |
| **8/25** | $12430323 | $10305521 |
| **9/25** | $12692294 | $10676835 |
| **10/25** | $12772024 | $10892622 |
| **11/25** | $12301236 | $10889840 |
| **12/25** | $12289846 | $11216200 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 12.71% | (2.73)% | 9.41% |
| MSCI All Country World ex USA Net Index | 32.39% | 7.91% | 8.41% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $739073398 |
| # of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $5714661 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.0% |
| Sweden | 4.9% |
| Taiwan | 5.3% |
| Korea, Republic of | 5.8% |
| Denmark | 6.0% |
| Netherlands | 6.1% |
| Japan | 7.9% |
| United States | 8.1% |
| France | 12.2% |
| India | 12.6% |
| China | 14.1% |

---

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

---

| | |
|:---|:---|
| DSV AS | 6.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3% |
| MercadoLibre, Inc. | 5.2% |
| Spotify Technology SA | 4.9% |
| NU Holdings Ltd. | 4.6% |
| Schneider Electric SE | 4.2% |
| Hermes International SCA | 3.5% |
| Coupang, Inc. | 3.5% |
| Trip.com Group Ltd. | 3.4% |
| ASML Holding NV | 3.3% |
| Total | 43.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MNOPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class A MSDFX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $127 | 1.20% |

---

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

↓ Negative stock selection, reflecting weakness in information technology, financials and industrials

↓ Two of the main drivers of relative underperformance were the portfolio's zero-weight to banks and hardware, which each performed exceptionally well in the Index, and investor concerns around generative artificial intelligence (GenAI) that negatively impacted several portfolio holdings

↑ The two largest absolute contributors to performance were semiconductor names benefiting from GenAI-driven demand for advanced semiconductor chips and manufacturing capacity, ASML and Taiwan Semiconductor Manufacturing Company

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

![Growth of 10K Chart](tm262201d1_tsrimg086.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World ex USA Index** |
| **7/22** | $9479 | $10000 |
| **7/22** | $9479 | $10000 |
| **8/22** | $8739 | $9678 |
| **9/22** | $8000 | $8711 |
| **10/22** | $8284 | $8972 |
| **11/22** | $9479 | $10031 |
| **12/22** | $9242 | $9956 |
| **1/23** | $10123 | $10763 |
| **2/23** | $9744 | $10385 |
| **3/23** | $10417 | $10639 |
| **4/23** | $10701 | $10824 |
| **5/23** | $10351 | $10430 |
| **6/23** | $10720 | $10898 |
| **7/23** | $10777 | $11342 |
| **8/23** | $10294 | $10829 |
| **9/23** | $9659 | $10487 |
| **10/23** | $9232 | $10055 |
| **11/23** | $10171 | $10960 |
| **12/23** | $10726 | $11510 |
| **1/24** | $10755 | $11396 |
| **2/24** | $11074 | $11684 |
| **3/24** | $11025 | $12050 |
| **4/24** | $10717 | $11833 |
| **5/24** | $11257 | $12177 |
| **6/24** | $11122 | $12165 |
| **7/24** | $11286 | $12447 |
| **8/24** | $11787 | $12801 |
| **9/24** | $12077 | $13146 |
| **10/24** | $11324 | $12501 |
| **11/24** | $11199 | $12388 |
| **12/24** | $11080 | $12147 |
| **1/25** | $11808 | $12637 |
| **2/25** | $11818 | $12812 |
| **3/25** | $11549 | $12783 |
| **4/25** | $12007 | $13244 |
| **5/25** | $12526 | $13851 |
| **6/25** | $12765 | $14321 |
| **7/25** | $12396 | $14280 |
| **8/25** | $12526 | $14776 |
| **9/25** | $12546 | $15308 |
| **10/25** | $12576 | $15617 |
| **11/25** | $12307 | $15613 |
| **12/25** | $12457 | $16081 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class A | 12.43% | 8.31% |
| Class A, with 5.25% maximum front end sales charge | 6.49% | 6.63% |
| MSCI All Country World ex USA Index | 32.39% | 14.88% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2134078 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.1% |
| Denmark | 3.2% |
| Finland | 3.4% |
| Sweden | 4.9% |
| Taiwan | 5.8% |
| Japan | 6.2% |
| Netherlands | 8.2% |
| United States | 10.0% |
| Germany | 11.2% |
| France | 11.9% |
| United Kingdom | 29.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.8% |
| SAP SE | 5.4% |
| Safran SA | 5.1% |
| ASML Holding NV | 4.8% |
| RELX PLC | 4.4% |
| Haleon PLC | 4.1% |
| Halma PLC | 3.8% |
| L'Oreal SA | 3.8% |
| Keyence Corp. | 3.6% |
| Experian PLC | 3.6% |
| Total | 44.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSDFX -TSR-AR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class C MSDEX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $206 | 1.95% |

---

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

↓ Negative stock selection, reflecting weakness in information technology, financials and industrials

↓ Two of the main drivers of relative underperformance were the portfolio's zero-weight to banks and hardware, which each performed exceptionally well in the Index, and investor concerns around generative artificial intelligence (GenAI) that negatively impacted several portfolio holdings

↑ The two largest absolute contributors to performance were semiconductor names benefiting from GenAI-driven demand for advanced semiconductor chips and manufacturing capacity, ASML and Taiwan Semiconductor Manufacturing Company

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

![Growth of 10K Chart](tm262201d1_tsrimg117.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World ex USA Index** |
| **7/22** | $10000 | $10000 |
| **7/22** | $10000 | $10000 |
| **8/22** | $9220 | $9678 |
| **9/22** | $8430 | $8711 |
| **10/22** | $8720 | $8972 |
| **11/22** | $9970 | $10031 |
| **12/22** | $9710 | $9956 |
| **1/23** | $10640 | $10763 |
| **2/23** | $10230 | $10385 |
| **3/23** | $10930 | $10639 |
| **4/23** | $11230 | $10824 |
| **5/23** | $10850 | $10430 |
| **6/23** | $11230 | $10898 |
| **7/23** | $11280 | $11342 |
| **8/23** | $10770 | $10829 |
| **9/23** | $10100 | $10487 |
| **10/23** | $9640 | $10055 |
| **11/23** | $10630 | $10960 |
| **12/23** | $11199 | $11510 |
| **1/24** | $11219 | $11396 |
| **2/24** | $11543 | $11684 |
| **3/24** | $11483 | $12050 |
| **4/24** | $11158 | $11833 |
| **5/24** | $11716 | $12177 |
| **6/24** | $11564 | $12165 |
| **7/24** | $11726 | $12447 |
| **8/24** | $12243 | $12801 |
| **9/24** | $12537 | $13146 |
| **10/24** | $11746 | $12501 |
| **11/24** | $11614 | $12388 |
| **12/24** | $11481 | $12147 |
| **1/25** | $12222 | $12637 |
| **2/25** | $12233 | $12812 |
| **3/25** | $11951 | $12783 |
| **4/25** | $12410 | $13244 |
| **5/25** | $12933 | $13851 |
| **6/25** | $13173 | $14321 |
| **7/25** | $12797 | $14280 |
| **8/25** | $12912 | $14776 |
| **9/25** | $12922 | $15308 |
| **10/25** | $12943 | $15617 |
| **11/25** | $12661 | $15613 |
| **12/25** | $12814 | $16081 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class C | 11.61% | 7.51% |
| Class C, with 1% maximum contingent deferred sales charge | 10.61% | 7.51% |
| MSCI All Country World ex USA Index | 32.39% | 14.88% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2134078 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.1% |
| Denmark | 3.2% |
| Finland | 3.4% |
| Sweden | 4.9% |
| Taiwan | 5.8% |
| Japan | 6.2% |
| Netherlands | 8.2% |
| United States | 10.0% |
| Germany | 11.2% |
| France | 11.9% |
| United Kingdom | 29.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.8% |
| SAP SE | 5.4% |
| Safran SA | 5.1% |
| ASML Holding NV | 4.8% |
| RELX PLC | 4.4% |
| Haleon PLC | 4.1% |
| Halma PLC | 3.8% |
| L'Oreal SA | 3.8% |
| Keyence Corp. | 3.6% |
| Experian PLC | 3.6% |
| Total | 44.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSDEX -TSR-AR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class I MSDKX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $90 | 0.85% |

---

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

↓ Negative stock selection, reflecting weakness in information technology, financials and industrials

↓ Two of the main drivers of relative underperformance were the portfolio's zero-weight to banks and hardware, which each performed exceptionally well in the Index, and investor concerns around generative artificial intelligence (GenAI) that negatively impacted several portfolio holdings

↑ The two largest absolute contributors to performance were semiconductor names benefiting from GenAI-driven demand for advanced semiconductor chips and manufacturing capacity, ASML and Taiwan Semiconductor Manufacturing Company

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

![Growth of 10K Chart](tm262201d1_tsrimg134.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI All Country World ex USA Index** |
| **7/22** | $1000000 | $1000000 |
| **7/22** | $1000000 | $1000000 |
| **8/22** | $923000 | $967838 |
| **9/22** | $845000 | $871121 |
| **10/22** | $875000 | $897152 |
| **11/22** | $1001000 | $1003058 |
| **12/22** | $976000 | $995558 |
| **1/23** | $1070000 | $1076306 |
| **2/23** | $1030000 | $1038526 |
| **3/23** | $1102000 | $1063913 |
| **4/23** | $1132000 | $1082396 |
| **5/23** | $1095000 | $1043042 |
| **6/23** | $1134000 | $1089843 |
| **7/23** | $1141000 | $1134152 |
| **8/23** | $1090000 | $1082927 |
| **9/23** | $1024000 | $1048724 |
| **10/23** | $978000 | $1005455 |
| **11/23** | $1078000 | $1095960 |
| **12/23** | $1137475 | $1151024 |
| **1/24** | $1140538 | $1139591 |
| **2/24** | $1175255 | $1168442 |
| **3/24** | $1170149 | $1204967 |
| **4/24** | $1137475 | $1183329 |
| **5/24** | $1195676 | $1217680 |
| **6/24** | $1181381 | $1216522 |
| **7/24** | $1198739 | $1244690 |
| **8/24** | $1252856 | $1280137 |
| **9/24** | $1284509 | $1314608 |
| **10/24** | $1204866 | $1250107 |
| **11/24** | $1191592 | $1238792 |
| **12/24** | $1179010 | $1214722 |
| **1/25** | $1257329 | $1263667 |
| **2/25** | $1258387 | $1281206 |
| **3/25** | $1230870 | $1278299 |
| **4/25** | $1278496 | $1324449 |
| **5/25** | $1334589 | $1385125 |
| **6/25** | $1361048 | $1432113 |
| **7/25** | $1321889 | $1428017 |
| **8/25** | $1335647 | $1477564 |
| **9/25** | $1338822 | $1530802 |
| **10/25** | $1341998 | $1561741 |
| **11/25** | $1313422 | $1561342 |
| **12/25** | $1329748 | $1608134 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class I | 12.79% | 8.68% |
| MSCI All Country World ex USA Index | 32.39% | 14.88% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2134078 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.1% |
| Denmark | 3.2% |
| Finland | 3.4% |
| Sweden | 4.9% |
| Taiwan | 5.8% |
| Japan | 6.2% |
| Netherlands | 8.2% |
| United States | 10.0% |
| Germany | 11.2% |
| France | 11.9% |
| United Kingdom | 29.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.8% |
| SAP SE | 5.4% |
| Safran SA | 5.1% |
| ASML Holding NV | 4.8% |
| RELX PLC | 4.4% |
| Haleon PLC | 4.1% |
| Halma PLC | 3.8% |
| L'Oreal SA | 3.8% |
| Keyence Corp. | 3.6% |
| Experian PLC | 3.6% |
| Total | 44.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSDKX -TSR-AR

# Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio

# Class R6 MSCZX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc - International Resilience Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $85 | 0.80% |

---

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

↓ Negative stock selection, reflecting weakness in information technology, financials and industrials

↓ Two of the main drivers of relative underperformance were the portfolio's zero-weight to banks and hardware, which each performed exceptionally well in the Index, and investor concerns around generative artificial intelligence (GenAI) that negatively impacted several portfolio holdings

↑ The two largest absolute contributors to performance were semiconductor names benefiting from GenAI-driven demand for advanced semiconductor chips and manufacturing capacity, ASML and Taiwan Semiconductor Manufacturing Company

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

![Growth of 10K Chart](tm262201d1_tsrimg047.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World ex USA Index** |
| **7/22** | $5000000 | $5000000 |
| **7/22** | $5000000 | $5000000 |
| **8/22** | $4615000 | $4839188 |
| **9/22** | $4225000 | $4355607 |
| **10/22** | $4375000 | $4485758 |
| **11/22** | $5005000 | $5015291 |
| **12/22** | $4880000 | $4977789 |
| **1/23** | $5350000 | $5381528 |
| **2/23** | $5150000 | $5192628 |
| **3/23** | $5510000 | $5319564 |
| **4/23** | $5660000 | $5411981 |
| **5/23** | $5475000 | $5215212 |
| **6/23** | $5675000 | $5449215 |
| **7/23** | $5705000 | $5670760 |
| **8/23** | $5455000 | $5414636 |
| **9/23** | $5120000 | $5243620 |
| **10/23** | $4895000 | $5027274 |
| **11/23** | $5395000 | $5479802 |
| **12/23** | $5690028 | $5755118 |
| **1/24** | $5705351 | $5697953 |
| **2/24** | $5879014 | $5842208 |
| **3/24** | $5853476 | $6024835 |
| **4/24** | $5690028 | $5916645 |
| **5/24** | $5981169 | $6088398 |
| **6/24** | $5914769 | $6082608 |
| **7/24** | $6001600 | $6223448 |
| **8/24** | $6267203 | $6400687 |
| **9/24** | $6430651 | $6573042 |
| **10/24** | $6032247 | $6250537 |
| **11/24** | $5965846 | $6193959 |
| **12/24** | $5905943 | $6073609 |
| **1/25** | $6292610 | $6318335 |
| **2/25** | $6303203 | $6406031 |
| **3/25** | $6160189 | $6391496 |
| **4/25** | $6403843 | $6622245 |
| **5/25** | $6679277 | $6925626 |
| **6/25** | $6811697 | $7160567 |
| **7/25** | $6621012 | $7140085 |
| **8/25** | $6689870 | $7387822 |
| **9/25** | $6700464 | $7654010 |
| **10/25** | $6721651 | $7808703 |
| **11/25** | $6578637 | $7806709 |
| **12/25** | $6663784 | $8040670 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 7/29/22 (Inception)* |
| Class R6 | 12.83% | 8.75% |
| MSCI All Country World ex USA Index | 32.39% | 14.88% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2134078 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 6.1% |
| Denmark | 3.2% |
| Finland | 3.4% |
| Sweden | 4.9% |
| Taiwan | 5.8% |
| Japan | 6.2% |
| Netherlands | 8.2% |
| United States | 10.0% |
| Germany | 11.2% |
| France | 11.9% |
| United Kingdom | 29.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.8% |
| SAP SE | 5.4% |
| Safran SA | 5.1% |
| ASML Holding NV | 4.8% |
| RELX PLC | 4.4% |
| Haleon PLC | 4.1% |
| Halma PLC | 3.8% |
| L'Oreal SA | 3.8% |
| Keyence Corp. | 3.6% |
| Experian PLC | 3.6% |
| Total | 44.4% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSCZX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class A MSIBX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $145 | 1.22% |

---

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

↑ Stock selection in industrials, led by Korean and German defense companies, and in financials through positions in several European banks

↑ A Korean manufacturer with a significant DRAM (dynamic random access memory) business was among the top security contributors

↑ The overweight allocation to metals & mining, led by the allocations to Australia-based and Canadian-based gold mining companies as well as a silver mining company

↑ The zero allocation to Saudi Arabia and other Gulf Cooperation Council markets

↓ The underweight allocation to a Korean memory chip maker

↓ The overweight to and stock selection in pharmaceuticals

↓The overweight to and stock selection in select e-commerce companies in Asia and Latin America

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

![Growth of 10K Chart](tm262201d1_tsrimg028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **MSCI All Country World ex USA Index** | **Active International Allocation Blend Index** |
| **12/15** | $9476 | $10000 | $9277 |
| **1/16** | $8929 | $9320 | $9277 |
| **2/16** | $8594 | $9213 | $9107 |
| **3/16** | $9141 | $9962 | $9699 |
| **4/16** | $9278 | $10225 | $9980 |
| **5/16** | $9255 | $10052 | $9890 |
| **6/16** | $8989 | $9898 | $9558 |
| **7/16** | $9392 | $10388 | $10042 |
| **8/16** | $9377 | $10453 | $10049 |
| **9/16** | $9483 | $10582 | $10173 |
| **10/16** | $9255 | $10430 | $9965 |
| **11/16** | $9058 | $10189 | $9766 |
| **12/16** | $9377 | $10450 | $10100 |
| **1/17** | $9609 | $10820 | $10458 |
| **2/17** | $9725 | $10992 | $10625 |
| **3/17** | $9996 | $11271 | $10894 |
| **4/17** | $10275 | $11512 | $11127 |
| **5/17** | $10647 | $11886 | $11488 |
| **6/17** | $10671 | $11923 | $11524 |
| **7/17** | $11037 | $12362 | $11949 |
| **8/17** | $11107 | $12427 | $12011 |
| **9/17** | $11293 | $12657 | $12234 |
| **10/17** | $11487 | $12896 | $12464 |
| **11/17** | $11487 | $13000 | $12566 |
| **12/17** | $11654 | $13291 | $12846 |
| **1/18** | $12387 | $14031 | $13562 |
| **2/18** | $11717 | $13370 | $12922 |
| **3/18** | $11607 | $13134 | $12694 |
| **4/18** | $11591 | $13343 | $12897 |
| **5/18** | $11284 | $13035 | $12599 |
| **6/18** | $11071 | $12790 | $12363 |
| **7/18** | $11385 | $13096 | $12658 |
| **8/18** | $11195 | $12822 | $12393 |
| **9/18** | $11108 | $12881 | $12450 |
| **10/18** | $10160 | $11833 | $11437 |
| **11/18** | $10318 | $11945 | $11545 |
| **12/18** | $9862 | $11404 | $11023 |
| **1/19** | $10460 | $12266 | $11856 |
| **2/19** | $10659 | $12506 | $12087 |
| **3/19** | $10843 | $12580 | $12159 |
| **4/19** | $11034 | $12912 | $12481 |
| **5/19** | $10588 | $12219 | $11811 |
| **6/19** | $11298 | $12955 | $12522 |
| **7/19** | $11122 | $12798 | $12370 |
| **8/19** | $10763 | $12403 | $11988 |
| **9/19** | $10899 | $12722 | $12297 |
| **10/19** | $11234 | $13166 | $12726 |
| **11/19** | $11441 | $13282 | $12838 |
| **12/19** | $12031 | $13857 | $13394 |
| **1/20** | $11564 | $13485 | $13034 |
| **2/20** | $10807 | $12419 | $12004 |
| **3/20** | $9414 | $10621 | $10266 |
| **4/20** | $10122 | $11426 | $11044 |
| **5/20** | $10758 | $11800 | $11405 |
| **6/20** | $11499 | $12333 | $11921 |
| **7/20** | $12482 | $12883 | $12452 |
| **8/20** | $12933 | $13434 | $12985 |
| **9/20** | $12820 | $13104 | $12666 |
| **10/20** | $12731 | $12822 | $12394 |
| **11/20** | $14511 | $14547 | $14061 |
| **12/20** | $15652 | $15334 | $14821 |
| **1/21** | $15499 | $15367 | $14853 |
| **2/21** | $15862 | $15671 | $15147 |
| **3/21** | $15741 | $15869 | $15338 |
| **4/21** | $16523 | $16336 | $15790 |
| **5/21** | $17046 | $16847 | $16284 |
| **6/21** | $16821 | $16738 | $16178 |
| **7/21** | $16676 | $16462 | $15912 |
| **8/21** | $17030 | $16775 | $16214 |
| **9/21** | $16249 | $16238 | $15695 |
| **10/21** | $16861 | $16626 | $16070 |
| **11/21** | $15789 | $15877 | $15346 |
| **12/21** | $15970 | $16533 | $15980 |
| **1/22** | $15124 | $15924 | $15391 |
| **2/22** | $14801 | $15609 | $15087 |
| **3/22** | $15010 | $15634 | $15111 |
| **4/22** | $13781 | $14652 | $14162 |
| **5/22** | $13990 | $14757 | $14264 |
| **6/22** | $12498 | $13488 | $13037 |
| **7/22** | $12568 | $13949 | $13483 |
| **8/22** | $12132 | $13501 | $13049 |
| **9/22** | $11024 | $12152 | $11745 |
| **10/22** | $11469 | $12515 | $12096 |
| **11/22** | $13048 | $13992 | $13524 |
| **12/22** | $12493 | $13887 | $13423 |
| **1/23** | $13890 | $15014 | $14512 |
| **2/23** | $13103 | $14487 | $14002 |
| **3/23** | $13890 | $14841 | $14345 |
| **4/23** | $13934 | $15099 | $14594 |
| **5/23** | $13254 | $14550 | $14063 |
| **6/23** | $13864 | $15203 | $14694 |
| **7/23** | $14385 | $15821 | $15292 |
| **8/23** | $13422 | $15106 | $14601 |
| **9/23** | $13033 | $14629 | $14140 |
| **10/23** | $12502 | $14025 | $13556 |
| **11/23** | $13227 | $15288 | $14777 |
| **12/23** | $14012 | $16056 | $15519 |
| **1/24** | $13574 | $15897 | $15365 |
| **2/24** | $13920 | $16299 | $15754 |
| **3/24** | $14796 | $16808 | $16246 |
| **4/24** | $14686 | $16507 | $15955 |
| **5/24** | $15361 | $16986 | $16418 |
| **6/24** | $15215 | $16970 | $16402 |
| **7/24** | $15224 | $17363 | $16782 |
| **8/24** | $15707 | $17857 | $17260 |
| **9/24** | $15953 | $18338 | $17725 |
| **10/24** | $15416 | $17438 | $16855 |
| **11/24** | $15388 | $17280 | $16702 |
| **12/24** | $14977 | $16945 | $16378 |
| **1/25** | $15710 | $17627 | $17038 |
| **2/25** | $16170 | $17872 | $17274 |
| **3/25** | $16508 | $17831 | $17235 |
| **4/25** | $17071 | $18475 | $17857 |
| **5/25** | $17944 | $19322 | $18675 |
| **6/25** | $18480 | $19977 | $19309 |
| **7/25** | $18358 | $19920 | $19254 |
| **8/25** | $19005 | $20611 | $19922 |
| **9/25** | $20001 | $21354 | $20639 |
| **10/25** | $20085 | $21785 | $21057 |
| **11/25** | $20010 | $21780 | $21051 |
| **12/25** | $20670 | $22432 | $21682 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 38.01% | 5.72% | 8.11% |
| Class A, with 5.25% maximum front end sales charge | 30.80% | 4.58% | 7.53% |
| MSCI All Country World ex USA Index | 32.39% | 7.91% | 8.41% |
| Active International Allocation Blend Index | 32.39% | 7.91% | 8.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Active International Allocation Blend Index is a performance linked benchmark of the old and new benchmark of the Fund, the old benchmark represented by MSCI EAFE Index (index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada) from the Fund's inception to December 31, 2016 and the new benchmark represented by MSCI All Country World ex USA Index for periods thereafter. It is not possible to invest directly in an index. |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $170851561 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $719072 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 27.1% |
| China | 3.7% |
| Taiwan | 5.0% |
| Canada | 6.9% |
| United Kingdom | 7.3% |
| United States | 7.4% |
| India | 7.5% |
| Korea, Republic of | 8.2% |
| France | 8.4% |
| Germany | 8.8% |
| Japan | 9.7% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| Samsung Electronics Co. Ltd. | 4.9% |
| CaixaBank SA | 3.0% |
| AIB Group PLC | 2.9% |
| Hanwha Aerospace Co. Ltd. | 2.6% |
| Mizuho Financial Group, Inc. | 2.5% |
| AstraZeneca PLC | 2.4% |
| Sony Group Corp. | 2.2% |
| Rheinmetall AG | 2.2% |
| Airbus SE | 2.2% |
| Total | 29.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSIBX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class C MSAAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $236 | 1.99% |

---

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

↑ Stock selection in industrials, led by Korean and German defense companies, and in financials through positions in several European banks

↑ A Korean manufacturer with a significant DRAM (dynamic random access memory) business was among the top security contributors

↑ The overweight allocation to metals & mining, led by the allocations to Australia-based and Canadian-based gold mining companies as well as a silver mining company

↑ The zero allocation to Saudi Arabia and other Gulf Cooperation Council markets

↓ The underweight allocation to a Korean memory chip maker

↓ The overweight to and stock selection in pharmaceuticals

↓The overweight to and stock selection in select e-commerce companies in Asia and Latin America

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

![Growth of 10K Chart](tm262201d1_tsrimg071.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI All Country World ex USA Index** | **Active International Allocation Blend Index** |
| **12/15** | $10000 | $10000 | $9277 |
| **1/16** | $9418 | $9320 | $9277 |
| **2/16** | $9055 | $9213 | $9107 |
| **3/16** | $9628 | $9962 | $9699 |
| **4/16** | $9774 | $10225 | $9980 |
| **5/16** | $9733 | $10052 | $9890 |
| **6/16** | $9459 | $9898 | $9558 |
| **7/16** | $9871 | $10388 | $10042 |
| **8/16** | $9855 | $10453 | $10049 |
| **9/16** | $9952 | $10582 | $10173 |
| **10/16** | $9709 | $10430 | $9965 |
| **11/16** | $9491 | $10189 | $9766 |
| **12/16** | $9806 | $10450 | $10100 |
| **1/17** | $10048 | $10820 | $10458 |
| **2/17** | $10170 | $10992 | $10625 |
| **3/17** | $10444 | $11271 | $10894 |
| **4/17** | $10727 | $11512 | $11127 |
| **5/17** | $11115 | $11886 | $11488 |
| **6/17** | $11123 | $11923 | $11524 |
| **7/17** | $11505 | $12362 | $11949 |
| **8/17** | $11569 | $12427 | $12011 |
| **9/17** | $11747 | $12657 | $12234 |
| **10/17** | $11941 | $12896 | $12464 |
| **11/17** | $11933 | $13000 | $12566 |
| **12/17** | $12103 | $13291 | $12846 |
| **1/18** | $12857 | $14031 | $13562 |
| **2/18** | $12160 | $13370 | $12922 |
| **3/18** | $12029 | $13134 | $12694 |
| **4/18** | $12013 | $13343 | $12897 |
| **5/18** | $11685 | $13035 | $12599 |
| **6/18** | $11455 | $12790 | $12363 |
| **7/18** | $11765 | $13096 | $12658 |
| **8/18** | $11568 | $12822 | $12393 |
| **9/18** | $11469 | $12881 | $12450 |
| **10/18** | $10484 | $11833 | $11437 |
| **11/18** | $10640 | $11945 | $11545 |
| **12/18** | $10162 | $11404 | $11023 |
| **1/19** | $10771 | $12266 | $11856 |
| **2/19** | $10969 | $12506 | $12087 |
| **3/19** | $11150 | $12580 | $12159 |
| **4/19** | $11347 | $12912 | $12481 |
| **5/19** | $10878 | $12219 | $11811 |
| **6/19** | $11603 | $12955 | $12522 |
| **7/19** | $11413 | $12798 | $12370 |
| **8/19** | $11034 | $12403 | $11988 |
| **9/19** | $11166 | $12722 | $12297 |
| **10/19** | $11504 | $13166 | $12726 |
| **11/19** | $11710 | $13282 | $12838 |
| **12/19** | $12298 | $13857 | $13394 |
| **1/20** | $11811 | $13485 | $13034 |
| **2/20** | $11035 | $12419 | $12004 |
| **3/20** | $9606 | $10621 | $10266 |
| **4/20** | $10324 | $11426 | $11044 |
| **5/20** | $10960 | $11800 | $11405 |
| **6/20** | $11712 | $12333 | $11921 |
| **7/20** | $12711 | $12883 | $12452 |
| **8/20** | $13157 | $13434 | $12985 |
| **9/20** | $13033 | $13104 | $12666 |
| **10/20** | $12934 | $12822 | $12394 |
| **11/20** | $14727 | $14547 | $14061 |
| **12/20** | $15881 | $15334 | $14821 |
| **1/21** | $15716 | $15367 | $14853 |
| **2/21** | $16071 | $15671 | $15147 |
| **3/21** | $15939 | $15869 | $15338 |
| **4/21** | $16716 | $16336 | $15790 |
| **5/21** | $17236 | $16847 | $16284 |
| **6/21** | $16996 | $16738 | $16178 |
| **7/21** | $16839 | $16462 | $15912 |
| **8/21** | $17186 | $16775 | $16214 |
| **9/21** | $16377 | $16238 | $15695 |
| **10/21** | $16988 | $16626 | $16070 |
| **11/21** | $15898 | $15877 | $15346 |
| **12/21** | $16076 | $16533 | $15980 |
| **1/22** | $15205 | $15924 | $15391 |
| **2/22** | $14876 | $15609 | $15087 |
| **3/22** | $15071 | $15634 | $15111 |
| **4/22** | $13835 | $14652 | $14162 |
| **5/22** | $14031 | $14757 | $14264 |
| **6/22** | $12528 | $13488 | $13037 |
| **7/22** | $12590 | $13949 | $13483 |
| **8/22** | $12146 | $13501 | $13049 |
| **9/22** | $11026 | $12152 | $11745 |
| **10/22** | $11461 | $12515 | $12096 |
| **11/22** | $13035 | $13992 | $13524 |
| **12/22** | $12470 | $13887 | $13423 |
| **1/23** | $13853 | $15014 | $14512 |
| **2/23** | $13063 | $14487 | $14002 |
| **3/23** | $13844 | $14841 | $14345 |
| **4/23** | $13880 | $15099 | $14594 |
| **5/23** | $13188 | $14550 | $14063 |
| **6/23** | $13790 | $15203 | $14694 |
| **7/23** | $14293 | $15821 | $15292 |
| **8/23** | $13323 | $15106 | $14601 |
| **9/23** | $12928 | $14629 | $14140 |
| **10/23** | $12398 | $14025 | $13556 |
| **11/23** | $13108 | $15288 | $14777 |
| **12/23** | $13875 | $16056 | $15519 |
| **1/24** | $13442 | $15897 | $15365 |
| **2/24** | $13785 | $16299 | $15754 |
| **3/24** | $14652 | $16808 | $16246 |
| **4/24** | $14543 | $16507 | $15955 |
| **5/24** | $15211 | $16986 | $16418 |
| **6/24** | $15067 | $16970 | $16402 |
| **7/24** | $15076 | $17363 | $16782 |
| **8/24** | $15554 | $17857 | $17260 |
| **9/24** | $15798 | $18338 | $17725 |
| **10/24** | $15265 | $17438 | $16855 |
| **11/24** | $15238 | $17280 | $16702 |
| **12/24** | $14831 | $16945 | $16378 |
| **1/25** | $15557 | $17627 | $17038 |
| **2/25** | $16012 | $17872 | $17274 |
| **3/25** | $16347 | $17831 | $17235 |
| **4/25** | $16905 | $18475 | $17857 |
| **5/25** | $17770 | $19322 | $18675 |
| **6/25** | $18300 | $19977 | $19309 |
| **7/25** | $18179 | $19920 | $19254 |
| **8/25** | $18820 | $20611 | $19922 |
| **9/25** | $19806 | $21354 | $20639 |
| **10/25** | $19890 | $21785 | $21057 |
| **11/25** | $19815 | $21780 | $21051 |
| **12/25** | $20469 | $22432 | $21682 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 37.02% | 4.88% | 7.43% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 36.02% | 4.88% | 7.43% |
| MSCI All Country World ex USA Index | 32.39% | 7.91% | 8.41% |
| Active International Allocation Blend Index | 32.39% | 7.91% | 8.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Active International Allocation Blend Index is a performance linked benchmark of the old and new benchmark of the Fund, the old benchmark represented by MSCI EAFE Index (index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada) from the Fund's inception to December 31, 2016 and the new benchmark represented by MSCI All Country World ex USA Index for periods thereafter. It is not possible to invest directly in an index. |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $170851561 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $719072 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 27.1% |
| China | 3.7% |
| Taiwan | 5.0% |
| Canada | 6.9% |
| United Kingdom | 7.3% |
| United States | 7.4% |
| India | 7.5% |
| Korea, Republic of | 8.2% |
| France | 8.4% |
| Germany | 8.8% |
| Japan | 9.7% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| Samsung Electronics Co. Ltd. | 4.9% |
| CaixaBank SA | 3.0% |
| AIB Group PLC | 2.9% |
| Hanwha Aerospace Co. Ltd. | 2.6% |
| Mizuho Financial Group, Inc. | 2.5% |
| AstraZeneca PLC | 2.4% |
| Sony Group Corp. | 2.2% |
| Rheinmetall AG | 2.2% |
| Airbus SE | 2.2% |
| Total | 29.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSAAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class I MSACX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $106 | 0.89% |

---

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

↑ Stock selection in industrials, led by Korean and German defense companies, and in financials through positions in several European banks

↑ A Korean manufacturer with a significant DRAM (dynamic random access memory) business was among the top security contributors

↑ The overweight allocation to metals & mining, led by the allocations to Australia-based and Canadian-based gold mining companies as well as a silver mining company

↑ The zero allocation to Saudi Arabia and other Gulf Cooperation Council markets

↓ The underweight allocation to a Korean memory chip maker

↓ The overweight to and stock selection in pharmaceuticals

↓The overweight to and stock selection in select e-commerce companies in Asia and Latin America

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

![Growth of 10K Chart](tm262201d1_tsrimg053.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World ex USA Index** | **Active International Allocation Blend Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $942623 | $931977 | $927686 |
| **2/16** | $907377 | $921324 | $910690 |
| **3/16** | $965574 | $996237 | $969946 |
| **4/16** | $981148 | $1022457 | $998027 |
| **5/16** | $977869 | $1005199 | $988961 |
| **6/16** | $950820 | $989820 | $955764 |
| **7/16** | $992623 | $1038770 | $1004203 |
| **8/16** | $992623 | $1045339 | $1004916 |
| **9/16** | $1003279 | $1058230 | $1017261 |
| **10/16** | $980328 | $1043015 | $996453 |
| **11/16** | $959836 | $1018889 | $976607 |
| **12/16** | $993266 | $1044951 | $1010002 |
| **1/17** | $1018454 | $1081968 | $1045781 |
| **2/17** | $1031048 | $1099222 | $1062457 |
| **3/17** | $1059595 | $1127089 | $1089392 |
| **4/17** | $1089822 | $1151217 | $1112714 |
| **5/17** | $1130123 | $1188574 | $1148821 |
| **6/17** | $1131802 | $1192264 | $1152388 |
| **7/17** | $1171485 | $1236208 | $1194862 |
| **8/17** | $1179895 | $1242677 | $1201115 |
| **9/17** | $1199237 | $1265746 | $1223412 |
| **10/17** | $1220262 | $1289559 | $1246428 |
| **11/17** | $1220262 | $1300034 | $1256553 |
| **12/17** | $1239243 | $1329091 | $1284638 |
| **1/18** | $1317231 | $1403116 | $1356187 |
| **2/18** | $1246956 | $1336955 | $1292239 |
| **3/18** | $1234958 | $1313376 | $1269449 |
| **4/18** | $1234101 | $1334344 | $1289716 |
| **5/18** | $1201534 | $1303535 | $1259937 |
| **6/18** | $1179252 | $1279034 | $1236255 |
| **7/18** | $1212515 | $1309624 | $1265823 |
| **8/18** | $1192751 | $1282213 | $1239329 |
| **9/18** | $1183298 | $1288055 | $1244975 |
| **10/18** | $1082756 | $1183287 | $1143711 |
| **11/18** | $1099943 | $1194487 | $1154536 |
| **12/18** | $1051578 | $1140422 | $1102280 |
| **1/19** | $1116049 | $1226590 | $1185565 |
| **2/19** | $1137830 | $1250556 | $1208730 |
| **3/19** | $1156997 | $1258005 | $1215930 |
| **4/19** | $1178778 | $1291238 | $1248052 |
| **5/19** | $1130860 | $1221937 | $1181068 |
| **6/19** | $1206657 | $1295515 | $1252186 |
| **7/19** | $1189233 | $1279834 | $1237029 |
| **8/19** | $1150899 | $1240308 | $1198824 |
| **9/19** | $1164838 | $1272226 | $1229675 |
| **10/19** | $1201430 | $1316617 | $1272581 |
| **11/19** | $1224082 | $1328223 | $1283799 |
| **12/19** | $1287188 | $1385742 | $1339395 |
| **1/20** | $1236900 | $1348516 | $1303414 |
| **2/20** | $1156617 | $1241923 | $1200386 |
| **3/20** | $1008400 | $1062101 | $1026578 |
| **4/20** | $1084273 | $1142588 | $1104373 |
| **5/20** | $1152205 | $1179981 | $1140516 |
| **6/20** | $1232489 | $1233305 | $1192056 |
| **7/20** | $1338358 | $1288291 | $1245203 |
| **8/20** | $1385999 | $1343438 | $1298506 |
| **9/20** | $1374530 | $1310413 | $1266585 |
| **10/20** | $1365707 | $1282241 | $1239356 |
| **11/20** | $1556271 | $1454722 | $1406067 |
| **12/20** | $1679572 | $1533351 | $1482066 |
| **1/21** | $1663686 | $1536683 | $1485287 |
| **2/21** | $1703402 | $1567104 | $1514691 |
| **3/21** | $1691046 | $1586918 | $1533842 |
| **4/21** | $1774892 | $1633631 | $1578993 |
| **5/21** | $1831378 | $1684731 | $1628384 |
| **6/21** | $1807548 | $1673815 | $1617833 |
| **7/21** | $1792544 | $1646231 | $1591171 |
| **8/21** | $1831378 | $1677523 | $1621417 |
| **9/21** | $1747532 | $1623808 | $1569498 |
| **10/21** | $1813726 | $1662569 | $1606963 |
| **11/21** | $1698989 | $1587706 | $1534604 |
| **12/21** | $1718722 | $1653321 | $1598024 |
| **1/22** | $1628465 | $1592396 | $1539137 |
| **2/22** | $1593899 | $1560875 | $1508671 |
| **3/22** | $1616943 | $1563363 | $1511075 |
| **4/22** | $1484438 | $1465195 | $1416190 |
| **5/22** | $1507483 | $1475712 | $1426356 |
| **6/22** | $1347133 | $1348761 | $1303650 |
| **7/22** | $1354814 | $1394934 | $1348279 |
| **8/22** | $1308725 | $1350069 | $1304915 |
| **9/22** | $1188703 | $1215156 | $1174515 |
| **10/22** | $1237672 | $1251467 | $1209611 |
| **11/22** | $1408584 | $1399199 | $1352402 |
| **12/22** | $1348059 | $1388737 | $1342290 |
| **1/23** | $1499471 | $1501375 | $1451160 |
| **2/23** | $1414485 | $1448674 | $1400222 |
| **3/23** | $1500448 | $1484088 | $1434451 |
| **4/23** | $1506309 | $1509871 | $1459372 |
| **5/23** | $1432068 | $1454975 | $1406312 |
| **6/23** | $1498494 | $1520258 | $1469412 |
| **7/23** | $1555152 | $1582067 | $1529153 |
| **8/23** | $1451605 | $1510612 | $1460088 |
| **9/23** | $1409600 | $1462900 | $1413972 |
| **10/23** | $1352943 | $1402543 | $1355633 |
| **11/23** | $1432068 | $1528792 | $1477660 |
| **12/23** | $1516863 | $1605601 | $1551901 |
| **1/24** | $1470346 | $1589653 | $1536486 |
| **2/24** | $1507762 | $1629898 | $1575385 |
| **3/24** | $1602819 | $1680849 | $1624632 |
| **4/24** | $1591695 | $1650665 | $1595458 |
| **5/24** | $1665516 | $1698582 | $1641772 |
| **6/24** | $1650347 | $1696967 | $1640210 |
| **7/24** | $1651358 | $1736259 | $1678189 |
| **8/24** | $1703943 | $1785707 | $1725982 |
| **9/24** | $1730235 | $1833791 | $1772459 |
| **10/24** | $1672594 | $1743817 | $1685494 |
| **11/24** | $1670572 | $1728032 | $1670237 |
| **12/24** | $1625851 | $1694456 | $1637784 |
| **1/25** | $1706359 | $1762731 | $1703776 |
| **2/25** | $1756547 | $1787197 | $1727423 |
| **3/25** | $1794187 | $1783142 | $1723504 |
| **4/25** | $1855875 | $1847518 | $1785727 |
| **5/25** | $1951021 | $1932158 | $1867535 |
| **6/25** | $2009573 | $1997703 | $1930888 |
| **7/25** | $1997026 | $1991989 | $1925365 |
| **8/25** | $2068124 | $2061104 | $1992169 |
| **9/25** | $2176863 | $2135367 | $2063948 |
| **10/25** | $2187319 | $2178524 | $2105662 |
| **11/25** | $2178954 | $2177968 | $2105124 |
| **12/25** | $2252310 | $2243240 | $2168213 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 38.53% | 6.04% | 8.46% |
| MSCI All Country World ex USA Index | 32.39% | 7.91% | 8.41% |
| Active International Allocation Blend Index | 32.39% | 7.91% | 8.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Active International Allocation Blend Index is a performance linked benchmark of the old and new benchmark of the Fund, the old benchmark represented by MSCI EAFE Index (index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada) from the Fund's inception to December 31, 2016 and the new benchmark represented by MSCI All Country World ex USA Index for periods thereafter. It is not possible to invest directly in an index. |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $170851561 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $719072 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 27.1% |
| China | 3.7% |
| Taiwan | 5.0% |
| Canada | 6.9% |
| United Kingdom | 7.3% |
| United States | 7.4% |
| India | 7.5% |
| Korea, Republic of | 8.2% |
| France | 8.4% |
| Germany | 8.8% |
| Japan | 9.7% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| Samsung Electronics Co. Ltd. | 4.9% |
| CaixaBank SA | 3.0% |
| AIB Group PLC | 2.9% |
| Hanwha Aerospace Co. Ltd. | 2.6% |
| Mizuho Financial Group, Inc. | 2.5% |
| AstraZeneca PLC | 2.4% |
| Sony Group Corp. | 2.2% |
| Rheinmetall AG | 2.2% |
| Airbus SE | 2.2% |
| Total | 29.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSACX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class IR MAIHX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $100 | 0.84% |

---

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

↑ Stock selection in industrials, led by Korean and German defense companies, and in financials through positions in several European banks

↑ A Korean manufacturer with a significant DRAM (dynamic random access memory) business was among the top security contributors

↑ The overweight allocation to metals & mining, led by the allocations to Australia-based and Canadian-based gold mining companies as well as a silver mining company

↑ The zero allocation to Saudi Arabia and other Gulf Cooperation Council markets

↓ The underweight allocation to a Korean memory chip maker

↓ The overweight to and stock selection in pharmaceuticals

↓The overweight to and stock selection in select e-commerce companies in Asia and Latin America

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

![Growth of 10K Chart](tm262201d1_tsrimg141.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IR** | **MSCI All Country World ex USA Index** |
| **10/19** | $5000000 | $5000000 |
| **11/19** | $5094271 | $5044076 |
| **12/19** | $5357332 | $5262511 |
| **1/20** | $5148032 | $5121142 |
| **2/20** | $4817560 | $4716341 |
| **3/20** | $4197005 | $4033448 |
| **4/20** | $4512790 | $4339105 |
| **5/20** | $4795528 | $4481112 |
| **6/20** | $5129673 | $4683614 |
| **7/20** | $5570303 | $4892429 |
| **8/20** | $5772259 | $5101858 |
| **9/20** | $5720852 | $4976442 |
| **10/20** | $5684133 | $4869456 |
| **11/20** | $6480940 | $5524470 |
| **12/20** | $6994123 | $5823072 |
| **1/21** | $6928002 | $5835727 |
| **2/21** | $7093305 | $5951253 |
| **3/21** | $7041877 | $6026498 |
| **4/21** | $7390849 | $6203899 |
| **5/21** | $7629619 | $6397956 |
| **6/21** | $7530437 | $6356502 |
| **7/21** | $7467990 | $6251746 |
| **8/21** | $7625945 | $6370582 |
| **9/21** | $7276974 | $6166592 |
| **10/21** | $7556151 | $6313791 |
| **11/21** | $7078611 | $6029493 |
| **12/21** | $7161032 | $6278671 |
| **1/22** | $6781190 | $6047302 |
| **2/22** | $6637250 | $5927600 |
| **3/22** | $6737208 | $5937047 |
| **4/22** | $6185437 | $5564243 |
| **5/22** | $6281397 | $5604183 |
| **6/22** | $5613674 | $5122070 |
| **7/22** | $5645660 | $5297417 |
| **8/22** | $5453740 | $5127039 |
| **9/22** | $4953947 | $4614694 |
| **10/22** | $5157863 | $4752587 |
| **11/22** | $5869568 | $5313618 |
| **12/22** | $5621002 | $5273886 |
| **1/23** | $6247819 | $5701640 |
| **2/23** | $5897778 | $5501503 |
| **3/23** | $6255959 | $5635991 |
| **4/23** | $6276311 | $5733905 |
| **5/23** | $5971043 | $5525431 |
| **6/23** | $6247819 | $5773353 |
| **7/23** | $6483893 | $6008076 |
| **8/23** | $6052447 | $5736718 |
| **9/23** | $5877427 | $5555528 |
| **10/23** | $5641353 | $5326313 |
| **11/23** | $5971043 | $5805760 |
| **12/23** | $6323274 | $6097452 |
| **1/24** | $6129360 | $6036887 |
| **2/24** | $6289550 | $6189723 |
| **3/24** | $6685808 | $6383213 |
| **4/24** | $6639437 | $6268588 |
| **5/24** | $6947170 | $6450557 |
| **6/24** | $6883937 | $6444423 |
| **7/24** | $6888153 | $6593640 |
| **8/24** | $7107360 | $6781423 |
| **9/24** | $7216963 | $6964030 |
| **10/24** | $6976679 | $6622341 |
| **11/24** | $6972463 | $6562397 |
| **12/24** | $6781422 | $6434888 |
| **1/25** | $7117222 | $6694171 |
| **2/25** | $7330914 | $6787084 |
| **3/25** | $7487911 | $6771684 |
| **4/25** | $7745213 | $7016159 |
| **5/25** | $8142068 | $7337587 |
| **6/25** | $8386286 | $7586503 |
| **7/25** | $8333954 | $7564802 |
| **8/25** | $8630504 | $7827276 |
| **9/25** | $9084053 | $8109297 |
| **10/25** | $9127663 | $8273192 |
| **11/25** | $9092775 | $8271079 |
| **12/25** | $9398395 | $8518957 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 10/31/19 (Inception)* |
| Class IR | 38.59% | 6.09% | 10.78% |
| MSCI All Country World ex USA Index | 32.39% | 7.91% | 9.02% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $170851561 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $719072 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 27.1% |
| China | 3.7% |
| Taiwan | 5.0% |
| Canada | 6.9% |
| United Kingdom | 7.3% |
| United States | 7.4% |
| India | 7.5% |
| Korea, Republic of | 8.2% |
| France | 8.4% |
| Germany | 8.8% |
| Japan | 9.7% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| Samsung Electronics Co. Ltd. | 4.9% |
| CaixaBank SA | 3.0% |
| AIB Group PLC | 2.9% |
| Hanwha Aerospace Co. Ltd. | 2.6% |
| Mizuho Financial Group, Inc. | 2.5% |
| AstraZeneca PLC | 2.4% |
| Sony Group Corp. | 2.2% |
| Rheinmetall AG | 2.2% |
| Airbus SE | 2.2% |
| Total | 29.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MAIHX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class L MSLLX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $207 | 1.74% |

---

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

↑ Stock selection in industrials, led by Korean and German defense companies, and in financials through positions in several European banks

↑ A Korean manufacturer with a significant DRAM (dynamic random access memory) business was among the top security contributors

↑ The overweight allocation to metals & mining, led by the allocations to Australia-based and Canadian-based gold mining companies as well as a silver mining company

↑ The zero allocation to Saudi Arabia and other Gulf Cooperation Council markets

↓ The underweight allocation to a Korean memory chip maker

↓ The overweight to and stock selection in pharmaceuticals

↓The overweight to and stock selection in select e-commerce companies in Asia and Latin America

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

![Growth of 10K Chart](tm262201d1_tsrimg018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class L** | **MSCI All Country World ex USA Index** | **Active International Allocation Blend Index** |
| **12/15** | $10000 | $10000 | $9277 |
| **1/16** | $9420 | $9320 | $9277 |
| **2/16** | $9065 | $9213 | $9107 |
| **3/16** | $9637 | $9962 | $9699 |
| **4/16** | $9782 | $10225 | $9980 |
| **5/16** | $9750 | $10052 | $9890 |
| **6/16** | $9468 | $9898 | $9558 |
| **7/16** | $9879 | $10388 | $10042 |
| **8/16** | $9871 | $10453 | $10049 |
| **9/16** | $9976 | $10582 | $10173 |
| **10/16** | $9734 | $10430 | $9965 |
| **11/16** | $9517 | $10189 | $9766 |
| **12/16** | $9832 | $10450 | $10100 |
| **1/17** | $10077 | $10820 | $10458 |
| **2/17** | $10200 | $10992 | $10625 |
| **3/17** | $10478 | $11271 | $10894 |
| **4/17** | $10763 | $11512 | $11127 |
| **5/17** | $11155 | $11886 | $11488 |
| **6/17** | $11163 | $11923 | $11524 |
| **7/17** | $11549 | $12362 | $11949 |
| **8/17** | $11615 | $12427 | $12011 |
| **9/17** | $11803 | $12657 | $12234 |
| **10/17** | $11999 | $12896 | $12464 |
| **11/17** | $11991 | $13000 | $12566 |
| **12/17** | $12172 | $13291 | $12846 |
| **1/18** | $12924 | $14031 | $13562 |
| **2/18** | $12222 | $13370 | $12922 |
| **3/18** | $12106 | $13134 | $12694 |
| **4/18** | $12081 | $13343 | $12897 |
| **5/18** | $11759 | $13035 | $12599 |
| **6/18** | $11527 | $12790 | $12363 |
| **7/18** | $11848 | $13096 | $12658 |
| **8/18** | $11649 | $12822 | $12393 |
| **9/18** | $11550 | $12881 | $12450 |
| **10/18** | $10564 | $11833 | $11437 |
| **11/18** | $10721 | $11945 | $11545 |
| **12/18** | $10240 | $11404 | $11023 |
| **1/19** | $10863 | $12266 | $11856 |
| **2/19** | $11071 | $12506 | $12087 |
| **3/19** | $11246 | $12580 | $12159 |
| **4/19** | $11445 | $12912 | $12481 |
| **5/19** | $10980 | $12219 | $11811 |
| **6/19** | $11711 | $12955 | $12522 |
| **7/19** | $11528 | $12798 | $12370 |
| **8/19** | $11146 | $12403 | $11988 |
| **9/19** | $11279 | $12722 | $12297 |
| **10/19** | $11620 | $13166 | $12726 |
| **11/19** | $11828 | $13282 | $12838 |
| **12/19** | $12435 | $13857 | $13394 |
| **1/20** | $11943 | $13485 | $13034 |
| **2/20** | $11158 | $12419 | $12004 |
| **3/20** | $9714 | $10621 | $10266 |
| **4/20** | $10440 | $11426 | $11044 |
| **5/20** | $11091 | $11800 | $11405 |
| **6/20** | $11851 | $12333 | $11921 |
| **7/20** | $12861 | $12883 | $12452 |
| **8/20** | $13320 | $13434 | $12985 |
| **9/20** | $13194 | $13104 | $12666 |
| **10/20** | $13094 | $12822 | $12394 |
| **11/20** | $14922 | $14547 | $14061 |
| **12/20** | $16088 | $15334 | $14821 |
| **1/21** | $15921 | $15367 | $14853 |
| **2/21** | $16289 | $15671 | $15147 |
| **3/21** | $16163 | $15869 | $15338 |
| **4/21** | $16948 | $16336 | $15790 |
| **5/21** | $17483 | $16847 | $16284 |
| **6/21** | $17240 | $16738 | $16178 |
| **7/21** | $17090 | $16462 | $15912 |
| **8/21** | $17441 | $16775 | $16214 |
| **9/21** | $16631 | $16238 | $15695 |
| **10/21** | $17249 | $16626 | $16070 |
| **11/21** | $16147 | $15877 | $15346 |
| **12/21** | $16326 | $16533 | $15980 |
| **1/22** | $15454 | $15924 | $15391 |
| **2/22** | $15112 | $15609 | $15087 |
| **3/22** | $15328 | $15634 | $15111 |
| **4/22** | $14060 | $14652 | $14162 |
| **5/22** | $14267 | $14757 | $14264 |
| **6/22** | $12748 | $13488 | $13037 |
| **7/22** | $12802 | $13949 | $13483 |
| **8/22** | $12361 | $13501 | $13049 |
| **9/22** | $11220 | $12152 | $11745 |
| **10/22** | $11669 | $12515 | $12096 |
| **11/22** | $13269 | $13992 | $13524 |
| **12/22** | $12698 | $13887 | $13423 |
| **1/23** | $14114 | $15014 | $14512 |
| **2/23** | $13306 | $14487 | $14002 |
| **3/23** | $14105 | $14841 | $14345 |
| **4/23** | $14141 | $15099 | $14594 |
| **5/23** | $13443 | $14550 | $14063 |
| **6/23** | $14060 | $15203 | $14694 |
| **7/23** | $14577 | $15821 | $15292 |
| **8/23** | $13597 | $15106 | $14601 |
| **9/23** | $13188 | $14629 | $14140 |
| **10/23** | $12653 | $14025 | $13556 |
| **11/23** | $13379 | $15288 | $14777 |
| **12/23** | $14160 | $16056 | $15519 |
| **1/24** | $13713 | $15897 | $15365 |
| **2/24** | $14058 | $16299 | $15754 |
| **3/24** | $14933 | $16808 | $16246 |
| **4/24** | $14821 | $16507 | $15955 |
| **5/24** | $15492 | $16986 | $16418 |
| **6/24** | $15343 | $16970 | $16402 |
| **7/24** | $15343 | $17363 | $16782 |
| **8/24** | $15817 | $17857 | $17260 |
| **9/24** | $16059 | $18338 | $17725 |
| **10/24** | $15510 | $17438 | $16855 |
| **11/24** | $15482 | $17280 | $16702 |
| **12/24** | $15048 | $16945 | $16378 |
| **1/25** | $15782 | $17627 | $17038 |
| **2/25** | $16240 | $17872 | $17274 |
| **3/25** | $16574 | $17831 | $17235 |
| **4/25** | $17137 | $18475 | $17857 |
| **5/25** | $18004 | $19322 | $18675 |
| **6/25** | $18529 | $19977 | $19309 |
| **7/25** | $18405 | $19920 | $19254 |
| **8/25** | $19044 | $20611 | $19922 |
| **9/25** | $20026 | $21354 | $20639 |
| **10/25** | $20112 | $21785 | $21057 |
| **11/25** | $20016 | $21780 | $21051 |
| **12/25** | $20674 | $22432 | $21682 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 37.39% | 5.14% | 7.53% |
| MSCI All Country World ex USA Index | 32.39% | 7.91% | 8.41% |
| Active International Allocation Blend Index | 32.39% | 7.91% | 8.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Active International Allocation Blend Index is a performance linked benchmark of the old and new benchmark of the Fund, the old benchmark represented by MSCI EAFE Index (index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada) from the Fund's inception to December 31, 2016 and the new benchmark represented by MSCI All Country World ex USA Index for periods thereafter. It is not possible to invest directly in an index. |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $170851561 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $719072 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 27.1% |
| China | 3.7% |
| Taiwan | 5.0% |
| Canada | 6.9% |
| United Kingdom | 7.3% |
| United States | 7.4% |
| India | 7.5% |
| Korea, Republic of | 8.2% |
| France | 8.4% |
| Germany | 8.8% |
| Japan | 9.7% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| Samsung Electronics Co. Ltd. | 4.9% |
| CaixaBank SA | 3.0% |
| AIB Group PLC | 2.9% |
| Hanwha Aerospace Co. Ltd. | 2.6% |
| Mizuho Financial Group, Inc. | 2.5% |
| AstraZeneca PLC | 2.4% |
| Sony Group Corp. | 2.2% |
| Rheinmetall AG | 2.2% |
| Airbus SE | 2.2% |
| Total | 29.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSLLX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio

# Class R6 MAIJX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Passport Overseas Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $100 | 0.84% |

---

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

↑ Stock selection in industrials, led by Korean and German defense companies, and in financials through positions in several European banks

↑ A Korean manufacturer with a significant DRAM (dynamic random access memory) business was among the top security contributors

↑ The overweight allocation to metals & mining, led by the allocations to Australia-based and Canadian-based gold mining companies as well as a silver mining company

↑ The zero allocation to Saudi Arabia and other Gulf Cooperation Council markets

↓ The underweight allocation to a Korean memory chip maker

↓ The overweight to and stock selection in pharmaceuticals

↓The overweight to and stock selection in select e-commerce companies in Asia and Latin America

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

![Growth of 10K Chart](tm262201d1_tsrimg123.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI All Country World ex USA Index** |
| **10/19** | $5000000 | $5000000 |
| **11/19** | $5094271 | $5044076 |
| **12/19** | $5357332 | $5262511 |
| **1/20** | $5148032 | $5121142 |
| **2/20** | $4817560 | $4716341 |
| **3/20** | $4197005 | $4033448 |
| **4/20** | $4512790 | $4339105 |
| **5/20** | $4795528 | $4481112 |
| **6/20** | $5129673 | $4683614 |
| **7/20** | $5570303 | $4892429 |
| **8/20** | $5772259 | $5101858 |
| **9/20** | $5724524 | $4976442 |
| **10/20** | $5684133 | $4869456 |
| **11/20** | $6480940 | $5524470 |
| **12/20** | $6994123 | $5823072 |
| **1/21** | $6928002 | $5835727 |
| **2/21** | $7093305 | $5951253 |
| **3/21** | $7041877 | $6026498 |
| **4/21** | $7390849 | $6203899 |
| **5/21** | $7629619 | $6397956 |
| **6/21** | $7530437 | $6356502 |
| **7/21** | $7467990 | $6251746 |
| **8/21** | $7629619 | $6370582 |
| **9/21** | $7276974 | $6166592 |
| **10/21** | $7556151 | $6313791 |
| **11/21** | $7078611 | $6029493 |
| **12/21** | $7161032 | $6278671 |
| **1/22** | $6785188 | $6047302 |
| **2/22** | $6641248 | $5927600 |
| **3/22** | $6737208 | $5937047 |
| **4/22** | $6185437 | $5564243 |
| **5/22** | $6281397 | $5604183 |
| **6/22** | $5613674 | $5122070 |
| **7/22** | $5649659 | $5297417 |
| **8/22** | $5457738 | $5127039 |
| **9/22** | $4957945 | $4614694 |
| **10/22** | $5161861 | $4752587 |
| **11/22** | $5873566 | $5313618 |
| **12/22** | $5625000 | $5273886 |
| **1/23** | $6255879 | $5701640 |
| **2/23** | $5901773 | $5501503 |
| **3/23** | $6259949 | $5635991 |
| **4/23** | $6280300 | $5733905 |
| **5/23** | $5975036 | $5525431 |
| **6/23** | $6251809 | $5773353 |
| **7/23** | $6487880 | $6008076 |
| **8/23** | $6056440 | $5736718 |
| **9/23** | $5881422 | $5555528 |
| **10/23** | $5645351 | $5326313 |
| **11/23** | $5975036 | $5805760 |
| **12/23** | $6331474 | $6097452 |
| **1/24** | $6133352 | $6036887 |
| **2/24** | $6293535 | $6189723 |
| **3/24** | $6689779 | $6383213 |
| **4/24** | $6643410 | $6268588 |
| **5/24** | $6951132 | $6450557 |
| **6/24** | $6887901 | $6444423 |
| **7/24** | $6892117 | $6593640 |
| **8/24** | $7111316 | $6781423 |
| **9/24** | $7225130 | $6964030 |
| **10/24** | $6984855 | $6622341 |
| **11/24** | $6976424 | $6562397 |
| **12/24** | $6789613 | $6434888 |
| **1/25** | $7125387 | $6694171 |
| **2/25** | $7334701 | $6787084 |
| **3/25** | $7491686 | $6771684 |
| **4/25** | $7748968 | $7016159 |
| **5/25** | $8150152 | $7337587 |
| **6/25** | $8394352 | $7586503 |
| **7/25** | $8342023 | $7564802 |
| **8/25** | $8638551 | $7827276 |
| **9/25** | $9096425 | $8109297 |
| **10/25** | $9135671 | $8273192 |
| **11/25** | $9100785 | $8271079 |
| **12/25** | $9406346 | $8518957 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 10/31/19 (Inception)* |
| Class R6 | 38.54% | 6.11% | 10.79% |
| MSCI All Country World ex USA Index | 32.39% | 7.91% | 9.02% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $170851561 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $719072 |

---

## 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 Asset Type Chart](tm262201d1_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 27.1% |
| China | 3.7% |
| Taiwan | 5.0% |
| Canada | 6.9% |
| United Kingdom | 7.3% |
| United States | 7.4% |
| India | 7.5% |
| Korea, Republic of | 8.2% |
| France | 8.4% |
| Germany | 8.8% |
| Japan | 9.7% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| Samsung Electronics Co. Ltd. | 4.9% |
| CaixaBank SA | 3.0% |
| AIB Group PLC | 2.9% |
| Hanwha Aerospace Co. Ltd. | 2.6% |
| Mizuho Financial Group, Inc. | 2.5% |
| AstraZeneca PLC | 2.4% |
| Sony Group Corp. | 2.2% |
| Rheinmetall AG | 2.2% |
| Airbus SE | 2.2% |
| Total | 29.9% |

---

---

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

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MAIJX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class A MSHNX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $130 | 1.19% |

---

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

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in materials, where a precious metals company was the sector's top contributor

↑ Stock selection in consumer staples, most helped by strong gains from a lifestyle and energy drinks company

↓ Stock selection and average overweight in consumer discretionary, where a hard surface flooring retailer was the largest detractor

↓ Stock selection and average overweight in real estate, driven by an underperforming Texas landowner

↓ Average underweight and stock selection in communication services

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

![Growth of 10K Chart](tm262201d1_tsrimg135.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **S&P 500<sup>®</sup> Index** |
| **3/20** | $9479 | $10000 |
| **4/20** | $10863 | $11282 |
| **5/20** | $11659 | $11819 |
| **6/20** | $11905 | $12054 |
| **7/20** | $12607 | $12734 |
| **8/20** | $13365 | $13649 |
| **9/20** | $13052 | $13131 |
| **10/20** | $12806 | $12782 |
| **11/20** | $14057 | $14181 |
| **12/20** | $14697 | $14726 |
| **1/21** | $14114 | $14577 |
| **2/21** | $14476 | $14979 |
| **3/21** | $14727 | $15635 |
| **4/21** | $15602 | $16470 |
| **5/21** | $15290 | $16585 |
| **6/21** | $15924 | $16972 |
| **7/21** | $16628 | $17375 |
| **8/21** | $16950 | $17903 |
| **9/21** | $16095 | $17071 |
| **10/21** | $17242 | $18267 |
| **11/21** | $16709 | $18140 |
| **12/21** | $17108 | $18953 |
| **1/22** | $15267 | $17972 |
| **2/22** | $15040 | $17434 |
| **3/22** | $15303 | $18081 |
| **4/22** | $13689 | $16505 |
| **5/22** | $13522 | $16535 |
| **6/22** | $12924 | $15170 |
| **7/22** | $14323 | $16569 |
| **8/22** | $13498 | $15893 |
| **9/22** | $12458 | $14429 |
| **10/22** | $13474 | $15598 |
| **11/22** | $14514 | $16469 |
| **12/22** | $13545 | $15520 |
| **1/23** | $15087 | $16496 |
| **2/23** | $14708 | $16093 |
| **3/23** | $15564 | $16684 |
| **4/23** | $15381 | $16944 |
| **5/23** | $15845 | $17018 |
| **6/23** | $16531 | $18143 |
| **7/23** | $16983 | $18725 |
| **8/23** | $16408 | $18427 |
| **9/23** | $15234 | $17549 |
| **10/23** | $14377 | $17180 |
| **11/23** | $15845 | $18749 |
| **12/23** | $17082 | $19600 |
| **1/24** | $16960 | $19930 |
| **2/24** | $18764 | $20994 |
| **3/24** | $19333 | $21669 |
| **4/24** | $17706 | $20784 |
| **5/24** | $18045 | $21815 |
| **6/24** | $17896 | $22598 |
| **7/24** | $18723 | $22873 |
| **8/24** | $18845 | $23428 |
| **9/24** | $18953 | $23928 |
| **10/24** | $18574 | $23711 |
| **11/24** | $20011 | $25103 |
| **12/24** | $19370 | $24504 |
| **1/25** | $20616 | $25187 |
| **2/25** | $20616 | $24858 |
| **3/25** | $19677 | $23457 |
| **4/25** | $19739 | $23298 |
| **5/25** | $21508 | $24765 |
| **6/25** | $23170 | $26024 |
| **7/25** | $23108 | $26608 |
| **8/25** | $23462 | $27148 |
| **9/25** | $23385 | $28139 |
| **10/25** | $23385 | $28797 |
| **11/25** | $22677 | $28868 |
| **12/25** | $22804 | $28886 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 3/31/20 (Inception)* |
| Class A | 17.73% | 9.18% | 16.48% |
| Class A, with 5.25% maximum front end sales charge | 11.53% | 8.01% | 15.41% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 20.25% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5555560 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| Consumer Staples | 4.1% |
| Real Estate | 6.3% |
| Materials | 8.4% |
| Financials | 11.7% |
| Health Care | 12.2% |
| Information Technology | 16.7% |
| Consumer Discretionary | 18.0% |
| Industrials | 19.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.0% |
| Royalty Pharma PLC | 6.3% |
| Royal Gold, Inc. | 6.1% |
| QXO, Inc. | 6.1% |
| Core & Main, Inc. | 4.9% |
| LVMH Moet Hennessy Louis Vuitton SE | 4.9% |
| Floor & Decor Holdings, Inc. | 4.8% |
| Medline, Inc. | 3.7% |
| Union Pacific Corp. | 3.7% |
| Landbridge Co. LLC | 3.3% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSHNX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class C MSHOX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $210 | 1.94% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in materials, where a precious metals company was the sector's top contributor

↑ Stock selection in consumer staples, most helped by strong gains from a lifestyle and energy drinks company

↓ Stock selection and average overweight in consumer discretionary, where a hard surface flooring retailer was the largest detractor

↓ Stock selection and average overweight in real estate, driven by an underperforming Texas landowner

↓ Average underweight and stock selection in communication services

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg060.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** |
| **3/20** | $10000 | $10000 |
| **4/20** | $11460 | $11282 |
| **5/20** | $12280 | $11819 |
| **6/20** | $12540 | $12054 |
| **7/20** | $13260 | $12734 |
| **8/20** | $14060 | $13649 |
| **9/20** | $13720 | $13131 |
| **10/20** | $13450 | $12782 |
| **11/20** | $14750 | $14181 |
| **12/20** | $15415 | $14726 |
| **1/21** | $14789 | $14577 |
| **2/21** | $15149 | $14979 |
| **3/21** | $15394 | $15635 |
| **4/21** | $16307 | $16470 |
| **5/21** | $15978 | $16585 |
| **6/21** | $16625 | $16972 |
| **7/21** | $17347 | $17375 |
| **8/21** | $17676 | $17903 |
| **9/21** | $16774 | $17071 |
| **10/21** | $17952 | $18267 |
| **11/21** | $17389 | $18140 |
| **12/21** | $17807 | $18953 |
| **1/22** | $15871 | $17972 |
| **2/22** | $15632 | $17434 |
| **3/22** | $15883 | $18081 |
| **4/22** | $14211 | $16505 |
| **5/22** | $14022 | $16535 |
| **6/22** | $13393 | $15170 |
| **7/22** | $14839 | $16569 |
| **8/22** | $13959 | $15893 |
| **9/22** | $12890 | $14429 |
| **10/22** | $13921 | $15598 |
| **11/22** | $15003 | $16469 |
| **12/22** | $13984 | $15520 |
| **1/23** | $15567 | $16496 |
| **2/23** | $15168 | $16093 |
| **3/23** | $16044 | $16684 |
| **4/23** | $15838 | $16944 |
| **5/23** | $16301 | $17018 |
| **6/23** | $17010 | $18143 |
| **7/23** | $17460 | $18725 |
| **8/23** | $16855 | $18427 |
| **9/23** | $15632 | $17549 |
| **10/23** | $14743 | $17180 |
| **11/23** | $16250 | $18749 |
| **12/23** | $17500 | $19600 |
| **1/24** | $17357 | $19930 |
| **2/24** | $19203 | $20994 |
| **3/24** | $19761 | $21669 |
| **4/24** | $18087 | $20784 |
| **5/24** | $18430 | $21815 |
| **6/24** | $18273 | $22598 |
| **7/24** | $19088 | $22873 |
| **8/24** | $19203 | $23428 |
| **9/24** | $19317 | $23928 |
| **10/24** | $18917 | $23711 |
| **11/24** | $20362 | $25103 |
| **12/24** | $19701 | $24504 |
| **1/25** | $20959 | $25187 |
| **2/25** | $20927 | $24858 |
| **3/25** | $19975 | $23457 |
| **4/25** | $20023 | $23298 |
| **5/25** | $21798 | $24765 |
| **6/25** | $23476 | $26024 |
| **7/25** | $23396 | $26608 |
| **8/25** | $23734 | $27148 |
| **9/25** | $23654 | $28139 |
| **10/25** | $23638 | $28797 |
| **11/25** | $22895 | $28868 |
| **12/25** | $23005 | $28886 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 3/31/20 (Inception)* |
| Class C | 16.77% | 8.34% | 15.58% |
| Class C, with 1% maximum contingent deferred sales charge | 15.77% | 8.34% | 15.58% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 20.25% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5555560 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| Consumer Staples | 4.1% |
| Real Estate | 6.3% |
| Materials | 8.4% |
| Financials | 11.7% |
| Health Care | 12.2% |
| Information Technology | 16.7% |
| Consumer Discretionary | 18.0% |
| Industrials | 19.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.0% |
| Royalty Pharma PLC | 6.3% |
| Royal Gold, Inc. | 6.1% |
| QXO, Inc. | 6.1% |
| Core & Main, Inc. | 4.9% |
| LVMH Moet Hennessy Louis Vuitton SE | 4.9% |
| Floor & Decor Holdings, Inc. | 4.8% |
| Medline, Inc. | 3.7% |
| Union Pacific Corp. | 3.7% |
| Landbridge Co. LLC | 3.3% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSHOX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class I MSHMX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $92 | 0.84% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in materials, where a precious metals company was the sector's top contributor

↑ Stock selection in consumer staples, most helped by strong gains from a lifestyle and energy drinks company

↓ Stock selection and average overweight in consumer discretionary, where a hard surface flooring retailer was the largest detractor

↓ Stock selection and average overweight in real estate, driven by an underperforming Texas landowner

↓ Average underweight and stock selection in communication services

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg034.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **3/20** | $1000000 | $1000000 |
| **4/20** | $1147000 | $1128194 |
| **5/20** | $1231000 | $1181927 |
| **6/20** | $1257000 | $1205433 |
| **7/20** | $1331000 | $1273401 |
| **8/20** | $1412000 | $1364934 |
| **9/20** | $1380000 | $1313071 |
| **10/20** | $1354000 | $1278151 |
| **11/20** | $1486000 | $1418063 |
| **12/20** | $1554582 | $1472585 |
| **1/21** | $1494097 | $1457718 |
| **2/21** | $1532298 | $1497914 |
| **3/21** | $1558827 | $1563517 |
| **4/21** | $1652208 | $1646960 |
| **5/21** | $1620374 | $1658463 |
| **6/21** | $1687226 | $1697179 |
| **7/21** | $1762568 | $1737495 |
| **8/21** | $1796524 | $1790325 |
| **9/21** | $1707388 | $1707057 |
| **10/21** | $1828359 | $1826657 |
| **11/21** | $1773179 | $1814000 |
| **12/21** | $1816566 | $1895296 |
| **1/22** | $1620044 | $1797221 |
| **2/22** | $1597369 | $1743409 |
| **3/22** | $1626343 | $1808141 |
| **4/22** | $1455017 | $1650468 |
| **5/22** | $1437380 | $1653496 |
| **6/22** | $1374392 | $1517010 |
| **7/22** | $1523043 | $1656885 |
| **8/22** | $1434861 | $1589314 |
| **9/22** | $1325262 | $1442941 |
| **10/22** | $1433601 | $1559763 |
| **11/22** | $1545719 | $1646929 |
| **12/22** | $1443269 | $1552042 |
| **1/23** | $1607512 | $1649563 |
| **2/23** | $1567421 | $1609315 |
| **3/23** | $1659242 | $1668400 |
| **4/23** | $1639843 | $1694441 |
| **5/23** | $1690280 | $1701806 |
| **6/23** | $1763995 | $1814254 |
| **7/23** | $1813139 | $1872536 |
| **8/23** | $1751063 | $1842723 |
| **9/23** | $1626910 | $1754866 |
| **10/23** | $1536383 | $1717967 |
| **11/23** | $1694159 | $1874861 |
| **12/23** | $1824928 | $1960037 |
| **1/24** | $1813477 | $1992974 |
| **2/24** | $2006705 | $2099390 |
| **3/24** | $2068251 | $2166937 |
| **4/24** | $1893631 | $2078429 |
| **5/24** | $1932276 | $2181488 |
| **6/24** | $1916532 | $2259764 |
| **7/24** | $2005273 | $2287271 |
| **8/24** | $2018155 | $2342752 |
| **9/24** | $2031037 | $2392787 |
| **10/24** | $1990960 | $2371088 |
| **11/24** | $2145542 | $2510273 |
| **12/24** | $2076408 | $2450433 |
| **1/25** | $2211366 | $2518671 |
| **2/25** | $2211366 | $2485807 |
| **3/25** | $2112180 | $2345746 |
| **4/25** | $2118684 | $2329840 |
| **5/25** | $2308926 | $2476491 |
| **6/25** | $2489413 | $2602427 |
| **7/25** | $2482909 | $2660833 |
| **8/25** | $2521933 | $2714772 |
| **9/25** | $2515429 | $2813862 |
| **10/25** | $2515429 | $2879744 |
| **11/25** | $2439007 | $2886802 |
| **12/25** | $2454370 | $2888570 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 3/31/20 (Inception)* |
| Class I | 18.20% | 9.56% | 16.89% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 20.25% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5555560 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| Consumer Staples | 4.1% |
| Real Estate | 6.3% |
| Materials | 8.4% |
| Financials | 11.7% |
| Health Care | 12.2% |
| Information Technology | 16.7% |
| Consumer Discretionary | 18.0% |
| Industrials | 19.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.0% |
| Royalty Pharma PLC | 6.3% |
| Royal Gold, Inc. | 6.1% |
| QXO, Inc. | 6.1% |
| Core & Main, Inc. | 4.9% |
| LVMH Moet Hennessy Louis Vuitton SE | 4.9% |
| Floor & Decor Holdings, Inc. | 4.8% |
| Medline, Inc. | 3.7% |
| Union Pacific Corp. | 3.7% |
| Landbridge Co. LLC | 3.3% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSHMX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio

# Class R6 MSHPX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Permanence Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $86 | 0.79% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in materials, where a precious metals company was the sector's top contributor

↑ Stock selection in consumer staples, most helped by strong gains from a lifestyle and energy drinks company

↓ Stock selection and average overweight in consumer discretionary, where a hard surface flooring retailer was the largest detractor

↓ Stock selection and average overweight in real estate, driven by an underperforming Texas landowner

↓ Average underweight and stock selection in communication services

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg025.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** |
| **3/20** | $5000000 | $5000000 |
| **4/20** | $5735000 | $5640969 |
| **5/20** | $6155000 | $5909637 |
| **6/20** | $6290000 | $6027163 |
| **7/20** | $6655000 | $6367006 |
| **8/20** | $7060000 | $6824670 |
| **9/20** | $6900000 | $6565355 |
| **10/20** | $6775000 | $6390757 |
| **11/20** | $7435000 | $7090315 |
| **12/20** | $7772594 | $7362924 |
| **1/21** | $7475485 | $7288590 |
| **2/21** | $7661178 | $7489572 |
| **3/21** | $7799122 | $7817583 |
| **4/21** | $8266008 | $8234798 |
| **5/21** | $8106842 | $8292313 |
| **6/21** | $8441091 | $8485895 |
| **7/21** | $8817783 | $8687476 |
| **8/21** | $8987560 | $8951625 |
| **9/21** | $8541896 | $8535287 |
| **10/21** | $9152031 | $9133284 |
| **11/21** | $8870838 | $9070000 |
| **12/21** | $9090206 | $9476482 |
| **1/22** | $8107481 | $8986103 |
| **2/22** | $8000389 | $8717046 |
| **3/22** | $8138978 | $9040705 |
| **4/22** | $7282244 | $8252339 |
| **5/22** | $7194051 | $8267479 |
| **6/22** | $6879075 | $7585050 |
| **7/22** | $7628717 | $8284426 |
| **8/22** | $7187751 | $7946571 |
| **9/22** | $6639693 | $7214703 |
| **10/22** | $7175152 | $7798815 |
| **11/22** | $7742109 | $8234644 |
| **12/22** | $7227095 | $7760209 |
| **1/23** | $8048797 | $8247814 |
| **2/23** | $7848224 | $8046576 |
| **3/23** | $8307600 | $8342000 |
| **4/23** | $8210549 | $8472205 |
| **5/23** | $8462883 | $8509031 |
| **6/23** | $8838148 | $9071268 |
| **7/23** | $9077542 | $9362682 |
| **8/23** | $8773447 | $9213614 |
| **9/23** | $8145848 | $8774328 |
| **10/23** | $7692941 | $8589834 |
| **11/23** | $8482293 | $9374304 |
| **12/23** | $9142915 | $9800184 |
| **1/24** | $9078478 | $9964869 |
| **2/24** | $10052195 | $10496950 |
| **3/24** | $10360061 | $10834685 |
| **4/24** | $9493739 | $10392147 |
| **5/24** | $9679891 | $10907438 |
| **6/24** | $9601135 | $11298820 |
| **7/24** | $10045035 | $11436353 |
| **8/24** | $10109472 | $11713761 |
| **9/24** | $10181069 | $11963933 |
| **10/24** | $9980598 | $11855438 |
| **11/24** | $10753843 | $12551365 |
| **12/24** | $10413936 | $12252163 |
| **1/25** | $11089214 | $12593354 |
| **2/25** | $11089214 | $12429035 |
| **3/25** | $10584789 | $11728730 |
| **4/25** | $10625469 | $11649198 |
| **5/25** | $11577368 | $12382453 |
| **6/25** | $12472315 | $13012134 |
| **7/25** | $12447907 | $13304165 |
| **8/25** | $12643169 | $13573860 |
| **9/25** | $12610625 | $14069308 |
| **10/25** | $12610625 | $14398721 |
| **11/25** | $12228239 | $14434012 |
| **12/25** | $12301505 | $14442849 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 3/31/20 (Inception)* |
| Class R6 | 18.13% | 9.62% | 16.94% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 20.25% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5555560 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| Consumer Staples | 4.1% |
| Real Estate | 6.3% |
| Materials | 8.4% |
| Financials | 11.7% |
| Health Care | 12.2% |
| Information Technology | 16.7% |
| Consumer Discretionary | 18.0% |
| Industrials | 19.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.0% |
| Royalty Pharma PLC | 6.3% |
| Royal Gold, Inc. | 6.1% |
| QXO, Inc. | 6.1% |
| Core & Main, Inc. | 4.9% |
| LVMH Moet Hennessy Louis Vuitton SE | 4.9% |
| Floor & Decor Holdings, Inc. | 4.8% |
| Medline, Inc. | 3.7% |
| Union Pacific Corp. | 3.7% |
| Landbridge Co. LLC | 3.3% |
| Total | 55.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSHPX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class A MUOAX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $120 | 1.11% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ High-risk stocks had a phenomenal year. Controlling risk (resulting in a modest underweight versus the S&P 500<sup>®</sup> Index benchmark) was costly for the Fund relative to the benchmark

↑ Stronger relative stock selection in seven of 10 sectors (the 11th sector was flat), as well as within the Magnificent 7 stocks

↑ Overweight positions versus the benchmark in each of the top three biggest individual stock contributors to the S&P 500<sup>®</sup> Index's return

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg065.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with maximum sales charge** | **S&P 500<sup>®</sup> Index** |
| **5/16** | $9479 | $10000 |
| **5/16** | $9479 | $9991 |
| **6/16** | $9431 | $10017 |
| **7/16** | $9886 | $10386 |
| **8/16** | $9810 | $10400 |
| **9/16** | $9886 | $10402 |
| **10/16** | $9564 | $10213 |
| **11/16** | $9877 | $10591 |
| **12/16** | $9981 | $10800 |
| **1/17** | $10105 | $11005 |
| **2/17** | $10602 | $11442 |
| **3/17** | $10506 | $11455 |
| **4/17** | $10564 | $11573 |
| **5/17** | $10726 | $11736 |
| **6/17** | $10698 | $11809 |
| **7/17** | $10956 | $12052 |
| **8/17** | $11023 | $12089 |
| **9/17** | $11223 | $12338 |
| **10/17** | $11443 | $12626 |
| **11/17** | $11778 | $13013 |
| **12/17** | $11857 | $13158 |
| **1/18** | $12470 | $13911 |
| **2/18** | $12067 | $13399 |
| **3/18** | $11588 | $13058 |
| **4/18** | $11588 | $13108 |
| **5/18** | $11857 | $13424 |
| **6/18** | $11809 | $13507 |
| **7/18** | $12087 | $14009 |
| **8/18** | $12431 | $14466 |
| **9/18** | $12604 | $14548 |
| **10/18** | $11608 | $13554 |
| **11/18** | $11703 | $13830 |
| **12/18** | $10510 | $12581 |
| **1/19** | $11333 | $13589 |
| **2/19** | $11807 | $14026 |
| **3/19** | $11923 | $14298 |
| **4/19** | $12698 | $14877 |
| **5/19** | $11952 | $13932 |
| **6/19** | $12688 | $14914 |
| **7/19** | $12998 | $15128 |
| **8/19** | $12814 | $14888 |
| **9/19** | $13104 | $15167 |
| **10/19** | $13395 | $15495 |
| **11/19** | $13956 | $16058 |
| **12/19** | $14261 | $16542 |
| **1/20** | $14515 | $16536 |
| **2/20** | $13214 | $15175 |
| **3/20** | $11082 | $13300 |
| **4/20** | $12637 | $15006 |
| **5/20** | $13605 | $15720 |
| **6/20** | $13967 | $16033 |
| **7/20** | $14779 | $16937 |
| **8/20** | $16109 | $18154 |
| **9/20** | $15513 | $17464 |
| **10/20** | $15131 | $17000 |
| **11/20** | $16921 | $18861 |
| **12/20** | $17651 | $19586 |
| **1/21** | $17465 | $19388 |
| **2/21** | $18534 | $19923 |
| **3/21** | $18877 | $20796 |
| **4/21** | $20271 | $21905 |
| **5/21** | $20330 | $22058 |
| **6/21** | $20614 | $22573 |
| **7/21** | $21497 | $23110 |
| **8/21** | $22262 | $23812 |
| **9/21** | $21458 | $22705 |
| **10/21** | $23263 | $24295 |
| **11/21** | $23028 | $24127 |
| **12/21** | $23930 | $25208 |
| **1/22** | $22194 | $23904 |
| **2/22** | $21811 | $23188 |
| **3/22** | $22439 | $24049 |
| **4/22** | $20487 | $21952 |
| **5/22** | $20310 | $21992 |
| **6/22** | $18750 | $20177 |
| **7/22** | $20801 | $22037 |
| **8/22** | $19898 | $21139 |
| **9/22** | $18200 | $19192 |
| **10/22** | $19054 | $20746 |
| **11/22** | $20124 | $21905 |
| **12/22** | $19044 | $20643 |
| **1/23** | $20428 | $21940 |
| **2/23** | $19820 | $21405 |
| **3/23** | $19221 | $22191 |
| **4/23** | $19476 | $22537 |
| **5/23** | $19221 | $22635 |
| **6/23** | $20674 | $24130 |
| **7/23** | $21096 | $24906 |
| **8/23** | $20909 | $24509 |
| **9/23** | $19849 | $23341 |
| **10/23** | $19388 | $22850 |
| **11/23** | $21331 | $24937 |
| **12/23** | $22417 | $26069 |
| **1/24** | $23281 | $26507 |
| **2/24** | $24863 | $27923 |
| **3/24** | $25767 | $28821 |
| **4/24** | $24735 | $27644 |
| **5/24** | $26395 | $29015 |
| **6/24** | $27446 | $30056 |
| **7/24** | $27162 | $30422 |
| **8/24** | $27879 | $31160 |
| **9/24** | $28085 | $31825 |
| **10/24** | $28163 | $31537 |
| **11/24** | $29912 | $33388 |
| **12/24** | $28743 | $32592 |
| **1/25** | $29617 | $33500 |
| **2/25** | $29431 | $33062 |
| **3/25** | $27486 | $31200 |
| **4/25** | $27505 | $30988 |
| **5/25** | $29499 | $32938 |
| **6/25** | $30570 | $34613 |
| **7/25** | $31228 | $35390 |
| **8/25** | $32044 | $36108 |
| **9/25** | $32947 | $37426 |
| **10/25** | $33556 | $38302 |
| **11/25** | $33439 | $38396 |
| **12/25** | $33380 | $38419 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class A | 16.13% | 13.59% | 14.02% |
| Class A, with 5.25% maximum front end sales charge | 10.04% | 12.37% | 13.38% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.06% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $432516106 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $2148669 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.5% |
| Materials | 1.7% |
| Consumer Staples | 1.8% |
| Energy | 2.2% |
| Health Care | 3.4% |
| Real Estate | 3.7% |
| Industrials | 7.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 14.9% |
| Financials | 22.8% |
| Information Technology | 29.3% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.2% |
| Alphabet, Inc. | 9.9% |
| Microsoft Corp. | 7.9% |
| Apple, Inc. | 7.0% |
| Amazon.com, Inc. | 6.9% |
| JPMorgan Chase & Co. | 6.1% |
| General Electric Co. | 4.1% |
| CBRE Group, Inc. | 3.7% |
| Tesla, Inc. | 3.7% |
| Cboe Global Markets, Inc. | 3.6% |
| Total | 64.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MUOAX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class C MUOCX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $201 | 1.87% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ High-risk stocks had a phenomenal year. Controlling risk (resulting in a modest underweight versus the S&P 500<sup>®</sup> Index benchmark) was costly for the Fund relative to the benchmark

↑ Stronger relative stock selection in seven of 10 sectors (the 11th sector was flat), as well as within the Magnificent 7 stocks

↑ Overweight positions versus the benchmark in each of the top three biggest individual stock contributors to the S&P 500<sup>®</sup> Index's return

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg029.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** |
| **5/16** | $10000 | $10000 |
| **5/16** | $10000 | $9991 |
| **6/16** | $9950 | $10017 |
| **7/16** | $10420 | $10386 |
| **8/16** | $10330 | $10400 |
| **9/16** | $10400 | $10402 |
| **10/16** | $10060 | $10213 |
| **11/16** | $10380 | $10591 |
| **12/16** | $10479 | $10800 |
| **1/17** | $10610 | $11005 |
| **2/17** | $11123 | $11442 |
| **3/17** | $11022 | $11455 |
| **4/17** | $11063 | $11573 |
| **5/17** | $11234 | $11736 |
| **6/17** | $11204 | $11809 |
| **7/17** | $11465 | $12052 |
| **8/17** | $11526 | $12089 |
| **9/17** | $11727 | $12338 |
| **10/17** | $11948 | $12626 |
| **11/17** | $12291 | $13013 |
| **12/17** | $12361 | $13158 |
| **1/18** | $12995 | $13911 |
| **2/18** | $12562 | $13399 |
| **3/18** | $12059 | $13058 |
| **4/18** | $12059 | $13108 |
| **5/18** | $12321 | $13424 |
| **6/18** | $12261 | $13507 |
| **7/18** | $12552 | $14009 |
| **8/18** | $12895 | $14466 |
| **9/18** | $13066 | $14548 |
| **10/18** | $12019 | $13554 |
| **11/18** | $12120 | $13830 |
| **12/18** | $10885 | $12581 |
| **1/19** | $11719 | $13589 |
| **2/19** | $12207 | $14026 |
| **3/19** | $12318 | $14298 |
| **4/19** | $13111 | $14877 |
| **5/19** | $12329 | $13932 |
| **6/19** | $13081 | $14914 |
| **7/19** | $13386 | $15128 |
| **8/19** | $13192 | $14888 |
| **9/19** | $13477 | $15167 |
| **10/19** | $13772 | $15495 |
| **11/19** | $14341 | $16058 |
| **12/19** | $14640 | $16542 |
| **1/20** | $14896 | $16536 |
| **2/20** | $13555 | $15175 |
| **3/20** | $11354 | $13300 |
| **4/20** | $12951 | $15006 |
| **5/20** | $13924 | $15720 |
| **6/20** | $14282 | $16033 |
| **7/20** | $15101 | $16937 |
| **8/20** | $16463 | $18154 |
| **9/20** | $15838 | $17464 |
| **10/20** | $15439 | $17000 |
| **11/20** | $17251 | $18861 |
| **12/20** | $17984 | $19586 |
| **1/21** | $17779 | $19388 |
| **2/21** | $18857 | $19923 |
| **3/21** | $19196 | $20796 |
| **4/21** | $20603 | $21905 |
| **5/21** | $20654 | $22058 |
| **6/21** | $20921 | $22573 |
| **7/21** | $21805 | $23110 |
| **8/21** | $22565 | $23812 |
| **9/21** | $21733 | $22705 |
| **10/21** | $23551 | $24295 |
| **11/21** | $23294 | $24127 |
| **12/21** | $24198 | $25208 |
| **1/22** | $22431 | $23904 |
| **2/22** | $22031 | $23188 |
| **3/22** | $22647 | $24049 |
| **4/22** | $20675 | $21952 |
| **5/22** | $20480 | $21992 |
| **6/22** | $18898 | $20177 |
| **7/22** | $20942 | $22037 |
| **8/22** | $20018 | $21139 |
| **9/22** | $18302 | $19192 |
| **10/22** | $19155 | $20746 |
| **11/22** | $20213 | $21905 |
| **12/22** | $19124 | $20643 |
| **1/23** | $20501 | $21940 |
| **2/23** | $19874 | $21405 |
| **3/23** | $19268 | $22191 |
| **4/23** | $19515 | $22537 |
| **5/23** | $19237 | $22635 |
| **6/23** | $20686 | $24130 |
| **7/23** | $21087 | $24906 |
| **8/23** | $20892 | $24509 |
| **9/23** | $19813 | $23341 |
| **10/23** | $19350 | $22850 |
| **11/23** | $21272 | $24937 |
| **12/23** | $22330 | $26069 |
| **1/24** | $23183 | $26507 |
| **2/24** | $24745 | $27923 |
| **3/24** | $25619 | $28821 |
| **4/24** | $24581 | $27644 |
| **5/24** | $26226 | $29015 |
| **6/24** | $27271 | $30056 |
| **7/24** | $26988 | $30422 |
| **8/24** | $27700 | $31160 |
| **9/24** | $27905 | $31825 |
| **10/24** | $27983 | $31537 |
| **11/24** | $29721 | $33388 |
| **12/24** | $28559 | $32592 |
| **1/25** | $29428 | $33500 |
| **2/25** | $29242 | $33062 |
| **3/25** | $27310 | $31200 |
| **4/25** | $27329 | $30988 |
| **5/25** | $29311 | $32938 |
| **6/25** | $30375 | $34613 |
| **7/25** | $31029 | $35390 |
| **8/25** | $31839 | $36108 |
| **9/25** | $32737 | $37426 |
| **10/25** | $33342 | $38302 |
| **11/25** | $33225 | $38396 |
| **12/25** | $33166 | $38419 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class C, with conversion to Class A after 8 years | 15.26% | 12.74% | 13.31% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 14.26% | 12.74% | 13.31% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.06% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $432516106 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $2148669 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.5% |
| Materials | 1.7% |
| Consumer Staples | 1.8% |
| Energy | 2.2% |
| Health Care | 3.4% |
| Real Estate | 3.7% |
| Industrials | 7.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 14.9% |
| Financials | 22.8% |
| Information Technology | 29.3% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.2% |
| Alphabet, Inc. | 9.9% |
| Microsoft Corp. | 7.9% |
| Apple, Inc. | 7.0% |
| Amazon.com, Inc. | 6.9% |
| JPMorgan Chase & Co. | 6.1% |
| General Electric Co. | 4.1% |
| CBRE Group, Inc. | 3.7% |
| Tesla, Inc. | 3.7% |
| Cboe Global Markets, Inc. | 3.6% |
| Total | 64.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MUOCX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class I MUOIX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $87 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ High-risk stocks had a phenomenal year. Controlling risk (resulting in a modest underweight versus the S&P 500<sup>®</sup> Index benchmark) was costly for the Fund relative to the benchmark

↑ Stronger relative stock selection in seven of 10 sectors (the 11th sector was flat), as well as within the Magnificent 7 stocks

↑ Overweight positions versus the benchmark in each of the top three biggest individual stock contributors to the S&P 500<sup>®</sup> Index's return

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg115.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **5/16** | $1000000 | $1000000 |
| **5/16** | $1000000 | $999062 |
| **6/16** | $996000 | $1001651 |
| **7/16** | $1044000 | $1038580 |
| **8/16** | $1036000 | $1040039 |
| **9/16** | $1044000 | $1040235 |
| **10/16** | $1011000 | $1021260 |
| **11/16** | $1044000 | $1059082 |
| **12/16** | $1055044 | $1080016 |
| **1/17** | $1069178 | $1100500 |
| **2/17** | $1121678 | $1144197 |
| **3/17** | $1112592 | $1145532 |
| **4/17** | $1118649 | $1157296 |
| **5/17** | $1135813 | $1173582 |
| **6/17** | $1133793 | $1180907 |
| **7/17** | $1161053 | $1205190 |
| **8/17** | $1169130 | $1208879 |
| **9/17** | $1190332 | $1233816 |
| **10/17** | $1214562 | $1262608 |
| **11/17** | $1249899 | $1301332 |
| **12/17** | $1259035 | $1315801 |
| **1/18** | $1323965 | $1391136 |
| **2/18** | $1281354 | $1339862 |
| **3/18** | $1231642 | $1305812 |
| **4/18** | $1231642 | $1310823 |
| **5/18** | $1260049 | $1342390 |
| **6/18** | $1254976 | $1350652 |
| **7/18** | $1286427 | $1400915 |
| **8/18** | $1322950 | $1446564 |
| **9/18** | $1342226 | $1454798 |
| **10/18** | $1235700 | $1355362 |
| **11/18** | $1245846 | $1382982 |
| **12/18** | $1120552 | $1258112 |
| **1/19** | $1208014 | $1358931 |
| **2/19** | $1258434 | $1402564 |
| **3/19** | $1271811 | $1429819 |
| **4/19** | $1354128 | $1487711 |
| **5/19** | $1275926 | $1393170 |
| **6/19** | $1354128 | $1491355 |
| **7/19** | $1387056 | $1512789 |
| **8/19** | $1367505 | $1488826 |
| **9/19** | $1399403 | $1516683 |
| **10/19** | $1431301 | $1549534 |
| **11/19** | $1492011 | $1605780 |
| **12/19** | $1524006 | $1654246 |
| **1/20** | $1552171 | $1653597 |
| **2/20** | $1414478 | $1517474 |
| **3/20** | $1184991 | $1330047 |
| **4/20** | $1352934 | $1500551 |
| **5/20** | $1456203 | $1572019 |
| **6/20** | $1495842 | $1603282 |
| **7/20** | $1582421 | $1693683 |
| **8/20** | $1726373 | $1815426 |
| **9/20** | $1662742 | $1746446 |
| **10/20** | $1622060 | $1700001 |
| **11/20** | $1813995 | $1886090 |
| **12/20** | $1892867 | $1958607 |
| **1/21** | $1872986 | $1938833 |
| **2/21** | $1988086 | $1992296 |
| **3/21** | $2025755 | $2079550 |
| **4/21** | $2176431 | $2190533 |
| **5/21** | $2183756 | $2205833 |
| **6/21** | $2214100 | $2257328 |
| **7/21** | $2309319 | $2310950 |
| **8/21** | $2391982 | $2381216 |
| **9/21** | $2306180 | $2270466 |
| **10/21** | $2500803 | $2429539 |
| **11/21** | $2475690 | $2412705 |
| **12/21** | $2574114 | $2520833 |
| **1/22** | $2387781 | $2390388 |
| **2/22** | $2346955 | $2318816 |
| **3/22** | $2414998 | $2404912 |
| **4/22** | $2205635 | $2195200 |
| **5/22** | $2186793 | $2199227 |
| **6/22** | $2019303 | $2017695 |
| **7/22** | $2240180 | $2203735 |
| **8/22** | $2143873 | $2113862 |
| **9/22** | $1961728 | $1919179 |
| **10/22** | $2054894 | $2074558 |
| **11/22** | $2170044 | $2190493 |
| **12/22** | $2053865 | $2064288 |
| **1/23** | $2203866 | $2193996 |
| **2/23** | $2138831 | $2140465 |
| **3/23** | $2074844 | $2219050 |
| **4/23** | $2103166 | $2253686 |
| **5/23** | $2075893 | $2263482 |
| **6/23** | $2233237 | $2413042 |
| **7/23** | $2279391 | $2490561 |
| **8/23** | $2259461 | $2450908 |
| **9/23** | $2146173 | $2334053 |
| **10/23** | $2096872 | $2284976 |
| **11/23** | $2306664 | $2493653 |
| **12/23** | $2424895 | $2606941 |
| **1/24** | $2519617 | $2650749 |
| **2/24** | $2691170 | $2792287 |
| **3/24** | $2789050 | $2882128 |
| **4/24** | $2678540 | $2764409 |
| **5/24** | $2858513 | $2901481 |
| **6/24** | $2973232 | $3005592 |
| **7/24** | $2942711 | $3042177 |
| **8/24** | $3020594 | $3115970 |
| **9/24** | $3044801 | $3182518 |
| **10/24** | $3054273 | $3153658 |
| **11/24** | $3243718 | $3338781 |
| **12/24** | $3118664 | $3259190 |
| **1/25** | $3213457 | $3349950 |
| **2/25** | $3193445 | $3306240 |
| **3/25** | $2982796 | $3119952 |
| **4/25** | $2985955 | $3098796 |
| **5/25** | $3203977 | $3293849 |
| **6/25** | $3320888 | $3461350 |
| **7/25** | $3393562 | $3539033 |
| **8/25** | $3483088 | $3610774 |
| **9/25** | $3582093 | $3742568 |
| **10/25** | $3649501 | $3830195 |
| **11/25** | $3636862 | $3839583 |
| **12/25** | $3632649 | $3841933 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class I | 16.48% | 13.93% | 14.39% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.06% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $432516106 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $2148669 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.5% |
| Materials | 1.7% |
| Consumer Staples | 1.8% |
| Energy | 2.2% |
| Health Care | 3.4% |
| Real Estate | 3.7% |
| Industrials | 7.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 14.9% |
| Financials | 22.8% |
| Information Technology | 29.3% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.2% |
| Alphabet, Inc. | 9.9% |
| Microsoft Corp. | 7.9% |
| Apple, Inc. | 7.0% |
| Amazon.com, Inc. | 6.9% |
| JPMorgan Chase & Co. | 6.1% |
| General Electric Co. | 4.1% |
| CBRE Group, Inc. | 3.7% |
| Tesla, Inc. | 3.7% |
| Cboe Global Markets, Inc. | 3.6% |
| Total | 64.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MUOIX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - US Core Portfolio

# Class R6 MUOSX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - US Core Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $81 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500<sup>®</sup> Index:

↓ High-risk stocks had a phenomenal year. Controlling risk (resulting in a modest underweight versus the S&P 500<sup>®</sup> Index benchmark) was costly for the Fund relative to the benchmark

↑ Stronger relative stock selection in seven of 10 sectors (the 11th sector was flat), as well as within the Magnificent 7 stocks

↑ Overweight positions versus the benchmark in each of the top three biggest individual stock contributors to the S&P 500<sup>®</sup> Index's return

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg113.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** |
| **5/16** | $5000000 | $5000000 |
| **5/16** | $5000000 | $4995311 |
| **6/16** | $4980000 | $5008254 |
| **7/16** | $5220000 | $5192902 |
| **8/16** | $5180000 | $5200193 |
| **9/16** | $5220000 | $5201177 |
| **10/16** | $5055000 | $5106301 |
| **11/16** | $5220000 | $5295412 |
| **12/16** | $5276054 | $5400082 |
| **1/17** | $5346738 | $5502502 |
| **2/17** | $5609278 | $5720984 |
| **3/17** | $5563838 | $5727658 |
| **4/17** | $5594132 | $5786480 |
| **5/17** | $5679962 | $5867912 |
| **6/17** | $5669864 | $5904537 |
| **7/17** | $5811232 | $6025950 |
| **8/17** | $5846574 | $6044397 |
| **9/17** | $5952600 | $6169082 |
| **10/17** | $6073773 | $6313040 |
| **11/17** | $6250483 | $6506659 |
| **12/17** | $6298101 | $6579004 |
| **1/18** | $6622902 | $6955678 |
| **2/18** | $6409751 | $6699312 |
| **3/18** | $6161075 | $6529061 |
| **4/18** | $6161075 | $6554113 |
| **5/18** | $6303176 | $6711949 |
| **6/18** | $6277801 | $6753261 |
| **7/18** | $6435127 | $7004574 |
| **8/18** | $6617827 | $7232820 |
| **9/18** | $6714253 | $7273989 |
| **10/18** | $6181375 | $6776811 |
| **11/18** | $6237201 | $6914911 |
| **12/18** | $5603059 | $6290558 |
| **1/19** | $6040798 | $6794657 |
| **2/19** | $6298292 | $7012821 |
| **3/19** | $6365240 | $7149093 |
| **4/19** | $6777230 | $7438557 |
| **5/19** | $6385840 | $6965850 |
| **6/19** | $6777230 | $7456777 |
| **7/19** | $6942026 | $7563947 |
| **8/19** | $6849328 | $7444132 |
| **9/19** | $7003824 | $7583415 |
| **10/19** | $7163470 | $7747669 |
| **11/19** | $7467312 | $8028901 |
| **12/19** | $7629533 | $8271229 |
| **1/20** | $7775753 | $8267986 |
| **2/20** | $7081209 | $7587372 |
| **3/20** | $5932341 | $6650234 |
| **4/20** | $6773104 | $7502753 |
| **5/20** | $7290095 | $7860095 |
| **6/20** | $7488536 | $8016410 |
| **7/20** | $7927194 | $8468416 |
| **8/20** | $8642626 | $9077130 |
| **9/20** | $8324076 | $8732230 |
| **10/20** | $8125635 | $8500007 |
| **11/20** | $9086508 | $9430451 |
| **12/20** | $9481376 | $9793035 |
| **1/21** | $9381848 | $9694166 |
| **2/21** | $9958064 | $9961482 |
| **3/21** | $10146644 | $10397752 |
| **4/21** | $10900963 | $10952667 |
| **5/21** | $10937632 | $11029164 |
| **6/21** | $11089543 | $11286638 |
| **7/21** | $11571469 | $11554751 |
| **8/21** | $11985297 | $11906081 |
| **9/21** | $11550516 | $11352332 |
| **10/21** | $12530084 | $12147696 |
| **11/21** | $12404364 | $12063525 |
| **12/21** | $12900086 | $12604166 |
| **1/22** | $11967045 | $11951938 |
| **2/22** | $11762614 | $11594079 |
| **3/22** | $12103332 | $12024562 |
| **4/22** | $11054970 | $10975998 |
| **5/22** | $10960618 | $10996135 |
| **6/22** | $10121929 | $10088473 |
| **7/22** | $11227950 | $11018675 |
| **8/22** | $10745704 | $10569312 |
| **9/22** | $9828388 | $9595893 |
| **10/22** | $10300150 | $10372790 |
| **11/22** | $10876749 | $10952463 |
| **12/22** | $10299214 | $10321442 |
| **1/23** | $11050636 | $10969979 |
| **2/23** | $10719590 | $10702323 |
| **3/23** | $10404308 | $11095251 |
| **4/23** | $10546185 | $11268430 |
| **5/23** | $10404308 | $11317410 |
| **6/23** | $11197768 | $12065211 |
| **7/23** | $11423720 | $12452806 |
| **8/23** | $11329136 | $12254538 |
| **9/23** | $10756373 | $11670267 |
| **10/23** | $10514657 | $11424882 |
| **11/23** | $11570852 | $12468264 |
| **12/23** | $12158159 | $13034705 |
| **1/24** | $12638156 | $13253743 |
| **2/24** | $13497930 | $13961435 |
| **3/24** | $13988476 | $14410639 |
| **4/24** | $13429359 | $13822043 |
| **5/24** | $14341881 | $14507404 |
| **6/24** | $14916822 | $15027960 |
| **7/24** | $14763856 | $15210886 |
| **8/24** | $15154183 | $15579852 |
| **9/24** | $15275501 | $15912592 |
| **10/24** | $15322973 | $15768288 |
| **11/24** | $16277692 | $16693904 |
| **12/24** | $15646465 | $16295952 |
| **1/25** | $16127001 | $16749751 |
| **2/25** | $16026669 | $16531199 |
| **3/25** | $14970546 | $15599760 |
| **4/25** | $14986388 | $15493979 |
| **5/25** | $16079475 | $16469243 |
| **6/25** | $16665624 | $17306748 |
| **7/25** | $17029986 | $17695163 |
| **8/25** | $17484119 | $18053871 |
| **9/25** | $17980497 | $18712839 |
| **10/25** | $18318456 | $19150974 |
| **11/25** | $18260370 | $19197913 |
| **12/25** | $18233966 | $19209666 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *Since 5/27/16 (Inception)* |
| Class R6 | 16.54% | 13.97% | 14.43% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.06% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $432516106 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $2148669 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.5% |
| Materials | 1.7% |
| Consumer Staples | 1.8% |
| Energy | 2.2% |
| Health Care | 3.4% |
| Real Estate | 3.7% |
| Industrials | 7.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 14.9% |
| Financials | 22.8% |
| Information Technology | 29.3% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.2% |
| Alphabet, Inc. | 9.9% |
| Microsoft Corp. | 7.9% |
| Apple, Inc. | 7.0% |
| Amazon.com, Inc. | 6.9% |
| JPMorgan Chase & Co. | 6.1% |
| General Electric Co. | 4.1% |
| CBRE Group, Inc. | 3.7% |
| Tesla, Inc. | 3.7% |
| Cboe Global Markets, Inc. | 3.6% |
| Total | 64.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MUOSX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class A MSVEX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $138 | 1.29% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup><sup>®</sup></sup> Health Care Net Index:

↑ Average overweight and stock selection in biotechnology, led by a provider of cancer screening and diagnostics tests

↑ Average underweight in managed health care

↑ Stock selection in pharmaceuticals, where the top contributor was a developer of biopharmaceutical mental health treatments

↓ Stock selection and average overweight in life sciences tools and services, where an underperforming cell therapeutics company detracted the most

↓ Average underweight in pharmaceuticals

↓ Average overweight and stock selection in health care supplies; an orthodontic devices and diagnostics provider had the greatest negative impact

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Health Care Net Index** |
| **12/21** | $9479 | $10000 | $10000 |
| **1/22** | $7469 | $9412 | $9161 |
| **2/22** | $7469 | $9175 | $9074 |
| **3/22** | $7517 | $9472 | $9534 |
| **4/22** | $6114 | $8622 | $8948 |
| **5/22** | $5706 | $8611 | $9009 |
| **6/22** | $5706 | $7890 | $8816 |
| **7/22** | $6275 | $8630 | $9157 |
| **8/22** | $5877 | $8308 | $8654 |
| **9/22** | $5526 | $7538 | $8391 |
| **10/22** | $5801 | $8156 | $9131 |
| **11/22** | $6076 | $8582 | $9536 |
| **12/22** | $5682 | $8079 | $9350 |
| **1/23** | $6042 | $8636 | $9276 |
| **2/23** | $5740 | $8434 | $8858 |
| **3/23** | $5944 | $8659 | $9034 |
| **4/23** | $6032 | $8752 | $9319 |
| **5/23** | $5974 | $8786 | $8956 |
| **6/23** | $6402 | $9386 | $9334 |
| **7/23** | $6616 | $9722 | $9415 |
| **8/23** | $6217 | $9534 | $9323 |
| **9/23** | $5721 | $9080 | $8962 |
| **10/23** | $5254 | $8840 | $8593 |
| **11/23** | $5614 | $9664 | $9088 |
| **12/23** | $6188 | $10176 | $9574 |
| **1/24** | $6022 | $10289 | $9801 |
| **2/24** | $6285 | $10846 | $10169 |
| **3/24** | $6314 | $11196 | $10379 |
| **4/24** | $5799 | $10703 | $9817 |
| **5/24** | $5721 | $11209 | $10062 |
| **6/24** | $5750 | $11556 | $10262 |
| **7/24** | $6042 | $11771 | $10570 |
| **8/24** | $6246 | $12027 | $11130 |
| **9/24** | $6227 | $12276 | $10942 |
| **10/24** | $5867 | $12186 | $10469 |
| **11/24** | $6013 | $12996 | $10516 |
| **12/24** | $5623 | $12599 | $9864 |
| **1/25** | $5983 | $12997 | $10496 |
| **2/25** | $5575 | $12748 | $10508 |
| **3/25** | $5166 | $12004 | $10234 |
| **4/25** | $5283 | $11924 | $9879 |
| **5/25** | $5040 | $12680 | $9385 |
| **6/25** | $5156 | $13324 | $9589 |
| **7/25** | $5254 | $13617 | $9333 |
| **8/25** | $5351 | $13932 | $9855 |
| **9/25** | $5604 | $14413 | $10060 |
| **10/25** | $6081 | $14722 | $10462 |
| **11/25** | $6567 | $14762 | $11423 |
| **12/25** | $6448 | $14759 | $11247 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 12/31/21 (Inception)* |
| Class A | 14.67% | (9.18)% |
| Class A, with 5.25% maximum front end sales charge | 8.66% | (10.39)% |
| Russell 3000<sup>®</sup> Index | 17.15% | 10.22% |
| Russell 3000<sup>®</sup> Health Care Net Index | 14.02% | 2.98% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2343882 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Industry Weightings (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 6.3% |
| Short-Term Investments | 5.8% |
| Health Care Equipment & Supplies | 13.3% |
| Life Sciences Tools & Services | 13.8% |
| Pharmaceuticals | 19.5% |
| Biotechnology | 41.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Sectors representing less than 5% of total investments. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Exact Sciences Corp. | 9.8% |
| Argenx SE | 8.6% |
| Eli Lilly & Co. | 8.5% |
| Ascendis Pharma AS | 4.8% |
| Thermo Fisher Scientific, Inc. | 4.7% |
| Alnylam Pharmaceuticals, Inc. | 4.7% |
| Structure Therapeutics, Inc. | 4.5% |
| Ceribell, Inc. | 3.7% |
| Newamsterdam Pharma Co. NV | 3.7% |
| Align Technology, Inc. | 3.6% |
| Total | 56.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSVEX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class C MSVMX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $218 | 2.04% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup><sup>®</sup></sup> Health Care Net Index:

↑ Average overweight and stock selection in biotechnology, led by a provider of cancer screening and diagnostics tests

↑ Average underweight in managed health care

↑ Stock selection in pharmaceuticals, where the top contributor was a developer of biopharmaceutical mental health treatments

↓ Stock selection and average overweight in life sciences tools and services, where an underperforming cell therapeutics company detracted the most

↓ Average underweight in pharmaceuticals

↓ Average overweight and stock selection in health care supplies; an orthodontic devices and diagnostics provider had the greatest negative impact

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Health Care Net Index** |
| **12/21** | $10000 | $10000 | $10000 |
| **1/22** | $7870 | $9412 | $9161 |
| **2/22** | $7870 | $9175 | $9074 |
| **3/22** | $7920 | $9472 | $9534 |
| **4/22** | $6430 | $8622 | $8948 |
| **5/22** | $6000 | $8611 | $9009 |
| **6/22** | $6000 | $7890 | $8816 |
| **7/22** | $6590 | $8630 | $9157 |
| **8/22** | $6160 | $8308 | $8654 |
| **9/22** | $5800 | $7538 | $8391 |
| **10/22** | $6080 | $8156 | $9131 |
| **11/22** | $6370 | $8582 | $9536 |
| **12/22** | $5955 | $8079 | $9350 |
| **1/23** | $6321 | $8636 | $9276 |
| **2/23** | $6006 | $8434 | $8858 |
| **3/23** | $6209 | $8659 | $9034 |
| **4/23** | $6301 | $8752 | $9319 |
| **5/23** | $6240 | $8786 | $8956 |
| **6/23** | $6678 | $9386 | $9334 |
| **7/23** | $6902 | $9722 | $9415 |
| **8/23** | $6484 | $9534 | $9323 |
| **9/23** | $5955 | $9080 | $8962 |
| **10/23** | $5466 | $8840 | $8593 |
| **11/23** | $5843 | $9664 | $9088 |
| **12/23** | $6433 | $10176 | $9574 |
| **1/24** | $6250 | $10289 | $9801 |
| **2/24** | $6515 | $10846 | $10169 |
| **3/24** | $6545 | $11196 | $10379 |
| **4/24** | $6016 | $10703 | $9817 |
| **5/24** | $5924 | $11209 | $10062 |
| **6/24** | $5955 | $11556 | $10262 |
| **7/24** | $6250 | $11771 | $10570 |
| **8/24** | $6464 | $12027 | $11130 |
| **9/24** | $6433 | $12276 | $10942 |
| **10/24** | $6057 | $12186 | $10469 |
| **11/24** | $6199 | $12996 | $10516 |
| **12/24** | $5802 | $12599 | $9864 |
| **1/25** | $6159 | $12997 | $10496 |
| **2/25** | $5741 | $12748 | $10508 |
| **3/25** | $5324 | $12004 | $10234 |
| **4/25** | $5436 | $11924 | $9879 |
| **5/25** | $5191 | $12680 | $9385 |
| **6/25** | $5303 | $13324 | $9589 |
| **7/25** | $5395 | $13617 | $9333 |
| **8/25** | $5487 | $13932 | $9855 |
| **9/25** | $5741 | $14413 | $10060 |
| **10/25** | $6230 | $14722 | $10462 |
| **11/25** | $6729 | $14762 | $11423 |
| **12/25** | $6593 | $14759 | $11247 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 12/31/21 (Inception)* |
| Class C | 13.63% | (9.89)% |
| Class C, with 1% maximum contingent deferred sales charge | 12.63% | (9.89)% |
| Russell 3000<sup>®</sup> Index | 17.15% | 10.22% |
| Russell 3000<sup>®</sup> Health Care Net Index | 14.02% | 2.98% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2343882 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Industry Weightings (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 6.3% |
| Short-Term Investments | 5.8% |
| Health Care Equipment & Supplies | 13.3% |
| Life Sciences Tools & Services | 13.8% |
| Pharmaceuticals | 19.5% |
| Biotechnology | 41.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Sectors representing less than 5% of total investments. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Exact Sciences Corp. | 9.8% |
| Argenx SE | 8.6% |
| Eli Lilly & Co. | 8.5% |
| Ascendis Pharma AS | 4.8% |
| Thermo Fisher Scientific, Inc. | 4.7% |
| Alnylam Pharmaceuticals, Inc. | 4.7% |
| Structure Therapeutics, Inc. | 4.5% |
| Ceribell, Inc. | 3.7% |
| Newamsterdam Pharma Co. NV | 3.7% |
| Align Technology, Inc. | 3.6% |
| Total | 56.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSVMX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class I MSVDX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $101 | 0.94% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup><sup>®</sup></sup> Health Care Net Index:

↑ Average overweight and stock selection in biotechnology, led by a provider of cancer screening and diagnostics tests

↑ Average underweight in managed health care

↑ Stock selection in pharmaceuticals, where the top contributor was a developer of biopharmaceutical mental health treatments

↓ Stock selection and average overweight in life sciences tools and services, where an underperforming cell therapeutics company detracted the most

↓ Average underweight in pharmaceuticals

↓ Average overweight and stock selection in health care supplies; an orthodontic devices and diagnostics provider had the greatest negative impact

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg040.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Health Care Net Index** |
| **12/21** | $1000000 | $1000000 | $1000000 |
| **1/22** | $788000 | $941164 | $916055 |
| **2/22** | $788000 | $917457 | $907372 |
| **3/22** | $794000 | $947215 | $953379 |
| **4/22** | $646000 | $862210 | $894820 |
| **5/22** | $603000 | $861054 | $900867 |
| **6/22** | $603000 | $789020 | $881611 |
| **7/22** | $664000 | $863044 | $915688 |
| **8/22** | $621000 | $830836 | $865423 |
| **9/22** | $585000 | $753793 | $839130 |
| **10/22** | $614000 | $815608 | $913114 |
| **11/22** | $643000 | $858180 | $953565 |
| **12/22** | $601613 | $807931 | $934961 |
| **1/23** | $639729 | $863575 | $927595 |
| **2/23** | $607794 | $843391 | $885782 |
| **3/23** | $629427 | $865943 | $903354 |
| **4/23** | $639729 | $875169 | $931932 |
| **5/23** | $633548 | $878574 | $895638 |
| **6/23** | $678875 | $938567 | $933380 |
| **7/23** | $701538 | $972212 | $941516 |
| **8/23** | $660332 | $953445 | $932286 |
| **9/23** | $606764 | $908028 | $896189 |
| **10/23** | $557316 | $883958 | $859316 |
| **11/23** | $596462 | $966385 | $908767 |
| **12/23** | $657241 | $1017644 | $957414 |
| **1/24** | $639729 | $1028922 | $980128 |
| **2/24** | $667543 | $1084618 | $1016888 |
| **3/24** | $670633 | $1119605 | $1037863 |
| **4/24** | $617065 | $1070341 | $981651 |
| **5/24** | $607794 | $1120911 | $1006202 |
| **6/24** | $611914 | $1155612 | $1026170 |
| **7/24** | $642819 | $1177093 | $1056953 |
| **8/24** | $665483 | $1202717 | $1113025 |
| **9/24** | $663422 | $1227596 | $1094200 |
| **10/24** | $624276 | $1218581 | $1046893 |
| **11/24** | $639729 | $1299646 | $1051566 |
| **12/24** | $598963 | $1259922 | $986422 |
| **1/25** | $637107 | $1299696 | $1049617 |
| **2/25** | $593808 | $1274789 | $1050841 |
| **3/25** | $551541 | $1200429 | $1023436 |
| **4/25** | $563912 | $1192376 | $987898 |
| **5/25** | $538139 | $1267956 | $938514 |
| **6/25** | $550510 | $1332372 | $958867 |
| **7/25** | $560819 | $1361714 | $933257 |
| **8/25** | $571128 | $1393226 | $985534 |
| **9/25** | $598963 | $1441309 | $1006023 |
| **10/25** | $649478 | $1472199 | $1046154 |
| **11/25** | $702055 | $1476242 | $1142336 |
| **12/25** | $689428 | $1475941 | $1124720 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 12/31/21 (Inception)* |
| Class I | 15.10% | (8.88)% |
| Russell 3000<sup>®</sup> Index | 17.15% | 10.22% |
| Russell 3000<sup>®</sup> Health Care Net Index | 14.02% | 2.98% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2343882 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Industry Weightings (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 6.3% |
| Short-Term Investments | 5.8% |
| Health Care Equipment & Supplies | 13.3% |
| Life Sciences Tools & Services | 13.8% |
| Pharmaceuticals | 19.5% |
| Biotechnology | 41.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Sectors representing less than 5% of total investments. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Exact Sciences Corp. | 9.8% |
| Argenx SE | 8.6% |
| Eli Lilly & Co. | 8.5% |
| Ascendis Pharma AS | 4.8% |
| Thermo Fisher Scientific, Inc. | 4.7% |
| Alnylam Pharmaceuticals, Inc. | 4.7% |
| Structure Therapeutics, Inc. | 4.5% |
| Ceribell, Inc. | 3.7% |
| Newamsterdam Pharma Co. NV | 3.7% |
| Align Technology, Inc. | 3.6% |
| Total | 56.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSVDX -TSR-AR

# Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio

# Class R6 MSVOX
![Image](tm262201d1_tsrimg108.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Fund, Inc. - Vitality Portfolio for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $96 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000<sup><sup>®</sup></sup> Health Care Net Index:

↑ Average overweight and stock selection in biotechnology, led by a provider of cancer screening and diagnostics tests

↑ Average underweight in managed health care

↑ Stock selection in pharmaceuticals, where the top contributor was a developer of biopharmaceutical mental health treatments

↓ Stock selection and average overweight in life sciences tools and services, where an underperforming cell therapeutics company detracted the most

↓ Average underweight in pharmaceuticals

↓ Average overweight and stock selection in health care supplies; an orthodontic devices and diagnostics provider had the greatest negative impact

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm262201d1_tsrimg120.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Health Care Net Index** |
| **12/21** | $5000000 | $5000000 | $5000000 |
| **1/22** | $3940000 | $4705819 | $4580277 |
| **2/22** | $3940000 | $4587283 | $4536862 |
| **3/22** | $3970000 | $4736077 | $4766894 |
| **4/22** | $3230000 | $4311051 | $4474101 |
| **5/22** | $3015000 | $4305271 | $4504337 |
| **6/22** | $3015000 | $3945098 | $4408054 |
| **7/22** | $3320000 | $4315219 | $4578438 |
| **8/22** | $3105000 | $4154178 | $4327117 |
| **9/22** | $2925000 | $3768965 | $4195651 |
| **10/22** | $3070000 | $4078042 | $4565570 |
| **11/22** | $3215000 | $4290901 | $4767824 |
| **12/22** | $3009649 | $4039654 | $4674807 |
| **1/23** | $3200329 | $4317876 | $4637974 |
| **2/23** | $3045724 | $4216955 | $4428911 |
| **3/23** | $3148794 | $4329713 | $4516769 |
| **4/23** | $3200329 | $4375843 | $4659658 |
| **5/23** | $3169408 | $4392869 | $4478188 |
| **6/23** | $3401316 | $4692837 | $4666900 |
| **7/23** | $3514693 | $4861060 | $4707578 |
| **8/23** | $3303399 | $4767224 | $4661431 |
| **9/23** | $3035417 | $4540141 | $4480943 |
| **10/23** | $2788048 | $4419788 | $4296580 |
| **11/23** | $2983882 | $4831925 | $4543835 |
| **12/23** | $3293092 | $5088220 | $4787072 |
| **1/24** | $3205483 | $5144611 | $4900640 |
| **2/24** | $3344627 | $5423091 | $5084441 |
| **3/24** | $3360088 | $5598026 | $5189316 |
| **4/24** | $3092105 | $5351703 | $4908255 |
| **5/24** | $3045724 | $5604555 | $5031011 |
| **6/24** | $3061184 | $5778058 | $5130848 |
| **7/24** | $3220943 | $5885466 | $5284764 |
| **8/24** | $3334320 | $6013585 | $5565123 |
| **9/24** | $3324013 | $6137981 | $5471001 |
| **10/24** | $3128180 | $6092907 | $5234463 |
| **11/24** | $3205483 | $6498232 | $5257828 |
| **12/24** | $3003083 | $6299612 | $4932111 |
| **1/25** | $3194001 | $6498479 | $5248084 |
| **2/25** | $2977284 | $6373943 | $5254207 |
| **3/25** | $2760566 | $6002147 | $5117180 |
| **4/25** | $2827645 | $5961879 | $4939488 |
| **5/25** | $2698647 | $6339779 | $4692572 |
| **6/25** | $2760566 | $6661858 | $4794333 |
| **7/25** | $2807006 | $6808569 | $4666284 |
| **8/25** | $2863765 | $6966132 | $4927670 |
| **9/25** | $2997923 | $7206543 | $5030117 |
| **10/25** | $3255920 | $7360994 | $5230768 |
| **11/25** | $3519077 | $7381210 | $5711679 |
| **12/25** | $3452180 | $7379707 | $5623601 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | *1 Year* | *Since 12/31/21 (Inception)* |
| Class R6 | 14.95% | (8.84)% |
| Russell 3000<sup>®</sup> Index | 17.15% | 10.22% |
| Russell 3000<sup>®</sup> Health Care Net Index | 14.02% | 2.98% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2343882 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Industry Weightings (% of total investments)
![Group By Asset Type Chart](tm262201d1_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 6.3% |
| Short-Term Investments | 5.8% |
| Health Care Equipment & Supplies | 13.3% |
| Life Sciences Tools & Services | 13.8% |
| Pharmaceuticals | 19.5% |
| Biotechnology | 41.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Sectors representing less than 5% of total investments. |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Exact Sciences Corp. | 9.8% |
| Argenx SE | 8.6% |
| Eli Lilly & Co. | 8.5% |
| Ascendis Pharma AS | 4.8% |
| Thermo Fisher Scientific, Inc. | 4.7% |
| Alnylam Pharmaceuticals, Inc. | 4.7% |
| Structure Therapeutics, Inc. | 4.5% |
| Ceribell, Inc. | 3.7% |
| Newamsterdam Pharma Co. NV | 3.7% |
| Align Technology, Inc. | 3.6% |
| Total | 56.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm262201d1_tsrimg059.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 calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSVOX -TSR-AR
&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 2. Code of Ethics**

The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer and Principal Financial Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by the report. The new Fund policy is substantially similar to the superseded Fund policy but now has an expanded scope that applies to 1940 Act Fund families. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

**Item 3. Audit Committee Financial Expert**

The registrant's Board of Directors has determined that Jakki L. Haussler, an "independent" Trustee, is an "audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation or identification.

**Item 4. Principal Accountant Fees and Services**

(a) – (d)

The following table presents the aggregate fees billed to the registrant for the registrant's fiscal years ended December 31, 2024 and December 31, 2025 by the registrant's principal accountant, Ernst & Young LLP, for professional services rendered for the audit of the registrant's annual financial statements and fees billed for other services rendered by Ernst & Young LLP during those periods.

2025

---

| | | |
|:---|:---|:---|
|  | Registrant | Covered Entities<sup>(1)</sup> |
| Audit Fees | $1459235 | $N/A |
| Non-Audit Fees |  |  |
| &nbsp;&nbsp;&nbsp;Audit Related Fees | $—<sup>(2)</sup> | $—<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Tax Fees | $—<sup>(3)</sup> | $—<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;All Other Fees | $— | $—<sup>(5)</sup> |
| Total Non-Audit Fees | $— | $— |
| Total | $1459235 | $— |

---

2024

---

| | | |
|:---|:---|:---|
|  | Registrant | Covered Entities<sup>(1)</sup> |
| Audit Fees | $1576082 | $N/A |
| Non-Audit Fees |  |  |
| &nbsp;&nbsp;&nbsp;Audit Related Fees | $—<sup>(2)</sup> | $—<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Tax Fees | $—<sup>(3)</sup> | $—<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;All Other Fees | $— | $—<sup>(5)</sup> |
| Total Non-Audit Fees | $— | $— |
| Total | $1576082 | $— |

---

N/A – Not applicable, as not required by Item 4.

(1) Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

(2) Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

(3) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant's tax returns.

(4) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities' tax returns.

(5) The Fees included under "All Other Fees" are for services provided by Ernst & Young LLP related to surprise examinations for certain investment accounts to satisfy SEC Custody Rules and consulting services related to merger integration for sister entity to the Adviser.

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) See table above.

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants**

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") whose members are:

Nancy C. Everett, Eddie A. Grier and Jakki L. Haussler.

**Item 6. Schedule of Investments**

(a) Please
 see the schedule of investments contained in the Financial Statements and Financial Highlights
 included under Item 7 of this Form N-CSR.

(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](j2622012_aa001.jpg)

Morgan Stanley

Institutional Fund, Inc.

**Annual Financial Statements and Additional Information \| December 31, 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 |
| Passport Overseas Equity Portfolio |
| Permanence Portfolio |
| US Core Portfolio |
| Vitality Portfolio |

---

![](j2622012_aa002.jpg)

------

**2025 Annual Report**

**December 31, 2025**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| 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) | 3 |
| American Resilience Portfolio | 5 |
| Asia Opportunity Portfolio (consolidated) | 6 |
| Developing Opportunity Portfolio (consolidated) | 8 |
| Emerging Markets ex China Portfolio | 9 |
| Emerging Markets Leaders Portfolio | 11 |
| Emerging Markets Portfolio | 12 |
| Global Concentrated Portfolio | 14 |
| Global Core Portfolio | 15 |
| Global Endurance Portfolio | 16 |
| Global Franchise Portfolio | 17 |
| Global Insight Portfolio (consolidated) | 18 |
| Global Opportunity Portfolio (consolidated) | 20 |
| Global Permanence Portfolio (consolidated) | 22 |
| Global Stars Portfolio | 24 |
| Growth Portfolio (consolidated) | 25 |
| Inception Portfolio (consolidated) | 27 |
| International Advantage Portfolio (consolidated) | 30 |
| International Equity Portfolio | 31 |
| International Opportunity Portfolio (consolidated) | 33 |
| International Resilience Portfolio | 34 |
| Passport Overseas Equity Portfolio | 35 |
| Permanence Portfolio (consolidated) | 38 |
| US Core Portfolio | 41 |
| Vitality Portfolio | 42 |

---

------

**2025 Annual Report**

**December 31, 2025**

**Table of Contents** (unaudited) (cont'd)

---

| | |
|:---|:---|
| Statements of Assets and Liabilities | 43 |
| Statements of Operations | 56 |
| Statements of Changes in Net Assets | 64 |
| Financial Highlights | 89 |
| Notes to Financial Statements | 169 |
| Report of Independent Registered Public Accounting Firm | 215 |
| Federal Tax Notice | 218 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable 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 a Fund will decline and, therefore, the value of a Fund's 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.**

**December 31, 2025**

Consolidated Portfolio of Investments

**Advantage Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.0%)** | **Common Stocks (95.0%)** | **Common Stocks (95.0%)** |
| Automobiles (8.2%) | Automobiles (8.2%) | Automobiles (8.2%) |
| Tesla, Inc. (a) | 39756 | $17879 |
| Biotechnology (3.9%) | Biotechnology (3.9%) | Biotechnology (3.9%) |
| Biogen, Inc. (a) | 6130 | 1079 |
| Roivant Sciences Ltd. (a) | 334353 | 7255 |
|  |  | 8334 |
| Broadline Retail (1.0%) | Broadline Retail (1.0%) | Broadline Retail (1.0%) |
| MercadoLibre, Inc. (a) | 1091 | 2198 |
| Capital Markets (1.9%) | Capital Markets (1.9%) | Capital Markets (1.9%) |
| Coinbase Global, Inc., Class A (a) | 7942 | 1796 |
| MSCI, Inc. | 4163 | 2388 |
|  |  | 4184 |
| Entertainment (4.6%) | Entertainment (4.6%) | Entertainment (4.6%) |
| ROBLOX Corp., Class A (a) | 122366 | 9915 |
| Financial Services (3.6%) | Financial Services (3.6%) | Financial Services (3.6%) |
| Adyen NV (Netherlands) (a) | 1373 | 2214 |
| Federal National Mortgage Association (a) | 528962 | 5676 |
|  |  | 7890 |
| Ground Transportation (1.4%) | Ground Transportation (1.4%) | Ground Transportation (1.4%) |
| Union Pacific Corp. | 13434 | 3108 |
| Health Care Equipment & Supplies (3.7%) | Health Care Equipment & Supplies (3.7%) | Health Care Equipment & Supplies (3.7%) |
| Medline, Inc., Class A (a) | 192799 | 8098 |
| Hotels, Restaurants & Leisure (10.3%) | Hotels, Restaurants & Leisure (10.3%) | Hotels, Restaurants & Leisure (10.3%) |
| Airbnb, Inc., Class A (a) | 87808 | 11917 |
| DoorDash, Inc., Class A (a) | 46233 | 10471 |
|  |  | 22388 |
| Information Technology Services (24.6%) | Information Technology Services (24.6%) | Information Technology Services (24.6%) |
| Cloudflare, Inc., Class A (a) | 135429 | 26700 |
| Shopify, Inc., Class A (Canada) (a) | 100442 | 16168 |
| Snowflake, Inc., Class A (a) | 47393 | 10396 |
|  |  | 53264 |
| Interactive Media & Services (1.5%) | Interactive Media & Services (1.5%) | Interactive Media & Services (1.5%) |
| Alphabet, Inc., Class C | 10648 | 3341 |
| Pharmaceuticals (5.5%) | Pharmaceuticals (5.5%) | Pharmaceuticals (5.5%) |
| Royalty Pharma PLC, Class A | 307017 | 11863 |
| Software (17.8%) | Software (17.8%) | Software (17.8%) |
| AppLovin Corp., Class A (a) | 15891 | 10708 |
| Crowdstrike Holdings, Inc., Class A (a) | 22125 | 10371 |
| Samsara, Inc., Class A (a) | 274357 | 9726 |
| Strategy, Inc., Class A (a) | 51231 | 7785 |
|  |  | 38590 |
| Specialized REITs (1.0%) | Specialized REITs (1.0%) | Specialized REITs (1.0%) |
| American Tower Corp. REIT | 12362 | 2170 |
| Specialty Retail (2.4%) | Specialty Retail (2.4%) | Specialty Retail (2.4%) |
| Chewy, Inc., Class A (a) | 60503 | 2000 |
| Floor & Decor Holdings, Inc., Class A (a) | 52985 | 3226 |
|  |  | 5226 |
| Textiles, Apparel & Luxury Goods (1.0%) | Textiles, Apparel & Luxury Goods (1.0%) | Textiles, Apparel & Luxury Goods (1.0%) |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 2913 | 2196 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Trading Companies & Distributors (2.6%) | Trading Companies & Distributors (2.6%) | Trading Companies & Distributors (2.6%) |
| Core & Main, Inc., Class A (a) | 107545 | $5589 |
| **Total Common Stocks (Cost $132,483)** | **Total Common Stocks (Cost $132,483)** | 206233 |
| **Investment Company (2.2%)** | **Investment Company (2.2%)** | **Investment Company (2.2%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $3,678)** | 95064 | 4720 |
| **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, 3.61% (See Note G) <br>**(Cost $3,766)** | 3766453 | 3766 |
| **Total Investments Excluding Purchased<br>Options (98.9%) (Cost $139,927)** |  | 214719 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $1,022)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $1,022)** | 171 |
| **Total Investments (99.0%) (Cost $140,949) (b)(c)(d)** | **Total Investments (99.0%) (Cost $140,949) (b)(c)(d)** | 214890 |
| Other Assets in Excess of Liabilities (1.0%) | Other Assets in Excess of Liabilities (1.0%) | 2154 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $217044 |

---

(a) Non-income producing security.

(b) The approximate fair value and percentage of net assets, $4,410,000 and 2.0%, 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.

(c) Securities are available for collateral in connection with purchased options.

(d) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $148,815,000. The aggregate gross unrealized appreciation is approximately $80,704,000 and the aggregate gross unrealized depreciation is approximately $14,625,000, resulting in net unrealized appreciation of approximately $66,079,000.

ETF Exchange Traded Fund.

REIT Real Estate Investment Trust.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments (cont'd)

**Advantage Portfolio**

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 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)** |
| Standard Chartered Bank | USD/CNH | 7.32 | Dec-26 | 77727392 | $77727 | $142 |  | $220 | $(78) |
| Standard Chartered Bank | USD/CNH | 7.58 | Aug-26 | 69614829 | 69615 | 25 |  | 228 | (203) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May-26 | 48501000 | 48501 | 4 |  | 202 | (198) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb-26 | 50168535 | 50169 |  | @ | 207 | (207) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr-26 | 34024139 | 34024 |  | @ | 165 | (165) |
|  |  |  |  |  |  | $171 |  | $1022 | $(851) |

---

@&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\* | 33.0% |
| Information Technology Services | 24.8 |
| Software | 18.0 |
| Hotels, Restaurants & Leisure | 10.4 |
| Automobiles | 8.3 |
| Pharmaceuticals | 5.5 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**American Resilience Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (91.5%)** | **Common Stocks (91.5%)** | **Common Stocks (91.5%)** |
| Automobiles (3.2%) | Automobiles (3.2%) | Automobiles (3.2%) |
| Ferrari NV (Italy) | 116 | $43 |
| Beverages (4.5%) | Beverages (4.5%) | Beverages (4.5%) |
| Coca-Cola Co. | 853 | 60 |
| Capital Markets (13.1%) | Capital Markets (13.1%) | Capital Markets (13.1%) |
| CME Group, Inc. | 121 | 33 |
| Intercontinental Exchange, Inc. | 353 | 57 |
| MSCI, Inc. | 54 | 31 |
| S&P Global, Inc. | 100 | 53 |
|  |  | 174 |
| Financial Services (5.0%) | Financial Services (5.0%) | Financial Services (5.0%) |
| Visa, Inc., Class A | 188 | 66 |
| Ground Transportation (2.4%) | Ground Transportation (2.4%) | Ground Transportation (2.4%) |
| Uber Technologies, Inc. (a) | 396 | 32 |
| Health Care Equipment & Supplies (4.5%) | Health Care Equipment & Supplies (4.5%) | Health Care Equipment & Supplies (4.5%) |
| Abbott Laboratories | 241 | 30 |
| STERIS PLC | 119 | 30 |
|  |  | 60 |
| Hotels, Restaurants & Leisure (2.4%) | Hotels, Restaurants & Leisure (2.4%) | Hotels, Restaurants & Leisure (2.4%) |
| Booking Holdings, Inc. | 6 | 32 |
| Household Products (3.9%) | Household Products (3.9%) | Household Products (3.9%) |
| Procter & Gamble Co. | 355 | 51 |
| Insurance (6.1%) | Insurance (6.1%) | Insurance (6.1%) |
| Aon PLC, Class A | 101 | 36 |
| Arthur J Gallagher & Co. | 174 | 45 |
|  |  | 81 |
| Interactive Media & Services (6.0%) | Interactive Media & Services (6.0%) | Interactive Media & Services (6.0%) |
| Alphabet, Inc., Class A | 253 | 79 |
| Life Sciences Tools & Services (3.4%) | Life Sciences Tools & Services (3.4%) | Life Sciences Tools & Services (3.4%) |
| Thermo Fisher Scientific, Inc. | 78 | 45 |
| Machinery (3.2%) | Machinery (3.2%) | Machinery (3.2%) |
| Otis Worldwide Corp. | 478 | 42 |
| Pharmaceuticals (3.6%) | Pharmaceuticals (3.6%) | Pharmaceuticals (3.6%) |
| Zoetis, Inc. | 369 | 47 |
| Professional Services (7.2%) | Professional Services (7.2%) | Professional Services (7.2%) |
| Automatic Data Processing, Inc. | 141 | 36 |
| Broadridge Financial Solutions, Inc. | 174 | 39 |
| Equifax, Inc. | 98 | 21 |
|  |  | 96 |
| Semiconductors & Semiconductor Equipment (4.2%) | Semiconductors & Semiconductor Equipment (4.2%) | Semiconductors & Semiconductor Equipment (4.2%) |
| Texas Instruments, Inc. | 324 | 56 |
| Software (13.5%) | Software (13.5%) | Software (13.5%) |
| Microsoft Corp. | 215 | 104 |
| Roper Technologies, Inc. | 91 | 40 |
| Synopsys, Inc. (a) | 74 | 35 |
|  |  | 179 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Specialty Retail (3.9%) | Specialty Retail (3.9%) | Specialty Retail (3.9%) |
| AutoZone, Inc. (a) | 15 | $51 |
| Tobacco (1.4%) | Tobacco (1.4%) | Tobacco (1.4%) |
| Philip Morris International, Inc. | 120 | 19 |
| **Total Common Stocks (Cost $1,078)** | **Total Common Stocks (Cost $1,078)** | 1213 |
|  | **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 |  |
| **Total Investments (91.5%) (Cost $1,078) (c)** | **Total Investments (91.5%) (Cost $1,078) (c)** | 1213 |
| Other Assets in Excess of Liabilities (8.5%) | Other Assets in Excess of Liabilities (8.5%) | 112 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $1325 |

---

(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 December 31, 2025, the aggregate cost for federal income tax purposes is approximately $1,086,000. The aggregate gross unrealized appreciation is approximately $167,000 and the aggregate gross unrealized depreciation is approximately $39,000, resulting in net unrealized appreciation of approximately $128,000.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 39.3% |
| Software | 14.9 |
| Capital Markets | 14.3 |
| Professional Services | 7.9 |
| Insurance | 6.7 |
| Interactive Media & Services | 6.5 |
| Financial Services | 5.4 |
| Health Care Equipment & Supplies | 5.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments

**Asia Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (94.7%)** | **Common Stocks (94.7%)** | **Common Stocks (94.7%)** |
| China (42.3%) | China (42.3%) | China (42.3%) |
| Baidu, Inc. ADR (a) | 43548 | $5690 |
| China Resources Mixc Lifestyle Services Ltd. (b) | 350400 | 1939 |
| Full Truck Alliance Co. Ltd. ADR | 367756 | 3946 |
| Greentown Service Group Co. Ltd. (b) | 622000 | 376 |
| KE Holdings, Inc. ADR | 113788 | 1793 |
| Kuaishou Technology (b) | 369600 | 3055 |
| Kweichow Moutai Co. Ltd., Class A | 23794 | 4692 |
| Meituan, Class B (a)(b) | 400120 | 5303 |
| PDD Holdings, Inc. ADR (a) | 27506 | 3119 |
| Pony AI, Inc. ADR (a) | 80462 | 1167 |
| Pony AI, Inc., Class A (a)(b) | 168800 | 2544 |
| Qfin Holdings, Inc. ADR | 71116 | 1370 |
| Tencent Holdings Ltd. (b) | 71200 | 5464 |
| Trip.com Group Ltd. ADR | 99274 | 7139 |
| WeRide, Inc. ADR (a) | 128652 | 1117 |
| WeRide, Inc., Class A (a)(b) | 334700 | 989 |
|  |  | 49703 |
| Hong Kong (1.5%) | Hong Kong (1.5%) | Hong Kong (1.5%) |
| AIA Group Ltd. | 170900 | 1759 |
| India (25.4%) | India (25.4%) | India (25.4%) |
| Eternal Ltd. (a) | 1562297 | 4841 |
| HDFC Bank Ltd. | 438146 | 4840 |
| ICICI Bank Ltd. ADR | 221345 | 6596 |
| Indian Hotels Co. Ltd. | 103468 | 852 |
| MakeMyTrip Ltd. (a) | 53563 | 4399 |
| Niva Bupa Health Insurance Co. Ltd. (a) | 615863 | 517 |
| Tata Capital Ltd. (a) | 886831 | 3373 |
| Titan Co. Ltd. | 98400 | 4442 |
|  |  | 29860 |
| Korea, Republic of (11.5%) | Korea, Republic of (11.5%) | Korea, Republic of (11.5%) |
| Coupang, Inc. (a) | 298098 | 7032 |
| KakaoBank Corp. | 229744 | 3444 |
| NAVER Corp. | 14509 | 2439 |
| Webtoon Entertainment, Inc. (a)(c) | 42965 | 560 |
|  |  | 13475 |
| Singapore (3.0%) | Singapore (3.0%) | Singapore (3.0%) |
| Grab Holdings Ltd., Class A (a) | 706174 | 3524 |
| Taiwan (11.0%) | Taiwan (11.0%) | Taiwan (11.0%) |
| MediaTek, Inc. | 23000 | 1045 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 243000 | 11945 |
|  |  | 12990 |
| **Total Common Stocks (Cost $79,728)** | **Total Common Stocks (Cost $79,728)** | 111311 |
| **Short-Term Investments (5.5%)** | **Short-Term Investments (5.5%)** | **Short-Term Investments (5.5%)** |
| Investment Company (5.1%) | Investment Company (5.1%) | Investment Company (5.1%) |
| Morgan Stanley Institutional Liquidity Funds — <br>Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $6,037)** | 6037538 | 6037 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Securities held as Collateral on Loaned Securities (0.4%) | Securities held as Collateral on Loaned Securities (0.4%) | Securities held as Collateral on Loaned Securities (0.4%) |
| Investment Company (0.3%) | Investment Company (0.3%) | Investment Company (0.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61%<br>(See Note G) | 316678 | $317 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreements (0.1%) | Repurchase Agreements (0.1%) | Repurchase Agreements (0.1%) |
| HSBC Securities USA, Inc., (3.83%, <br>dated 12/31/25, due 1/2/26; <br>proceeds $32; fully <br>collateralized by a U.S. Government <br>obligation; 0.00% due 8/15/26; <br>valued at $33) | $32 | 32 |
| Merrill Lynch & Co., Inc., (3.82%, <br>dated 12/31/25, due 1/2/26; <br>proceeds $78; fully <br>collateralized by U.S. Government <br>obligations; 1.63% — 2.00% <br>due 11/15/50 — 8/15/51; <br>valued at $79) | 78 | 78 |
| Merrill Lynch & Co., Inc., (3.65%, <br>dated 12/31/25, due 1/2/26; <br>proceeds $10; fully <br>collateralized by a U.S. Government <br>obligation; 4.00% due 1/15/27; <br>valued at $10) | 10 | 10 |
|  |  | 120 |
| **Total Securities held as Collateral on Loaned<br>Securities (Cost $437)** | **Total Securities held as Collateral on Loaned<br>Securities (Cost $437)** | 437 |
| **Total Short-Term Investments (Cost $6,474)** | **Total Short-Term Investments (Cost $6,474)** | 6474 |
| **Total Investments (100.2%) (Cost $86,202)<br>including $421 of Securities Loaned (d)(e)** | **Total Investments (100.2%) (Cost $86,202)<br>including $421 of Securities Loaned (d)(e)** | 117785 |
| Liabilities in Excess of Other Assets (–0.2%) | Liabilities in Excess of Other Assets (–0.2%) | (236) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $117549 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

(a) Non-income producing security.

(b) Security trades on the Hong Kong exchange.

(c) All or a portion of this security was on loan at December 31, 2025.

(d) The approximate fair value and percentage of net assets, $56,953,000 and 48.5%, 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.

(e) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $92,825,000. The aggregate gross unrealized appreciation is approximately $38,769,000 and the aggregate gross unrealized depreciation is approximately $14,855,000, resulting in net unrealized appreciation of approximately $23,914,000.

ADR American Depositary Receipt.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments (cont'd)

**Asia Opportunity Portfolio**

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 22.2% |
| Hotels, Restaurants & Leisure | 19.2 |
| Interactive Media & Services | 14.7 |
| Banks | 12.7 |
| Semiconductors & Semiconductor Equipment | 11.1 |
| Broadline Retail | 8.6 |
| Ground Transportation | 6.4 |
| Investment Company | 5.1 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2025.

\*\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments

**Developing Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.4%)** | **Common Stocks (95.4%)** | **Common Stocks (95.4%)** |
| Brazil (5.0%) | Brazil (5.0%) | Brazil (5.0%) |
| NU Holdings Ltd., Class A (a) | 186773 | $3127 |
| China (35.5%) | China (35.5%) | China (35.5%) |
| Baidu, Inc. ADR (a) | 20002 | 2613 |
| China Resources Mixc Lifestyle Services Ltd. (b) | 180600 | 1000 |
| Full Truck Alliance Co. Ltd. ADR | 132055 | 1417 |
| KE Holdings, Inc. ADR | 37745 | 595 |
| Kuaishou Technology (b) | 131500 | 1087 |
| Kweichow Moutai Co. Ltd., Class A | 9389 | 1851 |
| Meituan, Class B (a)(b) | 210880 | 2795 |
| PDD Holdings, Inc. ADR (a) | 9945 | 1128 |
| Pony AI, Inc. ADR (a) | 40786 | 591 |
| Pony AI, Inc., Class A (a)(b) | 112000 | 1688 |
| Qfin Holdings, Inc. ADR | 23159 | 446 |
| Tencent Holdings Ltd. (b) | 37000 | 2840 |
| Trip.com Group Ltd. ADR | 42363 | 3046 |
| WeRide, Inc. ADR (a)(b) | 45489 | 395 |
| WeRide, Inc., Class A (a)(b) | 247700 | 732 |
|  |  | 22224 |
| India (23.5%) | India (23.5%) | India (23.5%) |
| Eternal Ltd. (a) | 840124 | 2604 |
| HDFC Bank Ltd. | 231516 | 2558 |
| ICICI Bank Ltd. ADR | 95660 | 2851 |
| Indian Hotels Co. Ltd. | 53388 | 439 |
| MakeMyTrip Ltd. (a) | 27969 | 2297 |
| Niva Bupa Health Insurance Co. Ltd. (a) | 307450 | 258 |
| Tata Capital Ltd. (a) | 470741 | 1790 |
| Titan Co. Ltd. | 42162 | 1903 |
|  |  | 14700 |
| Korea, Republic of (10.0%) | Korea, Republic of (10.0%) | Korea, Republic of (10.0%) |
| Coupang, Inc. (a) | 145304 | 3428 |
| KakaoBank Corp. | 87315 | 1309 |
| NAVER Corp. | 7367 | 1238 |
| Webtoon Entertainment, Inc. (a) | 20936 | 273 |
|  |  | 6248 |
| Poland (1.1%) | Poland (1.1%) | Poland (1.1%) |
| Allegro.eu SA (a) | 81237 | 697 |
| Singapore (3.0%) | Singapore (3.0%) | Singapore (3.0%) |
| Grab Holdings Ltd., Class A (a) | 373010 | 1861 |
| Taiwan (10.7%) | Taiwan (10.7%) | Taiwan (10.7%) |
| MediaTek, Inc. | 14000 | 636 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 124000 | 6095 |
|  |  | 6731 |
| United States (6.6%) | United States (6.6%) | United States (6.6%) |
| MercadoLibre, Inc. (a) | 2059 | 4147 |
| **Total Common Stocks (Cost $48,515)** | **Total Common Stocks (Cost $48,515)** | 59735 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investment (5.7%)** | **Short-Term Investment (5.7%)** | **Short-Term Investment (5.7%)** |
| Investment Company (5.7%) | Investment Company (5.7%) | Investment Company (5.7%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $3,544)** | 3544005 | $3544 |
| **Total Investments (101.1%) (Cost $52,059) (c)(d)** | **Total Investments (101.1%) (Cost $52,059) (c)(d)** | 63279 |
| Liabilities in Excess of Other Assets (–1.1%) | Liabilities in Excess of Other Assets (–1.1%) | (683) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $62596 |

---

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, $27,310,000 and 43.6%, 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.

(d) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $56,601,000. The aggregate gross unrealized appreciation is approximately $12,389,000 and the aggregate gross unrealized depreciation is approximately $6,145,000, resulting in net unrealized appreciation of approximately $6,244,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 17.8% |
| Hotels, Restaurants & Leisure | 17.6 |
| Banks | 15.7 |
| Broadline Retail | 14.9 |
| Interactive Media & Services | 12.7 |
| Semiconductors & Semiconductor Equipment | 10.6 |
| Investment Company | 5.6 |
| Ground Transportation | 5.1 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**Emerging Markets ex China Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.4%)** | **Common Stocks (99.4%)** | **Common Stocks (99.4%)** |
| Brazil (6.6%) | Brazil (6.6%) | Brazil (6.6%) |
| Banco BTG Pactual SA (Units) (a) | 5798 | $56 |
| Itau Unibanco Holding SA (Preference) | 16983 | 121 |
| Motiva Infraestrutura de Mobilidade SA | 26972 | 74 |
| Rede D'Or Sao Luiz SA | 19496 | 144 |
| Telefonica Brasil SA | 7475 | 45 |
| Vale SA | 4833 | 63 |
| WEG SA | 13911 | 123 |
|  |  | 626 |
| Chile (0.5%) | Chile (0.5%) | Chile (0.5%) |
| Banco de Chile | 260116 | 50 |
| Czech Republic (0.6%) | Czech Republic (0.6%) | Czech Republic (0.6%) |
| Komercni Banka AS | 1012 | 57 |
| Egypt (0.9%) | Egypt (0.9%) | Egypt (0.9%) |
| Commercial International Bank — Egypt (CIB) | 38673 | 84 |
| India (25.9%) | India (25.9%) | India (25.9%) |
| 360 ONE WAM Ltd. | 4331 | 57 |
| Axis Bank Ltd. | 2435 | 34 |
| Bajaj Auto Ltd. | 687 | 72 |
| Bajaj Finance Ltd. | 8910 | 98 |
| CG Power & Industrial Solutions Ltd. | 9236 | 67 |
| Colgate-Palmolive India Ltd. | 834 | 19 |
| Grasim Industries Ltd. | 3659 | 115 |
| HDFC Asset Management Co. Ltd. | 1694 | 50 |
| HDFC Bank Ltd. | 20520 | 227 |
| Hindalco Industries Ltd. | 6292 | 62 |
| Hitachi Energy India Ltd. | 356 | 73 |
| ICICI Bank Ltd. | 14170 | 212 |
| IDFC First Bank Ltd. | 99782 | 95 |
| Infosys Ltd. | 4193 | 76 |
| Infosys Ltd. ADR | 3149 | 56 |
| Larsen & Toubro Ltd. | 1468 | 67 |
| Lodha Developers Ltd. | 5091 | 60 |
| Mahindra & Mahindra Ltd. | 5707 | 236 |
| MakeMyTrip Ltd. (b) | 365 | 30 |
| Max Healthcare Institute Ltd. | 9017 | 105 |
| Pidilite Industries Ltd. | 3716 | 61 |
| Reliance Industries Ltd. | 12768 | 223 |
| Samvardhana Motherson International Ltd. | 38178 | 51 |
| Shriram Finance Ltd. | 6882 | 76 |
| State Bank of India | 13310 | 146 |
| Swiggy Ltd. (b) | 12801 | 55 |
| United Breweries Ltd. | 1566 | 28 |
|  |  | 2451 |
| Indonesia (1.2%) | Indonesia (1.2%) | Indonesia (1.2%) |
| Bank Syariah Indonesia Tbk. PT | 220000 | 29 |
| Cisarua Mountain Dairy Tbk. PT | 169700 | 58 |
| Indosat Tbk. PT | 229100 | 32 |
|  |  | 119 |
| Kazakhstan (0.7%) | Kazakhstan (0.7%) | Kazakhstan (0.7%) |
| NAC Kazatomprom JSC GDR | 1256 | 70 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Korea, Republic of (15.1%) | Korea, Republic of (15.1%) | Korea, Republic of (15.1%) |
| HYBE Co. Ltd. | 111 | $25 |
| Hyundai Motor Co. | 396 | 82 |
| KB Financial Group, Inc. | 2004 | 172 |
| Kia Corp. | 692 | 59 |
| KT&G Corp. | 473 | 47 |
| NAVER Corp. | 434 | 73 |
| Samsung Electronics Co. Ltd. | 10230 | 857 |
| SK Hynix, Inc. | 242 | 110 |
|  |  | 1425 |
| Malaysia (0.9%) | Malaysia (0.9%) | Malaysia (0.9%) |
| CIMB Group Holdings Bhd. | 31200 | 63 |
| Malayan Banking Bhd. | 8500 | 22 |
|  |  | 85 |
| Mexico (2.7%) | Mexico (2.7%) | Mexico (2.7%) |
| Grupo Financiero Banorte SAB de CV Series O | 12071 | 112 |
| Prologis Property Mexico SA de CV REIT | 16687 | 70 |
| Wal-Mart de Mexico SAB de CV | 22529 | 70 |
|  |  | 252 |
| Peru (1.2%) | Peru (1.2%) | Peru (1.2%) |
| Credicorp Ltd. | 397 | 114 |
| Poland (4.3%) | Poland (4.3%) | Poland (4.3%) |
| Allegro.eu SA (b) | 8122 | 70 |
| Budimex SA | 358 | 63 |
| Grupa Kety SA | 635 | 161 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 4740 | 112 |
|  |  | 406 |
| Saudi Arabia (0.6%) | Saudi Arabia (0.6%) | Saudi Arabia (0.6%) |
| Bupa Arabia for Cooperative Insurance Co. | 1603 | 59 |
| South Africa (4.9%) | South Africa (4.9%) | South Africa (4.9%) |
| AVI Ltd. | 14619 | 93 |
| Capitec Bank Holdings Ltd. | 877 | 220 |
| Clicks Group Ltd. | 2797 | 57 |
| OUTsurance Group Ltd. | 21371 | 93 |
|  |  | 463 |
| Sweden (1.1%) | Sweden (1.1%) | Sweden (1.1%) |
| Medicover AB | 4244 | 101 |
| Taiwan (29.6%) | Taiwan (29.6%) | Taiwan (29.6%) |
| Airtac International Group | 1000 | 29 |
| Alchip Technologies Ltd. | 1000 | 112 |
| ASE Technology Holding Co. Ltd. | 21000 | 166 |
| Delta Electronics, Inc. | 4000 | 122 |
| Hon Hai Precision Industry Co. Ltd. | 26000 | 191 |
| MediaTek, Inc. | 3000 | 136 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 37000 | 1819 |
| Unimicron Technology Corp. | 15000 | 105 |
| Wiwynn Corp. | 845 | 120 |
|  |  | 2800 |
| United Kingdom (2.2%) | United Kingdom (2.2%) | United Kingdom (2.2%) |
| Antofagasta PLC | 4708 | 207 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments (cont'd)

**Emerging Markets ex China Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United States (0.4%) | United States (0.4%) | United States (0.4%) |
| MercadoLibre, Inc. (b) | 19 | $38 |
| **Total Common Stocks (Cost $5,828)** | **Total Common Stocks (Cost $5,828)** | 9407 |
| **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 — Government Portfolio — <br>Institutional Class, 3.71% (See Note G) <br>**(Cost $84)** | 84393 | 84 |
| **Total Investments (100.3%) (Cost $5,912) (c)(d)** | **Total Investments (100.3%) (Cost $5,912) (c)(d)** | 9491 |
| Liabilities in Excess of Other Assets (–0.3%) | Liabilities in Excess of Other Assets (–0.3%) | (33) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $9458 |

---

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) The approximate fair value and percentage of net assets, $8,917,000 and 94.3%, 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.

(d) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $5,973,000. The aggregate gross unrealized appreciation is approximately $3,661,000 and the aggregate gross unrealized depreciation is approximately $270,000, resulting in net unrealized appreciation of approximately $3,391,000.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

JSC Joint Stock Company.

REIT Real Estate Investment Trust.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 40.1% |
| Semiconductors & Semiconductor Equipment | 24.7 |
| Banks | 19.7 |
| Tech Hardware, Storage & Peripherals | 10.3 |
| Metals & Mining | 5.2 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**Emerging Markets Leaders Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.0%)** | **Common Stocks (97.0%)** | **Common Stocks (97.0%)** |
| Brazil (21.1%) | Brazil (21.1%) | Brazil (21.1%) |
| Banco Bradesco SA (Preference) | 179233 | $587 |
| Banco BTG Pactual SA (Units) (a) | 462364 | 4429 |
| Cia de Saneamento Basico do Estado de <br>Sao Paulo SABESP | 51616 | 1242 |
| Localiza Rent a Car SA | 1107464 | 8765 |
| Localiza Rent a Car SA (Preference) (b) | 42594 | 323 |
| NU Holdings Ltd., Class A (b) | 367292 | 6148 |
| Raia Drogasil SA | 1091116 | 4654 |
|  |  | 26148 |
| China (3.0%) | China (3.0%) | China (3.0%) |
| Tencent Holdings Ltd. (c) | 48600 | 3730 |
| Greece (0.5%) | Greece (0.5%) | Greece (0.5%) |
| Optima bank SA | 62814 | 569 |
| India (36.7%) | India (36.7%) | India (36.7%) |
| Adani Ports & Special Economic Zone Ltd. | 172376 | 2822 |
| AU Small Finance Bank Ltd. | 111414 | 1233 |
| Bharti Airtel Ltd. | 237626 | 5577 |
| Cholamandalam Investment & Finance Co. Ltd. | 155457 | 2949 |
| Divi's Laboratories Ltd. | 50924 | 3620 |
| Eternal Ltd. (b) | 960673 | 2977 |
| Global Health Ltd. | 99445 | 1314 |
| HDFC Bank Ltd. | 282385 | 3119 |
| HDFC Bank Ltd. ADR | 6032 | 220 |
| ICICI Bank Ltd. | 249298 | 3731 |
| KEI Industries Ltd. | 84926 | 4219 |
| Laurus Labs Ltd. | 223653 | 2757 |
| Oberoi Realty Ltd. | 68935 | 1282 |
| Samvardhana Motherson International Ltd. | 2945498 | 3935 |
| Varun Beverages Ltd. | 1046816 | 5715 |
|  |  | 45470 |
| Korea, Republic of (0.2%) | Korea, Republic of (0.2%) | Korea, Republic of (0.2%) |
| Coupang, Inc. (b) | 10314 | 243 |
| Mexico (5.0%) | Mexico (5.0%) | Mexico (5.0%) |
| Grupo Financiero Banorte SAB de CV Series O | 661912 | 6133 |
| Singapore (4.4%) | Singapore (4.4%) | Singapore (4.4%) |
| Sea Ltd. ADR (b) | 42524 | 5425 |
| South Africa (2.1%) | South Africa (2.1%) | South Africa (2.1%) |
| Anglogold Ashanti PLC | 29706 | 2558 |
| Taiwan (14.6%) | Taiwan (14.6%) | Taiwan (14.6%) |
| E Ink Holdings, Inc. | 421000 | 2645 |
| eMemory Technology, Inc. | 10000 | 549 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 304000 | 14944 |
|  |  | 18138 |
| Thailand (2.0%) | Thailand (2.0%) | Thailand (2.0%) |
| True Corp. PCL | 5341100 | 1846 |
| True Corp. PCL NVDR | 1933000 | 668 |
|  |  | 2514 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United States (7.4%) | United States (7.4%) | United States (7.4%) |
| MercadoLibre, Inc. (b) | 2228 | $4488 |
| XP, Inc., Class A | 287543 | 4707 |
|  |  | 9195 |
| **Total Common Stocks (Cost $95,465)** | **Total Common Stocks (Cost $95,465)** | 120123 |
| **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 — Government Portfolio — <br>Institutional Class, 3.71% (See Note G) <br>**(Cost $5,190)** | 5190410 | 5190 |
| **Total Investments (101.2%) (Cost $100,655) (d)(e)** | **Total Investments (101.2%) (Cost $100,655) (d)(e)** | 125313 |
| Liabilities in Excess of Other Assets (–1.2%) | Liabilities in Excess of Other Assets (–1.2%) | (1503) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $123810 |

---

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) Security trades on the Hong Kong exchange.

(d) The approximate fair value and percentage of net assets, $92,435,000 and 74.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(e) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $103,880,000. The aggregate gross unrealized appreciation is approximately $27,856,000 and the aggregate gross unrealized depreciation is approximately $8,150,000, resulting in net unrealized appreciation of approximately $19,706,000.

ADR American Depositary Receipt.

NVDR Non-Voting Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 47.5% |
| Banks | 17.5 |
| Semiconductors & Semiconductor Equipment | 12.4 |
| Broadline Retail | 8.1 |
| Ground Transportation | 7.3 |
| Capital Markets | 7.2 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (100.9%)** | **Common Stocks (100.9%)** | **Common Stocks (100.9%)** |
| Brazil (5.9%) | Brazil (5.9%) | Brazil (5.9%) |
| Banco BTG Pactual SA (Units) (a) | 41657 | $399 |
| Itau Unibanco Holding SA (Preference) | 209962 | 1501 |
| Raia Drogasil SA | 248722 | 1061 |
| Rede D'Or Sao Luiz SA | 174189 | 1290 |
| Telefonica Brasil SA | 110068 | 659 |
| Vale SA | 61836 | 807 |
| WEG SA | 240934 | 2128 |
|  |  | 7845 |
| Chile (0.8%) | Chile (0.8%) | Chile (0.8%) |
| Banco de Chile | 5810618 | 1122 |
| China (21.1%) | China (21.1%) | China (21.1%) |
| Alibaba Group Holding Ltd. (b) | 267600 | 4913 |
| Bank of Jiangsu Co. Ltd., Class A | 527300 | 785 |
| Bank of Ningbo Co. Ltd., Class A | 158900 | 639 |
| BYD Co. Ltd., H Shares (b) | 37900 | 463 |
| China Construction Bank Corp., H Shares (b) | 2331120 | 2307 |
| China International Capital Corp. Ltd., <br>Class H (b) | 203600 | 514 |
| China Merchants Bank Co. Ltd., H Shares (b) | 270500 | 1840 |
| Contemporary Amperex Technology Co. Ltd., <br>Class A | 16000 | 841 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br>Class A | 118059 | 1007 |
| Kuaishou Technology (b) | 59600 | 493 |
| NARI Technology Co. Ltd., Class A | 222600 | 716 |
| NAURA Technology Group Co. Ltd., Class A | 12795 | 841 |
| NetEase, Inc. (b) | 35200 | 969 |
| Ping An Insurance Group Co. of China Ltd., <br>Class H (b) | 90000 | 756 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 78100 | 842 |
| Tencent Holdings Ltd. (b) | 96400 | 7398 |
| Trip.com Group Ltd. ADR | 19072 | 1372 |
| Xiaomi Corp., Class B (b)(c) | 173600 | 876 |
| Yum China Holdings, Inc. | 13599 | 649 |
|  |  | 28221 |
| Czech Republic (0.7%) | Czech Republic (0.7%) | Czech Republic (0.7%) |
| Komercni Banka AS | 15557 | 877 |
| India (21.3%) | India (21.3%) | India (21.3%) |
| 360 ONE WAM Ltd. | 52542 | 696 |
| Avenue Supermarts Ltd. (c) | 12892 | 543 |
| Axis Bank Ltd. | 78868 | 1115 |
| Bajaj Auto Ltd. | 9434 | 981 |
| Bajaj Finance Ltd. | 111996 | 1232 |
| CG Power & Industrial Solutions Ltd. | 48312 | 348 |
| Colgate-Palmolive India Ltd. | 10252 | 237 |
| Grasim Industries Ltd. | 29488 | 929 |
| HDFC Asset Management Co. Ltd. | 38329 | 1140 |
| HDFC Bank Ltd. | 620 | 7 |
| HDFC Bank Ltd. ADR | 56510 | 2065 |
| Hindalco Industries Ltd. | 55554 | 548 |
| Hitachi Energy India Ltd. | 5024 | 1024 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| ICICI Bank Ltd. | 118656 | $| 1776 |
| ICICI Bank Ltd. ADR | 12858 |  | 383 |
| IDFC First Bank Ltd. | 1364639 |  | 1301 |
| Infosys Ltd. ADR (d) | 77525 |  | 1382 |
| Larsen & Toubro Ltd. | 18870 |  | 858 |
| Lodha Developers Ltd. | 72341 |  | 855 |
| Mahindra & Mahindra Ltd. | 46811 |  | 1933 |
| MakeMyTrip Ltd. (c) | 5773 |  | 474 |
| Max Healthcare Institute Ltd. | 84684 |  | 985 |
| Pidilite Industries Ltd. | 47726 |  | 787 |
| Reliance Industries Ltd. | 146338 |  | 2561 |
| Samvardhana Motherson International Ltd. | 475894 |  | 636 |
| Shriram Finance Ltd. | 82203 |  | 912 |
| State Bank of India | 165143 |  | 1807 |
| Swiggy Ltd. (c) | 82339 |  | 354 |
| United Breweries Ltd. | 34123 |  | 616 |
|  |  |  | 28485 |
| Indonesia (0.5%) | Indonesia (0.5%) | Indonesia (0.5%) | Indonesia (0.5%) |
| Cisarua Mountain Dairy Tbk. PT | 1800800 |  | 610 |
| Korea, Republic of (12.7%) | Korea, Republic of (12.7%) | Korea, Republic of (12.7%) | Korea, Republic of (12.7%) |
| HYBE Co. Ltd. (c) | 1671 |  | 382 |
| Hyundai Motor Co. | 5842 |  | 1206 |
| KB Financial Group, Inc. | 15072 |  | 1297 |
| Kia Corp. | 9349 |  | 793 |
| KT&G Corp. | 6995 |  | 689 |
| NAVER Corp. | 6342 |  | 1066 |
| Samsung Electronics Co. Ltd. | 117121 |  | 9817 |
| SK Hynix, Inc. | 3846 |  | 1742 |
|  |  |  | 16992 |
| Malaysia (1.3%) | Malaysia (1.3%) | Malaysia (1.3%) | Malaysia (1.3%) |
| CIMB Group Holdings Bhd. | 477400 |  | 970 |
| Malayan Banking Bhd. | 287500 |  | 742 |
|  |  |  | 1712 |
| Mexico (3.5%) | Mexico (3.5%) | Mexico (3.5%) | Mexico (3.5%) |
| Grupo Financiero Banorte SAB de CV Series O | 195547 |  | 1812 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 357358 |  | 762 |
| Prologis Property Mexico SA de CV REIT | 162045 |  | 677 |
| Wal-Mart de Mexico SAB de CV | 449802 |  | 1399 |
|  |  |  | 4650 |
| Peru (0.5%) | Peru (0.5%) | Peru (0.5%) | Peru (0.5%) |
| Credicorp Ltd. | 2393 |  | 687 |
| Poland (3.0%) | Poland (3.0%) | Poland (3.0%) | Poland (3.0%) |
| Allegro.eu SA (c) | 174687 |  | 1499 |
| Budimex SA | 4748 |  | 840 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 70025 |  | 1653 |
|  |  |  | 3992 |
| Saudi Arabia (1.0%) | Saudi Arabia (1.0%) | Saudi Arabia (1.0%) | Saudi Arabia (1.0%) |
| Alinma Bank | 103307 |  | 671 |
| Bupa Arabia for Cooperative Insurance Co. | 18209 |  | 675 |
|  |  |  | 1346 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments (cont'd)

**Emerging Markets Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| South Africa (3.4%) | South Africa (3.4%) | South Africa (3.4%) |
| AVI Ltd. | 176311 | $1126 |
| Capitec Bank Holdings Ltd. | 7829 | 1965 |
| Clicks Group Ltd. | 39063 | 796 |
| OUTsurance Group Ltd. | 141492 | 612 |
|  |  | 4499 |
| Taiwan (23.1%) | Taiwan (23.1%) | Taiwan (23.1%) |
| Airtac International Group | 19448 | 573 |
| Alchip Technologies Ltd. | 10000 | 1116 |
| ASE Technology Holding Co. Ltd. | 126000 | 994 |
| Chailease Holding Co. Ltd. | 152000 | 510 |
| Delta Electronics, Inc. | 37000 | 1129 |
| Hon Hai Precision Industry Co. Ltd. | 277000 | 2030 |
| MediaTek, Inc. | 33000 | 1498 |
| Taiwan Semiconductor Manufacturing <br>Co. Ltd. | 405205 | 19919 |
| Unimicron Technology Corp. | 183000 | 1278 |
| Wiwynn Corp. | 12722 | 1812 |
|  |  | 30859 |
| United Kingdom (1.5%) | United Kingdom (1.5%) | United Kingdom (1.5%) |
| Antofagasta PLC | 47312 | 2078 |
| United States (0.6%) | United States (0.6%) | United States (0.6%) |
| MercadoLibre, Inc. (c) | 394 | 794 |
| **Total Common Stocks (Cost $77,181)** | **Total Common Stocks (Cost $77,181)** | 134769 |
| **Short-Term Investments (0.6%)** | **Short-Term Investments (0.6%)** | **Short-Term Investments (0.6%)** |
| Investment Company (0.6%) | Investment Company (0.6%) | Investment Company (0.6%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 3.71% (See Note G) <br>**(Cost $715)** | 715232 | 715 |
| Securities held as Collateral on Loaned Securities (0.0%)‡ | Securities held as Collateral on Loaned Securities (0.0%)‡ | Securities held as Collateral on Loaned Securities (0.0%)‡ |
| Investment Company (0.0%)‡ | Investment Company (0.0%)‡ | Investment Company (0.0%)‡ |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 3.71% (See Note G) <br>**(Cost $36)** | 36205 | 36 |
| **Total Short-Term Investments (Cost $751)** | **Total Short-Term Investments (Cost $751)** | 751 |
| **Total Investments (101.5%) (Cost $77,932)<br>including $1,230 of Securities Loaned (e)(f)** | **Total Investments (101.5%) (Cost $77,932)<br>including $1,230 of Securities Loaned (e)(f)** | 135520 |
| Liabilities in Excess of Other Assets (–1.5%) | Liabilities in Excess of Other Assets (–1.5%) | (2032) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $133488 |

---

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 December 31, 2025.

(e) The approximate fair value and percentage of net assets, $122,313,000 and 91.6%, 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.

(f) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $79,922,000. The aggregate gross unrealized appreciation is approximately $58,214,000 and the aggregate gross unrealized depreciation is approximately $4,267,000, resulting in net unrealized appreciation of approximately $53,947,000.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 39.4% |
| Banks | 20.2 |
| Semiconductors & Semiconductor Equipment | 19.3 |
| Tech Hardware, Storage & Peripherals | 9.2 |
| Interactive Media & Services | 6.6 |
| Broadline Retail | 5.3 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 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.**

**December 31, 2025**

Portfolio of Investments

**Global Concentrated Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.2%)** | **Common Stocks (99.2%)** | **Common Stocks (99.2%)** |
| Canada (3.7%) | Canada (3.7%) | Canada (3.7%) |
| Shopify, Inc., Class A (a) | 83523 | $13445 |
| China (7.2%) | China (7.2%) | China (7.2%) |
| Tencent Holdings Ltd. ADR | 339157 | 25962 |
| Italy (2.6%) | Italy (2.6%) | Italy (2.6%) |
| Ferrari NV | 25132 | 9288 |
| Japan (5.6%) | Japan (5.6%) | Japan (5.6%) |
| Mizuho Financial Group, Inc. ADR | 2750350 | 20132 |
| Spain (5.8%) | Spain (5.8%) | Spain (5.8%) |
| Banco Santander SA ADR | 1788078 | 20974 |
| Taiwan (7.9%) | Taiwan (7.9%) | Taiwan (7.9%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 93023 | 28269 |
| United Kingdom (5.3%) | United Kingdom (5.3%) | United Kingdom (5.3%) |
| Rolls-Royce Holdings PLC ADR | 1208831 | 19003 |
| United States (61.1%) | United States (61.1%) | United States (61.1%) |
| Ameriprise Financial, Inc. | 27016 | 13247 |
| CBRE Group, Inc., Class A (a) | 137195 | 22060 |
| Costco Wholesale Corp. | 7645 | 6593 |
| CRH PLC | 166862 | 20824 |
| Eli Lilly & Co. | 15883 | 17069 |
| JPMorgan Chase & Co. | 59210 | 19079 |
| LPL Financial Holdings, Inc. | 34802 | 12430 |
| Mastercard, Inc., Class A | 15688 | 8956 |
| Microsoft Corp. | 57382 | 27751 |
| Netflix, Inc. (a) | 101095 | 9479 |
| NVIDIA Corp. | 209642 | 39098 |
| Progressive Corp. | 61472 | 13998 |
| United Rentals, Inc. | 11072 | 8961 |
|  |  | 219545 |
| **Total Common Stocks (Cost $275,154)** | **Total Common Stocks (Cost $275,154)** | 356618 |
| **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, 3.61% (See Note G) <br>**(Cost $3,437)** | 3436835 | 3437 |
| **Total Investments (100.1%) (Cost $278,591) (b)** | **Total Investments (100.1%) (Cost $278,591) (b)** | 360055 |
| Liabilities in Excess of Other Assets (–0.1%) | Liabilities in Excess of Other Assets (–0.1%) | (408) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $359647 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

(a) Non-income producing security.

(b) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $280,091,000. The aggregate gross unrealized appreciation is approximately $84,541,000 and the aggregate gross unrealized depreciation is approximately $4,578,000, resulting in net unrealized appreciation of approximately $79,963,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 25.4% |
| Semiconductors & Semiconductor Equipment | 18.7 |
| Banks | 16.7 |
| Software | 7.7 |
| Interactive Media & Services | 7.2 |
| Capital Markets | 7.1 |
| Real Estate Management & Development | 6.1 |
| Construction Materials | 5.8 |
| Aerospace & Defense | 5.3 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**Global Core Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
| Canada (2.3%) | Canada (2.3%) | Canada (2.3%) |
| Agnico Eagle Mines Ltd. | 2205 | $374 |
| Shopify, Inc., Class A (a) | 5463 | 879 |
|  |  | 1253 |
| China (5.1%) | China (5.1%) | China (5.1%) |
| NetEase, Inc. ADR | 2829 | 390 |
| Tencent Holdings Ltd. ADR | 31695 | 2426 |
|  |  | 2816 |
| France (1.0%) | France (1.0%) | France (1.0%) |
| Hermes International SCA ADR | 1027 | 254 |
| LVMH Moet Hennessy Louis Vuitton SE | 427 | 322 |
|  |  | 576 |
| Italy (2.7%) | Italy (2.7%) | Italy (2.7%) |
| Ferrari NV | 4043 | 1494 |
| Japan (5.5%) | Japan (5.5%) | Japan (5.5%) |
| Mizuho Financial Group, Inc. ADR | 142763 | 1045 |
| Sumitomo Mitsui Financial Group, Inc. ADR | 100838 | 1949 |
|  |  | 2994 |
| Spain (4.8%) | Spain (4.8%) | Spain (4.8%) |
| Banco Santander SA ADR | 221924 | 2603 |
| Taiwan (5.7%) | Taiwan (5.7%) | Taiwan (5.7%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 10203 | 3101 |
| United Kingdom (3.0%) | United Kingdom (3.0%) | United Kingdom (3.0%) |
| Rolls-Royce Holdings PLC ADR | 104832 | 1648 |
| United States (69.2%) | United States (69.2%) | United States (69.2%) |
| Alphabet, Inc., Class A | 9736 | 3047 |
| Amazon.com, Inc. (a) | 10024 | 2314 |
| Ameriprise Financial, Inc. | 3128 | 1534 |
| Apple, Inc. | 10318 | 2805 |
| Brown & Brown, Inc. | 7971 | 635 |
| Cboe Global Markets, Inc. | 6468 | 1623 |
| CBRE Group, Inc., Class A (a) | 10705 | 1721 |
| Chevron Corp. | 4533 | 691 |
| Costco Wholesale Corp. | 124 | 107 |
| CRH PLC | 24213 | 3022 |
| Evercore, Inc., Class A | 331 | 113 |
| General Electric Co. | 3573 | 1101 |
| JPMorgan Chase & Co. | 8561 | 2758 |
| Linde PLC | 293 | 125 |
| LPL Financial Holdings, Inc. | 2854 | 1019 |
| Mastercard, Inc., Class A | 1740 | 993 |
| MercadoLibre, Inc. (a) | 244 | 491 |
| Microsoft Corp. | 5392 | 2608 |
| Millrose Properties, Inc. REIT | 912 | 27 |
| Netflix, Inc. (a) | 15070 | 1413 |
| NVIDIA Corp. | 20427 | 3810 |
| Progressive Corp. | 5134 | 1169 |
| Tesla, Inc. (a) | 2295 | 1032 |
| TJX Cos., Inc. | 14238 | 2187 |
| Toll Brothers, Inc. | 966 | 131 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United Rentals, Inc. | 1287 | $1042 |
| Valero Energy Corp. | 1625 | 265 |
| Waste Management, Inc. | 490 | 108 |
|  |  | 37891 |
| **Total Common Stocks (Cost $36,127)** | **Total Common Stocks (Cost $36,127)** | 54376 |
| **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, 3.61% (See Note G) <br>**(Cost $359)** | 358711 | 359 |
| **Total Investments (100.0%) (Cost $36,486) (b)(c)** | **Total Investments (100.0%) (Cost $36,486) (b)(c)** | 54735 |
| Other Assets in Excess of Liabilities (0.0%)‡ | Other Assets in Excess of Liabilities (0.0%)‡ | 1 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $54736 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) The approximate fair value and percentage of net assets, $322,000 and 0.6%, 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.

(c) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $36,555,000. The aggregate gross unrealized appreciation is approximately $18,309,000 and the aggregate gross unrealized depreciation is approximately $128,000, resulting in net unrealized appreciation of approximately $18,181,000.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 33.4% |
| Banks | 15.3 |
| Semiconductors & Semiconductor Equipment | 12.7 |
| Interactive Media & Services | 10.0 |
| Capital Markets | 7.9 |
| Construction Materials | 5.5 |
| Broadline Retail | 5.1 |
| Tech Hardware, Storage & Peripherals | 5.1 |
| Aerospace & Defense | 5.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**Global Endurance Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (88.7%)** | **Common Stocks (88.7%)** | **Common Stocks (88.7%)** |
| Canada (1.2%) | Canada (1.2%) | Canada (1.2%) |
| Colliers International Group, Inc. | 2198 | $323 |
| Cayman Islands (4.3%) | Cayman Islands (4.3%) | Cayman Islands (4.3%) |
| Belite Bio, Inc. ADR (a) | 7022 | 1123 |
| France (5.6%) | France (5.6%) | France (5.6%) |
| Abivax SA (a) | 10307 | 1449 |
| Israel (5.7%) | Israel (5.7%) | Israel (5.7%) |
| Teva Pharmaceutical Industries Ltd. ADR (a) | 48030 | 1499 |
| Japan (1.7%) | Japan (1.7%) | Japan (1.7%) |
| Sansan, Inc. (a) | 39800 | 441 |
| United Kingdom (7.4%) | United Kingdom (7.4%) | United Kingdom (7.4%) |
| Victoria PLC (a) | 3647784 | 1932 |
| United States (62.8%) | United States (62.8%) | United States (62.8%) |
| Appian Corp., Class A (a) | 27312 | 967 |
| Arbutus Biopharma Corp. (a) | 269347 | 1296 |
| Calumet, Inc. (a) | 51259 | 1019 |
| Carvana Co. (a) | 809 | 341 |
| Core & Main, Inc., Class A (a) | 6832 | 355 |
| Corpay, Inc. (a) | 3599 | 1083 |
| EchoStar Corp., Class A (a) | 3081 | 335 |
| Floor & Decor Holdings, Inc., Class A (a) | 18411 | 1121 |
| HCA Healthcare, Inc. | 2226 | 1039 |
| Immunovant, Inc. (a) | 53045 | 1348 |
| Insmed, Inc. (a) | 3504 | 610 |
| QXO, Inc. (a) | 78079 | 1506 |
| Roivant Sciences Ltd. (a) | 85745 | 1861 |
| Royalty Pharma PLC, Class A | 18739 | 724 |
| Somnigroup International, Inc. | 9181 | 820 |
| Teleflex, Inc. | 11739 | 1433 |
| United Therapeutics Corp. (a) | 1062 | 517 |
|  |  | 16375 |
| **Total Common Stocks (Cost $24,913)** | **Total Common Stocks (Cost $24,913)** | 23142 |
| **Short-Term Investment (10.7%)** | **Short-Term Investment (10.7%)** | **Short-Term Investment (10.7%)** |
| Investment Company (10.7%) | Investment Company (10.7%) | Investment Company (10.7%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $2,792)** | 2792476 | 2792 |
| **Total Investments (99.4%) (Cost $27,705) (b)(c)** | **Total Investments (99.4%) (Cost $27,705) (b)(c)** | 25934 |
| Other Assets in Excess of Liabilities (0.6%) | Other Assets in Excess of Liabilities (0.6%) | 152 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $26086 |

---

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, $3,822,000 and 14.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(c) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $29,110,000. The aggregate gross unrealized appreciation is approximately $4,555,000 and the aggregate gross unrealized depreciation is approximately $7,732,000, resulting in net unrealized depreciation of approximately $3,177,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Biotechnology | 27.3% |
| Other\* | 14.7 |
| Pharmaceuticals | 12.9 |
| Investment Company | 10.8 |
| Household Durables | 10.6 |
| Trading Companies & Distributors | 7.2 |
| Specialty Retail | 5.6 |
| Health Care Equipment & Supplies | 5.5 |
| Software | 5.4 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**Global Franchise Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.8%)** | **Common Stocks (98.8%)** | **Common Stocks (98.8%)** |
| France (3.6%) | France (3.6%) | France (3.6%) |
| L'Oreal SA | 162291 | $69674 |
| Germany (7.6%) | Germany (7.6%) | Germany (7.6%) |
| SAP SE | 602589 | 146410 |
| Italy (2.3%) | Italy (2.3%) | Italy (2.3%) |
| Ferrari NV (Borsa Italiana) | 60989 | 22664 |
| Ferrari NV (NYSE) | 60713 | 22437 |
|  |  | 45101 |
| United Kingdom (9.5%) | United Kingdom (9.5%) | United Kingdom (9.5%) |
| Experian PLC | 882606 | 39794 |
| Haleon PLC | 11795929 | 59609 |
| RELX PLC (LSE) | 1784612 | 71897 |
| RELX PLC (Euronext NV) | 288340 | 11744 |
|  |  | 183044 |
| United States (75.8%) | United States (75.8%) | United States (75.8%) |
| Abbott Laboratories | 427465 | 53557 |
| Alphabet, Inc., Class A | 309925 | 97007 |
| Aon PLC, Class A | 145998 | 51520 |
| Arthur J Gallagher & Co. | 266349 | 68928 |
| Automatic Data Processing, Inc. | 219318 | 56415 |
| AutoZone, Inc. (a) | 13950 | 47311 |
| Booking Holdings, Inc. | 8465 | 45333 |
| Broadridge Financial Solutions, Inc. | 147277 | 32868 |
| CME Group, Inc. | 184327 | 50336 |
| Coca-Cola Co. | 1129417 | 78958 |
| Equifax, Inc. | 112607 | 24434 |
| Intercontinental Exchange, Inc. | 421065 | 68196 |
| Microsoft Corp. | 345917 | 167292 |
| MSCI, Inc. | 62843 | 36055 |
| Otis Worldwide Corp. | 440929 | 38515 |
| Philip Morris International, Inc. | 166027 | 26631 |
| Procter & Gamble Co. | 456929 | 65483 |
| Roper Technologies, Inc. | 111757 | 49746 |
| S&P Global, Inc. | 128219 | 67006 |
| STERIS PLC | 143338 | 36339 |
| Synopsys, Inc. (a) | 103820 | 48766 |
| Thermo Fisher Scientific, Inc. | 112856 | 65394 |
| Uber Technologies, Inc. (a) | 526235 | 42999 |
| Visa, Inc., Class A | 290403 | 101847 |
| Zoetis, Inc. | 370887 | 46665 |
|  |  | 1467601 |
| **Total Common Stocks (Cost $1,333,354)** | **Total Common Stocks (Cost $1,333,354)** | 1911830 |
| **Short-Term Investment (1.0%)** | **Short-Term Investment (1.0%)** | **Short-Term Investment (1.0%)** |
| Investment Company (1.0%) | Investment Company (1.0%) | Investment Company (1.0%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $19,055)** | 19055533 | 19055 |
| **Total Investments (99.8%) (Cost $1,352,409) (b)(c)** | **Total Investments (99.8%) (Cost $1,352,409) (b)(c)** | 1930885 |
| Other Assets in Excess of Liabilities (0.2%) | Other Assets in Excess of Liabilities (0.2%) | 4144 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $1935029 |

---

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, $421,792,000 and 21.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(c) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $1,359,166,000. The aggregate gross unrealized appreciation is approximately $598,859,000 and the aggregate gross unrealized depreciation is approximately $27,097,000, resulting in net unrealized appreciation of approximately $571,762,000.

Borsa Italiana Italian Stock Exchange.

Euronext NV Euronext Amsterdam Stock Market.

LSE London Stock Exchange.

NYSE New York Stock Exchange.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 32.8% |
| Software | 21.3 |
| Professional Services | 12.3 |
| Capital Markets | 11.5 |
| Insurance | 6.3 |
| Pharmaceuticals | 5.5 |
| Financial Services | 5.3 |
| Interactive Media & 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.**

**December 31, 2025**

Consolidated Portfolio of Investments

**Global Insight Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (96.7%)** | **Common Stocks (96.7%)** | **Common Stocks (96.7%)** |
| Brazil (0.6%) | Brazil (0.6%) | Brazil (0.6%) |
| NU Holdings Ltd., Class A (a) | 23890 | $400 |
| Canada (5.9%) | Canada (5.9%) | Canada (5.9%) |
| Shopify, Inc., Class A (a) | 23113 | 3721 |
| Israel (1.5%) | Israel (1.5%) | Israel (1.5%) |
| Global-e Online Ltd. (a) | 24162 | 950 |
| Korea, Republic of (0.5%) | Korea, Republic of (0.5%) | Korea, Republic of (0.5%) |
| Coupang, Inc. (a) | 12570 | 297 |
| Netherlands (5.0%) | Netherlands (5.0%) | Netherlands (5.0%) |
| Adyen NV (a) | 1946 | 3138 |
| Singapore (1.0%) | Singapore (1.0%) | Singapore (1.0%) |
| Grab Holdings Ltd., Class A (a) | 63357 | 316 |
| Sea Ltd. ADR (a) | 2381 | 304 |
|  |  | 620 |
| United Kingdom (0.0%)‡ | United Kingdom (0.0%)‡ | United Kingdom (0.0%)‡ |
| Victoria PLC (a) | 70649 | 37 |
| United States (82.2%) | United States (82.2%) | United States (82.2%) |
| Affirm Holdings, Inc. (a) | 55587 | 4137 |
| Agilon Health, Inc. (a) | 184098 | 127 |
| AppLovin Corp., Class A (a) | 5369 | 3618 |
| Arbutus Biopharma Corp. (a) | 171172 | 823 |
| Aurora Innovation, Inc. (a) | 396122 | 1521 |
| BitMine Immersion Technologies, Inc. | 35422 | 962 |
| Cloudflare, Inc., Class A (a) | 40204 | 7926 |
| Core & Main, Inc., Class A (a) | 20443 | 1062 |
| Federal National Mortgage Association (a) | 156244 | 1677 |
| Immunovant, Inc. (a) | 12839 | 326 |
| IonQ, Inc. (a) | 43826 | 1966 |
| Landbridge Co. LLC, Class A (b) | 24971 | 1223 |
| MercadoLibre, Inc. (a) | 1544 | 3110 |
| Opendoor Technologies, Inc. (a) | 263434 | 1536 |
| ProKidney Corp. (a) | 55698 | 125 |
| QXO, Inc. (a) | 152978 | 2951 |
| ROBLOX Corp., Class A (a) | 27105 | 2196 |
| Roivant Sciences Ltd. (a) | 139009 | 3017 |
| Royalty Pharma PLC, Class A | 95197 | 3678 |
| Snowflake, Inc., Class A (a) | 10436 | 2289 |
| Strategy, Inc., Class A (a) | 10948 | 1664 |
| Tesla, Inc. (a) | 11684 | 5255 |
| Twenty One Capital, Inc., Class A (a) | 60699 | 532 |
| XOMA Royalty Corp. (a) | 11589 | 308 |
|  |  | 52029 |
| **Total Common Stocks (Cost $42,358)** | **Total Common Stocks (Cost $42,358)** | 61192 |
| **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)(c)(d)<br>(acquisition cost — $73; acquired 6/17/14) | 6374 | 20 |
| **Investment Company (2.2%)** | **Investment Company (2.2%)** | **Investment Company (2.2%)** |
| United States (2.2%) | United States (2.2%) | United States (2.2%) |
| iShares Bitcoin Trust ETF (a) **(Cost $1,082)** | 27954 | 1388 |

---

---

| | | |
|:---|:---|:---|
| | **No. of<br>Warrants** | **Value<br>(000)** |
| **Warrants (0.0%)‡** | **Warrants (0.0%)‡** | **Warrants (0.0%)‡** |
| United States (0.0%)‡ | United States (0.0%)‡ | United States (0.0%)‡ |
| Opendoor Technologies, Inc. expires 11/20/26 (a) <br>**(Cost $—**) | 16920 | $10 |
|  | **Shares** |  |
| **Short-Term Investments (3.2%)** | **Short-Term Investments (3.2%)** | **Short-Term Investments (3.2%)** |
| Investment Company (1.2%) | Investment Company (1.2%) | Investment Company (1.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $774)** | 774147 | 774 |
| Securities held as Collateral on Loaned Securities (2.0%) | Securities held as Collateral on Loaned Securities (2.0%) | Securities held as Collateral on Loaned Securities (2.0%) |
| Investment Company (1.5%) | Investment Company (1.5%) | Investment Company (1.5%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) | 928326 | 928 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreements (0.5%) | Repurchase Agreements (0.5%) | Repurchase Agreements (0.5%) |
| HSBC Securities USA, Inc., (3.83%, <br>dated 12/31/25, due 1/2/26; proceeds $95; <br>fully collateralized by a U.S. Government <br>obligation; 0.00% due 8/15/26; <br>valued at $97) | $95 | 95 |
| Merrill Lynch & Co., Inc., (3.82%, <br>dated 12/31/25, due 1/2/26; proceeds $227; <br>fully collateralized by U.S. Government <br>obligations; 1.63% — 2.00% due <br>11/15/50 — 8/15/51; valued at $232) | 227 | 227 |
| Merrill Lynch & Co., Inc., (3.65%, <br>dated 12/31/25, due 1/2/26; proceeds $30; <br>fully collateralized by a U.S. Government <br>obligation; 4.00% due 1/15/27; valued at $30) | 30 | 30 |
|  |  | 352 |
| **Total Securities held as Collateral on Loaned<br>Securities (Cost $1,280)** | **Total Securities held as Collateral on Loaned<br>Securities (Cost $1,280)** | 1280 |
| **Total Short-Term Investments (Cost $2,054)** | **Total Short-Term Investments (Cost $2,054)** | 2054 |
| **Total Investments Excluding Purchased <br>Options (102.2%) (Cost $45,567)** |  | 64664 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $313)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $313)** | 51 |
| **Total Investments (102.3%) (Cost $45,880)<br>including $1,223 of Securities Loaned (e)(f)** | **Total Investments (102.3%) (Cost $45,880)<br>including $1,223 of Securities Loaned (e)(f)** | 64715 |
| Liabilities in Excess of Other Assets (–2.3%) | Liabilities in Excess of Other Assets (–2.3%) | (1455) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $63260 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) All or a portion of this security was on loan at December 31, 2025.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments (cont'd)

**Global Insight Portfolio**

(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at December 31, 2025 amounts to approximately $20,000 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) Securities are available for collateral in connection with purchased options.

(f) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $48,368,000. The aggregate gross unrealized appreciation is approximately $25,548,000 and the aggregate gross unrealized depreciation is approximately $9,199,000, resulting in net unrealized appreciation of approximately $16,349,000.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 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)** |
| Standard Chartered Bank | USD/CNH | 7.32 | Dec-26 | 23308767 | $23309 | $42 |  | $66 | $(24) |
| Standard Chartered Bank | USD/CNH | 7.58 | Aug-26 | 21170064 | 21170 | 8 |  | 69 | (61) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May-26 | 15064889 | 15065 | 1 |  | 63 | (62) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb-26 | 15854951 | 15855 |  | @ | 65 | (65) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr-26 | 10380713 | 10381 |  | @ | 50 | (50) |
|  |  |  |  |  |  | $51 |  | $313 | $(262) |

---

@ Value is less than $500.

CNH Chinese Yuan Renminbi Offshore

USD United States Dollar

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Information Technology Services | 21.4% |
| Other\*\* | 18.3 |
| Financial Services | 13.8 |
| Software | 12.0 |
| Automobiles | 8.1 |
| Broadline Retail | 7.3 |
| Biotechnology | 7.2 |
| Trading Companies & Distributors | 6.2 |
| Pharmaceuticals | 5.7 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2025.

\*\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments

**Global Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.8%)** | **Common Stocks (97.8%)** | **Common Stocks (97.8%)** |
| Brazil (2.6%) | Brazil (2.6%) | Brazil (2.6%) |
| NU Holdings Ltd., Class A (a) | 4979905 | $83364 |
| Canada (1.9%) | Canada (1.9%) | Canada (1.9%) |
| Shopify, Inc., Class A (a) | 393181 | 63290 |
| China (4.4%) | China (4.4%) | China (4.4%) |
| Meituan, Class B (a)(b) | 4992200 | 66158 |
| Trip.com Group Ltd. ADR | 1049147 | 75444 |
|  |  | 141602 |
| Denmark (4.8%) | Denmark (4.8%) | Denmark (4.8%) |
| DSV AS | 621996 | 156654 |
| France (9.5%) | France (9.5%) | France (9.5%) |
| Hermes International SCA | 36018 | 89427 |
| LVMH Moet Hennessy Louis Vuitton SE | 108525 | 81799 |
| Schneider Electric SE | 508578 | 139135 |
|  |  | 310361 |
| India (5.7%) | India (5.7%) | India (5.7%) |
| HDFC Bank Ltd. | 7720863 | 85291 |
| ICICI Bank Ltd. ADR | 3411706 | 101669 |
|  |  | 186960 |
| Italy (2.8%) | Italy (2.8%) | Italy (2.8%) |
| Moncler SpA | 1405076 | 89813 |
| Japan (1.5%) | Japan (1.5%) | Japan (1.5%) |
| Keyence Corp. | 135000 | 48833 |
| Korea, Republic of (3.2%) | Korea, Republic of (3.2%) | Korea, Republic of (3.2%) |
| Coupang, Inc. (a) | 4070554 | 96024 |
| KakaoBank Corp. | 611700 | 9170 |
|  |  | 105194 |
| Netherlands (3.1%) | Netherlands (3.1%) | Netherlands (3.1%) |
| ASML Holding NV | 92775 | 99967 |
| Singapore (0.7%) | Singapore (0.7%) | Singapore (0.7%) |
| Grab Holdings Ltd., Class A (a) | 4529904 | 22604 |
| Sweden (4.6%) | Sweden (4.6%) | Sweden (4.6%) |
| Spotify Technology SA (a) | 255538 | 148393 |
| Switzerland (1.8%) | Switzerland (1.8%) | Switzerland (1.8%) |
| On Holding AG, Class A (a) | 1263112 | 58709 |
| Taiwan (6.2%) | Taiwan (6.2%) | Taiwan (6.2%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4094000 | 201250 |
| United States (45.0%) | United States (45.0%) | United States (45.0%) |
| Airbnb, Inc., Class A (a) | 575051 | 78046 |
| Amazon.com, Inc. (a) | 426642 | 98477 |
| Block, Inc., Class A (a) | 1021244 | 66473 |
| Crowdstrike Holdings, Inc., Class A (a) | 67678 | 31725 |
| DoorDash, Inc., Class A (a) | 803125 | 181892 |
| Liberty Media Corp.-Liberty <br>Formula One, Class C (a) | 504851 | 49733 |
| Magic Leap, Inc., Class A (a)(c)(d)<br>(acquisition cost — $3,175; <br>acquired 12/22/15) | 6530 |  |
| Mastercard, Inc., Class A | 142774 | 81507 |
| MercadoLibre, Inc. (a) | 73706 | 148463 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Meta Platforms, Inc., Class A | 348909 | $230311 |
| ServiceNow, Inc. (a) | 556255 | 85213 |
| TKO Group Holdings, Inc. | 352560 | 73685 |
| Uber Technologies, Inc. (a) | 2301319 | 188041 |
| Visa, Inc., Class A | 279210 | 97922 |
| Walt Disney Co. | 443910 | 50503 |
|  |  | 1461991 |
| **Total Common Stocks (Cost $1,537,901)** | **Total Common Stocks (Cost $1,537,901)** | 3178985 |
| **Short-Term Investment (3.9%)** | **Short-Term Investment (3.9%)** | **Short-Term Investment (3.9%)** |
| Investment Company (3.9%) | Investment Company (3.9%) | Investment Company (3.9%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $125,831)** | 125830719 | 125831 |
| **Total Investments (101.7%) (Cost $1,663,732) (e)(f)** | **Total Investments (101.7%) (Cost $1,663,732) (e)(f)** | 3304816 |
| Liabilities in Excess of Other Assets (–1.7%) | Liabilities in Excess of Other Assets (–1.7%) | (54580) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $3250236 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

(a) Non-income producing security.

(b) Security trades on the Hong Kong exchange.

(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted security (excluding 144A holdings) at December 31, 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, $1,067,497,000 and 32.8%, 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.

(f) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $1,716,357,000. The aggregate gross unrealized appreciation is approximately $1,678,416,000 and the aggregate gross unrealized depreciation is approximately $108,256,000, resulting in net unrealized appreciation of approximately $1,570,160,000.

ADR American Depositary Receipt.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments (cont'd)

**Global Opportunity Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 19.6% |
| Hotels, Restaurants & Leisure | 12.1 |
| Broadline Retail | 10.4 |
| Entertainment | 9.7 |
| Textiles, Apparel & Luxury Goods | 9.7 |
| Semiconductors & Semiconductor Equipment | 9.1 |
| Banks | 8.5 |
| Financial Services | 7.5 |
| Interactive Media & Services | 7.0 |
| Ground Transportation | 6.4 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments

**Global Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.4%)** | **Common Stocks (95.4%)** | **Common Stocks (95.4%)** |
| Brazil (0.1%) | Brazil (0.1%) | Brazil (0.1%) |
| Vale SA | 342 | $5 |
| Canada (8.9%) | Canada (8.9%) | Canada (8.9%) |
| Cameco Corp. | 266 | 24 |
| Canadian National Railway Co. | 2438 | 241 |
| FirstService Corp. | 156 | 24 |
| Shopify, Inc., Class A (a) | 755 | 122 |
|  |  | 411 |
| France (12.1%) | France (12.1%) | France (12.1%) |
| Airbus SE | 96 | 22 |
| EssilorLuxottica SA | 15 | 5 |
| Eurofins Scientific SE | 3383 | 248 |
| Hermes International SCA | 2 | 5 |
| L'Oreal SA | 115 | 49 |
| LVMH Moet Hennessy Louis Vuitton SE | 295 | 222 |
| Safran SA | 14 | 5 |
|  |  | 556 |
| Germany (1.5%) | Germany (1.5%) | Germany (1.5%) |
| Birkenstock Holding PLC (a) | 1698 | 69 |
| India (0.3%) | India (0.3%) | India (0.3%) |
| HDFC Bank Ltd. ADR | 328 | 12 |
| Israel (1.4%) | Israel (1.4%) | Israel (1.4%) |
| Oddity Tech Ltd., Class A (a) | 1619 | 65 |
| Italy (0.2%) | Italy (0.2%) | Italy (0.2%) |
| Brunello Cucinelli SpA | 33 | 4 |
| Ferrari NV | 9 | 3 |
|  |  | 7 |
| Mexico (0.5%) | Mexico (0.5%) | Mexico (0.5%) |
| Alsea SAB de CV | 8300 | 25 |
| Netherlands (0.6%) | Netherlands (0.6%) | Netherlands (0.6%) |
| ASML Holding NV (Registered) | 23 | 24 |
| Universal Music Group NV | 142 | 4 |
|  |  | 28 |
| Spain (1.6%) | Spain (1.6%) | Spain (1.6%) |
| Cellnex Telecom SA | 2262 | 73 |
| Switzerland (0.3%) | Switzerland (0.3%) | Switzerland (0.3%) |
| On Holding AG, Class A (a) | 336 | 16 |
| United Kingdom (3.1%) | United Kingdom (3.1%) | United Kingdom (3.1%) |
| Babcock International Group PLC | 3016 | 50 |
| Domino's Pizza Group PLC | 20016 | 47 |
| Rentokil Initial PLC | 4467 | 26 |
| Victoria PLC (a) | 37188 | 20 |
|  |  | 143 |
| United States (64.8%) | United States (64.8%) | United States (64.8%) |
| Brown & Brown, Inc. | 599 | 48 |
| Cloudflare, Inc., Class A (a) | 2836 | 559 |
| Core & Main, Inc., Class A (a) | 4360 | 227 |
| Federal National Mortgage Association (a) | 11088 | 119 |
| Floor & Decor Holdings, Inc., Class A (a) | 2619 | 159 |
| Gartner, Inc. (a) | 307 | 77 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Intercontinental Exchange, Inc. | 285 | $46 |
| Landbridge Co. LLC, Class A | 2213 | 108 |
| Linde PLC | 28 | 12 |
| Medline, Inc., Class A (a) | 3334 | 140 |
| MercadoLibre, Inc. (a) | 111 | 223 |
| MSCI, Inc. | 217 | 124 |
| QXO, Inc. (a) | 12525 | 242 |
| Royal Gold, Inc. | 1263 | 281 |
| Royalty Pharma PLC, Class A | 7624 | 295 |
| S&P Global, Inc. | 149 | 78 |
| Strategy, Inc., Class A (a) | 743 | 113 |
| Texas Pacific Land Corp. | 84 | 24 |
| Veralto Corp. | 76 | 8 |
| Verisk Analytics, Inc. | 329 | 74 |
| Waste Connections, Inc. | 138 | 24 |
|  |  | 2981 |
| **Total Common Stocks (Cost $3,820)** | **Total Common Stocks (Cost $3,820)** | 4391 |
| **Investment Company (2.3%)** | **Investment Company (2.3%)** | **Investment Company (2.3%)** |
| United States (2.3%) | United States (2.3%) | United States (2.3%) |
| iShares Bitcoin Trust ETF (a) **(Cost $84)** | 2164 | 107 |
|  | **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 (0.5%)** | **Short-Term Investment (0.5%)** | **Short-Term Investment (0.5%)** |
| Investment Company (0.5%) | Investment Company (0.5%) | Investment Company (0.5%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $21)** | 21028 | 21 |
| **Total Investments Excluding Purchased Options (98.2%) <br>(Cost $3,925)** |  | 4519 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $21)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $21)** | 4 |
| **Total Investments (98.3%) (Cost $3,946) (c)(d)(e)** | **Total Investments (98.3%) (Cost $3,946) (c)(d)(e)** | 4523 |
| Other Assets in Excess of Liabilities (1.7%) | Other Assets in Excess of Liabilities (1.7%) | 79 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $4602 |

---

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) Securities are available for collateral in connection with purchased options.

(d) The approximate fair value and percentage of net assets, $785,000 and 17.1%, 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.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments (cont'd)

**Global Permanence Portfolio**

(e) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $4,066,000. The aggregate gross unrealized appreciation is approximately $1,064,000 and the aggregate gross unrealized depreciation is approximately $606,000, resulting in net unrealized appreciation of approximately $458,000.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 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)** |
| Standard Chartered Bank | USD/CNH | 7.32 | Dec-26 | 1662432 | $1662 | $3 |  | $5 | $(2) |
| Standard Chartered Bank | USD/CNH | 7.58 | Aug-26 | 1314625 | 1315 | 1 |  | 5 | (4) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May-26 | 918402 | 918 |  | @ | 4 | (4) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb-26 | 1014582 | 1015 |  | @ | 4 | (4) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr-26 | 656354 | 656 |  | @ | 3 | (3) |
|  |  |  |  |  |  | $4 |  | $21 | $(17) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 31.8% |
| Information Technology Services | 16.8 |
| Trading Companies & Distributors | 10.3 |
| Textiles, Apparel & Luxury Goods | 7.0 |
| Pharmaceuticals | 6.5 |
| Metals & Mining | 6.3 |
| Capital Markets | 5.5 |
| Life Sciences Tools & Services | 5.5 |
| Ground Transportation | 5.3 |
| Broadline Retail | 5.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**Global Stars Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.1%)** | **Common Stocks (98.1%)** | **Common Stocks (98.1%)** |
| Canada (2.4%) | Canada (2.4%) | Canada (2.4%) |
| Shopify, Inc., Class A (a) | 5025 | $809 |
| China (10.6%) | China (10.6%) | China (10.6%) |
| Alibaba Group Holding Ltd. (b) | 32100 | 589 |
| DiDi Global, Inc. ADR (a) | 113594 | 600 |
| Eastroc Beverage Group Co. Ltd., Class A | 17900 | 685 |
| NAURA Technology Group Co. Ltd., Class A | 10100 | 664 |
| Tencent Holdings Ltd. (b) | 14700 | 1128 |
|  |  | 3666 |
| Denmark (3.1%) | Denmark (3.1%) | Denmark (3.1%) |
| DSV AS | 4225 | 1064 |
| Germany (4.6%) | Germany (4.6%) | Germany (4.6%) |
| SAP SE | 6457 | 1569 |
| Japan (2.0%) | Japan (2.0%) | Japan (2.0%) |
| BayCurrent, Inc. | 16500 | 684 |
| Netherlands (3.0%) | Netherlands (3.0%) | Netherlands (3.0%) |
| ASML Holding NV | 948 | 1022 |
| Singapore (1.5%) | Singapore (1.5%) | Singapore (1.5%) |
| Sea Ltd. ADR (a) | 4093 | 522 |
| Switzerland (7.0%) | Switzerland (7.0%) | Switzerland (7.0%) |
| Galderma Group AG (a) | 4159 | 847 |
| On Holding AG, Class A (a) | 20769 | 965 |
| Sportradar Group AG, Class A (a) | 25873 | 615 |
|  |  | 2427 |
| Taiwan (6.4%) | Taiwan (6.4%) | Taiwan (6.4%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 45000 | 2212 |
| United Kingdom (9.9%) | United Kingdom (9.9%) | United Kingdom (9.9%) |
| Diploma PLC | 14440 | 1027 |
| Halma PLC | 21586 | 1024 |
| RELX PLC | 16472 | 664 |
| Wise PLC, Class A (a) | 57830 | 693 |
|  |  | 3408 |
| United States (47.6%) | United States (47.6%) | United States (47.6%) |
| Alphabet, Inc., Class A | 4314 | 1350 |
| Booking Holdings, Inc. | 193 | 1034 |
| Broadridge Financial Solutions, Inc. | 3803 | 849 |
| Cencora, Inc. | 3572 | 1206 |
| Intercontinental Exchange, Inc. | 8018 | 1299 |
| Mastercard, Inc., Class A | 2203 | 1258 |
| MercadoLibre, Inc. (a) | 384 | 773 |
| Microsoft Corp. | 2506 | 1212 |
| Netflix, Inc. (a) | 10437 | 979 |
| S&P Global, Inc. | 2233 | 1167 |
| ServiceNow, Inc. (a) | 5679 | 870 |
| Synopsys, Inc. (a) | 1683 | 790 |
| Tradeweb Markets, Inc., Class A | 9240 | 994 |
| Uber Technologies, Inc. (a) | 14953 | 1222 |
| Visa, Inc., Class A | 3944 | 1383 |
|  |  | 16386 |
| **Total Common Stocks (Cost $26,919)** | **Total Common Stocks (Cost $26,919)** | 33769 |

---

---

| | | |
|:---|:---|:---|
| | **No. of<br>Warrants** | **Value<br>(000)** |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| Canada (0.0%) | Canada (0.0%) | Canada (0.0%) |
| Constellation Software, Inc.<br>expires 3/31/40 (a)(c) **(Cost $—**) | 1639 | $— |
|  | **Shares** |  |
| **Short-Term Investment (0.3%)** | **Short-Term Investment (0.3%)** | **Short-Term Investment (0.3%)** |
| Investment Company (0.3%) | Investment Company (0.3%) | Investment Company (0.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $103)** | 103294 | 103 |
| **Total Investments (98.4%) (Cost $27,022) (d)(e)** | **Total Investments (98.4%) (Cost $27,022) (d)(e)** | 33872 |
| Other Assets in Excess of Liabilities (1.6%) | Other Assets in Excess of Liabilities (1.6%) | 560 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $34432 |

---

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, $13,872,000 and 40.3%, 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 December 31, 2025, the aggregate cost for federal income tax purposes is approximately $27,231,000. The aggregate gross unrealized appreciation is approximately $7,862,000 and the aggregate gross unrealized depreciation is approximately $1,220,000, resulting in net unrealized appreciation of approximately $6,642,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 30.7% |
| Software | 13.1 |
| Semiconductors & Semiconductor Equipment | 11.5 |
| Capital Markets | 10.1 |
| Financial Services | 9.9 |
| Interactive Media & Services | 7.3 |
| Professional Services | 6.5 |
| Broadline Retail | 5.5 |
| Ground Transportation | 5.4 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments

**Growth Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (89.9%)** | **Common Stocks (89.9%)** | **Common Stocks (89.9%)** |
| Automobiles (9.8%) | Automobiles (9.8%) | Automobiles (9.8%) |
| Tesla, Inc. (a) | 885334 | $398152 |
| Biotechnology (3.4%) | Biotechnology (3.4%) | Biotechnology (3.4%) |
| Roivant Sciences Ltd. (a) | 6374006 | 138316 |
| Broadline Retail (1.1%) | Broadline Retail (1.1%) | Broadline Retail (1.1%) |
| MercadoLibre, Inc. (a) | 21627 | 43562 |
| Capital Markets (0.4%) | Capital Markets (0.4%) | Capital Markets (0.4%) |
| Coinbase Global, Inc., Class A (a) | 76894 | 17389 |
| 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 (4.7%) | Entertainment (4.7%) | Entertainment (4.7%) |
| ROBLOX Corp., Class A (a) | 2339985 | 189609 |
| Financial Services (9.9%) | Financial Services (9.9%) | Financial Services (9.9%) |
| Affirm Holdings, Inc. (a) | 3995496 | 297385 |
| Federal National Mortgage Association (a) | 10027650 | 107596 |
|  |  | 404981 |
| Health Care Equipment & Supplies (3.1%) | Health Care Equipment & Supplies (3.1%) | Health Care Equipment & Supplies (3.1%) |
| Medline, Inc., Class A (a) | 2981596 | 125227 |
| Hotels, Restaurants & Leisure (4.8%) | Hotels, Restaurants & Leisure (4.8%) | Hotels, Restaurants & Leisure (4.8%) |
| DoorDash, Inc., Class A (a) | 871087 | 197284 |
| Information Technology Services (20.6%) | Information Technology Services (20.6%) | Information Technology Services (20.6%) |
| Cloudflare, Inc., Class A (a) | 2532117 | 499207 |
| Shopify, Inc., Class A (Canada) (a) | 1201243 | 193364 |
| Snowflake, Inc., Class A (a) | 670647 | 147113 |
|  |  | 839684 |
| Pharmaceuticals (5.2%) | Pharmaceuticals (5.2%) | Pharmaceuticals (5.2%) |
| Royalty Pharma PLC, Class A | 5504395 | 212690 |
| Real Estate Management & Development (0.5%) | Real Estate Management & Development (0.5%) | Real Estate Management & Development (0.5%) |
| Opendoor Technologies, Inc. (a) | 3385955 | 19740 |
| Software (17.3%) | Software (17.3%) | Software (17.3%) |
| AppLovin Corp., Class A (a) | 488797 | 329361 |
| Aurora Innovation, Inc. (a) | 25457058 | 97755 |
| BitMine Immersion Technologies, Inc. | 1353616 | 36751 |
| Samsara, Inc., Class A (a) | 2705193 | 95899 |
| Strategy, Inc., Class A (a) | 967244 | 146973 |
|  |  | 706739 |
| Tech Hardware, Storage & Peripherals (2.9%) | Tech Hardware, Storage & Peripherals (2.9%) | Tech Hardware, Storage & Peripherals (2.9%) |
| IonQ, Inc. (a) | 2679269 | 120219 |
| Trading Companies & Distributors (6.2%) | Trading Companies & Distributors (6.2%) | Trading Companies & Distributors (6.2%) |
| Core & Main, Inc., Class A (a) | 1226279 | 63730 |
| QXO, Inc. (a) | 9858413 | 190169 |
|  |  | 253899 |
| **Total Common Stocks (Cost $2,109,995)** | **Total Common Stocks (Cost $2,109,995)** | 3667491 |
| **Preferred Stocks (6.8%)** | **Preferred Stocks (6.8%)** | **Preferred Stocks (6.8%)** |
| Financial Services (0.5%) | Financial Services (0.5%) | Financial Services (0.5%) |
| Stripe, Inc., Series I (a)(b)(c)<br>(acquisition cost — $12,876;<br>acquired 3/17/23) | 639525 | 22294 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Software (6.3%) | Software (6.3%) | Software (6.3%) |
| Databricks, Inc., Series H (a)(b)(c)<br>(acquisition cost — $102,163;<br>acquired 8/31/21) | 1390269 | $255754 |
| **Total Preferred Stocks (Cost $115,039)** | **Total Preferred Stocks (Cost $115,039)** | 278048 |
| **Investment Company (2.4%)** | **Investment Company (2.4%)** | **Investment Company (2.4%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $74,596)** | 1927831 | 95717 |
| **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, 3.61% (See Note G) <br>**(Cost $51,971)** | 51970630 | 51971 |
| **Total Investments Excluding Purchased<br>Options (100.4%) (Cost $2,351,601)** | **Total Investments Excluding Purchased<br>Options (100.4%) (Cost $2,351,601)** | 4093227 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $20,227)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $20,227)** | 3307 |
| **Total Investments (100.5%) (Cost $2,371,828) (d)(e)** | **Total Investments (100.5%) (Cost $2,371,828) (d)(e)** | 4096534 |
| Liabilities in Excess of Other Assets (–0.5%) | Liabilities in Excess of Other Assets (–0.5%) | (18852) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $4077682 |

---

(a) Non-income producing security.

(b) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at December 31, 2025 amounts to approximately $278,048,000 and represents 6.8% 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 December 31, 2025, the aggregate cost for federal income tax purposes is approximately $2,508,984,000. The aggregate gross unrealized appreciation is approximately $1,879,751,000 and the aggregate gross unrealized depreciation is approximately $292,185,000, resulting in net unrealized appreciation of approximately $1,587,566,000.

ETF Exchange Traded Fund.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments (cont'd)

**Growth Portfolio**

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 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)** |
| Standard Chartered Bank | USD/CNH | 7.32 | Dec-26 | 1486960610 | $1486961 | $2709 | $4208 | $(1499) |
| Standard Chartered Bank | USD/CNH | 7.58 | Aug-26 | 1426154945 | 1426155 | 514 | 4666 | (4152) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May-26 | 987167835 | 987168 | 75 | 4109 | (4034) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb-26 | 995165827 | 995166 | 2 | 4109 | (4107) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr-26 | 645084851 | 645085 | 7 | 3135 | (3128) |
|  |  |  |  |  |  | $3307 | $20227 | $(16920) |

---

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 24.4% |
| Software | 23.5 |
| Information Technology Services | 20.5 |
| Financial Services | 10.5 |
| Automobiles | 9.7 |
| Trading Companies & Distributors | 6.2 |
| Pharmaceuticals | 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 consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments

**Inception Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (93.3%)** | **Common Stocks (93.3%)** | **Common Stocks (93.3%)** |
| Biotechnology (23.7%) | Biotechnology (23.7%) | Biotechnology (23.7%) |
| Arbutus Biopharma Corp. (a) | 2152683 | $10355 |
| Beam Therapeutics, Inc. (a) | 18988 | 526 |
| GRAIL, Inc. (a) | 91822 | 7859 |
| Immunovant, Inc. (a) | 353346 | 8982 |
| Insmed, Inc. (a) | 4632 | 806 |
| Newamsterdam Pharma Co. NV (a) | 15312 | 537 |
| ProKidney Corp. (a) | 292440 | 655 |
| Recursion Pharmaceuticals, Inc., Class A (a) | 76329 | 312 |
| Roivant Sciences Ltd. (a) | 1268954 | 27536 |
| uniQure NV (a) | 16058 | 384 |
| United Therapeutics Corp. (a) | 1624 | 791 |
| Vaxcyte, Inc. (a) | 11915 | 550 |
| X4 Pharmaceuticals, Inc. (a) | 2435908 | 9744 |
| XOMA Royalty Corp. (a) | 185239 | 4926 |
|  |  | 73963 |
| Broadline Retail (3.3%) | Broadline Retail (3.3%) | Broadline Retail (3.3%) |
| Etsy, Inc. (a) | 33203 | 1841 |
| Global-e Online Ltd. (Israel) (a) | 213509 | 8393 |
|  |  | 10234 |
| Capital Markets (1.8%) | Capital Markets (1.8%) | Capital Markets (1.8%) |
| Gemini Space Station, Inc., Class A (a)(b) | 295007 | 2927 |
| Twenty One Capital, Inc., Class A (a) | 306879 | 2688 |
|  |  | 5615 |
| Energy Equipment & Services (1.8%) | Energy Equipment & Services (1.8%) | Energy Equipment & Services (1.8%) |
| WaterBridge Infrastructure LLC, Class A (a) | 277973 | 5562 |
| Financial Services (1.6%) | Financial Services (1.6%) | Financial Services (1.6%) |
| Burford Capital Ltd. | 557259 | 4971 |
| Health Care Equipment & Supplies (1.2%) | Health Care Equipment & Supplies (1.2%) | Health Care Equipment & Supplies (1.2%) |
| Semler Scientific, Inc. (a)(b) | 248267 | 3796 |
| Health Care Providers & Services (2.1%) | Health Care Providers & Services (2.1%) | Health Care Providers & Services (2.1%) |
| Agilon Health, Inc. (a) | 4505540 | 3103 |
| HealthEquity, Inc. (a) | 38303 | 3509 |
|  |  | 6612 |
| Health Care Technology (0.2%) | Health Care Technology (0.2%) | Health Care Technology (0.2%) |
| Schrodinger, Inc. (a) | 29802 | 533 |
| Hotels, Restaurants & Leisure (7.1%) | Hotels, Restaurants & Leisure (7.1%) | Hotels, Restaurants & Leisure (7.1%) |
| Black Rock Coffee Bar, Inc., Class A (a) | 361386 | 8041 |
| Cava Group, Inc. (a) | 7197 | 422 |
| Cheesecake Factory, Inc. | 163306 | 8244 |
| Shake Shack, Inc., Class A (a) | 65671 | 5330 |
|  |  | 22037 |
| Household Durables (0.2%) | Household Durables (0.2%) | Household Durables (0.2%) |
| Victoria PLC (United Kingdom) (a) | 1397193 | 740 |
| Information Technology Services (13.0%) | Information Technology Services (13.0%) | Information Technology Services (13.0%) |
| Cloudflare, Inc., Class A (a) | 205795 | 40573 |
| Life Sciences Tools & Services (1.7%) | Life Sciences Tools & Services (1.7%) | Life Sciences Tools & Services (1.7%) |
| 10X Genomics, Inc., Class A (a) | 91207 | 1488 |
| Ginkgo Bioworks Holdings, Inc. ADR (a) | 61222 | 509 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| MaxCyte, Inc. (a) | 347433 | $| 538 |
| Standard BioTools, Inc. (a) | 2101757 |  | 2690 |
|  |  |  | 5225 |
| Oil, Gas & Consumable Fuels (1.1%) | Oil, Gas & Consumable Fuels (1.1%) | Oil, Gas & Consumable Fuels (1.1%) | Oil, Gas & Consumable Fuels (1.1%) |
| Calumet, Inc. (a) | 165188 |  | 3282 |
| Passenger Airlines (1.5%) | Passenger Airlines (1.5%) | Passenger Airlines (1.5%) | Passenger Airlines (1.5%) |
| Joby Aviation, Inc. (a) | 361061 |  | 4766 |
| Personal Care Products (5.0%) | Personal Care Products (5.0%) | Personal Care Products (5.0%) | Personal Care Products (5.0%) |
| Oddity Tech Ltd., Class A (Israel) (a) | 390949 |  | 15708 |
| Pharmaceuticals (1.5%) | Pharmaceuticals (1.5%) | Pharmaceuticals (1.5%) | Pharmaceuticals (1.5%) |
| Atai Beckley NV (a)(b) | 843393 |  | 3450 |
| Structure Therapeutics, Inc. ADR (China) (a) | 16711 |  | 1162 |
|  |  |  | 4612 |
| Real Estate Management & Development (6.1%) | Real Estate Management & Development (6.1%) | Real Estate Management & Development (6.1%) | Real Estate Management & Development (6.1%) |
| Landbridge Co. LLC, Class A (b) | 229516 |  | 11244 |
| Opendoor Technologies, Inc. (a) | 1345508 |  | 7844 |
|  |  |  | 19088 |
| Software (9.8%) | Software (9.8%) | Software (9.8%) | Software (9.8%) |
| Appian Corp., Class A (a) | 248842 |  | 8814 |
| Aurora Innovation, Inc. (a) | 2023221 |  | 7769 |
| BitMine Immersion Technologies, Inc. | 371383 |  | 10083 |
| Via Transportation, Inc., Class A (a) | 130829 |  | 3796 |
|  |  |  | 30462 |
| Specialty Retail (1.6%) | Specialty Retail (1.6%) | Specialty Retail (1.6%) | Specialty Retail (1.6%) |
| Bed Bath & Beyond, Inc. (a) | 41023 |  | 224 |
| Floor & Decor Holdings, Inc., Class A (a) | 79102 |  | 4817 |
|  |  |  | 5041 |
| Tech Hardware, Storage & Peripherals (4.7%) | Tech Hardware, Storage & Peripherals (4.7%) | Tech Hardware, Storage & Peripherals (4.7%) | Tech Hardware, Storage & Peripherals (4.7%) |
| IonQ, Inc. (a) | 328002 |  | 14717 |
| Trading Companies & Distributors (4.3%) | Trading Companies & Distributors (4.3%) | Trading Companies & Distributors (4.3%) | Trading Companies & Distributors (4.3%) |
| Core & Main, Inc., Class A (a) | 108959 |  | 5663 |
| QXO, Inc. (a) | 403124 |  | 7776 |
|  |  |  | 13439 |
| **Total Common Stocks (Cost $283,876)** | **Total Common Stocks (Cost $283,876)** |  | 290976 |
| **Preferred Stocks (2.2%)** | **Preferred Stocks (2.2%)** | **Preferred Stocks (2.2%)** | **Preferred Stocks (2.2%)** |
| Health Care Technology (1.0%) | 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 7/3/14) | 3269139 |  | 3236 |
| Software (1.2%) | Software (1.2%) | Software (1.2%) | Software (1.2%) |
| Lookout, Inc., Series F (a)(c)(d)<br>(acquisition cost — $13,476;<br>acquired 6/17/14) | 1179743 |  | 3740 |
| **Total Preferred Stocks (Cost $16,838)** | **Total Preferred Stocks (Cost $16,838)** |  | 6976 |
| **Investment Company (2.9%)** | **Investment Company (2.9%)** | **Investment Company (2.9%)** | **Investment Company (2.9%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $7,035)** | 181801 |  | 9027 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

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) | 61142 | $— |
| Real Estate Management & Development (0.0%)‡ | Real Estate Management & Development (0.0%)‡ | Real Estate Management & Development (0.0%)‡ |
| Opendoor Technologies, Inc.<br>expires 11/20/26 (a) | 107517 | 65 |
| Specialty Retail (0.0%)‡ | Specialty Retail (0.0%)‡ | Specialty Retail (0.0%)‡ |
| Bed Bath & Beyond, Inc.<br>expires 10/7/26 (a) | 4442 | 3 |
| **Total Warrants (Cost $203)** | **Total Warrants (Cost $203)** | 68 |
|  | **Shares** |  |
| **Short-Term Investments (6.3%)** | **Short-Term Investments (6.3%)** | **Short-Term Investments (6.3%)** |
| Investment Company (1.2%) | Investment Company (1.2%) | Investment Company (1.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $3,631)** | 3631250 | 3631 |
| Securities held as Collateral on Loaned Securities (5.1%) | Securities held as Collateral on Loaned Securities (5.1%) | Securities held as Collateral on Loaned Securities (5.1%) |
| Investment Company (3.7%) | Investment Company (3.7%) | Investment Company (3.7%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) | 11600463 | 11600 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements(1.4%) | Repurchase Agreements(1.4%) | Repurchase Agreements(1.4%) |
| HSBC Securities USA, Inc., (3.83%, dated <br>12/31/25, due 1/2/26; proceeds $1,184; <br>fully collateralized by a U.S. Government <br>obligation; 0.00% due 8/15/26; <br>valued at $1,207) | $1184 | $1184 |
| Merrill Lynch & Co., Inc., (3.82%, dated <br>12/31/25, due 1/2/26; proceeds $2,841; <br>fully collateralized by U.S. Government <br>obligations; 1.63% — 2.00% due <br>11/15/50 — 8/15/51; valued at $2,898) | 2841 | 2841 |
| Merrill Lynch & Co., Inc., (3.65%, dated <br>12/31/25, due 1/2/26; proceeds $367; <br>fully collateralized by a U.S. Government <br>obligation; 4.00% due 1/15/27; <br>valued at $374) | 367 | 367 |
|  |  | 4392 |
| **Total Securities held as Collateral on Loaned<br>Securities (Cost $15,992)** | **Total Securities held as Collateral on Loaned<br>Securities (Cost $15,992)** | 15992 |
| **Total Short-Term Investments (Cost $19,623)** | **Total Short-Term Investments (Cost $19,623)** | 19623 |
| **Total Investments Excluding Purchased<br>Options (104.7%) (Cost $327,575)** | **Total Investments Excluding Purchased<br>Options (104.7%) (Cost $327,575)** | 326670 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $1,660)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $1,660)** | 263 |
| **Total Investments (104.8%) (Cost $329,235)<br>including $15,327 of Securities Loaned (e)(f)(g)** | **Total Investments (104.8%) (Cost $329,235)<br>including $15,327 of Securities Loaned (e)(f)(g)** | 326933 |
| Liabilities in Excess of Other Assets (–4.8%) | Liabilities in Excess of Other Assets (–4.8%) | (15060) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $311873 |

---

The Fund had the following Derivative Contracts — PIPE open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br>Obligation** | **Notional<br>Amount<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(000)** | **% of <br>Net Assets** |
| Churchill Capital Corp X | Infleqtion (a)(c)(g)(h)(i) | $5386 | 12/31/26 | $1420 | 0.46% |

---

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) All or a portion of this security was on loan at December 31, 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 December 31, 2025 amounts to approximately $8,396,000 and represents 2.7% 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, $740,000 and 0.2%, 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.

(f) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $344,603,000. The aggregate gross unrealized appreciation is approximately $69,650,000 and the aggregate gross unrealized depreciation is approximately $87,316,000, resulting in net unrealized depreciation of approximately $17,666,000.

(g) Securities are available for collateral in connection with a security purchased on a forward commitment basis, derivative contract — PIPE and purchased options.

(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.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments (cont'd)

**Inception Portfolio**

(i) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 538,590 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Infleqtion, and Churchill Capital Corp X, 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 Churchill Capital Corp X, and Infleqtion, 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 Churchill Capital Corp X, and Infleqtion. 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 December 31, 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)** |
| Standard Chartered Bank | USD/CNH CNH | 7.32 | Dec-26 | 118965852 | $118966 | $217 |  | $337 | $(120) |
| Standard Chartered Bank | USD/CNH CNH | 7.58 | Aug-26 | 109043071 | 109043 | 39 |  | 357 | (318) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 81897594 | 81898 | 6 |  | 341 | (335) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 85420861 | 85421 |  | @ | 353 | (353) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 56144765 | 56145 | 1 |  | 272 | (271) |
|  |  |  |  |  |  | $263 |  | $1660 | $(1397) |

---

@ 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\*\* | 33.7 | % |
| Biotechnology | 23.8 |  |
| Information Technology Services | 13.1 |  |
| Software | 11.0 |  |
| Hotels, Restaurants & Leisure | 7.1 |  |
| Real Estate Management & Development | 6.2 |  |
| Personal Care Products | 5.1 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2025.

\*\* Industries and/or investment types representing less than 5% of total investments.

\*\*\* Does not include open PIPE contract with unrealized appreciation of approximately $1,420,000.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments

**International Advantage Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.7%)** | **Common Stocks (98.7%)** | **Common Stocks (98.7%)** |
| Brazil (2.1%) | Brazil (2.1%) | Brazil (2.1%) |
| NU Holdings Ltd., Class A (a) | 3397744 | $56878 |
| Canada (5.5%) | Canada (5.5%) | Canada (5.5%) |
| Brookfield Corp. | 1499501 | 68812 |
| Canadian Pacific Kansas City Ltd. | 523640 | 38552 |
| Shopify, Inc., Class A (a) | 250731 | 40360 |
|  |  | 147724 |
| Denmark (8.5%) | Denmark (8.5%) | Denmark (8.5%) |
| DSV AS | 900948 | 226909 |
| France (23.3%) | France (23.3%) | France (23.3%) |
| EssilorLuxottica SA | 201793 | 63806 |
| Hermes International SCA | 84649 | 210171 |
| L'Oreal SA | 274325 | 117772 |
| LVMH Moet Hennessy Louis Vuitton SE | 132303 | 99721 |
| Schneider Electric SE | 487221 | 133292 |
|  |  | 624762 |
| Germany (3.3%) | Germany (3.3%) | Germany (3.3%) |
| Birkenstock Holding PLC (a) | 947088 | 38736 |
| SAP SE ADR | 206026 | 50046 |
|  |  | 88782 |
| Hong Kong (1.8%) | Hong Kong (1.8%) | Hong Kong (1.8%) |
| AIA Group Ltd. | 4734100 | 48729 |
| India (8.1%) | India (8.1%) | India (8.1%) |
| HDFC Bank Ltd. | 7243762 | 80021 |
| ICICI Bank Ltd. ADR | 2728091 | 81297 |
| Tata Capital Ltd. (a) | 7372823 | 28042 |
| Titan Co. Ltd. | 642355 | 28998 |
|  |  | 218358 |
| Italy (5.7%) | Italy (5.7%) | Italy (5.7%) |
| Moncler SpA | 2374072 | 151751 |
| Japan (7.5%) | Japan (7.5%) | Japan (7.5%) |
| Asics Corp. | 1722700 | 41356 |
| Keyence Corp. | 329300 | 119116 |
| Sanrio Co. Ltd. | 1292900 | 40455 |
|  |  | 200927 |
| Netherlands (6.5%) | Netherlands (6.5%) | Netherlands (6.5%) |
| Adyen NV (a) | 24384 | 39321 |
| ASML Holding NV | 124560 | 134216 |
|  |  | 173537 |
| Sweden (6.1%) | Sweden (6.1%) | Sweden (6.1%) |
| Spotify Technology SA (a) | 282151 | 163848 |
| Switzerland (5.6%) | Switzerland (5.6%) | Switzerland (5.6%) |
| Cie Financiere Richemont SA, <br>Class A (Registered) | 188305 | 40608 |
| On Holding AG, Class A (a) | 1026570 | 47715 |
| Straumann Holding AG (Registered) | 528148 | 61690 |
|  |  | 150013 |
| Taiwan (7.2%) | Taiwan (7.2%) | Taiwan (7.2%) |
| Taiwan Semiconductor Manufacturing <br>Co. Ltd. | 3935000 | 193434 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United Kingdom (0.8%) | United Kingdom (0.8%) | United Kingdom (0.8%) |
| Rightmove PLC | 2876281 | $20096 |
| United States (6.7%) | United States (6.7%) | United States (6.7%) |
| Liberty Media Corp.-Liberty Formula One, <br>Class C (a) | 820615 | 80839 |
| MercadoLibre, Inc. (a) | 49264 | 99230 |
|  |  | 180069 |
| **Total Common Stocks (Cost $1,624,257)** | **Total Common Stocks (Cost $1,624,257)** | 2645817 |
| **Short-Term Investment (1.2%)** | **Short-Term Investment (1.2%)** | **Short-Term Investment (1.2%)** |
| Investment Company (1.2%) | Investment Company (1.2%) | Investment Company (1.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $32,368)** | 32367864 | 32368 |
| **Total Investments (99.9%) (Cost $1,656,625) (b)(c)** | **Total Investments (99.9%) (Cost $1,656,625) (b)(c)** | 2678185 |
| Other Assets in Excess of Liabilities (0.1%) | Other Assets in Excess of Liabilities (0.1%) | 2649 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2680834 |

---

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, $1,851,462,000 and 69.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(c) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $1,670,459,000. The aggregate gross unrealized appreciation is approximately $1,048,730,000 and the aggregate gross unrealized depreciation is approximately $55,941,000, resulting in net unrealized appreciation of approximately $992,789,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 32.5% |
| Textiles, Apparel & Luxury Goods | 24.6 |
| Semiconductors & Semiconductor Equipment | 12.2 |
| Entertainment | 9.1 |
| Air Freight & Logistics | 8.5 |
| Banks | 8.1 |
| Electrical Equipment | 5.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**International Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (97.9%)** | **Common Stocks (97.9%)** | **Common Stocks (97.9%)** |
| Canada (0.9%) | Canada (0.9%) | Canada (0.9%) |
| Tourmaline Oil Corp. | 60568 | $2717 |
| China (2.8%) | China (2.8%) | China (2.8%) |
| ANTA Sports Products Ltd. (a) | 211200 | 2193 |
| Tencent Holdings Ltd. (a) | 43300 | 3323 |
| Tsingtao Brewery Co. Ltd., Class H (a) | 450000 | 2821 |
|  |  | 8337 |
| Denmark (4.7%) | Denmark (4.7%) | Denmark (4.7%) |
| DSV AS | 31212 | 7861 |
| Tryg AS | 230498 | 6028 |
|  |  | 13889 |
| Finland (4.7%) | Finland (4.7%) | Finland (4.7%) |
| Kone OYJ, Class B | 86536 | 6131 |
| Nordea Bank Abp | 410707 | 7727 |
|  |  | 13858 |
| France (10.0%) | France (10.0%) | France (10.0%) |
| Capgemini SE | 26365 | 4378 |
| Legrand SA | 42780 | 6360 |
| L'Oreal SA | 20143 | 8647 |
| Pernod Ricard SA | 21159 | 1812 |
| Safran SA | 23912 | 8329 |
|  |  | 29526 |
| Germany (11.8%) | Germany (11.8%) | Germany (11.8%) |
| Deutsche Boerse AG | 28958 | 7611 |
| Infineon Technologies AG | 161140 | 7030 |
| Merck KGaA | 23372 | 3336 |
| Qiagen NV | 139610 | 6349 |
| SAP SE | 43003 | 10448 |
|  |  | 34774 |
| Hong Kong (0.6%) | Hong Kong (0.6%) | Hong Kong (0.6%) |
| AIA Group Ltd. | 172800 | 1779 |
| Italy (6.4%) | Italy (6.4%) | Italy (6.4%) |
| Davide Campari-Milano NV | 386084 | 2494 |
| Ferrari NV | 16761 | 6229 |
| FinecoBank Banca Fineco SpA | 273369 | 7083 |
| Moncler SpA | 45985 | 2939 |
|  |  | 18745 |
| Japan (10.5%) | Japan (10.5%) | Japan (10.5%) |
| BayCurrent, Inc. | 145400 | 6029 |
| Keyence Corp. | 26000 | 9405 |
| Murata Manufacturing Co. Ltd. | 278800 | 5762 |
| SMC Corp. | 16600 | 5744 |
| Sony Group Corp. | 157200 | 4032 |
|  |  | 30972 |
| Korea, Republic of (1.5%) | Korea, Republic of (1.5%) | Korea, Republic of (1.5%) |
| Samsung Electronics Co. Ltd. | 53790 | 4508 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Netherlands (7.6%) | Netherlands (7.6%) | Netherlands (7.6%) |
| ASML Holding NV | 8921 | $9613 |
| EXOR NV | 54237 | 4607 |
| IMCD NV | 52458 | 4761 |
| Universal Music Group NV | 126249 | 3291 |
|  |  | 22272 |
| Spain (2.2%) | Spain (2.2%) | Spain (2.2%) |
| Amadeus IT Group SA | 85510 | 6329 |
| Sweden (3.2%) | Sweden (3.2%) | Sweden (3.2%) |
| Atlas Copco AB, Class A | 298837 | 5320 |
| Hexagon AB, Class B | 335910 | 3957 |
|  |  | 9277 |
| Taiwan (3.5%) | Taiwan (3.5%) | Taiwan (3.5%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 207881 | 10219 |
| United Kingdom (27.5%) | United Kingdom (27.5%) | United Kingdom (27.5%) |
| Anglo American PLC | 68282 | 2824 |
| AstraZeneca PLC | 44244 | 8188 |
| Diploma PLC | 72485 | 5157 |
| Experian PLC | 138260 | 6234 |
| Haleon PLC | 1627476 | 8224 |
| Halma PLC | 150706 | 7153 |
| Hiscox Ltd. | 168497 | 3222 |
| InterContinental Hotels Group PLC | 25458 | 3578 |
| London Stock Exchange Group PLC | 68840 | 8281 |
| NatWest Group PLC | 702558 | 6163 |
| Reckitt Benckiser Group PLC | 19693 | 1593 |
| RELX PLC (LSE) | 128389 | 5172 |
| RELX PLC (Euronext NV) | 42671 | 1738 |
| Rightmove PLC | 726926 | 5079 |
| Shell PLC | 106858 | 3938 |
| St. James's Place PLC | 229525 | 4263 |
|  |  | 80807 |
| **Total Common Stocks (Cost $204,129)** | **Total Common Stocks (Cost $204,129)** | 288009 |
|  | **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 |  |
| **Total Investments (97.9%) (Cost $204,129) (d)(e)** | **Total Investments (97.9%) (Cost $204,129) (d)(e)** | 288009 |
| Other Assets in Excess of Liabilities (2.1%) | Other Assets in Excess of Liabilities (2.1%) | 6320 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $294329 |

---

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 accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments (cont'd)

**International Equity Portfolio**

(a) Security trades on the Hong Kong exchange.

(b) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(c) Non-income producing security.

(d) The approximate fair value and percentage of net assets, $285,292,000 and 96.9%, 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.

(e) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $214,407,000. The aggregate gross unrealized appreciation is approximately $88,867,000 and the aggregate gross unrealized depreciation is approximately $14,934,000, resulting in net unrealized appreciation of approximately $73,933,000.

Euronext NV Euronext Amsterdam Stock Market.

LSE London Stock Exchange.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 47.8% |
| Semiconductors & Semiconductor Equipment | 9.2 |
| Electronic Equipment, Instruments & Components | 9.2 |
| Banks | 7.2 |
| Capital Markets | 7.1 |
| Pharmaceuticals | 6.9 |
| Professional Services | 6.7 |
| Machinery | 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.**

**December 31, 2025**

Consolidated Portfolio of Investments

**International Opportunity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (100.4%)** | **Common Stocks (100.4%)** | **Common Stocks (100.4%)** |
| Brazil (4.6%) | Brazil (4.6%) | Brazil (4.6%) |
| NU Holdings Ltd., Class A (a) | 2044486 | $34225 |
| Canada (2.4%) | Canada (2.4%) | Canada (2.4%) |
| Shopify, Inc., Class A (a) | 111950 | 18021 |
| China (14.2%) | China (14.2%) | China (14.2%) |
| Baidu, Inc. ADR (a) | 177849 | 23238 |
| Full Truck Alliance Co. Ltd. ADR | 204037 | 2189 |
| Meituan, Class B (a)(b) | 1600620 | 21212 |
| Pony AI, Inc., Class A (a)(b) | 898700 | 13545 |
| Tencent Holdings Ltd. (b) | 170100 | 13054 |
| Trip.com Group Ltd. ADR | 345843 | 24869 |
| WeRide, Inc., Class A (a)(b) | 2186200 | 6461 |
|  |  | 104568 |
| Denmark (6.0%) | Denmark (6.0%) | Denmark (6.0%) |
| DSV AS | 176366 | 44419 |
| France (12.2%) | France (12.2%) | France (12.2%) |
| Hermes International SCA | 10489 | 26043 |
| L'Oreal SA | 25429 | 10917 |
| LVMH Moet Hennessy Louis Vuitton SE | 29261 | 22055 |
| Schneider Electric SE | 114527 | 31332 |
|  |  | 90347 |
| Germany (2.4%) | Germany (2.4%) | Germany (2.4%) |
| Birkenstock Holding PLC (a) | 255425 | 10447 |
| SAP SE ADR | 28444 | 6909 |
|  |  | 17356 |
| India (12.7%) | India (12.7%) | India (12.7%) |
| Eternal Ltd. (a) | 3410689 | 10570 |
| HDFC Bank Ltd. | 1948252 | 21522 |
| ICICI Bank Ltd. ADR | 769306 | 22925 |
| MakeMyTrip Ltd. (a) | 153150 | 12577 |
| Tata Capital Ltd. (a) | 3291851 | 12520 |
| Titan Co. Ltd. | 298941 | 13495 |
|  |  | 93609 |
| Italy (3.2%) | Italy (3.2%) | Italy (3.2%) |
| Moncler SpA | 366436 | 23423 |
| Japan (8.0%) | Japan (8.0%) | Japan (8.0%) |
| Asics Corp. | 795000 | 19085 |
| Keyence Corp. | 58400 | 21125 |
| Sanrio Co. Ltd. | 597100 | 18683 |
|  |  | 58893 |
| Korea, Republic of (5.8%) | Korea, Republic of (5.8%) | Korea, Republic of (5.8%) |
| Coupang, Inc. (a) | 1091314 | 25744 |
| KakaoBank Corp. | 1128872 | 16923 |
|  |  | 42667 |
| Netherlands (6.1%) | Netherlands (6.1%) | Netherlands (6.1%) |
| Adyen NV (a) | 12900 | 20802 |
| ASML Holding NV | 22847 | 24618 |
|  |  | 45420 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Singapore (1.6%) | Singapore (1.6%) | Singapore (1.6%) |
| Grab Holdings Ltd., Class A (a) | 2397272 | $11962 |
| Sweden (4.9%) | Sweden (4.9%) | Sweden (4.9%) |
| Spotify Technology SA (a) | 62278 | 36166 |
| Switzerland (2.9%) | Switzerland (2.9%) | Switzerland (2.9%) |
| On Holding AG, Class A (a) | 454086 | 21106 |
| Taiwan (5.3%) | Taiwan (5.3%) | Taiwan (5.3%) |
| Taiwan Semiconductor Manufacturing <br>Co. Ltd. | 804000 | 39523 |
| United States (8.1%) | United States (8.1%) | United States (8.1%) |
| Liberty Media Corp.-Liberty Formula One, <br>Class C (a) | 217791 | 21454 |
| MercadoLibre, Inc. (a) | 19186 | 38646 |
|  |  | 60100 |
| **Total Investments (100.4%) (Cost $490,538) (c)(d)** | **Total Investments (100.4%) (Cost $490,538) (c)(d)** | 741805 |
| Liabilities in Excess of Other Assets (–0.4%) | Liabilities in Excess of Other Assets (–0.4%) | (2732) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $739073 |

---

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, $398,800,000 and 54.0%, 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 December 31, 2025, the aggregate cost for federal income tax purposes is approximately $505,546,000. The aggregate gross unrealized appreciation is approximately $286,176,000 and the aggregate gross unrealized depreciation is approximately $55,196,000, resulting in net unrealized appreciation of approximately $230,980,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 28.4% |
| Textiles, Apparel & Luxury Goods | 18.3 |
| Banks | 12.9 |
| Hotels, Restaurants & Leisure | 9.3 |
| Broadline Retail | 8.7 |
| Semiconductors & Semiconductor Equipment | 8.6 |
| Entertainment | 7.8 |
| Air Freight & Logistics | 6.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**International Resilience Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.2%)** | **Common Stocks (95.2%)** | **Common Stocks (95.2%)** |
| Denmark (3.1%) | Denmark (3.1%) | Denmark (3.1%) |
| DSV AS | 256 | $65 |
| Finland (3.3%) | Finland (3.3%) | Finland (3.3%) |
| Kone OYJ, Class B | 987 | 70 |
| France (11.3%) | France (11.3%) | France (11.3%) |
| Legrand SA | 418 | 62 |
| L'Oreal SA | 179 | 77 |
| Safran SA | 295 | 103 |
|  |  | 242 |
| Germany (10.7%) | Germany (10.7%) | Germany (10.7%) |
| Deutsche Boerse AG | 232 | 61 |
| Qiagen NV | 1271 | 58 |
| SAP SE | 450 | 109 |
|  |  | 228 |
| Italy (2.9%) | Italy (2.9%) | Italy (2.9%) |
| Ferrari NV | 167 | 62 |
| Japan (5.9%) | Japan (5.9%) | Japan (5.9%) |
| BayCurrent, Inc. | 1300 | 54 |
| Keyence Corp. | 200 | 72 |
|  |  | 126 |
| Netherlands (7.8%) | Netherlands (7.8%) | Netherlands (7.8%) |
| ASML Holding NV | 90 | 97 |
| IMCD NV | 432 | 39 |
| Universal Music Group NV | 1160 | 30 |
|  |  | 166 |
| Spain (2.8%) | Spain (2.8%) | Spain (2.8%) |
| Amadeus IT Group SA | 817 | 60 |
| Sweden (4.6%) | Sweden (4.6%) | Sweden (4.6%) |
| Atlas Copco AB, Class A | 3511 | 63 |
| Hexagon AB, Class B | 3069 | 36 |
|  |  | 99 |
| Taiwan (5.6%) | Taiwan (5.6%) | Taiwan (5.6%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2416 | 119 |
| United Kingdom (27.7%) | United Kingdom (27.7%) | United Kingdom (27.7%) |
| AstraZeneca PLC | 346 | 64 |
| Diploma PLC | 751 | 54 |
| Experian PLC | 1600 | 72 |
| Haleon PLC | 16678 | 84 |
| Halma PLC | 1638 | 78 |
| InterContinental Hotels Group PLC | 326 | 46 |
| London Stock Exchange Group PLC | 477 | 57 |
| RELX PLC | 2244 | 90 |
| Rightmove PLC | 6605 | 46 |
|  |  | 591 |
| United States (9.5%) | United States (9.5%) | United States (9.5%) |
| Aon PLC, Class A | 114 | 40 |
| Procter & Gamble Co. | 307 | 44 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Thermo Fisher Scientific, Inc. | 94 | $55 |
| Visa, Inc., Class A | 183 | 64 |
|  |  | 203 |
| **Total Common Stocks (Cost $1,673)** | **Total Common Stocks (Cost $1,673)** | 2031 |
|  | **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 |  |
| **Total Investments (95.2%) (Cost $1,673) (c)(d)** | **Total Investments (95.2%) (Cost $1,673) (c)(d)** | 2031 |
| Other Assets in Excess of Liabilities (4.8%) | Other Assets in Excess of Liabilities (4.8%) | 103 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2134 |

---

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 is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(b) Non-income producing security.

(c) The approximate fair value and percentage of net assets, $1,828,000 and 85.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(d) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $1,684,000. The aggregate gross unrealized appreciation is approximately $407,000 and the aggregate gross unrealized depreciation is approximately $62,000, resulting in net unrealized appreciation of approximately $345,000.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 28.7% |
| Professional Services | 10.7 |
| Semiconductors & Semiconductor Equipment | 10.6 |
| Electronic Equipment, Instruments & Components | 9.2 |
| Pharmaceuticals | 7.3 |
| Machinery | 6.5 |
| Capital Markets | 5.8 |
| Life Sciences Tools & Services | 5.5 |
| Software | 5.4 |
| Hotels, Restaurants & Leisure | 5.2 |
| Aerospace & Defense | 5.1 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**Passport Overseas Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.7%)** | **Common Stocks (95.7%)** | **Common Stocks (95.7%)** |
| Australia (2.6%) | Australia (2.6%) | Australia (2.6%) |
| BHP Group Ltd. | 63208 | $1907 |
| Perseus Mining Ltd. | 656183 | 2467 |
|  |  | 4374 |
| Canada (6.9%) | Canada (6.9%) | Canada (6.9%) |
| Agnico Eagle Mines Ltd. | 18826 | 3193 |
| Canadian Imperial Bank of Commerce | 33610 | 3047 |
| Royal Bank of Canada | 20065 | 3420 |
| Suncor Energy, Inc. | 47726 | 2118 |
|  |  | 11778 |
| China (3.7%) | China (3.7%) | China (3.7%) |
| Alibaba Group Holding Ltd. ADR | 5550 | 813 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br>Class H (a)(b)(c) | 96200 | 882 |
| NAURA Technology Group Co. Ltd., Class A | 25800 | 1695 |
| Tencent Holdings Ltd. (b) | 38400 | 2947 |
|  |  | 6337 |
| Denmark (0.5%) | Denmark (0.5%) | Denmark (0.5%) |
| Novo Nordisk AS, Class B | 15457 | 784 |
| Egypt (0.6%) | Egypt (0.6%) | Egypt (0.6%) |
| Commercial International Bank — Egypt (CIB) | 446283 | 963 |
| France (8.3%) | France (8.3%) | France (8.3%) |
| Air Liquide SA | 8531 | 1603 |
| Airbus SE | 15792 | 3667 |
| BNP Paribas SA | 5567 | 527 |
| L'Oreal SA | 2965 | 1273 |
| Sanofi SA | 19701 | 1906 |
| Schneider Electric SE | 8257 | 2259 |
| SCOR SE | 58420 | 1967 |
| Thales SA | 3891 | 1050 |
|  |  | 14252 |
| Germany (8.7%) | Germany (8.7%) | Germany (8.7%) |
| Commerzbank AG | 36282 | 1531 |
| Heidelberg Materials AG | 11818 | 3064 |
| Rheinmetall AG | 2012 | 3671 |
| SAP SE | 12375 | 3007 |
| Siemens AG (Registered) | 12911 | 3616 |
|  |  | 14889 |
| Hungary (1.8%) | Hungary (1.8%) | Hungary (1.8%) |
| OTP Bank Nyrt | 28835 | 3092 |
| India (7.5%) | India (7.5%) | India (7.5%) |
| Apollo Hospitals Enterprise Ltd. | 18435 | 1446 |
| Grasim Industries Ltd. | 48144 | 1516 |
| HDFC Bank Ltd. ADR | 52453 | 1917 |
| ICICI Bank Ltd. | 168630 | 2524 |
| Reliance Industries Ltd. | 82156 | 1437 |
| Shriram Finance Ltd. | 213763 | 2372 |
| State Bank of India | 145889 | 1596 |
|  |  | 12808 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Ireland (3.5%) | Ireland (3.5%) | Ireland (3.5%) |
| AIB Group PLC | 461383 | $4932 |
| Ryanair Holdings PLC ADR | 15162 | 1095 |
|  |  | 6027 |
| Israel (1.7%) | Israel (1.7%) | Israel (1.7%) |
| CyberArk Software Ltd. (c) | 6700 | 2988 |
| Japan (9.7%) | Japan (9.7%) | Japan (9.7%) |
| Keyence Corp. | 4900 | 1773 |
| Mitsubishi Corp. | 81100 | 1855 |
| Mitsui & Co. Ltd. | 62300 | 1850 |
| Mizuho Financial Group, Inc. | 116700 | 4259 |
| OBIC Business Consultants Co. Ltd. | 16500 | 891 |
| Sony Group Corp. | 146465 | 3757 |
| Sumitomo Mitsui Trust Group, Inc. | 30400 | 926 |
| USS Co. Ltd. | 111700 | 1222 |
|  |  | 16533 |
| Kazakhstan (2.2%) | Kazakhstan (2.2%) | Kazakhstan (2.2%) |
| Halyk Savings Bank of Kazakhstan JSC GDR | 72934 | 2183 |
| NAC Kazatomprom JSC GDR | 27193 | 1512 |
|  |  | 3695 |
| Korea, Republic of (8.1%) | Korea, Republic of (8.1%) | Korea, Republic of (8.1%) |
| Hanwha Aerospace Co. Ltd. | 6821 | 4455 |
| Kia Corp. | 13393 | 1135 |
| Samsung Electronics Co. Ltd. | 99318 | 8324 |
|  |  | 13914 |
| Netherlands (3.5%) | Netherlands (3.5%) | Netherlands (3.5%) |
| ASML Holding NV | 2976 | 3207 |
| Universal Music Group NV | 69479 | 1811 |
| Wolters Kluwer NV | 8554 | 886 |
|  |  | 5904 |
| Norway (1.6%) | Norway (1.6%) | Norway (1.6%) |
| Var Energi ASA | 864676 | 2827 |
| Singapore (0.8%) | Singapore (0.8%) | Singapore (0.8%) |
| Sea Ltd. ADR (c) | 10314 | 1316 |
| Slovenia (1.8%) | Slovenia (1.8%) | Slovenia (1.8%) |
| Nova Ljubljanska Banka DD GDR | 74073 | 3140 |
| Spain (3.6%) | Spain (3.6%) | Spain (3.6%) |
| CaixaBank SA | 411029 | 5025 |
| Iberdrola SA | 51201 | 1109 |
|  |  | 6134 |
| Switzerland (2.8%) | Switzerland (2.8%) | Switzerland (2.8%) |
| Novartis AG (Registered) | 21272 | 2931 |
| Roche Holding AG (Genusschein) | 4488 | 1854 |
|  |  | 4785 |
| Taiwan (5.0%) | Taiwan (5.0%) | Taiwan (5.0%) |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 173000 | 8504 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments (cont'd)

**Passport Overseas Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United Kingdom (7.3%) | United Kingdom (7.3%) | United Kingdom (7.3%) |
| AstraZeneca PLC | 22494 | $4163 |
| BAE Systems PLC | 52061 | 1198 |
| Fresnillo PLC | 18156 | 810 |
| Shell PLC | 81138 | 2990 |
| Unilever PLC | 49944 | 3263 |
|  |  | 12424 |
| United States (3.5%) | United States (3.5%) | United States (3.5%) |
| Hesai Group ADR(c) | 42432 | 950 |
| Linde PLC | 4266 | 1819 |
| MercadoLibre, Inc.(c) | 1578 | 3179 |
|  |  | 5948 |
| **Total Common Stocks (Cost $95,379)** | **Total Common Stocks (Cost $95,379)** | 163416 |
| **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 Investments (3.0%)** | **Short-Term Investments (3.0%)** | **Short-Term Investments (3.0%)** |
| Investment Company (3.0%) | Investment Company (3.0%) | Investment Company (3.0%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $5,133)** | 5132834 | 5133 |
| Securities held as Collateral on Loaned Securities (0.0%)‡ | Securities held as Collateral on Loaned Securities (0.0%)‡ | Securities held as Collateral on Loaned Securities (0.0%)‡ |
| Investment Company (0.0%)‡ | Investment Company (0.0%)‡ | Investment Company (0.0%)‡ |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) | 33761 | 34 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreements (0.0%)‡ | Repurchase Agreements (0.0%)‡ | Repurchase Agreements (0.0%)‡ |
| HSBC Securities USA, Inc., (3.83%, dated <br>12/31/25, due 1/2/26; proceeds $3; fully <br>collateralized by a U.S. Government obligation; <br>0.00% due 8/15/26; valued at $4) | $3 | 3 |
| Merrill Lynch & Co., Inc., (3.82%, dated <br>12/31/25, due 1/2/26; proceeds $9; fully <br>collateralized by U.S. Government obligations; <br>1.63% — 2.00% due 11/15/50 — 8/15/51; <br>valued at $9) | 9 | 9 |
| Merrill Lynch & Co., Inc., (3.65%, dated <br>12/31/25, due 1/2/26; proceeds $1; fully <br>collateralized by a U.S. Government obligation; <br>4.00% due 1/15/27; valued at $1) | 1 | 1 |
|  |  | 13 |
| **Total Securities held as Collateral on Loaned <br>Securities (Cost $47)** | **Total Securities held as Collateral on Loaned <br>Securities (Cost $47)** | 47 |
| **Total Short-Term Investments (Cost $5,180)** | **Total Short-Term Investments (Cost $5,180)** | 5180 |
| **Total Investments (99.5%) (Cost $101,809)<br>including $837 of Securities Loaned (f)(g)(h)** | **Total Investments (99.5%) (Cost $101,809)<br>including $837 of Securities Loaned (f)(g)(h)** | 169971 |
| Other Assets in Excess of Liabilities (0.5%) | Other Assets in Excess of Liabilities (0.5%) | 881 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $170852 |

---

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) All or a portion of this security was on loan at December 31, 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 December 31, 2025 amounts to approximately $1,375,000 and represents 0.8% 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, $137,561,000 and 80.5%, 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 December 31, 2025, the aggregate cost for federal income tax purposes is approximately $102,719,000. The aggregate gross unrealized appreciation is approximately $68,738,000 and the aggregate gross unrealized depreciation is approximately $2,518,000, resulting in net unrealized appreciation of approximately $66,220,000.

(h) Securities are available for collateral in connection with open futures contracts.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

JSC Joint Stock Company.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments (cont'd)

**Passport Overseas Equity Portfolio**

**Futures Contracts:**

The Fund had the following futures contracts open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **<br>Number of<br>Contracts** | **<br>Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **<br>Value<br>(000)** | **Unrealized<br>Depreciation<br>(000)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| Hang Seng Index (Hong Kong) | 22 | Jan-26<br> HKD | 1 | $3625 | $(35) |

---

HKD — Hong Kong Dollar

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Other\*\* | 47.0 | % |
| Banks | 23.0 |  |
| Aerospace & Defense | 8.3 |  |
| Semiconductors & Semiconductor Equipment | 7.9 |  |
| Pharmaceuticals | 7.4 |  |
| Oil, Gas & Consumable Fuels | 6.4 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 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 $3,625,000 and unrealized depreciation of approximately $35,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments

**Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.2%)** | **Common Stocks (95.2%)** | **Common Stocks (95.2%)** |
| Aerospace & Defense (0.4%) | Aerospace & Defense (0.4%) | Aerospace & Defense (0.4%) |
| Axon Enterprise, Inc. (a) | 7 | $4 |
| HEICO Corp., Class A | 22 | 5 |
| TransDigm Group, Inc. | 11 | 15 |
|  |  | 24 |
| Beverages (1.1%) | Beverages (1.1%) | Beverages (1.1%) |
| Celsius Holdings, Inc. (a) | 1355 | 62 |
| Capital Markets (5.3%) | Capital Markets (5.3%) | Capital Markets (5.3%) |
| Intercontinental Exchange, Inc. | 342 | 56 |
| MSCI, Inc. | 258 | 148 |
| S&P Global, Inc. | 178 | 93 |
|  |  | 297 |
| Chemicals (0.6%) | Chemicals (0.6%) | Chemicals (0.6%) |
| Ecolab, Inc. | 19 | 5 |
| Sherwin-Williams Co. | 85 | 28 |
|  |  | 33 |
| Commercial Services & Supplies (2.3%) | Commercial Services & Supplies (2.3%) | Commercial Services & Supplies (2.3%) |
| Cintas Corp. | 21 | 4 |
| Copart, Inc. (a) | 2120 | 83 |
| Rollins, Inc. | 474 | 28 |
| Veralto Corp. | 110 | 11 |
|  |  | 126 |
| Construction Materials (0.1%) | Construction Materials (0.1%) | Construction Materials (0.1%) |
| Martin Marietta Materials, Inc. | 8 | 5 |
| Containers & Packaging (1.1%) | Containers & Packaging (1.1%) | Containers & Packaging (1.1%) |
| Smurfit WestRock PLC | 1553 | 60 |
| Distributors (1.5%) | Distributors (1.5%) | Distributors (1.5%) |
| Pool Corp. | 362 | 83 |
| Diversified Consumer Services (1.0%) | Diversified Consumer Services (1.0%) | Diversified Consumer Services (1.0%) |
| Service Corp. International | 694 | 54 |
| Entertainment (0.6%) | Entertainment (0.6%) | Entertainment (0.6%) |
| Netflix, Inc. (a) | 50 | 4 |
| Walt Disney Co. | 253 | 29 |
|  |  | 33 |
| Financial Services (2.6%) | Financial Services (2.6%) | Financial Services (2.6%) |
| Federal National Mortgage Association (a) | 13399 | 144 |
| Food Products (1.5%) | Food Products (1.5%) | Food Products (1.5%) |
| Hershey Co. | 163 | 29 |
| McCormick & Co., Inc. | 775 | 53 |
|  |  | 82 |
| Ground Transportation (3.8%) | Ground Transportation (3.8%) | Ground Transportation (3.8%) |
| Old Dominion Freight Line, Inc. | 41 | 6 |
| Union Pacific Corp. | 879 | 204 |
|  |  | 210 |
| Health Care Equipment & Supplies (3.9%) | Health Care Equipment & Supplies (3.9%) | Health Care Equipment & Supplies (3.9%) |
| IDEXX Laboratories, Inc. (a) | 8 | 6 |
| Intuitive Surgical, Inc. (a) | 9 | 5 |
| Medline, Inc., Class A (a) | 4864 | 204 |
|  |  | 215 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Hotels, Restaurants & Leisure (4.3%) | Hotels, Restaurants & Leisure (4.3%) | Hotels, Restaurants & Leisure (4.3%) |
| Cheesecake Factory, Inc. | 582 | $30 |
| Domino's Pizza, Inc. | 137 | 57 |
| McDonald's Corp. | 94 | 29 |
| Shake Shack, Inc., Class A (a) | 300 | 24 |
| Starbucks Corp. | 325 | 27 |
| Vail Resorts, Inc. | 566 | 75 |
|  |  | 242 |
| Household Durables (0.5%) | Household Durables (0.5%) | Household Durables (0.5%) |
| NVR, Inc. (a) | 1 | 7 |
| Victoria PLC (United Kingdom) (a) | 35776 | 19 |
|  |  | 26 |
| Information Technology Services (13.5%) | Information Technology Services (13.5%) | Information Technology Services (13.5%) |
| Cloudflare, Inc., Class A (a) | 3348 | 660 |
| Gartner, Inc. (a) | 362 | 91 |
|  |  | 751 |
| Insurance (1.0%) | Insurance (1.0%) | Insurance (1.0%) |
| Brown & Brown, Inc. | 708 | 56 |
| Life Sciences Tools & Services (1.5%) | Life Sciences Tools & Services (1.5%) | Life Sciences Tools & Services (1.5%) |
| Danaher Corp. | 232 | 53 |
| Thermo Fisher Scientific, Inc. | 49 | 29 |
|  |  | 82 |
| Metals & Mining (6.6%) | Metals & Mining (6.6%) | Metals & Mining (6.6%) |
| MP Materials Corp. (a) | 536 | 27 |
| Royal Gold, Inc. | 1518 | 338 |
|  |  | 365 |
| Oil, Gas & Consumable Fuels (1.0%) | Oil, Gas & Consumable Fuels (1.0%) | Oil, Gas & Consumable Fuels (1.0%) |
| Cameco Corp. (Canada) | 318 | 29 |
| Texas Pacific Land Corp. | 99 | 29 |
|  |  | 58 |
| Personal Care Products (1.4%) | Personal Care Products (1.4%) | Personal Care Products (1.4%) |
| Oddity Tech Ltd., Class A (Israel) (a) | 1962 | 79 |
| Pharmaceuticals (6.8%) | Pharmaceuticals (6.8%) | Pharmaceuticals (6.8%) |
| Eli Lilly & Co. | 6 | 6 |
| Royalty Pharma PLC, Class A | 8920 | 345 |
| Zoetis, Inc. | 197 | 25 |
|  |  | 376 |
| Professional Services (1.6%) | Professional Services (1.6%) | Professional Services (1.6%) |
| Verisk Analytics, Inc. | 389 | 87 |
| Real Estate Management & Development (3.7%) | Real Estate Management & Development (3.7%) | Real Estate Management & Development (3.7%) |
| CoStar Group, Inc. (a) | 411 | 27 |
| Landbridge Co. LLC, Class A | 3712 | 182 |
|  |  | 209 |
| Semiconductors & Semiconductor Equipment (0.5%) | Semiconductors & Semiconductor Equipment (0.5%) | Semiconductors & Semiconductor Equipment (0.5%) |
| ASML Holding NV (Registered) (Netherlands) | 27 | 29 |
| Software (2.5%) | Software (2.5%) | Software (2.5%) |
| Roper Technologies, Inc. | 8 | 4 |
| Strategy, Inc., Class A (a) | 902 | 137 |
|  |  | 141 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments (cont'd)

**Permanence Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Specialized REITs (2.5%) | Specialized REITs (2.5%) | Specialized REITs (2.5%) |
| American Tower Corp. REIT | 780 | $137 |
| Specialty Retail (5.7%) | Specialty Retail (5.7%) | Specialty Retail (5.7%) |
| AutoZone, Inc. (a) | 7 | 24 |
| Floor & Decor Holdings, Inc., Class A (a) | 4330 | 264 |
| Home Depot, Inc. | 74 | 25 |
| Tractor Supply Co. | 85 | 4 |
|  |  | 317 |
| Textiles, Apparel & Luxury Goods (4.8%) | Textiles, Apparel & Luxury Goods (4.8%) | Textiles, Apparel & Luxury Goods (4.8%) |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 355 | 268 |
| Trading Companies & Distributors (11.5%) | Trading Companies & Distributors (11.5%) | Trading Companies & Distributors (11.5%) |
| Core & Main, Inc., Class A (a) | 5194 | 270 |
| Fastenal Co. | 114 | 4 |
| QXO, Inc. (a) | 17466 | 337 |
| Watsco, Inc. | 76 | 26 |
|  |  | 637 |
| **Total Common Stocks (Cost $4,646)** | **Total Common Stocks (Cost $4,646)** | 5288 |
| **Investment Company (2.6%)** | **Investment Company (2.6%)** | **Investment Company (2.6%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $113)** | 2924 | 145 |
|  | **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 (1.3%)** | **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, 3.61% (See Note G) <br>**(Cost $72)** | 72425 | $72 |
| **Total Investments Excluding Purchased<br>Options (99.1%) (Cost $4,831)** | **Total Investments Excluding Purchased<br>Options (99.1%) (Cost $4,831)** | 5505 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $25)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $25)** | 4 |
| **Total Investments (99.2%) (Cost $4,856) (c)(d)(e)** | **Total Investments (99.2%) (Cost $4,856) (c)(d)(e)** | 5509 |
| Other Assets in Excess of Liabilities (0.8%) | Other Assets in Excess of Liabilities (0.8%) | 47 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $5556 |

---

(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) Securities are available for collateral in connection with purchased options.

(d) The approximate fair value and percentage of net assets, $287,000 and 5.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(e) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $4,926,000. The aggregate gross unrealized appreciation is approximately $1,145,000 and the aggregate gross unrealized depreciation is approximately $556,000, resulting in net unrealized appreciation of approximately $589,000.

ETF Exchange Traded Fund.

REIT Real Estate Investment Trust.

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 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)** |
| Standard Chartered Bank | USD/CNH | 7.32 | Dec-26 | 1948401 | $1948 | $3 |  | $5 | $(2) |
| Standard Chartered Bank | USD/CNH | 7.58 | Aug-26 | 1699931 | 1700 | 1 |  | 6 | (5) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May-26 | 1197750 | 1198 |  | @ | 5 | (5) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb-26 | 1202830 | 1203 |  | @ | 5 | (5) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr-26 | 859760 | 860 |  | @ | 4 | (4) |
|  |  |  |  |  |  | $4 |  | $25 | $(21) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Consolidated Portfolio of Investments (cont'd)

**Permanence Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 50.2% |
| Information Technology Services | 13.6 |
| Trading Companies & Distributors | 11.6 |
| Pharmaceuticals | 6.8 |
| Metals & Mining | 6.6 |
| Specialty Retail | 5.8 |
| Capital Markets | 5.4 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**US Core Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
| Aerospace & Defense (4.1%) | Aerospace & Defense (4.1%) | Aerospace & Defense (4.1%) |
| General Electric Co. | 57852 | $17820 |
| Automobiles (3.6%) | Automobiles (3.6%) | Automobiles (3.6%) |
| Tesla, Inc. (a) | 34938 | 15712 |
| Banks (6.1%) | Banks (6.1%) | Banks (6.1%) |
| JPMorgan Chase & Co. | 81564 | 26282 |
| Broadline Retail (6.9%) | Broadline Retail (6.9%) | Broadline Retail (6.9%) |
| Amazon.com, Inc. (a) | 129786 | 29957 |
| Capital Markets (9.7%) | Capital Markets (9.7%) | Capital Markets (9.7%) |
| Ameriprise Financial, Inc. | 25477 | 12492 |
| Cboe Global Markets, Inc. | 61973 | 15555 |
| Evercore, Inc., Class A | 3249 | 1106 |
| LPL Financial Holdings, Inc. | 35518 | 12686 |
|  |  | 41839 |
| Commercial Services & Supplies (1.2%) | Commercial Services & Supplies (1.2%) | Commercial Services & Supplies (1.2%) |
| Waste Management, Inc. | 24364 | 5353 |
| Construction Materials (1.7%) | Construction Materials (1.7%) | Construction Materials (1.7%) |
| CRH PLC | 57832 | 7217 |
| Consumer Staples Distribution & Retail (1.7%) | Consumer Staples Distribution & Retail (1.7%) | Consumer Staples Distribution & Retail (1.7%) |
| Costco Wholesale Corp. | 8836 | 7620 |
| Entertainment (2.8%) | Entertainment (2.8%) | Entertainment (2.8%) |
| Netflix, Inc. (a) | 128898 | 12086 |
| Financial Services (2.8%) | Financial Services (2.8%) | Financial Services (2.8%) |
| Mastercard, Inc., Class A | 21541 | 12297 |
| Household Durables (0.8%) | Household Durables (0.8%) | Household Durables (0.8%) |
| Lennar Corp., Class A | 6488 | 667 |
| Toll Brothers, Inc. | 19605 | 2651 |
|  |  | 3318 |
| Information Technology Services (3.2%) | Information Technology Services (3.2%) | Information Technology Services (3.2%) |
| Shopify, Inc., Class A (Canada) (a) | 85598 | 13779 |
| Insurance (4.2%) | Insurance (4.2%) | Insurance (4.2%) |
| Brown & Brown, Inc. | 82514 | 6577 |
| Progressive Corp. | 50335 | 11462 |
|  |  | 18039 |
| Interactive Media & Services (9.9%) | Interactive Media & Services (9.9%) | Interactive Media & Services (9.9%) |
| Alphabet, Inc., Class A | 137077 | 42905 |
| Oil, Gas & Consumable Fuels (2.2%) | Oil, Gas & Consumable Fuels (2.2%) | Oil, Gas & Consumable Fuels (2.2%) |
| Chevron Corp. | 33238 | 5066 |
| Valero Energy Corp. | 27085 | 4409 |
|  |  | 9475 |
| Pharmaceuticals (3.4%) | Pharmaceuticals (3.4%) | Pharmaceuticals (3.4%) |
| Eli Lilly & Co. | 13573 | 14587 |
| Real Estate Management & Development (3.6%) | Real Estate Management & Development (3.6%) | Real Estate Management & Development (3.6%) |
| CBRE Group, Inc., Class A (a) | 97832 | 15730 |
| Semiconductors & Semiconductor Equipment (11.2%) | Semiconductors & Semiconductor Equipment (11.2%) | Semiconductors & Semiconductor Equipment (11.2%) |
| NVIDIA Corp. | 259821 | 48456 |
| Software (7.9%) | Software (7.9%) | Software (7.9%) |
| Microsoft Corp. | 70639 | 34162 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Specialized REITs (0.1%) | Specialized REITs (0.1%) | Specialized REITs (0.1%) |
| Millrose Properties, Inc. REIT | 10164 | $304 |
| Specialty Retail (3.6%) | Specialty Retail (3.6%) | Specialty Retail (3.6%) |
| TJX Cos., Inc. | 100347 | 15414 |
| Tech Hardware, Storage & Peripherals (7.0%) | Tech Hardware, Storage & Peripherals (7.0%) | Tech Hardware, Storage & Peripherals (7.0%) |
| Apple, Inc. | 111502 | 30313 |
| Trading Companies & Distributors (1.6%) | Trading Companies & Distributors (1.6%) | Trading Companies & Distributors (1.6%) |
| United Rentals, Inc. | 8484 | 6866 |
| **Total Common Stocks (Cost $252,815)** | **Total Common Stocks (Cost $252,815)** | 429531 |
| **Short-Term Investment (0.5%)** | **Short-Term Investment (0.5%)** | **Short-Term Investment (0.5%)** |
| Investment Company (0.5%) | Investment Company (0.5%) | Investment Company (0.5%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $2,143)** | 2142686 | 2143 |
| **Total Investments (99.8%) (Cost $254,958) (b)** | **Total Investments (99.8%) (Cost $254,958) (b)** | 431674 |
| Other Assets in Excess of Liabilities (0.2%) | Other Assets in Excess of Liabilities (0.2%) | 842 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $432516 |

---

(a) Non-income producing security.

(b) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $259,815,000. The aggregate gross unrealized appreciation is approximately $176,825,000 and the aggregate gross unrealized depreciation is approximately $4,964,000, resulting in net unrealized appreciation of approximately $171,861,000.

REIT Real Estate Investment Trust.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 41.3% |
| Semiconductors & Semiconductor Equipment | 11.2 |
| Interactive Media & Services | 9.9 |
| Capital Markets | 9.7 |
| Software | 7.9 |
| Tech Hardware, Storage & Peripherals | 7.0 |
| Broadline Retail | 6.9 |
| Banks | 6.1 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Institutional Fund, Inc.**

**December 31, 2025**

Portfolio of Investments

**Vitality Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (92.0%)** | **Common Stocks (92.0%)** | **Common Stocks (92.0%)** |
| Biotechnology (40.3%) | Biotechnology (40.3%) | Biotechnology (40.3%) |
| Alnylam Pharmaceuticals, Inc. (a) | 271 | $108 |
| Argenx SE ADR (Belgium) (a) | 235 | 198 |
| Ascendis Pharma AS ADR (Denmark) (a) | 512 | 109 |
| Beam Therapeutics, Inc. (a) | 1602 | 44 |
| Exact Sciences Corp. (a) | 2200 | 223 |
| Kymera Therapeutics, Inc. (a) | 534 | 42 |
| Newamsterdam Pharma Co. NV (a) | 2383 | 84 |
| Ultragenyx Pharmaceutical, Inc. (a) | 758 | 17 |
| uniQure NV (a) | 746 | 18 |
| Vaxcyte, Inc. (a) | 952 | 44 |
| Vertex Pharmaceuticals, Inc. (a) | 128 | 58 |
|  |  | 945 |
| Health Care Equipment & Supplies (13.0%) | Health Care Equipment & Supplies (13.0%) | Health Care Equipment & Supplies (13.0%) |
| Align Technology, Inc. (a) | 521 | 81 |
| Ceribell, Inc. (a) | 3915 | 86 |
| Inspire Medical Systems, Inc. (a) | 689 | 63 |
| Intuitive Surgical, Inc. (a) | 132 | 75 |
|  |  | 305 |
| Health Care Providers & Services (2.4%) | Health Care Providers & Services (2.4%) | Health Care Providers & Services (2.4%) |
| UnitedHealth Group, Inc. | 172 | 57 |
| Health Care Technology (3.8%) | Health Care Technology (3.8%) | Health Care Technology (3.8%) |
| Schrodinger, Inc. (a) | 2552 | 46 |
| Veeva Systems, Inc., Class A (a) | 190 | 42 |
|  |  | 88 |
| Life Sciences Tools & Services (13.5%) | Life Sciences Tools & Services (13.5%) | Life Sciences Tools & Services (13.5%) |
| 10X Genomics, Inc., Class A (a) | 3801 | 62 |
| Illumina, Inc. (a) | 437 | 57 |
| MaxCyte, Inc. (a) | 31208 | 49 |
| Thermo Fisher Scientific, Inc. | 186 | 108 |
| West Pharmaceutical Services, Inc. | 146 | 40 |
|  |  | 316 |
| Pharmaceuticals (19.0%) | Pharmaceuticals (19.0%) | Pharmaceuticals (19.0%) |
| Atai Beckley NV (a)(b) | 9857 | 40 |
| Eli Lilly & Co. | 181 | 194 |
| Enliven Therapeutics, Inc. (a) | 2126 | 33 |
| Nektar Therapeutics (a) | 523 | 22 |
| Structure Therapeutics, Inc. ADR (China) (a) | 1489 | 104 |
| Zoetis, Inc. | 411 | 52 |
|  |  | 445 |
| **Total Common Stocks (Cost $2,000)** | **Total Common Stocks (Cost $2,000)** | 2156 |
| **Short-Term Investments (5.7%)** | **Short-Term Investments (5.7%)** | **Short-Term Investments (5.7%)** |
| Investment Company (3.9%) | Investment Company (3.9%) | Investment Company (3.9%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) <br>**(Cost $91)** | 91461 | 91 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Securities held as Collateral on Loaned Securities (1.8%) | Securities held as Collateral on Loaned Securities (1.8%) | Securities held as Collateral on Loaned Securities (1.8%) |
| Investment Company (1.3%) | Investment Company (1.3%) | Investment Company (1.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities Portfolio — <br>Institutional Class, 3.61% (See Note G) | 30388 | $30 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreements (0.5%) | Repurchase Agreements (0.5%) | Repurchase Agreements (0.5%) |
| HSBC Securities USA, Inc., (3.83%, dated 12/31/25, <br>due 1/2/26; proceeds $3; fully <br>collateralized by a U.S. Government <br>obligation; 0.00% due 8/15/26; valued at $3) | $3 | 3 |
| Merrill Lynch & Co., Inc., (3.82%, dated 12/31/25, <br>due 1/2/26; proceeds $8; fully collateralized <br>by U.S. Government obligations; 1.63% — 2.00% <br>due 11/15/50 — 8/15/51; valued at $8) | 8 | 8 |
| Merrill Lynch & Co., Inc., (3.65%, dated 12/31/25, <br>due 1/2/26; proceeds $1; fully collateralized <br>by a U.S. Government obligation; 4.00% <br>due 1/15/27; valued at $1) | 1 | 1 |
|  |  | 12 |
| **Total Securities held as Collateral on Loaned <br>Securities (Cost $42)** | **Total Securities held as Collateral on Loaned <br>Securities (Cost $42)** | 42 |
| **Total Short-Term Investments (Cost $133)** | **Total Short-Term Investments (Cost $133)** | 133 |
| **Total Investments (97.7%) (Cost $2,133)<br>including $40 of Securities Loaned (c)** | **Total Investments (97.7%) (Cost $2,133)<br>including $40 of Securities Loaned (c)** | 2289 |
| Other Assets in Excess of Liabilities (2.3%) | Other Assets in Excess of Liabilities (2.3%) | 55 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2344 |

---

(a) Non-income producing security.

(b) All or a portion of this security was on loan at December 31, 2025.

(c) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $2,194,000. The aggregate gross unrealized appreciation is approximately $663,000 and the aggregate gross unrealized depreciation is approximately $568,000, resulting in net unrealized appreciation of approximately $95,000.

ADR American Depositary Receipt.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Biotechnology | 42.1% |
| Pharmaceuticals | 19.8 |
| Life Sciences Tools & Services | 14.1 |
| Health Care Equipment & Supplies | 13.6 |
| Other\*\* | 10.4 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 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 Annual Report**

**December 31, 2025**

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 | $137183 | $1078 |  | $79848 | $48515 |
| Investments in Securities of Affiliated Issuers, at Cost | 3766 |  |  | 6354 | 3544 |
| Total Investments in Securities, at Cost | 140949 | 1078 |  | 86202 | 52059 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 211124 | 1213 |  | 111431 | 59735 |
| Investments in Securities of Affiliated Issuers, at Value | 3766 |  |  | 6354 | 3544 |
| Total Investments in Securities, at Value | 214890 | 1213 |  | 117785 | 63279 |
| Foreign Currency, at Value (Cost of $2, $—@, $578 and $—@, respectively) | 2 |  | @ | 577 |  |
| Cash |  |  |  | 1 | 1 |
| Receivable for Investments Sold | 346 | 29 |  | 2424 | 417 |
| Receivable for Fund Shares Sold | 2232 |  |  | 439 | 32 |
| Due from Adviser |  | 105 |  |  |  |
| Dividends Receivable | 21 | 1 |  | 31 | 16 |
| Receivable from Affiliate | 31 |  | @ | 8 | 8 |
| Tax Reclaim Receivable | 3 |  |  |  |  |
| Receivable from Securities Lending Income |  |  |  | 1 |  |
| Other Assets | 49 | 30 |  | 52 | 53 |
| **Total Assets** | 217574 | 1378 |  | 121318 | 63806 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 13 |  |  | 1047 | 637 |
| Deferred Capital Gain Country Tax |  |  |  | 1045 | 434 |
| Payable for Fund Shares Redeemed | 31 |  | @ | 925 | 42 |
| Payable for Advisory Fees | 284 |  |  | 178 | 20 |
| Collateral on Securities Loaned, at Value |  |  |  | 437 |  |
| Payable for Professional Fees | 29 | 12 |  | 34 | 29 |
| Payable for Custodian Fees | 11 | 4 |  | 40 | 13 |
| Due to Broker | 60 |  |  |  |  |
| Payable for Sub Transfer Agency Fees — Class I | 13 |  | @ | 11 | 6 |
| Payable for Sub Transfer Agency Fees — Class A | 8 |  |  | 3 | 1 |
| Payable for Sub Transfer Agency Fees — Class L |  |  |  |  |  |
| Payable for Sub Transfer Agency Fees — Class C | 2 |  |  | 1 | 1 |
| Payable for Administration Fees | 15 |  | @ | 8 | 4 |
| Payable for Shareholder Services Fees — Class A | 2 |  | @ | 4 | 1 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |  |  |  |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 5 |  | @ | 2 | 2 |
| Payable for Transfer Agency Fees — Class I | 1 |  | @ | 1 | 1 |
| Payable for Transfer Agency Fees — Class A | 1 |  | @ | 1 |  |
| Payable for Transfer Agency Fees — Class L |  |  |  |  |  |
| Payable for Transfer Agency Fees — Class C | 1 |  | @ |  |  |
| Payable for Transfer Agency Fees — Class R6 |  |  | @ |  |  |
| Payable to Bank |  | 4 |  |  |  |
| Other Liabilities | 54 | 33 |  | 32 | 19 |
| **Total Liabilities** | 530 | 53 |  | 3769 | 1210 |
| **Net Assets** | $217044 | $1325 |  | $117549 | $62596 |
| **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 | $281698 | $1208 |  | $225217 | $135605 |
| Total Distributable Earnings (Accumulated Loss) | (64654 | 117 |  | (107668 | (73009 |
| **Net Assets** | $217044 | $1325 |  | $117549 | $62596 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

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** | $101033 | $1143 | $93327 | $57681 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 3574206 | 101800 | 4291252 | 5370061 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $28.27 | $11.23 | $21.75 | $10.74 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $50567 | $62 | $18194 | $2842 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 1904519 | 5563 | 854108 | 267608 |
| **Net Asset Value, Redemption Price Per Share** | $26.55 | $11.21 | $21.30 | $10.62 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $1.47 | $0.62 | $1.18 | $0.59 |
| **Maximum Offering Price Per Share** | $28.02 | $11.83 | $22.48 | $11.21 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $1667 | $— | $— | $— |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 59831 |  |  |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $27.85 | $— | $— | $— |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $15024 | $59 | $2714 | $2062 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 624467 | 5282 | 132748 | 201561 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $24.06 | $11.08 | $20.45 | $10.23 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $48753 | $61 | $3314 | $11 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 1713079 | 5418 | 151833 | 1017 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $28.46 | $11.24 | $21.83 | $10.77 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $— | $— | $421 | $— |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Assets and Liabilities (cont'd)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 | $5828 |  | $95465 | $77181 |  | $275154 |  |
| Investments in Securities of Affiliated Issuers, at Cost | 84 |  | 5190 | 751 |  | 3437 |  |
| Total Investments in Securities, at Cost | 5912 |  | 100655 | 77932 |  | 278591 |  |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 9407 |  | 120123 | 134769 |  | 356618 |  |
| Investments in Securities of Affiliated Issuers, at Value | 84 |  | 5190 | 751 |  | 3437 |  |
| Total Investments in Securities, at Value | 9491 |  | 125313 | 135520 |  | 360055 |  |
| Foreign Currency, at Value (Cost of $15, $963, $426 and $—, respectively) | 15 |  | 961 | 430 |  |  |  |
| Cash |  |  |  |  | @ |  |  |
| Receivable for Investments Sold |  |  |  | 48 |  | 1514 |  |
| Receivable for Fund Shares Sold |  |  | 38 | 223 |  | 737 |  |
| Dividends Receivable | 17 |  | 242 | 392 |  | 58 |  |
| Tax Reclaim Receivable | 1 |  | 8 | 119 |  | 21 |  |
| Due from Adviser | 80 |  |  |  |  |  |  |
| Receivable from Affiliate |  |  | 18 | 3 |  | 8 |  |
| Receivable from Securities Lending Income |  |  |  | 8 |  |  |  |
| Due from Broker |  | @ |  |  |  |  |  |
| Other Assets | 37 |  | 73 | 101 |  | 34 |  |
| **Total Assets** | 9641 |  | 126653 | 136844 |  | 362427 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax | 127 |  | 1740 | 2808 |  |  |  |
| Payable for Investments Purchased |  |  |  |  | @ | 1951 |  |
| Payable for Advisory Fees |  |  | 130 | 226 |  | 587 |  |
| Due to Broker |  |  | 662 |  |  |  |  |
| Payable for Fund Shares Redeemed |  |  | 119 | 57 |  | 110 |  |
| Payable for Custodian Fees | 11 |  | 72 | 60 |  | 5 |  |
| Payable for Professional Fees | 27 |  | 37 | 66 |  | 10 |  |
| Payable for Sub Transfer Agency Fees — Class I |  |  | 35 | 18 |  | 55 |  |
| Payable for Sub Transfer Agency Fees — Class A |  |  | 2 | 1 |  | 4 |  |
| Payable for Sub Transfer Agency Fees — Class L |  |  |  |  | @ |  |  |
| Payable for Sub Transfer Agency Fees — Class C |  |  | 1 |  | @ | 2 |  |
| Payable for Administration Fees | 1 |  | 8 | 11 |  | 24 |  |
| Collateral on Securities Loaned, at Value |  |  |  | 36 |  |  |  |
| 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 |  | @ | 11 |  |
| Payable for Transfer Agency Fees — Class I |  | @ | 2 | 6 |  |  | @ |
| Payable for Transfer Agency Fees — Class A |  | @ | 1 | 1 |  |  | @ |
| Payable for Transfer Agency Fees — Class L |  |  |  |  | @ |  |  |
| Payable for Transfer Agency Fees — Class C |  | @ |  |  | @ |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | @ | 1 | 1 |  |  | @ |
| Payable for Transfer Agency Fees — Class IR |  |  |  |  | @ |  |  |
| Other Liabilities | 17 |  | 29 | 64 |  | 17 |  |
| **Total Liabilities** | 183 |  | 2843 | 3356 |  | 2780 |  |
| **Net Assets** | $9458 |  | $123810 | $133488 |  | $359647 |  |
| **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 | $6031 |  | $174165 | $65433 |  | $272308 |  |
| Total Distributable Earnings (Accumulated Loss) | 3427 |  | (50355 | 68055 |  | 87339 |  |
| **Net Assets** | $9458 |  | $123810 | $133488 |  | $359647 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

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** | $9178 | $114279 | $75779 | $324830 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 562559 | 6858710 | 5397558 | 12007821 |
| **Net Asset Value, Redemption Price Per Share** | $16.32 | $16.66 | $14.04 | $27.05 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $94 | $6919 | $4408 | $21041 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5742 | 429893 | 334261 | 789668 |
| **Net Asset Value, Redemption Price Per Share** | $16.28 | $16.09 | $13.19 | $26.65 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $0.90 | $0.89 | $0.73 | $1.48 |
| **Maximum Offering Price Per Share** | $17.18 | $16.98 | $13.92 | $28.13 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $— | $— | $166 | $— |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  |  | 13416 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $12.34 | $— |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $91 | $2233 | $327 | $13717 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5627 | 149753 | 26413 | 543691 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.22 | $14.91 | $12.40 | $25.23 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $95 | $370 | $52793 | $59 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5804 | 22130 | 3767083 | 2172 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.32 | $16.73 | $14.01 | $27.09 |
| **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $— | $9 | $15 | $— |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  | 517 | 1049 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $16.72 | $14.01 | $— |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $— | $— | $1230 | $— |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Assets and Liabilities (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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>Insight<br>Portfolio<br>(consolidated)<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $36127 |  | $24913 | $1333354 | $44178 |
| Investments in Securities of Affiliated Issuers, at Cost | 359 |  | 2792 | 19055 | 1702 |
| Total Investments in Securities, at Cost | 36486 |  | 27705 | 1352409 | 45880 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 54376 |  | 23142 | 1911830 | 63013 |
| Investments in Securities of Affiliated Issuers, at Value | 359 |  | 2792 | 19055 | 1702 |
| Total Investments in Securities, at Value | 54735 |  | 25934 | 1930885 | 64715 |
| Foreign Currency, at Value (Cost of $—, $20, $1,073 and $5, respectively) |  |  | 21 | 1072 | 6 |
| Receivable for Investments Sold | 112 |  |  | 14916 | 50 |
| Tax Reclaim Receivable | 2 |  |  | 1209 | 3 |
| Dividends Receivable | 8 |  |  | 915 |  |
| Receivable for Fund Shares Sold | 7 |  | 99 | 728 | 18 |
| Receivable from Affiliate | 1 |  | 14 | 85 | 4 |
| Due from Adviser |  |  | 6 |  |  |
| Receivable from Securities Lending Income |  |  |  |  | 1 |
| Other Assets | 36 |  | 46 | 151 | 53 |
| **Total Assets** | 54901 |  | 26120 | 1949961 | 64850 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Fund Shares Redeemed |  |  |  | 9836 | 78 |
| Payable for Advisory Fees | 28 |  |  | 4070 | 53 |
| Collateral on Securities Loaned, at Value |  |  |  |  | 1280 |
| Payable for Sub Transfer Agency Fees — Class I | 5 |  | 2 | 469 | 7 |
| Payable for Sub Transfer Agency Fees — Class A | 1 |  |  | 58 | 2 |
| Payable for Sub Transfer Agency Fees — Class L |  |  |  | 2 |  |
| Payable for Sub Transfer Agency Fees — Class C | 1 |  |  | 15 | 1 |
| Payable for Investments Purchased | 110 |  |  |  | 111 |
| Payable for Administration Fees | 4 |  | 2 | 137 | 5 |
| Payable for Shareholder Services Fees — Class A | 2 |  | 1 | 46 | 5 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |  |  | 5 |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 3 |  | 1 |  | 3 |
| Payable for Custodian Fees | 5 |  | 4 | 42 | 10 |
| Payable for Professional Fees |  |  | 7 | 43 | 6 |
| Payable for Transfer Agency Fees — Class I |  | @ | 1 | 4 | 1 |
| Payable for Transfer Agency Fees — Class A |  | @ | 1 | 1 | 1 |
| Payable for Transfer Agency Fees — Class L |  |  |  | 3 |  |
| Payable for Transfer Agency Fees — Class C |  | @ |  | 1 |  |
| Payable for Transfer Agency Fees — Class R6 |  | @ |  | 1 |  |
| Other Liabilities | 6 |  | 15 | 199 | 27 |
| **Total Liabilities** | 165 |  | 34 | 14932 | 1590 |
| **Net Assets** | $54736 |  | $26086 | $1935029 | $63260 |
| **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 | $36092 |  | $64344 | $1234950 | $142418 |
| Total Distributable Earnings (Accumulated Loss) | 18644 |  | (38258 | 700079 | (79158 |
| **Net Assets** | $54736 |  | $26086 | $1935029 | $63260 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

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** | $39476 | $22218 | $1288486 | $35446 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 1632664 | 1071059 | 43452403 | 1784458 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $24.18 | $20.74 | $29.65 | $19.86 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $11527 | $2537 | $209266 | $24087 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 483810 | 124016 | 7295981 | 1282262 |
| **Net Asset Value, Redemption Price Per Share** | $23.83 | $20.46 | $28.68 | $18.78 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $1.32 | $1.13 | $1.59 | $1.04 |
| **Maximum Offering Price Per Share** | $25.15 | $21.59 | $30.27 | $19.82 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $— | $— | $6953 | $295 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  |  | 244123 | 17529 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $28.48 | $16.82 |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $3718 | $1290 | $50931 | $3396 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 165513 | 66014 | 1856450 | 211100 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $22.46 | $19.54 | $27.43 | $16.09 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $15 | $41 | $379393 | $36 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 627 | 1950 | 12794584 | 1798 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $24.20 | $20.77 | $29.65 | $19.86 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $— | $— | $— | $1223 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Assets and Liabilities (cont'd)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 | $1537901 |  | $3925 |  | $26919 |  | $2319857 |  |
| Investments in Securities of Affiliated Issuers, at Cost | 125831 |  | 21 |  | 103 |  | 51971 |  |
| Total Investments in Securities, at Cost | 1663732 |  | 3946 |  | 27022 |  | 2371828 |  |
| Investments in Securities of Unaffiliated Issuers, at Value | 3178985 |  | 4502 |  | 33769 |  | 4044563 |  |
| Investments in Securities of Affiliated Issuers, at Value | 125831 |  | 21 |  | 103 |  | 51971 |  |
| Total Investments in Securities, at Value | 3304816 |  | 4523 |  | 33872 |  | 4096534 |  |
| Foreign Currency, at Value (Cost of $4, $3, $326 and $2, respectively) | 4 |  | 3 |  | 327 |  | 2 |  |
| Cash | 3 |  |  |  |  |  |  |  |
| Receivable for Investments Sold | 39439 |  |  |  | 193 |  |  |  |
| Receivable for Fund Shares Sold | 1617 |  |  | @ | 1 |  | 2617 |  |
| Dividends Receivable | 779 |  |  | @ | 14 |  |  |  |
| Tax Reclaim Receivable | 611 |  |  |  | 55 |  |  |  |
| Receivable from Affiliate | 149 |  | 1 |  | 1 |  | 357 |  |
| Due from Adviser |  |  | 73 |  | 26 |  |  |  |
| Other Assets | 228 |  | 21 |  | 40 |  | 432 |  |
| **Total Assets** | 3347646 |  | 4621 |  | 34529 |  | 4099942 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 68151 |  |  | @ |  |  | 8568 |  |
| Deferred Capital Gain Country Tax | 18349 |  |  |  |  |  |  |  |
| Payable for Advisory Fees | 6185 |  |  |  |  |  | 4617 |  |
| Payable for Fund Shares Redeemed | 3419 |  |  |  | 50 |  | 2965 |  |
| Due to Broker |  |  |  |  |  |  | 3890 |  |
| Payable for Sub Transfer Agency Fees — Class I | 222 |  |  | @ | 4 |  | 206 |  |
| Payable for Sub Transfer Agency Fees — Class A | 53 |  |  |  | 2 |  | 353 |  |
| Payable for Sub Transfer Agency Fees — Class L | 5 |  |  |  |  | @ | 17 |  |
| Payable for Sub Transfer Agency Fees — Class C | 19 |  |  |  | 1 |  | 29 |  |
| Payable for Shareholder Services Fees — Class A |  |  |  | @ | 1 |  | 515 |  |
| Payable for Distribution and Shareholder Services Fees — Class L |  |  |  |  | 1 |  | 53 |  |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ |  | @ | 2 |  | 129 |  |
| Payable for Administration Fees | 223 |  |  | @ | 3 |  | 286 |  |
| Payable for Custodian Fees | 112 |  | 6 |  | 15 |  | 42 |  |
| Payable for Transfer Agency Fees — Class I | 4 |  |  | @ | 1 |  | 10 |  |
| Payable for Transfer Agency Fees — Class A | 30 |  |  | @ | 1 |  | 31 |  |
| Payable for Transfer Agency Fees — Class L | 5 |  |  |  |  | @ | 2 |  |
| Payable for Transfer Agency Fees — Class C | 1 |  |  | @ |  | @ | 1 |  |
| Payable for Transfer Agency Fees — Class R6 | 1 |  |  | @ |  | @ | 1 |  |
| Payable for Transfer Agency Fees — Class IR |  | @ |  |  |  |  |  | @ |
| Payable for Professional Fees | 45 |  | 3 |  |  |  |  | @ |
| Payable for Directors' Fees and Expenses |  |  |  |  |  |  | 34 |  |
| Other Liabilities | 586 |  | 10 |  | 16 |  | 511 |  |
| **Total Liabilities** | 97410 |  | 19 |  | 97 |  | 22260 |  |
| **Net Assets** | $3250236 |  | $4602 |  | $34432 |  | $4077682 |  |
| **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 | $1585402 |  | $4233 |  | $25444 |  | $3819717 |  |
| Total Distributable Earnings | 1664834 |  | 369 |  | 8988 |  | 257965 |  |
| **Net Assets** | $3250236 |  | $4602 |  | $34432 |  | $4077682 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

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** | $1883204 | $3669 | $24922 | $1378893 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 53108816 | 305176 | 1880601 | 19717542 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $35.46 | $12.02 | $13.25 | $69.93 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $1003311 | $579 | $6041 | $2348190 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 30707246 | 49186 | 461648 | 37638746 |
| **Net Asset Value, Redemption Price Per Share** | $32.67 | $11.78 | $13.09 | $62.39 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $1.81 | $0.65 | $0.73 | $3.46 |
| **Maximum Offering Price Per Share** | $34.48 | $12.43 | $13.82 | $65.85 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $36730 | $— | $1253 | $80930 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 1156115 |  | 101641 | 1497429 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $31.77 | $— | $12.33 | $54.05 |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $143035 | $297 | $2141 | $146406 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5003054 | 26878 | 184042 | 2819255 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $28.59 | $11.07 | $11.63 | $51.93 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $182449 | $57 | $75 | $123239 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5089006 | 4768 | 5653 | 1729034 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $35.85 | $12.05 | $13.26 | $71.28 |
| **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $1507 | $— | $— | $24 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 41970 |  |  | 331 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $35.90 | $— | $— | $71.07 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

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>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 | $314004 | $1624257 |  | $204129 |  | $490538 |
| Investments in Securities of Affiliated Issuers, at Cost | 15231 | 32368 |  |  |  |  |
| Total Investments in Securities, at Cost | 329235 | 1656625 |  | 204129 |  | 490538 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 311702 | 2645817 |  | 288009 |  | 741805 |
| Investments in Securities of Affiliated Issuers, at Value | 15231 | 32368 |  |  |  |  |
| Total Investments in Securities, at Value | 326933 | 2678185 |  | 288009 |  | 741805 |
| Foreign Currency, at Value (Cost of $2, $1,740, $290 and <br>$430, respectively) | 2 | 1761 |  | 290 |  | 429 |
| Cash |  | 78 |  |  |  |  |
| Receivable for Investments Sold | 2818 | 16945 |  | 1823 |  | 3470 |
| Tax Reclaim Receivable |  | 4793 |  | 6077 |  | 582 |
| Receivable for Fund Shares Sold | 202 | 908 |  | 165 |  | 282 |
| Unrealized Appreciation on Derivative Contracts — PIPE | 1420 |  |  |  |  |  |
| Dividends Receivable |  | 732 |  | 48 |  | 178 |
| Receivable from Affiliate | 25 | 120 |  | 8 |  | 29 |
| Receivable from Securities Lending Income | 62 |  |  |  |  | 2 |
| Other Assets | 51 | 199 |  | 161 |  | 127 |
| **Total Assets** | 331513 | 2703721 |  | 296581 |  | 746904 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax |  | 15476 |  |  |  | 5286 |
| Collateral on Securities Loaned, at Value | 15992 |  |  |  |  |  |
| Payable for Advisory Fees | 681 | 5078 |  | 817 |  | 1388 |
| Payable for Fund Shares Redeemed | 751 | 1196 |  | 662 |  | 518 |
| Payable for Investments Purchased | 1554 |  |  |  |  |  |
| Payable for Sub Transfer Agency Fees — Class I | 17 | 376 |  | 60 |  | 85 |
| Payable for Sub Transfer Agency Fees — Class A | 10 | 67 |  | 11 |  | 11 |
| Payable for Sub Transfer Agency Fees — Class L |  |  | @ | 1 |  |  |
| Payable for Sub Transfer Agency Fees — Class C | 2 | 3 |  |  | @ | 2 |
| Payable to Bank |  |  |  | 445 |  | 175 |
| Due to Broker | 520 |  |  |  |  |  |
| Payable for Custodian Fees | 15 | 203 |  | 51 |  | 65 |
| Payable for Administration Fees | 23 | 184 |  | 21 |  | 51 |
| Payable for Shareholder Services Fees — Class A | 24 | 62 |  | 7 |  | 36 |
| Payable for Distribution and Shareholder Services Fees — Class L |  |  | @ | 2 |  |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 8 | 8 |  |  | @ | 11 |
| Payable for Professional Fees | 3 | 27 |  | 26 |  | 66 |
| Payable for Transfer Agency Fees — Class I | 2 | 22 |  | 3 |  | 6 |
| Payable for Transfer Agency Fees — Class A | 1 | 1 |  | 1 |  | 2 |
| Payable for Transfer Agency Fees — Class L |  |  | @ | 1 |  |  |
| Payable for Transfer Agency Fees — Class C |  | 1 |  |  | @ | 1 |
| Payable for Transfer Agency Fees — Class R6 | 1 | 1 |  | 1 |  | 1 |
| Payable for Transfer Agency Fees — Class IR |  |  |  |  |  |  |
| Other Liabilities | 36 | 182 |  | 143 |  | 127 |
| **Total Liabilities** | 19640 | 22887 |  | 2252 |  | 7831 |
| **Commitments and Contingencies (Note 5)** |  |  |  |  |  |  |
| **Net Assets** | $311873 | $2680834 |  | $294329 |  | $739073 |
| **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 | $1156028 | $1974532 |  | $181799 |  | $786378 |
| Total Distributable Earnings (Accumulated Loss) | (844155 | 706302 |  | 112530 |  | (47305 |
| **Net Assets** | $311873 | $2680834 |  | $294329 |  | $739073 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

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** | $144917 | $2269189 | $156044 | $555727 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 9047253 | 81842128 | 23345785 | 17326970 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.02 | $27.73 | $6.68 | $32.07 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $104627 | $289146 | $33029 | $166630 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 9888381 | 10759779 | 4820493 | 5403332 |
| **Net Asset Value, Redemption Price Per Share** | $10.58 | $26.87 | $6.85 | $30.84 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $0.59 | $1.49 | $0.38 | $1.71 |
| **Maximum Offering Price Per Share** | $11.17 | $28.36 | $7.23 | $32.55 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $651 | $500 | $2732 | $160 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 75606 | 19897 | 431630 | 5608 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $8.61 | $25.13 | $6.33 | $28.50 |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $8484 | $8961 | $390 | $12928 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 884012 | 364682 | 65606 | 464744 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.60 | $24.57 | $5.94 | $27.82 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $53194 | $113038 | $102134 | $3614 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 3281195 | 4058040 | 15349664 | 112039 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $16.21 | $27.86 | $6.65 | $32.26 |
| **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $— | $— | $— | $14 |
| **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** | $— | $— | $— | $32.27 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $15327 | $— | $— | $— |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Assets and Liabilities (cont'd)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **International<br>Resilience<br>Portfolio<br>(000)** | **International<br>Resilience<br>Portfolio<br>(000)** | **Passport<br>Overseas<br>Equity<br>Portfolio<br>(000)** | **Passport<br>Overseas<br>Equity<br>Portfolio<br>(000)** | **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)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $1673 |  | $96642 |  | $4784 |  | $252815 |  |
| Investments in Securities of Affiliated Issuers, at Cost |  |  | 5167 |  | 72 |  | 2143 |  |
| Total Investments in Securities, at Cost | 1673 |  | 101809 |  | 4856 |  | 254958 |  |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 2031 |  | 164804 |  | 5437 |  | 429531 |  |
| Investments in Securities of Affiliated Issuers, at Value |  |  | 5167 |  | 72 |  | 2143 |  |
| Total Investments in Securities, at Value | 2031 |  | 169971 |  | 5509 |  | 431674 |  |
| Foreign Currency, at Value (Cost of $7, $23, $9 and $—, respectively) | 7 |  |  |  | 9 |  |  |  |
| Receivable for Investments Sold | 4 |  | 1145 |  | 30 |  | 1005 |  |
| Receivable for Fund Shares Sold |  |  | 121 |  |  |  | 1340 |  |
| Receivable for Variation Margin on Futures Contracts |  |  | 643 |  |  |  |  |  |
| Tax Reclaim Receivable |  | @ | 396 |  |  |  |  |  |
| Due from Adviser | 90 |  |  |  | 72 |  |  |  |
| Dividends Receivable | 1 |  | 128 |  | 3 |  | 21 |  |
| Receivable from Affiliate |  | @ | 14 |  | 1 |  | 5 |  |
| Receivable from Securities Lending Income |  |  | 2 |  |  |  |  |  |
| Other Assets | 34 |  | 59 |  | 19 |  | 39 |  |
| **Total Assets** | 2167 |  | 172479 |  | 5643 |  | 434084 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax |  |  | 979 |  |  |  |  |  |
| Payable for Investments Purchased |  |  |  |  | 65 |  | 736 |  |
| Payable for Advisory Fees |  |  | 188 |  |  |  | 588 |  |
| Payable for Fund Shares Redeemed |  |  | 247 |  | 1 |  | 70 |  |
| Payable for Sub Transfer Agency Fees — Class I |  | @ | 15 |  |  | @ | 45 |  |
| Payable for Sub Transfer Agency Fees — Class A |  | @ | 10 |  |  | @ | 14 |  |
| Payable for Sub Transfer Agency Fees — Class L |  |  | 1 |  |  |  |  |  |
| Payable for Sub Transfer Agency Fees — Class C |  |  |  | @ |  | @ | 10 |  |
| Payable for Shareholder Services Fees — Class A |  | @ | 12 |  |  | @ | 20 |  |
| Payable for Distribution and Shareholder Services Fees — Class L |  |  | 3 |  |  |  |  |  |
| Payable for Distribution and Shareholder Services Fees — Class C |  | @ |  | @ |  | @ | 47 |  |
| Payable for Professional Fees | 1 |  | 36 |  | 14 |  | 1 |  |
| Collateral on Securities Loaned, at Value |  |  | 47 |  |  |  |  |  |
| Payable for Custodian Fees | 15 |  | 21 |  | 5 |  | 5 |  |
| Payable for Administration Fees |  | @ | 12 |  |  | @ | 29 |  |
| Payable to Bank | 1 |  | 12 |  |  |  |  |  |
| Payable for Transfer Agency Fees — Class I |  | @ | 1 |  |  | @ | 1 |  |
| Payable for Transfer Agency Fees — Class A |  | @ | 1 |  |  | @ | 1 |  |
| Payable for Transfer Agency Fees — Class L |  |  | 1 |  |  |  |  |  |
| Payable for Transfer Agency Fees — Class C |  | @ |  | @ |  | @ | 1 |  |
| Payable for Transfer Agency Fees — Class R6 |  | @ |  | @ |  | @ |  | @ |
| Payable for Transfer Agency Fees — Class IR |  |  |  | @ |  |  |  |  |
| Other Liabilities | 16 |  | 41 |  | 2 |  |  |  |
| **Total Liabilities** | 33 |  | 1627 |  | 87 |  | 1568 |  |
| **Net Assets** | $2134 |  | $170852 |  | $5556 |  | $432516 |  |
| **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 | $1797 |  | $101128 |  | $4951 |  | $286426 |  |
| Total Distributable Earnings | 337 |  | 69724 |  | 605 |  | 146090 |  |
| **Net Assets** | $2134 |  | $170852 |  | $5556 |  | $432516 |  |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Assets and Liabilities (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **International<br>Resilience<br>Portfolio<br>(000)** | **Passport<br>Overseas<br>Equity<br>Portfolio<br>(000)** | **Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **US Core<br>Portfolio<br>(000)** |
| **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $1917 | $107604 | $4690 | $283825 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 158248 | 5690131 | 360381 | 8229340 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $12.11 | $18.91 | $13.02 | $34.49 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $86 | $57844 | $746 | $92492 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 7142 | 2973371 | 58313 | 2721643 |
| **Net Asset Value, Redemption Price Per Share** | $12.08 | $19.45 | $12.79 | $33.98 |
| **Maximum Sales Load** | 5.25% | 5.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $0.67 | $1.08 | $0.71 | $1.88 |
| **Maximum Offering Price Per Share** | $12.75 | $20.53 | $13.50 | $35.86 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $— | $5027 | $— | $— |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  | 261512 |  |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $19.22 | $— | $— |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $64 | $320 | $38 | $55408 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5397 | 16745 | 3089 | 1737734 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $11.87 | $19.08 | $12.27 | $31.89 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $67 | $38 | $82 | $791 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) | 5498 | 2029 | 6261 | 22894 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $12.12 | $18.94 | $13.04 | $34.53 |
| **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $— | $19 | $— | $— |
| **Shares Outstanding** $0.001 par value shares of beneficial interest <br>(unlimited shares authorized) (not in 000's) |  | 992 |  |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $18.91 | $— | $— |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $— | $837 | $— | $— |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Assets and Liabilities (cont'd)

---

| | |
|:---|:---|
| | **Vitality<br>Portfolio<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $2012 |
| Investments in Securities of Affiliated Issuers, at Cost | 121 |
| Total Investments in Securities, at Cost | 2133 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 2168 |
| Investments in Securities of Affiliated Issuers, at Value | 121 |
| Total Investments in Securities, at Value | 2289 |
| Due from Adviser | 66 |
| Receivable from Securities Lending Income |  |
| Dividends Receivable |  |
| Receivable from Affiliate |  |
| Other Assets | 45 |
| **Total Assets** | 2400 |
| **Liabilities:** | **Liabilities:** |
| Collateral on Securities Loaned, at Value | 42 |
| Payable for Professional Fees | 2 |
| Payable for Custodian Fees | 2 |
| Payable for Transfer Agency Fees — Class I | 1 |
| Payable for Transfer Agency Fees — Class A |  |
| Payable for Transfer Agency Fees — Class C |  |
| Payable for Transfer Agency Fees — Class R6 |  |
| Payable for Administration Fees |  |
| Payable for Shareholder Services Fees — Class A |  |
| Payable for Distribution and Shareholder Services Fees — Class C |  |
| Other Liabilities | 9 |
| **Total Liabilities** | 56 |
| **Net Assets** | $2344 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $3292 |
| Total Accumulated Loss | (948 |
| **Net Assets** | $2344 |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $2221 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 337356 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $6.59 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $55 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 8337 |
| **Net Asset Value, Redemption Price Per Share** | $6.55 |
| **Maximum Sales Load** | 5.25 |
| **Maximum Sales Charge** | $0.36 |
| **Maximum Offering Price Per Share** | $6.91 |
| **CLASS C:** | **CLASS C:** |
| **Net Assets** | $33 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5119 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $6.44 |
| **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $35 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited shares authorized) (not in 000's) | 5239 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $6.59 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $40 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

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 Foreign Taxes Withheld of <br>$23, $—@, $101 and $36, respectively) | $488 | $16 | $1288 | $359 |
| Dividends from Security of Affiliated Issuer (Note G) | 301 | 1 | 121 | 55 |
| Income from Securities Loaned — Net |  |  | 4 |  |
| Total Investment Income | 789 | 17 | 1413 | 414 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1380 | 8 | 999 | 380 |
| Shareholder Services Fees — Class A (Note D) | 127 |  | 48 | 7 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 13 |  |  |  |
| Distribution and Shareholder Services Fees — Class C (Note D) | 170 | 1 | 58 | 25 |
| Professional Fees | 209 | 182 | 218 | 222 |
| Sub Transfer Agency Fees — Class I | 121 |  | 107 | 38 |
| Sub Transfer Agency Fees — Class A | 60 |  | 21 | 4 |
| Sub Transfer Agency Fees — Class L | 2 |  |  |  |
| Sub Transfer Agency Fees — Class C | 15 |  | 7 | 3 |
| Administration Fees (Note C) | 170 | 1 | 100 | 34 |
| Registration Fees | 77 | 56 | 59 | 54 |
| Transfer Agency Fees — Class I (Note E) | 10 | 2 | 5 | 5 |
| Transfer Agency Fees — Class A (Note E) | 6 | 2 | 4 | 3 |
| Transfer Agency Fees — Class L (Note E) | 3 |  |  |  |
| Transfer Agency Fees — Class C (Note E) | 6 | 2 | 3 | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 3 | 2 | 2 | 2 |
| Custodian Fees (Note F) | 21 | 9 | 57 | 26 |
| Shareholder Reporting Fees | 20 | 13 | 22 | 16 |
| Directors' Fees and Expenses | 8 | 5 | 7 | 6 |
| Pricing Fees | 2 | 2 | 2 | 2 |
| Interest Expense | 1 |  | 1 | 5 |
| Other Expenses | 31 | 39 | 29 | 24 |
| Total Expenses | 2455 | 324 | 1749 | 859 |
| Waiver of Advisory Fees (Note B) | (199 | (8 | (182) | (300 |
| Expenses Reimbursed by Adviser (Note B) |  | (298 |  |  |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (86 | (2 | (64) | (24 |
| Reimbursement of Class Specific Expenses — Class A (Note B) |  | (2 |  | (2 |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (2 |  |  |  |
| Reimbursement of Class Specific Expenses — Class C (Note B) |  | (2 | (1) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (3 | (2 | (2) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (14 | (— | (6) | (3 |
| Waiver of Distribution and Shareholder Services Fees — Class L (Note D) | (13 |  |  |  |
| Net Expenses | 2138 | 10 | 1494 | 526 |
| **Net Investment Income (Loss)** | (1349 | 7 | (81) | (112 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of Capital Gain Country Tax of $—, $—, $269 and $147, respectively) | 18989 | (9 | 7494 | 205 |
| Payment from the Adviser (Note B) | 85 |  |  |  |
| Foreign Currency Transactions | (4 | (— | (37) | (51 |
| Net Realized Gain (Loss) | 19070 | (9 | 7457 | 154 |
| **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 $—, $—, $189 <br>and $208, respectively) | 15179 | (19 | (436) | 2370 |
| Foreign Currency Translation |  |  | (1) |  |
| Net Change in Unrealized Appreciation (Depreciation) | 15179 | (19 | (437) | 2370 |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)** | 34249 | (28 | 7020 | 2524 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $32900 | $(21 | $6939 | $2412 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Operations (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)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of Foreign Taxes Withheld of <br>$27, $356, $1,192 and $159, respectively) | $172 | $2075 | $8596 | $2844 |
| Dividends from Security of Affiliated Issuer (Note G) | 6 | 260 | 471 | 115 |
| Income from Securities Loaned — Net |  |  | 29 | 22 |
| Other Income (Note H) |  | 3 | 87 |  |
| Total Investment Income | 178 | 2338 | 9183 | 2981 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Professional Fees | 203 | 246 | 266 | 198 |
| Advisory Fees (Note B) | 59 | 1111 | 2722 | 2267 |
| Registration Fees | 56 | 82 | 92 | 71 |
| Custodian Fees (Note F) | 29 | 124 | 259 | 11 |
| Shareholder Reporting Fees | 12 | 29 | 28 | 27 |
| Transfer Agency Fees — Class I (Note E) | 2 | 8 | 38 | 4 |
| Transfer Agency Fees — Class A (Note E) | 2 | 3 | 4 | 3 |
| Transfer Agency Fees — Class L (Note E) |  |  | 2 |  |
| Transfer Agency Fees — Class C (Note E) | 2 | 3 | 2 | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 2 | 5 | 7 | 2 |
| Transfer Agency Fees — Class IR (Note E) |  | 2 | 2 |  |
| Administration Fees (Note C) | 6 | 118 | 290 | 242 |
| Pricing Fees | 6 | 2 | 6 | 2 |
| Directors' Fees and Expenses | 6 | 8 | 12 | 8 |
| Shareholder Services Fees — Class A (Note D) |  | 20 | 13 | 44 |
| Distribution and Shareholder Services Fees — Class L (Note D) |  |  | 1 |  |
| Distribution and Shareholder Services Fees — Class C (Note D) | 1 | 23 | 4 | 103 |
| Sub Transfer Agency Fees — Class I |  | 160 | 121 | 290 |
| Sub Transfer Agency Fees — Class A |  | 10 | 7 | 21 |
| Sub Transfer Agency Fees — Class L |  |  |  |  |
| Sub Transfer Agency Fees — Class C |  | 3 | 1 | 11 |
| Interest Expense |  |  | 3 | 3 |
| Other Expenses | 24 | 28 | 35 | 26 |
| Total Expenses | 410 | 1985 | 3915 | 3335 |
| Expenses Reimbursed by Adviser (Note B) | (267 |  |  |  |
| Waiver of Advisory Fees (Note B) | (59 | (341) | (262 |  |
| Reimbursement of Class Specific Expenses — Class I (Note B) |  | (114) | (110 | (138) |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (2 | (1) | (3 |  |
| Reimbursement of Class Specific Expenses — Class L (Note B) |  |  | (2 |  |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 | (2) | (2 |  |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 | (5) | (7 | (2) |
| Reimbursement of Class Specific Expenses — Class IR (Note B) |  | (2) | (2 |  |
| Rebate from Morgan Stanley Affiliate (Note G) | (— | (9) | (14 | (6) |
| Net Expenses | 78 | 1511 | 3513 | 3189 |
| **Net Investment Income (Loss)** | 100 | 827 | 5670 | (208) |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of Capital Gain Country Tax of $6, $641, $6,368 and $—, respectively) | 87 | 24465 | 140037 | 24520 |
| Foreign Currency Transactions | (3 | (150) | (1003 |  |
| Futures Contracts |  |  | 580 |  |
| Net Realized Gain | 84 | 24315 | 139614 | 24520 |
| **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 $50, $918, $4,434 <br>and $—, respectively) | 2304 | (11633) | (51261 | 20591 |
| Foreign Currency Translation |  | 12 | 52 |  |
| Net Change in Unrealized Appreciation (Depreciation) | 2304 | (11621) | (51209 | 20591 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 2388 | 12694 | 88405 | 45111 |
| Net Increase in Net Assets Resulting from Operations | $2488 | $13521 | $94075 | $44903 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Operations (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)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of Foreign Taxes Withheld of <br>$25, $—, $742 and $2, respectively) | $470 | $123 | $31446 | $94 |
| Dividends from Security of Affiliated Issuer (Note G) | 13 | 47 | 1679 | 73 |
| Income from Securities Loaned — Net | 1 | 57 |  | 17 |
| Other Income (Note H) | 3 |  | 631 |  |
| Total Investment Income | 487 | 227 | 33756 | 184 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 338 | 240 | 18693 | 529 |
| Professional Fees | 176 | 178 | 216 | 187 |
| Registration Fees | 60 | 56 | 100 | 68 |
| Shareholder Services Fees — Class A (Note D) | 23 | 6 | 692 | 61 |
| Distribution and Shareholder Services Fees — Class L (Note D) |  |  | 58 | 2 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 33 | 11 | 728 | 39 |
| Sub Transfer Agency Fees — Class I | 33 | 19 | 2176 | 48 |
| Sub Transfer Agency Fees — Class A | 10 | 3 | 334 | 31 |
| Sub Transfer Agency Fees — Class L |  |  | 10 |  |
| Sub Transfer Agency Fees — Class C | 4 | 1 | 80 | 5 |
| Administration Fees (Note C) | 36 | 24 | 2051 | 53 |
| Shareholder Reporting Fees | 13 | 12 | 64 | 19 |
| Transfer Agency Fees — Class I (Note E) | 3 | 9 | 27 | 5 |
| Transfer Agency Fees — Class A (Note E) | 3 | 3 | 7 | 5 |
| Transfer Agency Fees — Class L (Note E) |  |  | 5 | 2 |
| Transfer Agency Fees — Class C (Note E) | 3 | 3 | 5 | 3 |
| Transfer Agency Fees — Class R6 (Note E) | 2 | 2 | 8 | 2 |
| Custodian Fees (Note F) | 10 | 13 | 89 | 24 |
| Directors' Fees and Expenses | 6 | 6 | 44 | 6 |
| Pricing Fees | 3 | 2 | 3 | 3 |
| Interest Expense | 1 | 3 | 4 | 3 |
| Other Expenses | 17 | 23 | 117 | 26 |
| Total Expenses | 774 | 614 | 25511 | 1121 |
| Waiver of Advisory Fees (Note B) | (231 | (240 |  | (286 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (19 | (14 |  | (34 |
| Reimbursement of Class Specific Expenses — Class A (Note B) |  | (3 |  | (7 |
| Reimbursement of Class Specific Expenses — Class L (Note B) |  |  |  | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 | (2 |  | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 | (2 |  | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (1 | (2 | (80) | (4 |
| Expenses Reimbursed by Adviser (Note B) |  | (30 |  |  |
| Net Expenses | 519 | 321 | 25431 | 784 |
| **Net Investment Income (Loss)** | (32 | (94 | 8325 | (600 |
| **Realized Gain:** | **Realized Gain:** | **Realized Gain:** | **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 2269 | 5140 | 327192 | 17929 |
| Payment from the Adviser (Note B) |  |  |  | 11 |
| Foreign Currency Transactions |  | 2 | 53 | (— |
| Net Realized Gain | 2269 | 5142 | 327245 | 17940 |
| **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 | 5800 | 1516 | (315811) | (8583 |
| Foreign Currency Translation |  | (1 | 165 |  |
| Net Change in Unrealized Appreciation (Depreciation) | 5800 | 1515 | (315646) | (8583 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 8069 | 6657 | 11599 | 9357 |
| Net Increase in Net Assets Resulting from Operations | $8037 | $6563 | $19924 | $8757 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Operations (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)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of Foreign Taxes Withheld of <br>$1,804, $3, $19 and $37, respectively) | $14443 | $35 | $355 | $5192 |
| Dividends from Security of Affiliated Issuer (Note G) | 3826 | 5 | 24 | 3872 |
| Income from Securities Loaned — Net |  |  |  | 19 |
| Other Income (Note H) | 97 | 1 | 4 |  |
| Total Investment Income | 18366 | 41 | 383 | 9083 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 24265 | 34 | 320 | 18064 |
| Shareholder Services Fees — Class A (Note D) | 2588 | 1 | 16 | 5812 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 286 |  | 10 | 592 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 1632 | 3 | 32 | 1592 |
| Sub Transfer Agency Fees — Class I | 1752 | 2 | 41 | 1618 |
| Sub Transfer Agency Fees — Class A | 1143 |  | 10 | 2653 |
| Sub Transfer Agency Fees — Class L | 29 |  | 2 | 87 |
| Sub Transfer Agency Fees — Class C | 159 |  | 4 | 182 |
| Administration Fees (Note C) | 2645 | 3 | 39 | 3443 |
| Transfer Agency Fees — Class I (Note E) | 45 | 3 | 5 | 64 |
| Transfer Agency Fees — Class A (Note E) | 211 | 3 | 4 | 213 |
| Transfer Agency Fees — Class L (Note E) | 37 |  | 2 | 15 |
| Transfer Agency Fees — Class C (Note E) | 6 | 2 | 3 | 8 |
| Transfer Agency Fees — Class R6 (Note E) | 10 | 2 | 3 | 10 |
| Transfer Agency Fees — Class IR (Note E) | 2 |  |  | 2 |
| Custodian Fees (Note F) | 273 | 17 | 29 | 103 |
| Professional Fees | 252 | 183 | 180 | 203 |
| Registration Fees | 122 | 56 | 72 | 112 |
| Shareholder Reporting Fees | 112 | 14 | 24 | 180 |
| Directors' Fees and Expenses | 55 | 6 | 6 | 69 |
| Interest Expense | 5 |  |  | 24 |
| Pricing Fees | 3 | 4 | 3 | 2 |
| Other Expenses | 174 | 22 | 21 | 205 |
| Total Expenses | 35806 | 355 | 826 | 35253 |
| Rebate from Morgan Stanley Affiliate (Note G) | (179) | (— | (1) | (184 |
| Waiver of Distribution and Shareholder Services Fees — Class L (Note D) | (172) |  |  |  |
| Reimbursement of Class Specific Expenses — Class I (Note B) |  | (3 | (26) |  |
| Reimbursement of Class Specific Expenses — Class A (Note B) |  | (2 | (5) |  |
| Reimbursement of Class Specific Expenses — Class L (Note B) |  |  | (2) |  |
| Reimbursement of Class Specific Expenses — Class C (Note B) |  | (2 | (2) |  |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) |  | (2 | (3) |  |
| Reimbursement of Class Specific Expenses — Class IR (Note B) | (2) |  |  | (2 |
| Waiver of Advisory Fees (Note B) |  | (34 | (320) |  |
| Expenses Reimbursed by Adviser (Note B) |  | (264 | (3) |  |
| Net Expenses | 35453 | 48 | 464 | 35067 |
| **Net Investment Loss** | (17087) | (7 | (81) | (25984 |
| **Realized Gain:** | **Realized Gain:** | **Realized Gain:** | **Realized Gain:** | **Realized Gain:** |
| Investments Sold (Net of Capital Gain Country Tax of $112, $—, $— and $—, respectively) | 273493 | 458 | 8216 | 764724 |
| Payment from the Adviser (Note B) |  |  |  | 6849 |
| Foreign Currency Transactions | 67 | 1 | 1 | 113 |
| Net Realized Gain | 273560 | 459 | 8217 | 771686 |
| **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 $15,812, $—, $— <br>and $—, respectively) | 106535 | 507 | (5119) | 195747 |
| Foreign Currency Translation | 82 |  | 10 |  |
| Net Change in Unrealized Appreciation (Depreciation) | 106617 | 507 | (5109) | 195747 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 380177 | 966 | 3108 | 967433 |
| Net Increase in Net Assets Resulting from Operations | $363090 | $959 | $3027 | $941449 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Operations (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)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of Foreign Taxes Withheld of <br>$—, $3,725, $999 and $961, respectively) | $248 | $24859 | $10535 | $5489 |
| Dividends from Security of Affiliated Issuer (Note G) | 530 | 1323 | 263 | 529 |
| Income from Securities Loaned — Net | 535 | 219 |  | 9 |
| Other Income (Note H) |  | 566 | 861 |  |
| Total Investment Income | 1313 | 26967 | 11659 | 6027 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 3297 | 21189 | 3928 | 6223 |
| Shareholder Services Fees — Class A (Note D) | 310 | 792 | 90 | 437 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 5 | 4 | 23 | 1 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 101 | 110 | 4 | 162 |
| Sub Transfer Agency Fees — Class I | 110 | 2621 | 301 | 632 |
| Sub Transfer Agency Fees — Class A | 164 | 490 |  | 220 |
| Sub Transfer Agency Fees — Class L | 1 | 1 | 3 |  |
| Sub Transfer Agency Fees — Class C | 15 | 14 |  | 19 |
| Administration Fees (Note C) | 287 | 2207 | 393 | 622 |
| Professional Fees | 195 | 235 | 225 | 273 |
| Registration Fees | 79 | 112 | 75 | 94 |
| Shareholder Reporting Fees | 37 | 151 | 33 | 52 |
| Transfer Agency Fees — Class I (Note E) | 14 | 156 | 20 | 36 |
| Transfer Agency Fees — Class A (Note E) | 11 | 9 | 8 | 10 |
| Transfer Agency Fees — Class L (Note E) | 3 | 2 | 3 | 2 |
| Transfer Agency Fees — Class C (Note E) | 3 | 4 | 3 | 4 |
| Transfer Agency Fees — Class R6 (Note E) | 5 | 10 | 3 | 9 |
| Transfer Agency Fees — Class IR (Note E) |  |  |  | 2 |
| Custodian Fees (Note F) | 30 | 441 | 120 | 140 |
| Directors' Fees and Expenses | 10 | 45 | 14 | 17 |
| Interest Expense | 9 | 16 | 2 | 24 |
| Pricing Fees | 4 | 2 | 4 | 2 |
| Other Expenses | 36 | 189 | 43 | 67 |
| Total Expenses | 4726 | 28800 | 5295 | 9048 |
| Waiver of Advisory Fees (Note B) | (642 |  | (366 | (178 |
| Rebate from Morgan Stanley Affiliate (Note G) | (25 | (63) | (12 | (25 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (8 | (281) | (191 | (317 |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (3 | (2) | (2 | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (1 |  | (3 |  |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (5 |  | (3 | (9 |
| Reimbursement of Class Specific Expenses — Class IR (Note B) |  |  |  | (2 |
| Net Expenses | 4042 | 28454 | 4718 | 8515 |
| **Net Investment Income (Loss)** | (2729 | (1487) | 6941 | (2488 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of Capital Gain Country Tax of $—, $170, $— and $182, respectively) | 43066 | 215619 | 151691 | 68529 |
| Investments in Affiliates |  | (29614) |  |  |
| Foreign Currency Transactions | (— | 362 | (85 | (25 |
| Net Realized Gain | 43066 | 186367 | 151606 | 68504 |
| **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 $—, $13,206, <br>$— and $4,722, respectively) | (45557 | 178972 | (60015 | 22043 |
| Investments in Affiliates |  | 37330 |  |  |
| Foreign Currency Translation |  | 609 | 740 | 48 |
| Derivative Contracts — PIPE | 1420 |  |  |  |
| Net Change in Unrealized Appreciation (Depreciation) | (44137 | 216911 | (59275 | 22091 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | (1071 | 403278 | 92331 | 90595 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $(3800 | $401791 | $99272 | $88107 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Operations (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **International<br>Resilience<br>Portfolio<br>(000)** | **Passport <br>Overseas<br>Equity<br>Portfolio<br>(000)** | **Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **US Core<br>Portfolio<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of Foreign Taxes Withheld of <br>$3, $445, $1 and $—, respectively) | $26 | $3533 | $41 | $3179 |
| Dividends from Security of Affiliated Issuer (Note G) | 1 | 275 | 7 | 92 |
| Income from Securities Loaned — Net |  | 17 |  |  |
| Other Income (Note H) |  | 32 |  |  |
| Total Investment Income | 27 | 3857 | 48 | 3271 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Professional Fees | 179 | 231 | 171 | 170 |
| Registration Fees | 56 | 87 | 56 | 84 |
| Custodian Fees (Note F) | 33 | 52 | 13 | 12 |
| Advisory Fees (Note B) | 14 | 1034 | 34 | 2347 |
| Shareholder Reporting Fees | 11 | 33 | 14 | 26 |
| Transfer Agency Fees — Class I (Note E) | 2 | 6 | 3 | 5 |
| Transfer Agency Fees — Class A (Note E) | 2 | 9 | 3 | 4 |
| Transfer Agency Fees — Class L (Note E) |  | 3 |  |  |
| Transfer Agency Fees — Class C (Note E) | 2 | 2 | 2 | 5 |
| Transfer Agency Fees — Class R6 (Note E) | 2 | 2 | 2 | 2 |
| Transfer Agency Fees — Class IR (Note E) |  | 2 |  |  |
| Directors' Fees and Expenses | 6 | 8 | 5 | 11 |
| Pricing Fees | 3 | 5 | 5 | 2 |
| Administration Fees (Note C) | 2 | 127 | 4 | 313 |
| Shareholder Services Fees — Class A (Note D) |  | 135 | 2 | 208 |
| Distribution and Shareholder Services Fees — Class L (Note D) |  | 35 |  |  |
| Distribution and Shareholder Services Fees — Class C (Note D) | 1 | 3 |  | 511 |
| Sub Transfer Agency Fees — Class I |  | 96 | 1 | 259 |
| Sub Transfer Agency Fees — Class A |  | 61 | 1 | 87 |
| Sub Transfer Agency Fees — Class L |  | 5 |  |  |
| Sub Transfer Agency Fees — Class C |  |  |  | 57 |
| Interest Expense |  |  |  | 13 |
| Other Expenses | 23 | 30 | 22 | 30 |
| Total Expenses | 336 | 1966 | 338 | 4146 |
| Expenses Reimbursed by Adviser (Note B) | (296 |  | (249) |  |
| Waiver of Advisory Fees (Note B) | (14 | (255 | (34 | (60) |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (1 | (52 | (2 | (136) |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (2 |  | (2 |  |
| Reimbursement of Class Specific Expenses — Class L (Note B) |  | (1 |  |  |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 | (2 | (2 |  |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 | (2 | (2 | (2) |
| Reimbursement of Class Specific Expenses — Class IR (Note B) |  | (2 |  |  |
| Rebate from Morgan Stanley Affiliate (Note G) | (— | (13 | (— | (4) |
| Net Expenses | 19 | 1639 | 47 | 3944 |
| **Net Investment Income (Loss)** | 8 | 2218 | 1 | (673) |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 43 | 16584 | 534 | 7809 |
| Foreign Currency Transactions |  | (72 |  |  |
| Futures Contracts |  | 1294 |  |  |
| Net Realized Gain | 43 | 17806 | 534 | 7809 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Operations (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **International<br>Resilience<br>Portfolio<br>(000)** | **Passport <br>Overseas<br>Equity<br>Portfolio<br>(000)** | **Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **Permanence<br>Portfolio<br>(consolidated)<br>(000)** | **US Core<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):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $—, $477, <br>$— and $—, respectively) | $185 | $30183 | $294 |  | $54426 |
| Foreign Currency Translation |  | 89 |  | @ |  |
| Futures Contracts |  | (25) |  |  |  |
| Net Change in Unrealized Appreciation (Depreciation) | 185 | 30247 | 294 |  | 54426 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 228 | 48053 | 828 |  | 62235 |
| Net Increase in Net Assets Resulting from Operations | $236 | $50271 | $829 |  | $61562 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Operations (cont'd)

---

| | |
|:---|:---|
| | **Vitality<br>Portfolio<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers | $4 |
| Dividends from Security of Affiliated Issuer (Note G) | 3 |
| Income from Securities Loaned — Net | 1 |
| Total Investment Income | 8 |
| **Expenses:** | **Expenses:** |
| Professional Fees | 159 |
| Registration Fees | 57 |
| Advisory Fees (Note B) | 15 |
| Shareholder Reporting Fees | 11 |
| Transfer Agency Fees — Class I (Note E) | 4 |
| Transfer Agency Fees — Class A (Note E) | 2 |
| Transfer Agency Fees — Class C (Note E) | 2 |
| Transfer Agency Fees — Class R6 (Note E) | 2 |
| Custodian Fees (Note F) | 5 |
| Directors' Fees and Expenses | 5 |
| Administration Fees (Note C) | 2 |
| Pricing Fees | 2 |
| Shareholder Services Fees — Class A (Note D) |  |
| Distribution and Shareholder Services Fees — Class C (Note D) |  |
| Sub Transfer Agency Fees — Class I |  |
| Other Expenses | 14 |
| Total Expenses | 280 |
| Expenses Reimbursed by Adviser (Note B) | (238 |
| Waiver of Advisory Fees (Note B) | (15 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (3 |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (2 |
| Reimbursement of Class Specific Expenses — Class R6 (Note B) | (2 |
| Rebate from Morgan Stanley Affiliate (Note G) | (— |
| Net Expenses | 18 |
| **Net Investment Loss** | (10 |
| **Realized Loss:** | **Realized Loss:** |
| Investments Sold | (345 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 656 |
| Foreign Currency Translation |  |
| Net Change in Unrealized Appreciation (Depreciation) | 656 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 311 |
| Net Increase in Net Assets Resulting from Operations | $301 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** | **American Resilience Portfolio** | **American Resilience Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $(1349 | $(1106) | $7 | $8 |
| Net Realized Gain (Loss) | 19070 | 30804 | (9 | 69 |
| Net Change in Unrealized Appreciation (Depreciation) | 15179 | 23324 | (19 | 43 |
| Net Increase (Decrease) in Net Assets Resulting <br>from Operations | 32900 | 53022 | (21 | 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** | (26 | (1623) | (24 | (53) |
| **Class A** |  | (593) | (1 | (3) |
| **Class L** |  | (23) |  |  |
| **Class C** |  | (117) | (1 | (2) |
| **Class R6** | (32 | (339) | (1 | (3) |
| Total Dividends and Distributions to Shareholders | (58 | (2695) | (27 | (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 | 48252 | 14034 | 100 | 135 |
| Distributions Reinvested | 26 | 1553 | 24 | 53 |
| Redeemed | (69939 | (61067) | (126 | (4) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 7861 | 4999 | 3 |  |
| Distributions Reinvested |  | 582 | 1 | 3 |
| Redeemed | (12523 | (17153) | (— |  |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Subscribed |  |  |  |  |
| Distributions Reinvested |  | 23 |  |  |
| Redeemed | (289 | (417) |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 1913 | 1113 |  |  |
| Distributions Reinvested |  | 115 | 1 | 2 |
| Redeemed | (7941 | (9926) |  |  |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 26004 | 17997 |  |  |
| Distributions Reinvested | 32 | 339 | 1 | 3 |
| Redeemed | (4190 | (14953) |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | (10794 | (62761) | 4 | 192 |
| Total Increase (Decrease) in Net Assets | 22048 | (12434) | (44 | 251 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 194996 | 207430 | 1369 | 1118 |
| End of Period | $217044 | $194996 | $1325 | $1369 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Advantage Portfolio (consolidated)** | **Advantage Portfolio (consolidated)** | **American Resilience Portfolio** | **American Resilience Portfolio** | **American Resilience Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | 1862 | 725 | 9 | 11 |  |
| Shares Issued on Distributions Reinvested | 1 | 61 | 2 | 4 |  |
| Shares Redeemed | (2702 | (3187) | (11 | (— | @@) |
| Net Increase (Decrease) in Class I Shares Outstanding | (839 | (2401) |  | 15 |  |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 308 | 261 |  |  |  |
| Shares Issued on Distributions Reinvested |  | 24 |  |  | @@ |
| Shares Redeemed | (489 | (961) | (— |  |  |
| Net Increase (Decrease) in Class A Shares Outstanding | (181 | (676) |  |  | @@ |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Subscribed |  |  |  |  |  |
| Shares Issued on Distributions Reinvested |  | 1 |  |  |  |
| Shares Redeemed | (11 | (23) |  |  |  |
| Net Increase (Decrease) in Class L Shares Outstanding | (11 | (22) |  |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 83 | 59 |  |  |  |
| Shares Issued on Distributions Reinvested |  | 5 |  |  | @@ |
| Shares Redeemed | (350 | (601) |  |  |  |
| Net Increase (Decrease) in Class C Shares Outstanding | (267 | (537) |  |  | @@ |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 890 | 791 |  |  |  |
| Shares Issued on Distributions Reinvested | 1 | 13 |  |  | @@ |
| Shares Redeemed | (159 | (794) |  |  |  |
| Net Increase in Class R6 Shares Outstanding | 732 | 10 |  |  | @@ |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 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)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $(81) | $322 | $(112 | $(90 |
| Net Realized Gain | 7457 | 4274 | 154 | 599 |
| Net Change in Unrealized Appreciation (Depreciation) | (437) | 17717 | 2370 | 4722 |
| Net Increase in Net Assets Resulting from Operations | 6939 | 22313 | 2412 | 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** | (3014) | (1725) | (421 | (184 |
| **Class A** | (543) | (293) | (10 | (22 |
| **Class C** | (32) | (51) |  |  |
| **Class R6** | (108) | (58) | (— | (— |
| Total Dividends and Distributions to Shareholders | (3697) | (2127) | (431 | (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 | 14050 | 19915 | 48540 | 6186 |
| Distributions Reinvested | 2984 | 1710 | 420 | 178 |
| Redeemed | (21945) | (40571) | (16256 | (13892 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 2145 | 4170 | 652 | 283 |
| Distributions Reinvested | 451 | 245 | 10 | 22 |
| Redeemed | (3934) | (11805) | (2913 | (1081 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 349 | 110 | 117 | 64 |
| Distributions Reinvested | 32 | 51 |  |  |
| Redeemed | (5033) | (3792) | (864 | (1110 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 86 | 137 |  |  |
| Distributions Reinvested | 108 | 58 |  |  |
| Redeemed | (84) | (6752) |  | (1 |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | (10791) | (36524) | 29706 | (9351 |
| Redemption Fees | 4 | 2 |  |  |
| Total Increase (Decrease) in Net Assets | (7545) | (16336) | 31687 | (4326 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 125094 | 141430 | 30909 | 35235 |
| End of Period | $117549 | $125094 | $62596 | $30909 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 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)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | 639 | 1056 | 4567 | 702 |
| Shares Issued on Distributions Reinvested | 140 | 77 | 40 | 17 |
| Shares Redeemed | (996) | (2097) | (1562 | (1515 |
| Net Increase (Decrease) in Class I Shares Outstanding | (217) | (964) | 3045 | (796 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 95 | 216 | 59 | 32 |
| Shares Issued on Distributions Reinvested | 21 | 11 | 1 | 2 |
| Shares Redeemed | (178) | (630) | (291 | (118 |
| Net Decrease in Class A Shares Outstanding | (62) | (403) | (231 | (84 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 17 | 7 | 11 | 7 |
| Shares Issued on Distributions Reinvested | 2 | 2 |  |  |
| Shares Redeemed | (227) | (212) | (84 | (125 |
| Net Decrease in Class C Shares Outstanding | (208) | (203) | (73 | (118 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 3 | 7 |  |  |
| Shares Issued on Distributions Reinvested | 5 | 3 |  |  |
| Shares Redeemed | (4) | (399) |  | (— |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 4 | (389) |  | (— |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Emerging Markets ex China Portfolio** | **Emerging Markets ex China Portfolio** | **Emerging Markets Leaders Portfolio** | **Emerging Markets Leaders Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $100 | $83 | $827 | $(453 |
| Net Realized Gain | 84 | 339 | 24315 | 21925 |
| Net Change in Unrealized Appreciation (Depreciation) | 2304 | (68) | (11621) | (12777 |
| Net Increase in Net Assets Resulting from Operations | 2488 | 354 | 13521 | 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** | (213) | (417) |  |  |
| **Class A** | (2) | (4) |  |  |
| **Class C** | (1) | (4) |  |  |
| **Class R6** | (2) | (4) |  |  |
| Total Dividends and Distributions to Shareholders | (218) | (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 |  |  | 21808 | 66017 |
| Distributions Reinvested | 213 | 417 |  |  |
| Redeemed |  |  | (96550) | (154030 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed |  |  | 855 | 1528 |
| Distributions Reinvested | 2 | 4 |  |  |
| Redeemed |  |  | (3487) | (3851 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed |  |  | 68 | 126 |
| Distributions Reinvested | 1 | 4 |  |  |
| Redeemed |  |  | (569) | (1060 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  |  | 118 | 137 |
| Distributions Reinvested | 2 | 4 |  |  |
| Redeemed |  |  | (187) | (125 |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | 218 | 429 | (77944) | (91258 |
| Redemption Fees |  |  | 85 |  |
| Total Increase (Decrease) in Net Assets | 2488 | 354 | (64338) | (82563 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 6970 | 6616 | 188148 | 270711 |
| End of Period | $9458 | $6970 | $123810 | $188148 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 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 ex China Portfolio** | **Emerging Markets Leaders Portfolio** | **Emerging Markets Leaders Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed |  |  |  |  | 1418 | 4363 |
| Shares Issued on Distributions Reinvested | 14 |  | 32 |  |  |  |
| Shares Redeemed |  |  |  |  | (6257) | (10016) |
| Net Increase (Decrease) in Class I Shares Outstanding | 14 |  | 32 |  | (4839) | (5653) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed |  |  |  |  | 55 | 102 |
| Shares Issued on Distributions Reinvested |  | @@ |  | @@ |  |  |
| Shares Redeemed |  |  |  |  | (230) | (257) |
| Net Increase (Decrease) in Class A Shares Outstanding |  | @@ |  | @@ | (175) | (155) |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed |  |  |  |  | 5 | 9 |
| Shares Issued on Distributions Reinvested |  | @@ |  | @@ |  |  |
| Shares Redeemed |  |  |  |  | (41) | (76) |
| Net Increase (Decrease) in Class C Shares Outstanding |  | @@ |  | @@ | (36) | (67) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  |  |  |  | 8 | 9 |
| Shares Issued on Distributions Reinvested |  | @@ |  | @@ |  |  |
| Shares Redeemed |  |  |  |  | (12) | (8) |
| Net Increase (Decrease) in Class R6 Shares Outstanding |  | @@ |  | @@ | (4) | 1 |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Emerging Markets Portfolio** | **Emerging Markets Portfolio** | **Global Concentrated Portfolio** | **Global Concentrated Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $5670 | $7260 | $(208) | $(96 |
| Net Realized Gain | 139614 | 23602 | 24520 | 1404 |
| Net Change in Unrealized Appreciation (Depreciation) | (51209 | 7466 | 20591 | 39302 |
| Net Increase in Net Assets Resulting from Operations | 94075 | 38328 | 44903 | 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** | (46582 | (1533 | (5922) | (393 |
| **Class A** | (2371 | (53 | (373) |  |
| **Class L** | (113 | (1 |  |  |
| **Class C** | (150 | (2 | (248) |  |
| **Class R6** | (24341 | (5025 | (1) | (— |
| **Class IR** | (7 | (— |  |  |
| Total Dividends and Distributions to Shareholders | (73564 | (6614 | (6544) | (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 | 23811 | 43650 | 146636 | 94143 |
| Distributions Reinvested | 44123 | 1476 | 5922 | 393 |
| Redeemed | (101401 | (78466 | (66225) | (22105 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 996 | 2258 | 8210 | 7442 |
| Distributions Reinvested | 2363 | 53 | 373 |  |
| Redeemed | (3561 | (2117 | (4568) | (3651 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 113 | 1 |  |  |
| Redeemed | (56 | (12 |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 110 | 181 | 6022 | 2674 |
| Distributions Reinvested | 150 | 2 | 248 |  |
| Redeemed | (212 | (35 | (1489) | (1657 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 20876 | 50694 | 101 | 40 |
| Distributions Reinvested | 24341 | 5025 | 1 |  |
| Redeemed | (417582 | (52753 | (65) | (42 |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested | 7 |  |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | (405922 | (30043 | 95166 | 77237 |
| Redemption Fees |  |  |  |  |
| Total Increase (Decrease) in Net Assets | (385411 | 1671 | 133525 | 117454 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 518899 | 517228 | 226122 | 108668 |
| End of Period | $133488 | $518899 | $359647 | $226122 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Emerging Markets Portfolio** | **Emerging Markets Portfolio** | **Global Concentrated Portfolio** | **Global Concentrated Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | 1128 | 2050 | 5699 | 4271 |
| Shares Issued on Distributions Reinvested | 3273 | 67 | 222 | 16 |
| Shares Redeemed | (4743) | (3792 | (2606 | (993 |
| Net Increase (Decrease) in Class I Shares Outstanding | (342) | (1675 | 3315 | 3294 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 46 | 109 | 323 | 333 |
| Shares Issued on Distributions Reinvested | 186 | 2 | 14 |  |
| Shares Redeemed | (168) | (100 | (178 | (165 |
| Net Increase in Class A Shares Outstanding | 64 | 11 | 159 | 168 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested | 10 |  |  |  |
| Shares Redeemed | (5) | (1 |  |  |
| Net Increase (Decrease) in Class L Shares Outstanding | 5 | (1 |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 6 | 9 | 245 | 124 |
| Shares Issued on Distributions Reinvested | 13 |  | 10 |  |
| Shares Redeemed | (9) | (2 | (62 | (81 |
| Net Increase in Class C Shares Outstanding | 10 | 7 | 193 | 43 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 949 | 2303 | 4 | 2 |
| Shares Issued on Distributions Reinvested | 1808 | 228 |  |  |
| Shares Redeemed | (17347) | (2437 | (2 | (2 |
| Net Increase (Decrease) in Class R6 Shares Outstanding | (14590) | 94 | 2 |  |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Issued on Distributions Reinvested | 1 |  |  |  |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Core Portfolio** | **Global Core Portfolio** | **Global Endurance Portfolio** | **Global Endurance Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $(32 | $(25 | $(94 | $104 |
| Net Realized Gain | 2269 | 1484 | 5142 | 2291 |
| Net Change in Unrealized Appreciation (Depreciation) | 5800 | 4771 | 1515 | 270 |
| Net Increase in Net Assets Resulting from Operations | 8037 | 6230 | 6563 | 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** | (887 | (44 | (131 | (137 |
| **Class A** | (260 |  | (5 |  |
| **Class C** | (87 |  |  |  |
| **Class R6** | (— | (— | (— | (— |
| Total Dividends and Distributions to Shareholders | (1234 | (44 | (136 | (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 | 17686 | 9465 | 10225 | 4445 |
| Distributions Reinvested | 887 | 44 | 131 | 137 |
| Redeemed | (10171 | (3937 | (18618 | (18417 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 3268 | 2131 | 1208 | 1044 |
| Distributions Reinvested | 258 |  | 5 |  |
| Redeemed | (1171 | (743 | (1311 | (6369 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 830 | 418 | 135 | 171 |
| Distributions Reinvested | 87 |  |  |  |
| Redeemed | (510 | (760 | (115 | (98 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  |  | 6 |  |
| Distributions Reinvested |  |  |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | 11164 | 6618 | (8334 | (19087 |
| Total Increase (Decrease) in Net Assets | 17967 | 12804 | (1907 | (16559 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 36769 | 23965 | 27993 | 44552 |
| End of Period | $54736 | $36769 | $26086 | $27993 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Core Portfolio** | **Global Core Portfolio** | **Global Endurance Portfolio** | **Global Endurance Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | 816 | 490 | 562 | 283 |
| Shares Issued on Distributions Reinvested | 37 | 2 | 7 | 8 |
| Shares Redeemed | (461 | (202 | (976 | (1090 |
| Net Increase (Decrease) in Class I Shares Outstanding | 392 | 290 | (407 | (799 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 146 | 107 | 64 | 66 |
| Shares Issued on Distributions Reinvested | 11 |  |  |  |
| Shares Redeemed | (53 | (39 | (74 | (410 |
| Net Increase (Decrease) in Class A Shares Outstanding | 104 | 68 | (10 | (344 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 40 | 23 | 8 | 11 |
| Shares Issued on Distributions Reinvested | 4 |  |  |  |
| Shares Redeemed | (23 | (41 | (7 | (6 |
| Net Increase (Decrease) in Class C Shares Outstanding | 21 | (18 | 1 | 5 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  |  |  |  |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Net Increase in Class R6 Shares Outstanding |  |  |  |  |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Franchise Portfolio** | **Global Franchise Portfolio** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $8325 | $17727 | $(600) | $(522) |
| Net Realized Gain | 327245 | 333159 | 17940 | 19690 |
| Net Change in Unrealized Appreciation (Depreciation) | (315646) | (104397) | (8583) | 6817 |
| Net Increase in Net Assets Resulting from Operations | 19924 | 246489 | 8757 | 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** | (161242) | (215059) |  | (633) |
| **Class A** | (26149) | (32968) |  | (260) |
| **Class L** | (874) | (846) |  | (2) |
| **Class C** | (6656) | (9319) |  | (27) |
| **Class R6** | (44658) | (44297) |  | (1) |
| Total Dividends and Distributions to Shareholders | (239579) | (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 | 308510 | 357569 | 13513 | 9317 |
| Distributions Reinvested | 155996 | 209335 |  | 633 |
| Redeemed | (990414) | (734749) | (25531) | (36075) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 31459 | 43740 | 5272 | 3861 |
| Distributions Reinvested | 24963 | 31210 |  | 260 |
| Redeemed | (118658) | (111660) | (6830) | (9926) |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 874 | 846 |  | 2 |
| Redeemed | (878) | (836) |  | (83) |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 4164 | 7409 | 183 | 149 |
| Distributions Reinvested | 6593 | 9171 |  | 27 |
| Redeemed | (38490) | (33469) | (1481) | (1852) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 42793 | 111868 | 65 | 79 |
| Distributions Reinvested | 44402 | 44297 |  | 1 |
| Redeemed | (80116) | (46528) | (71) | (53) |
| Net Decrease in Net Assets Resulting from Capital Share <br>Transactions | (608802) | (111797) | (14880) | (33660) |
| Total Decrease in Net Assets | (828457) | (167797) | (6123) | (8598) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 2763486 | 2931283 | 69383 | 77981 |
| End of Period | $1935029 | $2763486 | $63260 | $69383 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Franchise Portfolio** | **Global Franchise Portfolio** | **Global Insight Portfolio (consolidated)** | **Global Insight Portfolio (consolidated)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | 9109 | 9846 | 697 | 668 |
| Shares Issued on Distributions Reinvested | 5286 | 6089 |  | 33 |
| Shares Redeemed | (29321) | (20425) | (1396) | (2682 |
| Net Decrease in Class I Shares Outstanding | (14926) | (4490) | (699) | (1981 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 941 | 1243 | 279 | 266 |
| Shares Issued on Distributions Reinvested | 875 | 935 |  | 14 |
| Shares Redeemed | (3604) | (3195) | (377) | (795 |
| Net Decrease in Class A Shares Outstanding | (1788) | (1017) | (98) | (515 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested | 31 | 25 |  |  |
| Shares Redeemed | (29) | (24) |  | (8 |
| Net Increase (Decrease) in Class L Shares Outstanding | 2 | 1 |  | (8 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 128 | 218 | 12 | 14 |
| Shares Issued on Distributions Reinvested | 241 | 284 |  | 2 |
| Shares Redeemed | (1214) | (985) | (98) | (181 |
| Net Decrease in Class C Shares Outstanding | (845) | (483) | (86) | (165 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 1285 | 2984 | 3 | 6 |
| Shares Issued on Distributions Reinvested | 1505 | 1288 |  |  |
| Shares Redeemed | (2365) | (1251) | (4) | (4 |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 425 | 3021 | (1) | 2 |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 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)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $(17087) | $(19688) | $(7) | $7 |
| Net Realized Gain | 273560 | 412431 | 459 | 942 |
| Net Change in Unrealized Appreciation (Depreciation) | 106617 | 327658 | 507 | (554) |
| Net Increase in Net Assets Resulting from Operations | 363090 | 720401 | 959 | 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** | (178336) | (151464) | (649) | (595) |
| **Class A** | (102422) | (89475) | (116) | (73) |
| **Class L** | (3853) | (3492) |  |  |
| **Class C** | (16501) | (17473) | (62) | (42) |
| **Class R6** | (16149) | (13791) | (10) | (3) |
| **Class IR** | (150) | (2) |  |  |
| Total Dividends and Distributions to Shareholders | (317411) | (275697) | (837) | (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 | 426445 | 275265 | 249 | 294 |
| Distributions Reinvested | 173689 | 146476 | 649 | 595 |
| Redeemed | (492256) | (494469) | (650) | (1483) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 76990 | 48623 | 487 | 35 |
| Distributions Reinvested | 101001 | 88122 | 116 | 73 |
| Redeemed | (156241) | (180421) | (391) | (1564) |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Subscribed | 2 | 1 |  |  |
| Distributions Reinvested | 3696 | 3350 |  |  |
| Redeemed | (4328) | (4717) |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 7887 | 7319 | 99 | 40 |
| Distributions Reinvested | 16298 | 17143 | 62 | 42 |
| Redeemed | (53880) | (55175) | (47) | (82) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 44702 | 139005 | 35 |  |
| Distributions Reinvested | 16093 | 13327 | 10 | 3 |
| Redeemed | (50224) | (40474) |  |  |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Subscribed | 2453 |  |  |  |
| Distributions Reinvested | 26 | 2 |  |  |
| Redeemed | (832) | (151848) |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | 111521 | (188471) | 619 | (2047) |
| Total Increase (Decrease) in Net Assets | 157200 | 256233 | 741 | (2365) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 3093036 | 2836803 | 3861 | 6226 |
| End of Period | $3250236 | $3093036 | $4602 | $3861 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 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)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | 11242 | 8078 | 18 | 23 |
| Shares Issued on Distributions Reinvested | 4924 | 4006 | 54 | 50 |
| Shares Redeemed | (13099 | (14451 | (52) | (117 |
| Net Increase (Decrease) in Class I Shares Outstanding | 3067 | (2367 | 20 | (44 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 2173 | 1544 | 34 | 3 |
| Shares Issued on Distributions Reinvested | 3108 | 2588 | 10 | 6 |
| Shares Redeemed | (4431 | (5694 | (30) | (129 |
| Net Increase (Decrease) in Class A Shares Outstanding | 850 | (1562 | 14 | (120 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Subscribed |  |  |  |  |
| Shares Issued on Distributions Reinvested | 117 | 101 |  |  |
| Shares Redeemed | (127 | (148 |  |  |
| Net Increase (Decrease) in Class L Shares Outstanding | (10 | (47 |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 248 | 256 | 7 | 3 |
| Shares Issued on Distributions Reinvested | 573 | 563 | 6 | 4 |
| Shares Redeemed | (1709 | (1925 | (4) | (7 |
| Net Increase (Decrease) in Class C Shares Outstanding | (888 | (1106 | 9 | (— |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 1145 | 3641 | 2 |  |
| Shares Issued on Distributions Reinvested | 451 | 361 | 1 |  |
| Shares Redeemed | (1277 | (1235 |  |  |
| Net Increase in Class R6 Shares Outstanding | 319 | 2767 | 3 |  |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Subscribed | 63 |  |  |  |
| Shares Issued on Distributions Reinvested | 1 |  |  |  |
| Shares Redeemed | (22 | (4079 |  |  |
| Net Increase (Decrease) in Class IR Shares Outstanding | 42 | (4079 |  |  |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Stars Portfolio** | **Global Stars Portfolio** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $(81) | $210 | $(25984) | $(19215 |
| Net Realized Gain | 8217 | 25093 | 771686 | 515093 |
| Net Change in Unrealized Appreciation (Depreciation) | (5109) | (11519) | 195747 | 1026813 |
| Net Increase in Net Assets Resulting from Operations | 3027 | 13784 | 941449 | 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** | (7310) | (12607) |  | (8733 |
| **Class A** | (1539) | (1537) |  | (9058 |
| **Class L** | (343) | (344) |  | (91 |
| **Class C** | (691) | (1035) |  |  |
| **Class R6** | (18) | (13) |  | (2390 |
| **Class IR** |  |  |  | (— |
| Total Dividends and Distributions to Shareholders | (9901) | (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 | 4702 | 7502 | 399204 | 466163 |
| Distributions Reinvested | 7310 | 12289 |  | 7708 |
| Redeemed | (29607) | (52338) | (921521) | (1013772 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 1185 | 1156 | 184370 | 64625 |
| Distributions Reinvested | 1539 | 1537 |  | 8754 |
| Redeemed | (1610) | (1738) | (485003) | (522920 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Subscribed |  |  |  | 4 |
| Distributions Reinvested | 315 | 312 |  | 90 |
| Redeemed | (124) | (265) | (9006) | (11240 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 55 | 83 | 7819 | 6137 |
| Distributions Reinvested | 691 | 1035 |  |  |
| Redeemed | (1974) | (688) | (64662) | (68103 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 70 | 29 | 47132 | 106093 |
| Distributions Reinvested | 18 | 13 |  | 2289 |
| Redeemed | (58) | (14888) | (213047) | (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 | (17488) | (45961) | (1054714) | (2853164 |
| Total Decrease in Net Assets | (24362) | (47713) | (113265) | (1350745 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 58794 | 106507 | 4190947 | 5541692 |
| End of Period | $34432 | $58794 | $4077682 | $4190947 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Stars Portfolio** | **Global Stars Portfolio** | **Growth Portfolio (consolidated)** | **Growth Portfolio (consolidated)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | 274 | 388 | 6431 | 10030 |
| Shares Issued on Distributions Reinvested | 556 | 728 |  | 127 |
| Shares Redeemed | (1831) | (2652) | (14527) | (23661 |
| Net Decrease in Class I Shares Outstanding | (1001) | (1536) | (8096) | (13504 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 68 | 60 | 3221 | 1625 |
| Shares Issued on Distributions Reinvested | 119 | 92 |  | 162 |
| Shares Redeemed | (98) | (94) | (8405) | (14068 |
| Net Increase (Decrease) in Class A Shares Outstanding | 89 | 58 | (5184) | (12281 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Subscribed |  |  |  |  |
| Shares Issued on Distributions Reinvested | 26 | 19 |  | 2 |
| Shares Redeemed | (8) | (14) | (181) | (349 |
| Net Increase (Decrease) in Class L Shares Outstanding | 18 | 5 | (181) | (347 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 3 | 4 | 162 | 199 |
| Shares Issued on Distributions Reinvested | 60 | 67 |  |  |
| Shares Redeemed | (135) | (40) | (1367) | (2187 |
| Net Increase (Decrease) in Class C Shares Outstanding | (72) | 31 | (1205) | (1988 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 4 | 2 | 725 | 2638 |
| Shares Issued on Distributions Reinvested | 1 | 1 |  | 37 |
| Shares Redeemed | (3) | (765) | (3245) | (45049 |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 2 | (762) | (2520) | (42374 |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed |  |  |  | (1 |
| Net Increase (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 Annual Report**

**December 31, 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)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $(2729) | $(2680) | $(1487) | $597 |
| Net Realized Gain | 43066 | 111563 | 186367 | 248078 |
| Net Change in Unrealized Appreciation (Depreciation) | (44137) | (30258) | 216911 | (41662) |
| Net Increase (Decrease) in Net Assets Resulting <br>from Operations | (3800) | 78625 | 401791 | 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 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 | 69602 | 66164 | 385881 | 407392 |
| Distributions Reinvested |  | 1772 |  | 3057 |
| Redeemed | (106133) | (122530) | (689737) | (960992) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 55379 | 13919 | 28245 | 38873 |
| Distributions Reinvested |  | 1534 |  |  |
| Redeemed | (78954) | (90069) | (95162) | (126767) |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested |  | 7 |  |  |
| Redeemed | (25) | (122) | (7) | (4) |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 576 | 879 | 637 | 491 |
| Distributions Reinvested |  | 65 |  |  |
| Redeemed | (2734) | (3589) | (5613) | (8211) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 7928 | 6102 | 40263 | 26809 |
| Distributions Reinvested |  | 566 |  | 407 |
| Redeemed | (13107) | (21231) | (130162) | (55127) |
| Net Decrease in Net Assets Resulting from Capital Share <br>Transactions | (67468) | (146533) | (465655) | (674072) |
| Redemption Fees | 28 | 88 |  |  |
| Total Decrease in Net Assets | (71240) | (71767) | (63864) | (470598) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 383113 | 454880 | 2744698 | 3215296 |
| End of Period | $311873 | $383113 | $2680834 | $2744698 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 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)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | 3982 | 5245 | 14557 | 17340 |
| Shares Issued on Distributions Reinvested |  | 105 |  | 123 |
| Shares Redeemed | (6495) | (10106) | (26098 | (40847 |
| Net Decrease in Class I Shares Outstanding | (2513) | (4756) | (11541 | (23384 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 4609 | 1610 | 1120 | 1704 |
| Shares Issued on Distributions Reinvested |  | 138 |  |  |
| Shares Redeemed | (7195) | (11326) | (3675 | (5554 |
| Net Decrease in Class A Shares Outstanding | (2586) | (9578) | (2555 | (3850 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  | 1 |  |  |
| Shares Redeemed | (3) | (20) | (— | (— |
| Net Decrease in Class L Shares Outstanding | (3) | (19) | (— | (— |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 59 | 117 | 27 | 23 |
| Shares Issued on Distributions Reinvested |  | 6 |  |  |
| Shares Redeemed | (274) | (492) | (236 | (390 |
| Net Decrease in Class C Shares Outstanding | (215) | (369) | (209 | (367 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 475 | 486 | 1542 | 1126 |
| Shares Issued on Distributions Reinvested |  | 33 |  | 16 |
| Shares Redeemed | (796) | (1759) | (4929 | (2332 |
| Net Decrease in Class R6 Shares Outstanding | (321) | (1240) | (3387 | (1190 |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 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)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $6941 | $20597 | $(2488) | $(4179 |
| Net Realized Gain | 151606 | 288451 | 68504 | 187912 |
| Net Change in Unrealized Appreciation (Depreciation) | (59275) | (251983) | 22091 | (4853 |
| Net Increase in Net Assets Resulting from Operations | 99272 | 57065 | 88107 | 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** | (79806) | (161214) |  | (851 |
| **Class A** | (16013) | (10455) |  |  |
| **Class L** | (1414) | (1069) |  |  |
| **Class C** | (199) | (275) |  |  |
| **Class R6** | (47648) | (41663) |  | (7 |
| **Class IR** |  |  |  | (— |
| Total Dividends and Distributions to Shareholders | (145080) | (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 | 46974 | 98444 | 120205 | 75619 |
| Distributions Reinvested | 79717 | 160765 |  | 830 |
| Redeemed | (427099) | (761118) | (165293) | (331767 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 1158 | 747 | 20604 | 25246 |
| Distributions Reinvested | 15848 | 10142 |  |  |
| Redeemed | (9275) | (10842) | (41144) | (96570 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 1401 | 1057 |  |  |
| Redeemed | (790) | (953) | (61) | (32 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 45 | 50 | 960 | 464 |
| Distributions Reinvested | 199 | 275 |  |  |
| Redeemed | (113) | (793) | (7828) | (11145 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 6790 | 9368 | 991 | 1218 |
| Distributions Reinvested | 47540 | 40504 |  | 7 |
| Redeemed | (63830) | (115610) | (922) | (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 | (301435) | (567964) | (72488) | (531482 |
| Redemption Fees |  |  | 1 | 5 |
| Total Increase (Decrease) in Net Assets | (347243) | (725575) | 15620 | (353455 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 641572 | 1367147 | 723453 | 1076908 |
| End of Period | $294329 | $641572 | $739073 | $723453 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 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)** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | 4366 | 7126 | 3891 | 2856 |
| Shares Issued on Distributions Reinvested | 12060 | 15639 |  | 28 |
| Shares Redeemed | (39605) | (55652) | (5275) | (12650 |
| Net Decrease in Class I Shares Outstanding | (23179) | (32887) | (1384) | (9766 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 103 | 54 | 674 | 989 |
| Shares Issued on Distributions Reinvested | 2341 | 972 |  |  |
| Shares Redeemed | (998) | (821) | (1356) | (3737 |
| Net Increase (Decrease) in Class A Shares Outstanding | 1446 | 205 | (682) | (2748 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested | 224 | 106 |  |  |
| Shares Redeemed | (96) | (91) | (2) | (2 |
| Net Increase (Decrease) in Class L Shares Outstanding | 128 | 15 | (2) | (2 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 4 | 4 | 34 | 19 |
| Shares Issued on Distributions Reinvested | 34 | 28 |  |  |
| Shares Redeemed | (13) | (77) | (283) | (478 |
| Net Increase (Decrease) in Class C Shares Outstanding | 25 | (45) | (249) | (459 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 639 | 682 | 31 | 48 |
| Shares Issued on Distributions Reinvested | 7225 | 3948 |  |  |
| Shares Redeemed | (6214) | (8650) | (30) | (1355 |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 1650 | (4020) | 1 | (1307 |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed |  |  |  | (5400 |
| Net Increase (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 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **International Resilience Portfolio** | **International Resilience Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | $8 | $11 | $2218 | $1441 |
| Net Realized Gain | 43 | 85 | 17806 | 11005 |
| Net Change in Unrealized Appreciation (Depreciation) | 185 | (32) | 30247 | (1502 |
| Net Increase in Net Assets Resulting from Operations | 236 | 64 | 50271 | 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** | (68) | (61) | (13359) | (2922 |
| **Class A** | (3) | (3) | (6681) | (1437 |
| **Class L** |  |  | (558) | (98 |
| **Class C** | (2) | (2) | (35) | (6 |
| **Class R6** | (2) | (2) | (5) | (1 |
| **Class IR** |  |  | (2) | (— |
| **Paid-In-Capital:** | **Paid-In-Capital:** | **Paid-In-Capital:** | **Paid-In-Capital:** | **Paid-In-Capital:** |
| **Class I** | (1) |  |  |  |
| Total Dividends and Distributions to Shareholders | (76) | (68) | (20640) | (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 | 68 | 106 | 11433 | 11133 |
| Distributions Reinvested | 69 | 61 | 13254 | 2900 |
| Redeemed | (62) | (2) | (21659) | (51894 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed |  | 18 | 2810 | 2495 |
| Distributions Reinvested | 3 | 3 | 6644 | 1419 |
| Redeemed |  |  | (8913) | (9535 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested |  |  | 549 | 96 |
| Redeemed |  |  | (372) | (489 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed |  |  | 33 | 3 |
| Distributions Reinvested | 2 | 2 | 35 | 6 |
| Redeemed |  |  | (83) | (177 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  |  | 1 | 13 |
| Distributions Reinvested | 2 | 2 | 5 | 1 |
| Redeemed |  |  |  | (4 |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Distributions Reinvested |  |  | 2 |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | 82 | 190 | 3739 | (44033 |
| Total Increase (Decrease) in Net Assets | 242 | 186 | 33370 | (37553 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 1892 | 1706 | 137482 | 175035 |
| End of Period | $2134 | $1892 | $170852 | $137482 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **International Resilience Portfolio** | **International Resilience Portfolio** | **International Resilience Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 | 5 | 9 |  | 602 | 700 |
| Shares Issued on Distributions Reinvested | 6 | 5 |  | 720 | 182 |
| Shares Redeemed | (5 | (— | @@) | (1178 | (3325 |
| Net Increase (Decrease) in Class I Shares Outstanding | 6 | 14 |  | 144 | (2443 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed |  | 2 |  | 151 | 153 |
| Shares Issued on Distributions Reinvested |  |  | @@ | 351 | 87 |
| Shares Redeemed |  |  |  | (473 | (585 |
| Net Increase (Decrease) in Class A Shares Outstanding |  | 2 |  | 29 | (345 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested |  |  |  | 29 | 6 |
| Shares Redeemed |  |  |  | (20 | (30 |
| Net Increase (Decrease) in Class L Shares Outstanding |  |  |  | 9 | (24 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed |  |  |  | 2 |  |
| Shares Issued on Distributions Reinvested |  |  | @@ | 2 |  |
| Shares Redeemed |  |  |  | (4 | (11 |
| Net Increase (Decrease) in Class C Shares Outstanding |  |  | @@ |  | (11 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  |  |  |  | 1 |
| Shares Issued on Distributions Reinvested |  |  | @@ |  |  |
| Shares Redeemed |  |  |  |  | (— |
| Net Increase in Class R6 Shares Outstanding |  |  | @@ |  | 1 |
| **Class IR:** | **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 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** | **US Core Portfolio** | **US Core Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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) | $1 | $12 | $(673) | $(325) |
| Net Realized Gain | 534 | 770 | 7809 | 2737 |
| Net Change in Unrealized Appreciation (Depreciation) | 294 | (193) | 54426 | 65871 |
| Net Increase in Net Assets Resulting from Operations | 829 | 589 | 61562 | 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** | (660) | (503) |  | (195) |
| **Class A** | (107) | (76) |  |  |
| **Class C** | (5) | (4) |  |  |
| **Class R6** | (12) | (9) |  | (1) |
| Total Dividends and Distributions to Shareholders | (784) | (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 | 104332 | 124076 |
| Distributions Reinvested | 660 | 503 |  | 194 |
| Redeemed | (1) | (167) | (121732) | (54548) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 226 | 175 | 19092 | 26311 |
| Distributions Reinvested | 107 | 76 |  |  |
| Redeemed | (124) | (359) | (15602) | (10204) |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed |  |  | 10548 | 14538 |
| Distributions Reinvested | 5 | 4 |  |  |
| Redeemed |  | (21) | (10525) | (6458) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  |  | 377 | 716 |
| Distributions Reinvested | 12 | 9 |  | 1 |
| Redeemed |  |  | (406) | (70) |
| Net Increase (Decrease) in Net Assets Resulting from Capital <br>Share Transactions | 886 | 235 | (13916) | 94556 |
| Total Increase in Net Assets | 931 | 232 | 47646 | 162643 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 4625 | 4393 | 384870 | 222227 |
| End of Period | $5556 | $4625 | $432516 | $384870 |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Permanence Portfolio (consolidated)** | **Permanence Portfolio (consolidated)** | **US Core Portfolio** | **US Core Portfolio** |
| | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** | **Year Ended<br>December 31, 2025<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 |  | 1 | 3381 | 4513 |
| Shares Issued on Distributions Reinvested | 50 | 37 |  | 6 |
| Shares Redeemed | (— | (11 | (3929) | (2032 |
| Net Increase (Decrease) in Class I Shares Outstanding | 50 | 27 | (548) | 2487 |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 15 | 12 | 619 | 961 |
| Shares Issued on Distributions Reinvested | 8 | 6 |  |  |
| Shares Redeemed | (9 | (26 | (501) | (379 |
| Net Increase (Decrease) in Class A Shares Outstanding | 14 | (8 | 118 | 582 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed |  |  | 361 | 554 |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Shares Redeemed |  | (1 | (363) | (249 |
| Net Increase (Decrease) in Class C Shares Outstanding |  | (1 | (2) | 305 |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  |  | 12 | 25 |
| Shares Issued on Distributions Reinvested | 1 | 1 |  |  |
| Shares Redeemed |  |  | (13) | (2 |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 1 | 1 | (1) | 23 |

---

@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | |
|:---|:---|:---|
| | **Vitality Portfolio** | **Vitality Portfolio** |
| | **Year Ended<br>December 31, 2025<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 | $(10 | $(8 |
| Net Realized Loss | (345 | (152 |
| Net Change in Unrealized Appreciation (Depreciation) | 656 | (36 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 301 | (196 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (33 | (2 |
| **Class A** | (— |  |
| **Class C** | (— |  |
| **Class R6** | (1 | (— |
| Total Dividends and Distributions to Shareholders | (34 | (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 | 33 | 2 |
| Redeemed |  | (69 |
| **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 21 |  |
| Distributions Reinvested |  |  |
| Redeemed |  | (3 |
| **Class C:** | **Class C:** | **Class C:** |
| Distributions Reinvested |  |  |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Distributions Reinvested | 1 |  |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | 55 | (70 |
| Total Increase (Decrease) in Net Assets | 322 | (268 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 2022 | 2290 |
| End of Period | $2344 | $2022 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** |
| Shares Issued on Distributions Reinvested | 5 |  |
| Shares Redeemed |  | (11 |
| Net Increase (Decrease) in Class I Shares Outstanding | 5 | (11 |
| **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 3 |  |
| Shares Issued on Distributions Reinvested |  |  |
| Shares Redeemed |  | (— |
| Net Increase (Decrease) in Class A Shares Outstanding | 3 | (— |
| **Class C:** | **Class C:** | **Class C:** |
| Shares Issued on Distributions Reinvested |  |  |
| **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Issued on Distributions Reinvested |  |  |

---

@ Amount is less than $500.

@@ Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $23.77 | $17.70 | $12.10 | $33.57 | $43.28 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.13) | (0.08) | (0.08) | (0.14) | (0.32) |
| Net Realized and Unrealized Gain (Loss) | 4.64 | 6.51 | 5.68 | (17.90) | (1.61) |
| Total from Investment Operations | 4.51 | 6.43 | 5.60 | (18.04) | (1.93) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) | (0.36) |  |  |  |
| Net Realized Gain |  |  |  | (3.43) | (7.78) |
| Total Distributions | (0.01) | (0.36) |  | (3.43) | (7.78) |
| **Net Asset Value, End of Period** | $28.27 | $23.77 | $17.70 | $12.10 | $33.57 |
| **Total Return<sup>(2)</sup>** | 18.96% | 36.16% | 46.28%<sup>(3)</sup> | (54.54)% | (4.45)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $101033 | $104895 | $120584 | $112250 | $576158 |
| Ratio of Expenses Before Expense Limitation | 1.02% | 1.03% | 1.01% | 0.97% | 0.88% |
| Ratio of Expenses After Expense Limitation | 0.84%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | 0.81%<sup>(4)(5)</sup> | 0.85%<sup>(4)</sup> | 0.85%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.84%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | N/A | 0.85%<sup>(4)</sup> | N/A |
| Ratio of Net Investment Loss | (0.47)%<sup>(4)</sup> | (0.43)%<sup>(4)</sup> | (0.54)%<sup>(4)(5)</sup> | (0.68)%<sup>(4)</sup> | (0.73)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 61% | 57% | 42% | 51% | 69% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $22.40 | $16.70 | $11.45 | $32.26 | $42.02 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.21) | (0.14) | (0.12) | (0.19) | (0.44) |
| Net Realized and Unrealized Gain (Loss) | 4.36 | 6.13 | 5.37 | (17.19) | (1.54) |
| Total from Investment Operations | 4.15 | 5.99 | 5.25 | (17.38) | (1.98) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.29) |  |  |  |
| Net Realized Gain |  |  |  | (3.43) | (7.78) |
| Total Distributions |  | (0.29) |  | (3.43) | (7.78) |
| **Net Asset Value, End of Period**  | $26.55 | $22.40 | $16.70 | $11.45 | $32.26 |
| **Total Return<sup>(7)</sup>** | 18.53% | 35.75% | 45.85%<sup>(3)</sup> | (54.71)% | (4.72)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $50567 | $46723 | $46114 | $39913 | $117424 |
| Ratio of Expenses Before Expense Limitation | 1.28% | 1.29% | 1.26% | 1.23% | 1.14% |
| Ratio of Expenses After Expense Limitation | 1.18%<sup>(4)</sup> | 1.17%<sup>(4)</sup> | 1.13%<sup>(4)(5)</sup> | 1.19%<sup>(4)</sup> | 1.14%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.18%<sup>(4)</sup> | 1.17%<sup>(4)</sup> | N/A | 1.19%<sup>(4)</sup> | N/A |
| Ratio of Net Investment Loss | (0.81)%<sup>(4)</sup> | (0.76)%<sup>(4)</sup> | (0.87)%<sup>(4)(5)</sup> | (1.02)%<sup>(4)</sup> | (1.02)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 61% | 57% | 42% | 51% | 69% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $23.45 | $17.47 | $11.96 | $33.31 | $43.04 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.16) | (0.11) | (0.10) | (0.16) | (0.36) |
| Net Realized and Unrealized Gain (Loss) | 4.56 | 6.42 | 5.61 | (17.76) | (1.59) |
| Total from Investment Operations | 4.40 | 6.31 | 5.51 | (17.92) | (1.95) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| Total Distributions |  | (0.33) |  | (3.43) | (7.78) |
| **Net Asset Value, End of Period** | $27.85 | $23.45 | $17.47 | $11.96 | $33.31 |
| **Total Return<sup>(2)</sup>** | 18.76% | 35.97% | 46.07%<sup>(3)</sup> | (54.61)% | (4.54)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $1667 | $1659 | $1616 | $1261 | $4120 |
| Ratio of Expenses Before Expense Limitation | 1.92% | 1.95% | 1.92% | 1.79% | 1.65% |
| Ratio of Expenses After Expense Limitation | 0.98%<sup>(4)</sup> | 0.99%<sup>(4)</sup> | 0.94%<sup>(4)(5)</sup> | 0.99%<sup>(4)</sup> | 0.94%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.98%<sup>(4)</sup> | 0.99%<sup>(4)</sup> | N/A | 0.99%<sup>(4)</sup> | N/A |
| Ratio of Net Investment Loss | (0.61)%<sup>(4)</sup> | (0.57)%<sup>(4)</sup> | (0.68)%<sup>(4)(5)</sup> | (0.81)%<sup>(4)</sup> | (0.82)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 61% | 57% | 42% | 51% | 69% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $20.45 | $15.26 | $10.55 | $30.48 | $40.44 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.36) | (0.25) | (0.21) | (0.31) | (0.71) |
| Net Realized and Unrealized Gain (Loss) | 3.97 | 5.57 | 4.92 | (16.19) | (1.47) |
| Total from Investment Operations | 3.61 | 5.32 | 4.71 | (16.50) | (2.18) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| Total Distributions |  | (0.13) |  | (3.43) | (7.78) |
| **Net Asset Value, End of Period**  | $24.06 | $20.45 | $15.26 | $10.55 | $30.48 |
| **Total Return<sup>(7)</sup>**  | 17.65% | 34.81% | 44.64%<sup>(3)</sup> | (55.02)% | (5.41)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $15024 | $18241 | $21811 | $20422 | $68793 |
| Ratio of Expenses Before Expense Limitation | 2.03% | 2.04% | 2.01% | 1.95% | 1.84% |
| Ratio of Expenses After Expense Limitation | 1.93%<sup>(4)</sup> | 1.92%<sup>(4)</sup> | 1.89%<sup>(4)(5)</sup> | 1.90%<sup>(4)</sup> | 1.84%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.93%<sup>(4)</sup> | 1.92%<sup>(4)</sup> | N/A | 1.90%<sup>(4)</sup> | N/A |
| Ratio of Net Investment Loss | (1.56)%<sup>(4)</sup> | (1.50)%<sup>(4)</sup> | (1.62)%<sup>(4)(5)</sup> | (1.72)%<sup>(4)</sup> | (1.72)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 61% | 57% | 42% | 51% | 69% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $23.93 | $17.82 | $12.18 | $33.74 | $43.41 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.12) | (0.08) | (0.07) | (0.13) | (0.29) |
| Net Realized and Unrealized Gain (Loss) | 4.67 | 6.55 | 5.71 | (18.00) | (1.60) |
| Total from Investment Operations | 4.55 | 6.47 | 5.64 | (18.13) | (1.89) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.02) | (0.36) |  |  |  |
| Net Realized Gain |  |  |  | (3.43) | (7.78) |
| Total Distributions | (0.02) | (0.36) |  | (3.43) | (7.78) |
| **Net Asset Value, End of Period**  | $28.46 | $23.93 | $17.82 | $12.18 | $33.74 |
| **Total Return<sup>(2)</sup>**  | 19.01% | 36.19% | 46.31%<sup>(3)</sup> | (54.53)% | (4.36)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $48753 | $23478 | $17305 | $18157 | $47842 |
| Ratio of Expenses Before Expense Limitation | 0.91% | 0.96% | 0.90% | 0.86% | 0.77% |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | 0.77%<sup>(4)(5)</sup> | 0.81%<sup>(4)</sup> | 0.77%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.80%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | N/A | 0.81%<sup>(4)</sup> | N/A |
| Ratio of Net Investment Loss | (0.43)%<sup>(4)</sup> | (0.39)%<sup>(4)</sup> | (0.50)%<sup>(4)(5)</sup> | (0.64)%<sup>(4)</sup> | (0.65)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 61% | 57% | 42% | 51% | 69% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period 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.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of 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) |

---

(6) Amount is less than 0.005%.

(7) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(8) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights

**American Resilience Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **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> | 0.07 | 0.07 | 0.10 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | (0.24) | 1.11 | 1.72 | (0.71) |
| Total from Investment Operations | (0.17) | 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 | (0.07) | (0.11) | (0.14) |  |
| Net Realized Gain | (0.17) | (0.44) |  |  |
| Total Distributions | (0.24) | (0.55) | (0.14) |  |
| **Net Asset Value, End of Period**  | $11.23 | $11.64 | $11.01 | $9.33 |
| **Total Return<sup>(3)</sup>** | (1.45)% | 10.56% | 19.54%<sup>(4)</sup> | (6.70)%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1143 | $1186 | $952 | $793 |
| Ratio of Expenses Before Expense Limitation | 23.22% | 21.08% | 29.44% | 36.85%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.70%<sup>(7)</sup> | 0.70%<sup>(7)</sup> | 0.50%<sup>(7)(8)</sup> | 0.70%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 0.58%<sup>(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>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 63% | 43% | 35% | 6%<sup>(5)</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**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> | 0.03 | 0.03 | 0.06 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | (0.24) | 1.10 | 1.73 | (0.71) |
| Total from Investment Operations | (0.21) | 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 | (0.03) | (0.06) | (0.11) |  |
| Net Realized Gain | (0.17) | (0.44) |  |  |
| Total Distributions | (0.20) | (0.50) | (0.11) |  |
| **Net Asset Value, End of Period** | $11.21 | $11.62 | $10.99 | $9.31 |
| **Total Return<sup>(10)</sup>** | (1.81)% | 10.21% | 19.20%<sup>(4)</sup> | (6.90)%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $62 | $61 | $55 | $47 |
| Ratio of Expenses Before Expense Limitation | 26.70% | 24.76% | 33.82% | 41.47%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 1.05%<sup>(7)</sup> | 1.05%<sup>(7)</sup> | 0.85%<sup>(7)(8)</sup> | 1.05%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 0.23%<sup>(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>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 63% | 43% | 35% | 6%<sup>(5)</sup> |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**American Resilience Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **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> | (0.06) | (0.05) | (0.02) | (0.01) |
| Net Realized and Unrealized Gain (Loss) | (0.23) | 1.08 | 1.71 | (0.70) |
| Total from Investment Operations | (0.29) | 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 | (0.17) | (0.44) |  |  |
| Total Distributions | (0.17) | (0.44) | (0.03) |  |
| **Net Asset Value, End of Period** | $11.08 | $11.54 | $10.95 | $9.29 |
| **Total Return<sup>(10)</sup>** | (2.48)% | 9.31% | 18.21%<sup>(4)</sup> | (7.10)%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $59 | $60 | $55 | $46 |
| Ratio of Expenses Before Expense Limitation | 27.49% | 25.56% | 34.58% | 42.21%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 1.80%<sup>(7)</sup> | 1.80%<sup>(7)</sup> | 1.60%<sup>(7)(8)</sup> | 1.80%<sup>(6)(7)</sup> |
| Ratio of Net Investment Loss | (0.52)%<sup>(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>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 63% | 43% | 35% | 6%<sup>(5)</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **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> | 0.07 | 0.08 | 0.10 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | (0.23) | 1.10 | 1.73 | (0.71) |
| Total from Investment Operations | (0.16) | 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 | (0.07) | (0.11) | (0.15) |  |
| Net Realized Gain | (0.17) | (0.44) |  |  |
| Total Distributions | (0.24) | (0.55) | (0.15) |  |
| **Net Asset Value, End of Period** | $11.24 | $11.64 | $11.01 | $9.33 |
| **Total Return<sup>(3)</sup>** | (1.40)% | 10.61% | 19.60%<sup>(4)</sup> | (6.70)%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $61 | $62 | $56 | $47 |
| Ratio of Expenses Before Expense Limitation | 26.38% | 24.27% | 33.36% | 41.22%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.65%<sup>(7)</sup> | 0.65%<sup>(7)</sup> | 0.45%<sup>(7)(8)</sup> | 0.65%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 0.63%<sup>(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>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(6)(9)</sup> |
| Portfolio Turnover Rate | 63% | 43% | 35% | 6%<sup>(5)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.22% for 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.

(5) Not annualized.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**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 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**Asia Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $21.31 | $18.11 | $19.49 | $24.99 | $31.72 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.01 | 0.07 | 0.05 | 0.00<br><sup>(2)</sup> | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 1.15 | 3.52 | (1.38) | (5.50) | (6.39) |
| Total from Investment Operations | 1.16 | 3.59 | (1.33) | (5.50) | (6.51) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.72) | (0.39) | (0.05) |  |  |
| Net Realized Gain |  |  |  |  | (0.22) |
| Total Distributions | (0.72) | (0.39) | (0.05) |  | (0.22) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $21.75 | $21.31 | $18.11 | $19.49 | $24.99 |
| **Total Return<sup>(3)</sup>** | 5.50% | 19.72% | (6.83)%<sup>(4)</sup> | (22.01)% | (20.52)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $93327 | $96057 | $99101 | $154092 | $320534 |
| Ratio of Expenses Before Expense Limitation | 1.31% | 1.28% | 1.22% | 1.17% | 1.05% |
| Ratio of Expenses After Expense Limitation | 1.10%<sup>(5)</sup> | 1.10%<sup>(5)</sup> | 1.07%<sup>(5)(6)</sup> | 1.10%<sup>(5)</sup> | 1.05%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.10%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.04%<sup>(5)</sup> | 0.36%<sup>(5)</sup> | 0.25%<sup>(5)(6)</sup> | 0.01%<sup>(5)</sup> | (0.41)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 20% | 19% | 16% | 14% | 65% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $20.88 | $17.75 | $19.12 | $24.58 | $31.29 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.06) | 0.01 | (0.02) | (0.06) | (0.20) |
| Net Realized and Unrealized Gain (Loss) | 1.12 | 3.44 | (1.35) | (5.40) | (6.29) |
| Total from Investment Operations | 1.06 | 3.45 | (1.37) | (5.46) | (6.49) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 | (0.64) | (0.32) |  |  |  |
| Net Realized Gain |  |  |  |  | (0.22) |
| Total Distributions | (0.64) | (0.32) |  |  | (0.22) |
| **Redemption Fees** | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $21.30 | $20.88 | $17.75 | $19.12 | $24.58 |
| **Total Return<sup>(8)</sup>** | 5.15% | 19.36% | (7.17)%<sup>(4)</sup> | (22.21)% | (20.74)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $18194 | $19120 | $23418 | $29072 | $77496 |
| Ratio of Expenses Before Expense Limitation | 1.58% | 1.54% | 1.53% | 1.42% | 1.32% |
| Ratio of Expenses After Expense Limitation | 1.43%<sup>(5)</sup> | 1.40%<sup>(5)</sup> | 1.40%<sup>(5)(6)</sup> | 1.38%<sup>(5)</sup> | 1.32%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.43%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.29)%<sup>(5)</sup> | 0.05%<sup>(5)</sup> | (0.08)%<sup>(5)(6)</sup> | (0.29)%<sup>(5)</sup> | (0.69)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 20% | 19% | 16% | 14% | 65% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Asia Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $19.83 | $16.86 | $18.29 | $23.69 | $30.39 |
| **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>(1)</sup> | (0.22) | (0.12) | (0.15) | (0.19) | (0.41) |
| Net Realized and Unrealized Gain (Loss) | 1.08 | 3.24 | (1.28) | (5.21) | (6.07) |
| Total from Investment Operations | 0.86 | 3.12 | (1.43) | (5.40) | (6.48) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.24) | (0.15) |  |  |  |
| Net Realized Gain |  |  |  |  | (0.22) |
| Total Distributions | (0.24) | (0.15) |  |  | (0.22) |
| **Redemption Fees**  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $20.45 | $19.83 | $16.86 | $18.29 | $23.69 |
| **Total Return<sup>(8)</sup>** | 4.35% | 18.47% | (7.82)%<sup>(4)</sup> | (22.79)% | (21.32)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2714 | $6772 | $9174 | $13816 | $18947 |
| Ratio of Expenses Before Expense Limitation | 2.37% | 2.29% | 2.26% | 2.15% | 2.05% |
| Ratio of Expenses After Expense Limitation | 2.20%<sup>(5)</sup> | 2.15%<sup>(5)</sup> | 2.14%<sup>(5)(6)</sup> | 2.11%<sup>(5)</sup> | 2.05%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.20%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.07)%<sup>(5)</sup> | (0.70)%<sup>(5)</sup> | (0.82)%<sup>(5)(6)</sup> | (1.00)%<sup>(5)</sup> | (1.41)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 20% | 19% | 16% | 14% | 65% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $21.38 | $18.15 | $19.55 | $25.04 | $31.76 |
| **Income (Loss) from Investment Operations:** | **Income (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> | 0.02 | 0.08 | 0.06 | 0.01 | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 1.15 | 3.54 | (1.40) | (5.50) | (6.41) |
| Total from Investment Operations | 1.17 | 3.62 | (1.34) | (5.49) | (6.50) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.73) | (0.40) | (0.06) |  |  |
| Net Realized Gain |  |  |  |  | (0.22) |
| Total Distributions | (0.73) | (0.40) | (0.06) |  | (0.22) |
| **Redemption Fees**  | 0.01 | 0.01 | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $21.83 | $21.38 | $18.15 | $19.55 | $25.04 |
| **Total Return<sup>(3)</sup>** | 5.59% | 19.90% | (6.80)%<sup>(4)</sup> | (21.96)% | (20.46)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3314 | $3145 | $9737 | $10510 | $13400 |
| Ratio of Expenses Before Expense Limitation | 1.25% | 1.28% | 1.17% | 1.12% | 0.98% |
| Ratio of Expenses After Expense Limitation | 1.05%<sup>(5)</sup> | 1.05%<sup>(5)</sup> | 1.02%<sup>(5)(6)</sup> | 1.05%<sup>(5)</sup> | 0.98%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.05%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.09%<sup>(5)</sup> | 0.41%<sup>(5)</sup> | 0.29%<sup>(5)(6)</sup> | 0.06%<sup>(5)</sup> | (0.31)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 20% | 19% | 16% | 14% | 65% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period 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) 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 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Asia Opportunity Portfolio**

(6) 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 |

---

(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) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**Developing Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $10.03 | $8.65 | $8.21 | $11.79 | $14.50 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.02) | (0.01) | (0.00)<sup>(2)</sup> | (0.04) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 0.81 | 1.47 | 0.44 | (3.54) | (2.61) |
| Total from Investment Operations | 0.79 | 1.46 | 0.44 | (3.58) | (2.71) |
| **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:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.08) | (0.08) |  |  |  |
| **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**  | $10.74 | $10.03 | $8.65 | $8.21 | $11.79 |
| **Total Return<sup>(3)</sup>** | 8.29% | 16.79% | 5.36%<sup>(4)</sup> | (30.36)% | (18.69)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $57681 | $23319 | $26984 | $66056 | $197435 |
| Ratio of Expenses Before Expense Limitation | 1.94% | 2.00% | 1.69% | 1.45% | 1.23% |
| Ratio of Expenses After Expense Limitation | 1.16%<sup>(5)(6)</sup> | 1.15%<sup>(6)</sup> | 1.12%<sup>(6)(7)</sup> | 1.15%<sup>(6)</sup> | 1.15%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.14%<sup>(6)</sup> | N/A | N/A | 1.15%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (0.18)%<sup>(6)</sup> | (0.12)%<sup>(6)</sup> | (0.04)%<sup>(6)(7)</sup> | (0.42)%<sup>(6)</sup> | (0.73)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 51% | 29% | 15% | 31% | 64% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $9.91 | $8.55 | $8.15 | $11.73 | $14.47 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.06) | (0.04) | (0.03) | (0.06) | (0.14) |
| Net Realized and Unrealized Gain (Loss) | 0.81 | 1.44 | 0.43 | (3.52) | (2.60) |
| Total from Investment Operations | 0.75 | 1.40 | 0.40 | (3.58) | (2.74) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.04) | (0.04) |  |  |  |
| **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** | $10.62 | $9.91 | $8.55 | $8.15 | $11.73 |
| **Total Return<sup>(9)</sup>** | 7.96% | 16.40% | 4.91%<sup>(4)</sup> | (30.52)% | (18.94)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2842 | $4940 | $4981 | $5057 | $11974 |
| Ratio of Expenses Before Expense Limitation | 2.31% | 2.32% | 1.99% | 1.69% | 1.48% |
| Ratio of Expenses After Expense Limitation | 1.51%<sup>(5)(6)</sup> | 1.47%<sup>(6)</sup> | 1.44%<sup>(6)(7)</sup> | 1.45%<sup>(6)</sup> | 1.46%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.49%<sup>(6)</sup> | N/A | N/A | 1.44%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (0.53)%<sup>(6)</sup> | (0.44)%<sup>(6)</sup> | (0.38)%<sup>(6)(7)</sup> | (0.69)%<sup>(6)</sup> | (1.03)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 51% | 29% | 15% | 31% | 64% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Developing Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $9.58 | $8.29 | $7.97 | $11.55 | $14.36 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.13) | (0.11) | (0.09) | (0.12) | (0.24) |
| Net Realized and Unrealized Gain (Loss) | 0.78 | 1.40 | 0.41 | (3.46) | (2.57) |
| Total from Investment Operations | 0.65 | 1.29 | 0.32 | (3.58) | (2.81) |
| **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** | $10.23 | $9.58 | $8.29 | $7.97 | $11.55 |
| **Total Return<sup>(9)</sup>** | 7.10% | 15.56% | 4.15%<sup>(4)</sup> | (31.08)% | (19.57)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2062 | $2640 | $3260 | $4076 | $6911 |
| Ratio of Expenses Before Expense Limitation | 3.06% | 3.10% | 2.74% | 2.45% | 2.21% |
| Ratio of Expenses After Expense Limitation | 2.26%<sup>(5)(6)</sup> | 2.25%<sup>(6)</sup> | 2.20%<sup>(6)(7)</sup> | 2.21%<sup>(6)</sup> | 2.19%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.24%<sup>(6)</sup> | N/A | N/A | 2.20%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Loss | (1.28)%<sup>(6)</sup> | (1.22)%<sup>(6)</sup> | (1.12)%<sup>(6)(7)</sup> | (1.44)%<sup>(6)</sup> | (1.78)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 51% | 29% | 15% | 31% | 64% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $10.05 | $8.67 | $8.23 | $11.80 | $14.51 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.01) | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | (0.03) | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 1.14 | 1.46 | 0.44 | (3.54) | (2.61) |
| Total from Investment Operations | 1.13 | 1.46 | 0.44 | (3.57) | (2.71) |
| **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:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.08) | (0.08) |  |  |  |
| **Redemption Fees**  | (0.33) |  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $10.77 | $10.05 | $8.67 | $8.23 | $11.80 |
| **Total Return<sup>(3)</sup>** | 8.30% | 16.81% | 5.35%<sup>(4)</sup> | (30.25)% | (18.68)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $11 | $10 | $10 | $8 | $12 |
| Ratio of Expenses Before Expense Limitation | 21.74% | 25.49% | 29.92% | 24.48% | 17.42% |
| Ratio of Expenses After Expense Limitation | 1.11%<sup>(5)(6)</sup> | 1.10%<sup>(6)</sup> | 1.03%<sup>(6)(7)</sup> | 1.11%<sup>(5)(6)</sup> | 1.10%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.10%<sup>(6)</sup> | N/A | N/A | 1.10%<sup>(6)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | (0.13)%<sup>(6)</sup> | (0.07)%<sup>(6)</sup> | 0.05%<sup>(6)(7)</sup> | (0.34)%<sup>(6)</sup> | (0.69)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 51% | 29% | 15% | 31% | 64% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period 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) Ratio is above the expense limitation due to interest expense, 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 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Developing Opportunity 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>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) |

---

(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 Annual Report**

**December 31, 2025**

Financial Highlights

**Emerging Markets ex China Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **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> | 0.18 | 0.16 | 0.20 | 0.01 |
| Net Realized and Unrealized Gain | 4.21 | 0.53 | 2.13 | 0.88 |
| Total from Investment Operations | 4.39 | 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 | (0.22) | (0.15) | (0.21) |  |
| Net Realized Gain | (0.17) | (0.65) | (0.58) |  |
| Total Distributions | (0.39) | (0.80) | (0.79) |  |
| **Net Asset Value, End of Period** | $16.32 | $12.32 | $12.43 | $10.89 |
| **Total Return<sup>(3)</sup>** | 35.77% | 5.31% | 21.57%<sup>(4)</sup> | 8.90%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $9178 | $6763 | $6419 | $5283 |
| Ratio of Expenses Before Expense Limitation | 5.14% | 5.26% | 7.05% | 8.64%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.98%<sup>(7)</sup> | 0.98%<sup>(7)</sup> | 0.96%<sup>(7)(8)</sup> | 0.98%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 1.29%<sup>(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>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01%<sup>(6)</sup> |
| Portfolio Turnover Rate | 16% | 32% | 40% | 21%<sup>(5)</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **Period from<br>September 30, 2022<sup>(1)</sup> to**<br>**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> | 0.13 | 0.11 | 0.16 | (0.00)<sup>(10)</sup> |
| Net Realized and Unrealized Gain | 4.18 | 0.53 | 2.11 | 0.88 |
| Total from Investment Operations | 4.31 | 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 | (0.16) | (0.10) | (0.16) |  |
| Net Realized Gain | (0.17) | (0.65) | (0.58) |  |
| Total Distributions | (0.33) | (0.75) | (0.74) |  |
| **Net Asset Value, End of Period** | $16.28 | $12.30 | $12.41 | $10.88 |
| **Total Return<sup>(11)</sup>** | 35.23% | 4.94% | 21.10%<sup>(4)</sup> | 8.80%<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) | $94 | $69 | $66 | $54 |
| Ratio of Expenses Before Expense Limitation | 8.07% | 8.43% | 10.80% | 13.28%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(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) | 0.92%<sup>(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>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01%<sup>(6)</sup> |
| Portfolio Turnover Rate | 16% | 32% | 40% | 21%<sup>(5)</sup> |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Emerging Markets ex China Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **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> | 0.02 | 0.01 | 0.07 | (0.02) |
| Net Realized and Unrealized Gain | 4.16 | 0.53 | 2.11 | 0.88 |
| Total from Investment Operations | 4.18 | 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 | (0.06) | (0.00)(<sup>10)</sup> | (0.08) |  |
| Net Realized Gain | (0.17) | (0.65) | (0.58) |  |
| Total Distributions | (0.23) | (0.65) | (0.66) |  |
| **Net Asset Value, End of Period** | $16.22 | $12.27 | $12.38 | $10.86 |
| **Total Return<sup>(11)</sup>** | 34.19% | 4.19% | 20.22%<sup>(4)</sup> | 8.60%<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) | $91 | $68 | $65 | $54 |
| Ratio of Expenses Before Expense Limitation | 8.88% | 9.22% | 11.57% | 14.04%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(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) | 0.17%<sup>(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>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01%<sup>(6)</sup> |
| Portfolio Turnover Rate | 16% | 32% | 40% | 21%<sup>(5)</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **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> | 0.18 | 0.17 | 0.20 | 0.01 |
| Net Realized and Unrealized Gain | 4.21 | 0.53 | 2.13 | 0.88 |
| Total from Investment Operations | 4.39 | 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 | (0.22) | (0.16) | (0.21) |  |
| Net Realized Gain | (0.17) | (0.65) | (0.58) |  |
| Total Distributions | (0.39) | (0.81) | (0.79) |  |
| **Net Asset Value, End of Period** | $16.32 | $12.32 | $12.43 | $10.89 |
| **Total Return<sup>(3)</sup>** | 35.80% | 5.34% | 21.61%<sup>(4)</sup> | 8.90%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $95 | $70 | $66 | $54 |
| Ratio of Expenses Before Expense Limitation | 7.79% | 8.16% | 10.54% | 13.03%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> | 0.92%<sup>(7)(8)</sup> | 0.94%<sup>(6)(7)</sup> |
| Ratio of Net Investment Income | 1.32%<sup>(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>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01%<sup>(6)</sup> |
| Portfolio Turnover Rate | 16% | 32% | 40% | 21%<sup>(5)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period 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) Not annualized.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**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 Annual Report**

**December 31, 2025**

Financial Highlights

**Emerging Markets Leaders Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $15.08 | $14.75 | $13.15 | $19.77 | $19.43 |
| **Income (Loss) from Investment Operations:** | **Income (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 | (0.02) | (0.01) | (0.08) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 1.48 | 0.35 | 1.61 | (6.54) | 0.55 |
| Total from Investment Operations | 1.57 | 0.33 | 1.60 | (6.62) | 0.36 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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** | 0.01 | 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** | $16.66 | $15.08 | $14.75 | $13.15 | $19.77 |
| **Total Return<sup>(3)</sup>** | 10.61% | 2.24% | 12.17%<sup>(4)</sup> | (33.49)% | 1.84% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $114279 | $176361 | $255999 | $259940 | $339152 |
| Ratio of Expenses Before Expense Limitation | 1.30% | 1.16% | 1.13% | 1.27% | 1.23% |
| Ratio of Expenses After Expense Limitation | 0.98%<sup>(5)</sup> | 1.02%<sup>(5)(6)</sup> | 1.03%<sup>(5)(7)</sup> | 1.15%<sup>(5)(8)</sup> | 1.18%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | N/A | 1.18%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | 0.59%<sup>(5)</sup> | (0.17)%<sup>(5)</sup> | (0.08)%<sup>(5)(7)</sup> | (0.50)%<sup>(5)</sup> | (0.92)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 59% | 58% | 54% | 62% | 27% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $14.63 | $14.36 | $12.84 | $19.37 | $19.09 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.04 | (0.08) | (0.05) | (0.12) | (0.24) |
| Net Realized and Unrealized Gain (Loss) | 1.42 | 0.35 | 1.57 | (6.41) | 0.54 |
| Total from Investment Operations | 1.46 | 0.27 | 1.52 | (6.53) | 0.30 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net 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**  | $16.09 | $14.63 | $14.36 | $12.84 | $19.37 |
| **Total Return<sup>(10)</sup>** | 10.12% | 1.88% | 11.84%<sup>(4)</sup> | (33.71)% | 1.56% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $6919 | $8839 | $10912 | $13113 | $25015 |
| Ratio of Expenses Before Expense Limitation | 1.60% | 1.46% | 1.40% | 1.55% | 1.52% |
| Ratio of Expenses After Expense Limitation | 1.34%<sup>(5)</sup> | 1.37%<sup>(5)(6)</sup> | 1.36%<sup>(5)(7)</sup> | 1.45%<sup>(5)(8)</sup> | 1.47%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | N/A | 1.47%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | 0.23%<sup>(5)</sup> | (0.51)%<sup>(5)</sup> | (0.41)%<sup>(5)(7)</sup> | (0.83)%<sup>(5)</sup> | (1.21)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 59% | 58% | 54% | 62% | 27% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Emerging Markets Leaders Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $13.66 | $13.51 | $12.17 | $18.49 | $18.37 |
| **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 Loss<sup>(1)</sup> | (0.07) | (0.18) | (0.15) | (0.22) | (0.38) |
| Net Realized and Unrealized Gain (Loss) | 1.32 | 0.33 | 1.49 | (6.10) | 0.52 |
| Total from Investment Operations | 1.25 | 0.15 | 1.34 | (6.32) | 0.14 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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** | $14.91 | $13.66 | $13.51 | $12.17 | $18.49 |
| **Total Return<sup>(10)</sup>** | 9.30% | 1.11% | 11.01%<sup>(4)</sup> | (34.18)% | 0.75% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $2233 | $2542 | $3421 | $4179 | $8220 |
| Ratio of Expenses Before Expense Limitation | 2.43% | 2.24% | 2.16% | 2.28% | 2.29% |
| Ratio of Expenses After Expense Limitation | 2.09%<sup>(5)</sup> | 2.12%<sup>(5)(6)</sup> | 2.12%<sup>(5)(7)</sup> | 2.17%<sup>(5)(8)</sup> | 2.24%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | N/A | 2.24%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.52)%<sup>(5)</sup> | (1.26)%<sup>(5)</sup> | (1.17)%<sup>(5)(7)</sup> | (1.56)%<sup>(5)</sup> | (1.98)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 59% | 58% | 54% | 62% | 27% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $15.14 | $14.81 | $13.19 | $19.81 | $19.45 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.10 | (0.02) | (0.01) | (0.09) | (0.17) |
| Net Realized and Unrealized Gain (Loss) | 1.48 | 0.34 | 1.63 | (6.53) | 0.55 |
| Total from Investment Operations | 1.58 | 0.32 | 1.62 | (6.62) | 0.38 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  |  | (0.02) |
| **Redemption Fees**  | 0.01 | 0.01 | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $16.73 | $15.14 | $14.81 | $13.19 | $19.81 |
| **Total Return<sup>(3)</sup>** | 10.63% | 2.23% | 12.28%<sup>(4)</sup> | (33.42)% | 1.94% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $370 | $398 | $371 | $9360 | $41692 |
| Ratio of Expenses Before Expense Limitation | 2.54% | 2.35% | 1.08% | 1.20% | 1.16% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(5)</sup> | 0.97%<sup>(5)(6)</sup> | 0.99%<sup>(5)(7)</sup> | 1.08%<sup>(5)(8)</sup> | 1.10%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | N/A | 1.10%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | 0.63%<sup>(5)</sup> | (0.12)%<sup>(5)</sup> | (0.03)%<sup>(5)(7)</sup> | (0.59)%<sup>(5)</sup> | (0.84)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 59% | 58% | 54% | 62% | 27% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**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,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **Period from<br>April 12, 2021<sup>(12)</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> | 0.10 | (0.02) | (0.01) | (0.07) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 1.49 | 0.35 | 1.63 | (6.56) | 0.58 |
| Total from Investment Operations | 1.59 | 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** | $16.72 | $15.13 | $14.80 | $13.18 | $19.81 |
| **Total Return<sup>(3)</sup>** | 10.64% | 2.23% | 12.29%<sup>(4)</sup> | (33.47)% | 2.36%<sup>(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) | $9 | $8 | $8 | $7 | $10 |
| Ratio of Expenses Before Expense Limitation | 26.99% | 26.19% | 29.98% | 11.47% | 14.15%<sup>(14)</sup> |
| Ratio of Expenses After Expense Limitation | 0.93%<sup>(5)</sup> | 0.97%<sup>(5)(6)</sup> | 0.98%<sup>(5)(7)</sup> | 1.08%<sup>(5)(8)</sup> | 1.10%<sup>(5)(14)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | N/A | 1.10%<sup>(5)(14)</sup> |
| Ratio of Net Investment Income (Loss) | 0.64%<sup>(5)</sup> | (0.11)%<sup>(5)</sup> | (0.04)%<sup>(5)(7)</sup> | (0.44)%<sup>(5)</sup> | (0.80)%<sup>(5)(14)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 59% | 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) 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) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) 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.

(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>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) |

---

(8) Effective October 1, 2022, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.05% for Class I shares, 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.

(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.

(12) Commencement of Offering.

(13) Not annualized.

(14) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights

**Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $21.30 | $19.95 | $18.24 | $25.44 | $26.85 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.36 | 0.29 | 0.35 | 0.34 | 0.17 |
| Net Realized and Unrealized Gain (Loss) | 5.94 | 1.33 | 1.85 | (6.72) | 0.73 |
| Total from Investment Operations | 6.30 | 1.62 | 2.20 | (6.38) | 0.90 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.37) | (0.21) | (0.49) | (0.15) | (0.46) |
| Net Realized Gain | (13.19) | (0.06) |  | (0.67) | (1.85) |
| Total Distributions | (13.56) | (0.27) | (0.49) | (0.82) | (2.31) |
| **Redemption Fees**  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $14.04 | $21.30 | $19.95 | $18.24 | $25.44 |
| **Total Return<sup>(3)</sup>** | 32.24% | 8.07% | 12.16%<sup>(4)</sup> | (25.06)% | 3.55% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $75779 | $122217 | $147876 | $145218 | $272406 |
| Ratio of Expenses Before Expense Limitation | 1.15% | 1.10% | 1.12% | 1.16% | 1.09% |
| Ratio of Expenses After Expense Limitation | 0.99%<sup>(5)</sup> | 0.99%<sup>(5)</sup> | 0.97%<sup>(5)(6)(7)</sup> | 1.05%<sup>(5)</sup> | 1.05%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.99%<sup>(5)</sup> | N/A | N/A | 1.05%<sup>(5)</sup> | 1.05%<sup>(5)</sup> |
| Ratio of Net Investment Income | 1.54%<sup>(5)</sup> | 1.37%<sup>(5)</sup> | 1.84%<sup>(5)(6)</sup> | 1.68%<sup>(5)</sup> | 0.61%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 30% | 41% | 34% | 38% | 39% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $20.64 | $19.34 | $17.70 | $24.69 | $26.13 |
| **Income (Loss) from Investment Operations:** | **Income (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> | 0.27 | 0.21 | 0.27 | 0.26 | 0.08 |
| Net Realized and Unrealized Gain (Loss) | 5.74 | 1.29 | 1.79 | (6.51) | 0.71 |
| Total from Investment Operations | 6.01 | 1.50 | 2.06 | (6.25) | 0.79 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 | (0.27) | (0.14) | (0.42) | (0.07) | (0.38) |
| Net Realized Gain | (13.19) | (0.06) |  | (0.67) | (1.85) |
| Total Distributions | (13.46) | (0.20) | (0.42) | (0.74) | (2.23) |
| **Redemption Fees**  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $13.19 | $20.64 | $19.34 | $17.70 | $24.69 |
| **Total Return<sup>(9)</sup>** | 31.79% | 7.69% | 11.73%<sup>(4)</sup> | (25.31)% | 3.23% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $4408 | $5579 | $5011 | $4978 | $9222 |
| Ratio of Expenses Before Expense Limitation | 1.49% | 1.40% | 1.44% | 1.48% | 1.39% |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(5)</sup> | 1.35%<sup>(5)</sup> | 1.33%<sup>(5)(6)(7)</sup> | 1.38%<sup>(5)</sup> | 1.36%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.35%<sup>(5)</sup> | N/A | N/A | 1.38%<sup>(5)</sup> | 1.36%<sup>(5)</sup> |
| Ratio of Net Investment Income | 1.18%<sup>(5)</sup> | 1.01%<sup>(5)</sup> | 1.48%<sup>(5)(6)</sup> | 1.30%<sup>(5)</sup> | 0.28%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 30% | 41% | 34% | 38% | 39% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Emerging Markets Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $20.03 | $18.78 | $17.20 | $24.05 | $25.51 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.15 | 0.10 | 0.18 | 0.16 | (0.06) |
| Net Realized and Unrealized Gain (Loss) | 5.53 | 1.24 | 1.74 | (6.34) | 0.68 |
| Total from Investment Operations | 5.68 | 1.34 | 1.92 | (6.18) | 0.62 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.18) | (0.03) | (0.34) |  | (0.23) |
| Net Realized Gain | (13.19) | (0.06) |  | (0.67) | (1.85) |
| Total Distributions | (13.37) | (0.09) | (0.34) | (0.67) | (2.08) |
| **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** | $12.34 | $20.03 | $18.78 | $17.20 | $24.05 |
| **Total Return<sup>(3)</sup>** | 31.18% | 7.12% | 11.19%<sup>(4)</sup> | (25.68)% | 2.64% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $166 | $170 | $170 | $169 | $233 |
| Ratio of Expenses Before Expense Limitation | 3.02% | 3.03% | 3.19% | 2.88% | 2.69% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(5)</sup> | 1.85%<sup>(5)</sup> | 1.83%<sup>(5)(6)(7)</sup> | 1.90%<sup>(5)</sup> | 1.90%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.85%<sup>(5)</sup> | N/A | N/A | 1.90%<sup>(5)</sup> | 1.90%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | 0.68%<sup>(5)</sup> | 0.51%<sup>(5)</sup> | 0.98%<sup>(5)(6)</sup> | 0.87%<sup>(5)</sup> | (0.23)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 30% | 41% | 34% | 38% | 39% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $19.98 | $18.78 | $17.12 | $24.01 | $25.29 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.09 | 0.05 | 0.13 | 0.09 | (0.10) |
| Net Realized and Unrealized Gain (Loss) | 5.52 | 1.25 | 1.74 | (6.31) | 0.67 |
| Total from Investment Operations | 5.61 | 1.30 | 1.87 | (6.22) | 0.57 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.00)<sup>(2)</sup> | (0.04) | (0.21) |  |  |
| Net Realized Gain | (13.19) | (0.06) |  | (0.67) | (1.85) |
| Total Distributions | (13.19) | (0.10) | (0.21) | (0.67) | (1.85) |
| **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** | $12.40 | $19.98 | $18.78 | $17.12 | $24.01 |
| **Total Return<sup>(9)</sup>** | 30.81% | 6.89% | 10.93%<sup>(4)</sup> | (25.89)% | 2.43% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $327 | $325 | $173 | $338 | $531 |
| Ratio of Expenses Before Expense Limitation | 2.81% | 3.13% | 3.13% | 2.97% | 2.42% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(5)</sup> | 2.10%<sup>(5)</sup> | 2.10%<sup>(5)(6)(7)</sup> | 2.15%<sup>(5)</sup> | 2.15%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.10%<sup>(5)</sup> | N/A | N/A | 2.15%<sup>(5)</sup> | 2.15%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | 0.43%<sup>(5)</sup> | 0.26%<sup>(5)</sup> | 0.71%<sup>(5)(6)</sup> | 0.47%<sup>(5)</sup> | (0.39)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 30% | 41% | 34% | 38% | 39% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Emerging Markets 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>** |
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $21.28 | $19.93 | $18.23 | $25.43 | $26.85 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.36 | 0.30 | 0.36 | 0.35 | 0.20 |
| Net Realized and Unrealized Gain (Loss) | 5.95 | 1.33 | 1.85 | (6.71) | 0.72 |
| Total from Investment Operations | 6.31 | 1.63 | 2.21 | (6.36) | 0.92 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) | (0.22) | (0.51) | (0.17) | (0.49) |
| Net Realized Gain | (13.19) | (0.06) |  | (0.67) | (1.85) |
| Total Distributions | (13.58) | (0.28) | (0.51) | (0.84) | (2.34) |
| **Redemption Fees**  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $14.01 | $21.28 | $19.93 | $18.23 | $25.43 |
| **Total Return<sup>(3)</sup>** | 32.25% | 8.13% | 12.18%<sup>(4)</sup> | (24.98)% | 3.63% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $52793 | $390597 | $363988 | $327910 | $439730 |
| Ratio of Expenses Before Expense Limitation | 1.03% | 0.98% | 1.00% | 1.06% | 0.98% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> | 0.91%<sup>(5)(6)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.95%<sup>(5)</sup> | N/A | N/A | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Net Investment Income | 1.58%<sup>(5)</sup> | 1.41%<sup>(5)</sup> | 1.90%<sup>(5)(6)</sup> | 1.75%<sup>(5)</sup> | 0.71%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 30% | 41% | 34% | 38% | 39% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $21.28 | $19.93 | $18.23 | $25.43 | $26.85 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.37 | 0.30 | 0.36 | 0.35 | 0.20 |
| Net Realized and Unrealized Gain (Loss) | 5.94 | 1.33 | 1.85 | (6.71) | 0.72 |
| Total from Investment Operations | 6.31 | 1.63 | 2.21 | (6.36) | 0.92 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) | (0.22) | (0.51) | (0.17) | (0.49) |
| Net Realized Gain | (13.19) | (0.06) |  | (0.67) | (1.85) |
| Total Distributions | (13.58) | (0.28) | (0.51) | (0.84) | (2.34) |
| **Redemption Fees**  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $14.01 | $21.28 | $19.93 | $18.23 | $25.43 |
| **Total Return<sup>(3)</sup>** | 32.25% | 8.13% | 12.18%<sup>(4)</sup> | (24.98)% | 3.63% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $15 | $11 | $10 | $9 | $12 |
| Ratio of Expenses Before Expense Limitation | 17.66% | 19.80% | 22.94% | 22.06% | 16.98% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> | 0.91%<sup>(5)(6)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.95%<sup>(5)</sup> | N/A | N/A | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Net Investment Income | 1.58%<sup>(5)</sup> | 1.40%<sup>(5)</sup> | 1.89%<sup>(5)(6)</sup> | 1.75%<sup>(5)</sup> | 0.71%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<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 | 30% | 41% | 34% | 38% | 39% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period 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) 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 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Emerging Markets Portfolio**

(6) 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 |

---

(7) Effective April 28, 2023, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.99% for Class I shares, 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.

(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 Annual Report**

**December 31, 2025**

Financial Highlights

**Global Concentrated Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $23.44 | $17.67 | $15.04 | $19.41 | $17.12 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | (0.00)<sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.13 | 0.03 | 0.01 |
| Net Realized and Unrealized Gain (Loss) | 4.12 | 5.82 | 2.64 | (4.36) | 3.02 |
| Total from Investment Operations | 4.12 | 5.82 | 2.77 | (4.33) | 3.03 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.02) | (0.05) | (0.14) | (0.03) |  |
| Net Realized Gain | (0.49) |  |  | (0.00)<sup>(2)</sup> | (0.74) |
| Paid-in-Capital |  |  |  | (0.01) |  |
| Total Distributions | (0.51) | (0.05) | (0.14) | (0.04) | (0.74) |
| **Net Asset Value, End of Period**  | $27.05 | $23.44 | $17.67 | $15.04 | $19.41 |
| **Total Return<sup>(3)</sup>** | 17.59% | 32.91% | 18.42%<sup>(4)</sup> | (22.28)% | 17.83% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $324830 | $203761 | $95405 | $70730 | $98522 |
| Ratio of Expenses Before Expense Limitation | 1.05% | 1.06% | 1.12% | 1.20% | 1.17% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)</sup> | 0.99%<sup>(5)(6)</sup> | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.00%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.01)%<sup>(5)</sup> | 0.00%<sup>(5)(7)</sup> | 0.78%<sup>(5)(6)</sup> | 0.20%<sup>(5)</sup> | 0.04%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 51% | 43% | 51% | 34% | 33% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $23.15 | $17.47 | $14.88 | $19.20 | $17.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.09) | (0.06) | 0.08 | (0.01) | (0.05) |
| Net Realized and Unrealized Gain (Loss) | 4.08 | 5.74 | 2.60 | (4.31) | 2.99 |
| Total from Investment Operations | 3.99 | 5.68 | 2.68 | (4.32) | 2.94 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 | (0.49) |  |  | (0.00)<sup>(2)</sup> | (0.74) |
| Total Distributions | (0.49) |  | (0.09) | (0.00)<sup>(2)</sup> | (0.74) |
| **Net Asset Value, End of Period**  | $26.65 | $23.15 | $17.47 | $14.88 | $19.20 |
| **Total Return<sup>(8)</sup>** | 17.27% | 32.51% | 18.05%<sup>(4)</sup> | (22.49)% | 17.42% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $21041 | $14600 | $8088 | $6631 | $8245 |
| Ratio of Expenses Before Expense Limitation | 1.33% | 1.33% | 1.41% | 1.49% | 1.45% |
| Ratio of Expenses After Expense Limitation | 1.33%<sup>(5)</sup> | 1.29%<sup>(5)</sup> | 1.27%<sup>(5)(6)</sup> | 1.30%<sup>(5)</sup> | 1.30%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.33%<sup>(5)</sup> | N/A | N/A | N/A | (0.00)% |
| Ratio of Net Investment Income (Loss) | (0.34)%<sup>(5)</sup> | (0.29)%<sup>(5)</sup> | 0.49%<sup>(5)(6)</sup> | (0.08)%<sup>(5)</sup> | (0.29)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 51% | 43% | 51% | 34% | 33% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Global Concentrated Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $22.11 | $16.82 | $14.35 | $18.66 | $16.66 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.26) | (0.22) | (0.04) | (0.13) | (0.18) |
| Net Realized and Unrealized Gain (Loss) | 3.87 | 5.51 | 2.51 | (4.18) | 2.92 |
| Total from Investment Operations | 3.61 | 5.29 | 2.47 | (4.31) | 2.74 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (0.49) |  |  | (0.00)<sup>(2)</sup> | (0.74) |
| **Net Asset Value, End of Period**  | $25.23 | $22.11 | $16.82 | $14.35 | $18.66 |
| **Total Return<sup>(8)</sup>** | 16.36% | 31.45% | 17.21%<sup>(4)</sup> | (23.09)% | 16.58% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $13717 | $7746 | $5164 | $5040 | $7969 |
| Ratio of Expenses Before Expense Limitation | 2.08% | 2.10% | 2.17% | 2.24% | 2.21% |
| Ratio of Expenses After Expense Limitation | 2.08%<sup>(5)</sup> | 2.06%<sup>(5)</sup> | 2.04%<sup>(5)(6)</sup> | 2.05%<sup>(5)</sup> | 2.06%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.08%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.09)%<sup>(5)</sup> | (1.06)%<sup>(5)</sup> | (0.27)%<sup>(5)(6)</sup> | (0.83)%<sup>(5)</sup> | (1.00)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 51% | 43% | 51% | 34% | 33% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $23.47 | $17.70 | $15.06 | $19.44 | $17.14 |
| **Income (Loss) from Investment Operations:** | **Income (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 | 0.01 | 0.14 | 0.03 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 4.13 | 5.82 | 2.65 | (4.36) | 3.00 |
| Total from Investment Operations | 4.14 | 5.83 | 2.79 | (4.33) | 3.04 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.03) | (0.06) | (0.15) | (0.04) |  |
| Net Realized Gain | (0.49) |  |  | (0.00)<sup>(2)</sup> | (0.74) |
| Paid-in-Capital |  |  |  | (0.01) |  |
| Total Distributions | (0.52) | (0.06) | (0.15) | (0.05) | (0.74) |
| **Net Asset Value, End of Period**  | $27.09 | $23.47 | $17.70 | $15.06 | $19.44 |
| **Total Return<sup>(3)</sup>** | 17.66% | 32.90% | 18.51%<sup>(4)</sup> | (22.25)% | 17.86% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $59 | $15 | $11 | $16 | $73 |
| Ratio of Expenses Before Expense Limitation | 7.05% | 9.05% | 19.78% | 9.89% | 7.26% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> | 0.93%<sup>(5)(6)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.94%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.04%<sup>(5)</sup> | 0.06%<sup>(5)</sup> | 0.84%<sup>(5)(6)</sup> | 0.17%<sup>(5)</sup> | 0.21%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 51% | 43% | 51% | 34% | 33% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period 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) 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 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Global Concentrated Portfolio**

(6) 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 |

---

(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) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights

**Global Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $20.98 | $16.95 | $14.47 | $18.01 | $15.99 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.02 | 0.02 | 0.11 | 0.07 | 0.01 |
| Net Realized and Unrealized Gain (Loss) | 3.74 | 4.05 | 2.49 | (3.56) | 2.78 |
| Total from Investment Operations | 3.76 | 4.07 | 2.60 | (3.49) | 2.79 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) | (0.04) | (0.12) | (0.05) |  |
| Net Realized Gain | (0.54) |  |  |  | (0.77) |
| Total Distributions | (0.56) | (0.04) | (0.12) | (0.05) | (0.77) |
| **Net Asset Value, End of Period**  | $24.18 | $20.98 | $16.95 | $14.47 | $18.01 |
| **Total Return<sup>(2)</sup>** | 17.96% | 23.98% | 17.96%<sup>(3)</sup> | (19.37)% | 17.63% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $39476 | $26030 | $16116 | $14324 | $18041 |
| Ratio of Expenses Before Expense Limitation | 1.57% | 1.72% | 1.99% | 2.25% | 2.13% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(4)</sup> | 1.00%<sup>(4)</sup> | 0.96%<sup>(4)(5)</sup> | 0.99%<sup>(4)</sup> | 0.99%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.00%<sup>(4)</sup> | 1.00%<sup>(4)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.08%<sup>(4)</sup> | 0.09%<sup>(4)</sup> | 0.70%<sup>(4)(5)</sup> | 0.48%<sup>(4)</sup> | 0.06%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 39% | 39% | 18% | 17% | 23% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $20.73 | $16.78 | $14.33 | $17.85 | $15.92 |
| **Income (Loss) from Investment Operations:** | **Income (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) | (0.04) | 0.06 | 0.01 | (0.05) |
| Net Realized and Unrealized Gain (Loss) | 3.70 | 3.99 | 2.46 | (3.52) | 2.75 |
| Total from Investment Operations | 3.64 | 3.95 | 2.52 | (3.51) | 2.70 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  | (0.07) | (0.01) |  |
| Net Realized Gain | (0.54) |  |  |  | (0.77) |
| Total Distributions | (0.54) |  | (0.07) | (0.01) | (0.77) |
| **Net Asset Value, End of Period**  | $23.83 | $20.73 | $16.78 | $14.33 | $17.85 |
| **Total Return<sup>(7)</sup>** | 17.61% | 23.54% | 17.62%<sup>(3)</sup> | (19.64)% | 17.14% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $11527 | $7869 | $5221 | $3978 | $2678 |
| Ratio of Expenses Before Expense Limitation | 1.85% | 2.00% | 2.32% | 2.60% | 2.51% |
| Ratio of Expenses After Expense Limitation | 1.34%<sup>(4)</sup> | 1.30%<sup>(4)</sup> | 1.29%<sup>(4)(5)</sup> | 1.35%<sup>(4)</sup> | 1.35%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.34%<sup>(4)</sup> | 1.30%<sup>(4)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.26)%<sup>(4)</sup> | (0.21)%<sup>(4)</sup> | 0.36%<sup>(4)(5)</sup> | 0.09%<sup>(4)</sup> | (0.31)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 39% | 39% | 18% | 17% | 23% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Global Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $19.72 | $16.09 | $13.79 | $17.29 | $15.55 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.22) | (0.19) | (0.06) | (0.09) | (0.18) |
| Net Realized and Unrealized Gain (Loss) | 3.50 | 3.82 | 2.36 | (3.41) | 2.69 |
| Total from Investment Operations | 3.28 | 3.63 | 2.30 | (3.50) | 2.51 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (0.54) |  |  |  | (0.77) |
| **Net Asset Value, End of Period** | $22.46 | $19.72 | $16.09 | $13.79 | $17.29 |
| **Total Return<sup>(7)</sup>** | 16.62% | 22.62% | 16.68%<sup>(3)</sup> | (20.24)% | 16.32% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3718 | $2857 | $2618 | $2186 | $2893 |
| Ratio of Expenses Before Expense Limitation | 2.66% | 2.80% | 3.12% | 3.38% | 3.25% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(4)</sup> | 2.10%<sup>(4)</sup> | 2.07%<sup>(4)(5)</sup> | 2.10%<sup>(4)</sup> | 2.10%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.10%<sup>(4)</sup> | 2.10%<sup>(4)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.02)%<sup>(4)</sup> | (1.01)%<sup>(4)</sup> | (0.41)%<sup>(4)(5)</sup> | (0.65)%<sup>(4)</sup> | (1.06)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 39% | 39% | 18% | 17% | 23% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | $20.99 | $16.96 | $14.48 | $18.01 | $15.99 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.03 | 0.03 | 0.11 | 0.08 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | 3.75 | 4.05 | 2.50 | (3.55) | 2.77 |
| Total from Investment Operations | 3.78 | 4.08 | 2.61 | (3.47) | 2.79 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) | (0.05) | (0.13) | (0.06) |  |
| Net Realized Gain | (0.54) |  |  |  | (0.77) |
| Total Distributions | (0.57) | (0.05) | (0.13) | (0.06) | (0.77) |
| **Net Asset Value, End of Period**  | $24.20 | $20.99 | $16.96 | $14.48 | $18.01 |
| **Total Return<sup>(2)</sup>** | 18.04% | 24.02% | 18.00%<sup>(3)</sup> | (19.28)% | 17.55% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $15 | $13 | $10 | $15 | $29 |
| Ratio of Expenses Before Expense Limitation | 16.59% | 20.37% | 16.70% | 15.01% | 13.09% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(4)</sup> | 0.95%<sup>(4)</sup> | 0.93%<sup>(4)(5)</sup> | 0.95%<sup>(4)</sup> | 0.95%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.95%<sup>(4)</sup> | 0.95%<sup>(4)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.14%<sup>(4)</sup> | 0.13%<sup>(4)</sup> | 0.72%<sup>(4)(5)</sup> | 0.49%<sup>(4)</sup> | 0.10%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 39% | 39% | 18% | 17% | 23% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period 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.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Global Core Portfolio**

(5) 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 |

---

(6) Amount is less than 0.005%.

(7) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(8) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights

**Global Endurance Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $16.73 | $15.87 | $9.37 | $27.75 | $26.51 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.05) | 0.05 | 0.31 | (0.13) | (0.28) |
| Net Realized and Unrealized Gain (Loss) | 4.17 | 0.90 | 6.48 | (18.25) | 2.82 |
| Total from Investment Operations | 4.12 | 0.95 | 6.79 | (18.38) | 2.54 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.11) | (0.09) | (0.29) |  | (0.02) |
| Net Realized Gain |  |  |  |  | (1.28) |
| Total Distributions | (0.11) | (0.09) | (0.29) |  | (1.30) |
| **Net Asset Value, End of Period** | $20.74 | $16.73 | $15.87 | $9.37 | $27.75 |
| **Total Return<sup>(2)</sup>** | 24.63% | 5.98% | 72.56%<sup>(3)</sup> | (66.23)% | 9.59% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $22218 | $24735 | $36150 | $17152 | $70478 |
| Ratio of Expenses Before Expense Limitation | 1.96% | 1.69% | 1.62% | 1.67% | 1.34% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(4)(5)</sup> | 1.00%<sup>(5)</sup> | 0.87%<sup>(5)(6)</sup> | 1.00%<sup>(5)</sup> | 0.99%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.99%<sup>(5)</sup> | 1.00%<sup>(5)</sup> | N/A | 1.00%<sup>(5)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | (0.24)%<sup>(5)</sup> | 0.32%<sup>(5)</sup> | 2.23%<sup>(5)(6)</sup> | (0.87)%<sup>(5)</sup> | (0.85)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 176% | 157% | 130% | 67% | 75% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $16.50 | $15.63 | $9.23 | $27.45 | $26.33 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.11) | (0.00)<sup>(8)</sup> | 0.26 | (0.17) | (0.38) |
| Net Realized and Unrealized Gain (Loss) | 4.12 | 0.87 | 6.38 | (18.05) | 2.80 |
| Total from Investment Operations | 4.01 | 0.87 | 6.64 | (18.22) | 2.42 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |  | (0.24) |  | (0.02) |
| Net Realized Gain |  |  |  |  | (1.28) |
| Total Distributions | (0.05) |  | (0.24) |  | (1.30) |
| **Net Asset Value, End of Period** | $20.46 | $16.50 | $15.63 | $9.23 | $27.45 |
| **Total Return<sup>(9)</sup>** | 24.27% | 5.57% | 72.03%<sup>(3)</sup> | (66.38)% | 9.20% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2537 | $2197 | $7463 | $2898 | $5239 |
| Ratio of Expenses Before Expense Limitation | 2.38% | 2.04% | 1.95% | 1.99% | 1.70% |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(4)(5)</sup> | 1.35%<sup>(5)</sup> | 1.23%<sup>(5)(6)</sup> | 1.35%<sup>(5)</sup> | 1.35%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.34%<sup>(5)</sup> | 1.35%<sup>(5)</sup> | N/A | 1.35%<sup>(5)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | (0.59)%<sup>(5)</sup> | (0.06)%<sup>(5)</sup> | 1.87%<sup>(5)(6)</sup> | (1.22)%<sup>(5)</sup> | (1.16)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 176% | 157% | 130% | 67% | 75% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Global Endurance Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $15.85 | $15.12 | $8.96 | $26.81 | $25.93 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.24) | (0.12) | 0.15 | (0.28) | (0.62) |
| Net Realized and Unrealized Gain (Loss) | 3.93 | 0.85 | 6.17 | (17.57) | 2.80 |
| Total from Investment Operations | 3.69 | 0.73 | 6.32 | (17.85) | 2.18 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| Total Distributions |  |  | (0.16) |  | (1.30) |
| **Net Asset Value, End of Period** | $19.54 | $15.85 | $15.12 | $8.96 | $26.81 |
| **Total Return<sup>(9)</sup>** | 23.28% | 4.83% | 70.62%<sup>(3)</sup> | (66.58)% | 8.41% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $1290 | $1034 | $913 | $519 | $1547 |
| Ratio of Expenses Before Expense Limitation | 3.20% | 2.96% | 3.03% | 3.05% | 2.53% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(4)(5)</sup> | 2.10%<sup>(5)</sup> | 1.96%<sup>(5)(6)</sup> | 2.10%<sup>(5)</sup> | 2.10%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.09%<sup>(5)</sup> | 2.10%<sup>(5)</sup> | N/A | 2.10%<sup>(5)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | (1.34)%<sup>(5)</sup> | (0.78)%<sup>(5)</sup> | 1.14%<sup>(5)(6)</sup> | (1.97)%<sup>(5)</sup> | (1.92)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 176% | 157% | 130% | 67% | 75% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $16.75 | $15.89 | $9.38 | $27.78 | $26.53 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.04) | 0.06 | 0.31 | (0.12) | (0.24) |
| Net Realized and Unrealized Gain (Loss) | 4.18 | 0.91 | 6.50 | (18.28) | 2.79 |
| Total from Investment Operations | 4.14 | 0.97 | 6.81 | (18.40) | 2.55 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) | (0.11) | (0.30) |  | (0.02) |
| Net Realized Gain |  |  |  |  | (1.28) |
| Total Distributions | (0.12) | (0.11) | (0.30) |  | (1.30) |
| **Net Asset Value, End of Period** | $20.77 | $16.75 | $15.89 | $9.38 | $27.78 |
| **Total Return<sup>(2)</sup>** | 24.72% | 6.05% | 72.66%<sup>(3)</sup> | (66.23)% | 9.62% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $41 | $27 | $26 | $12 | $31 |
| Ratio of Expenses Before Expense Limitation | 8.78% | 11.05% | 17.07% | 15.13% | 7.59% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(4)(5)</sup> | 0.95%<sup>(5)</sup> | 0.79%<sup>(5)(6)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.94%<sup>(5)</sup> | 0.95%<sup>(5)</sup> | N/A | 0.95%<sup>(5)</sup> | N/A |
| Ratio of Net Investment Income (Loss) | (0.19)%<sup>(5)</sup> | 0.35%<sup>(5)</sup> | 2.31%<sup>(5)(6)</sup> | (0.82)%<sup>(5)</sup> | (0.71)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 176% | 157% | 130% | 67% | 75% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period 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.

(4) Ratio is above the expense limitation due to interest expense, which are not included in the determination of the expense limitation. Refer to Footnote B in the Notes to the Financial Statements.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Global Endurance Portfolio**

(6) 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 |

---

(7) Amount is less than 0.005%.

(8) Amount is less than $0.005 per share.

(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 Annual Report**

**December 31, 2025**

Financial Highlights

**Global Franchise Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $33.56 | $34.36 | $30.10 | $36.99 | $31.20 |
| **Income (Loss) from Investment Operations:** | **Income (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 | 0.29 | 0.25 | 0.27 |
| Net Realized and Unrealized Gain (Loss) | (0.07) | 2.93 | 4.64 | (6.63) | 6.54 |
| Total from Investment Operations | 0.06 | 3.17 | 4.93 | (6.38) | 6.81 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.16) | (0.25) | (0.30) | (0.25) | (0.27) |
| Net Realized Gain | (3.81) | (3.72) | (0.37) | (0.26) | (0.74) |
| Paid-in-Capital |  |  |  |  | (0.01) |
| Total Distributions | (3.97) | (3.97) | (0.67) | (0.51) | (1.02) |
| **Net Asset Value, End of Period** | $29.65 | $33.56 | $34.36 | $30.10 | $36.99 |
| **Total Return<sup>(2)</sup>** | 0.23% | 8.97% | 16.42%<sup>(3)</sup> | (17.24)% | 21.92% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $1288486 | $1959326 | $2160291 | $2046621 | $2790499 |
| Ratio of Expenses Before Expense Limitation | 0.96% | 0.93% | 0.92% | 0.92% | 0.91% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(4)</sup> | 0.93%<sup>(4)</sup> | 0.92%<sup>(4)</sup> | 0.92%<sup>(4)</sup> | 0.91%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.95%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.36%<sup>(4)</sup> | 0.66%<sup>(4)</sup> | 0.88%<sup>(4)</sup> | 0.79%<sup>(4)</sup> | 0.79%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> |
| Portfolio Turnover Rate | 35% | 35% | 15% | 15% | 17% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $32.58 | $33.46 | $29.32 | $36.05 | $30.44 |
| **Income (Loss) from Investment Operations:** | **Income (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 | 0.15 | 0.20 | 0.17 | 0.18 |
| Net Realized and Unrealized Gain (Loss) | (0.07) | 2.85 | 4.53 | (6.46) | 6.37 |
| Total from Investment Operations | (0.03) | 3.00 | 4.73 | (6.29) | 6.55 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) | (0.16) | (0.22) | (0.18) | (0.19) |
| Net Realized Gain | (3.81) | (3.72) | (0.37) | (0.26) | (0.74) |
| Paid-in-Capital |  |  |  |  | (0.01) |
| Total Distributions | (3.87) | (3.88) | (0.59) | (0.44) | (0.94) |
| **Net Asset Value, End of Period** | $28.68 | $32.58 | $33.46 | $29.32 | $36.05 |
| **Total Return<sup>(6)</sup>** | (0.04)% | 8.71% | 16.16%<sup>(3)</sup> | (17.45)% | 21.61% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $209266 | $295908 | $337938 | $328979 | $395450 |
| Ratio of Expenses Before Expense Limitation | 1.21% | 1.16% | 1.17% | 1.16% | 1.16% |
| Ratio of Expenses After Expense Limitation | 1.20%<sup>(4)</sup> | 1.16%<sup>(4)</sup> | 1.16%<sup>(4)(7)</sup> | 1.16%<sup>(4)</sup> | 1.16%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.20%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.11%<sup>(4)</sup> | 0.43%<sup>(4)</sup> | 0.64%<sup>(4)(7)</sup> | 0.57%<sup>(4)</sup> | 0.54%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> |
| Portfolio Turnover Rate | 35% | 35% | 15% | 15% | 17% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Global Franchise Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $32.50 | $33.41 | $29.29 | $36.01 | $30.41 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.15) | (0.03) | 0.04 | 0.02 | 0.01 |
| Net Realized and Unrealized Gain (Loss) | (0.06) | 2.84 | 4.51 | (6.45) | 6.36 |
| Total from Investment Operations | (0.21) | 2.81 | 4.55 | (6.43) | 6.37 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  | (0.06) | (0.03) | (0.02) |
| Net Realized Gain | (3.81) | (3.72) | (0.37) | (0.26) | (0.74) |
| Paid-in-Capital |  |  |  |  | (0.01) |
| Total Distributions | (3.81) | (3.72) | (0.43) | (0.29) | (0.77) |
| **Net Asset Value, End of Period** | $28.48 | $32.50 | $33.41 | $29.29 | $36.01 |
| **Total Return<sup>(2)</sup>** | (0.58)% | 8.15% | 15.57%<sup>(3)</sup> | (17.86)% | 21.02% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $6953 | $7868 | $8048 | $7397 | $9473 |
| Ratio of Expenses Before Expense Limitation | 1.77% | 1.67% | 1.67% | 1.66% | 1.66% |
| Ratio of Expenses After Expense Limitation | 1.77%<sup>(4)</sup> | 1.67%<sup>(4)</sup> | 1.66%<sup>(4)(7)</sup> | 1.66%<sup>(4)</sup> | 1.66%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.77%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.45)%<sup>(4)</sup> | (0.08)%<sup>(4)</sup> | 0.13%<sup>(4)(7)</sup> | 0.06%<sup>(4)</sup> | 0.05%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> |
| Portfolio Turnover Rate | 35% | 35% | 15% | 15% | 17% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $31.50 | $32.56 | $28.57 | $35.18 | $29.77 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.20) | (0.11) | (0.03) | (0.06) | (0.06) |
| Net Realized and Unrealized Gain (Loss) | (0.06) | 2.77 | 4.39 | (6.29) | 6.21 |
| Total from Investment Operations | (0.26) | 2.66 | 4.36 | (6.35) | 6.15 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.81) | (3.72) | (0.37) | (0.26) | (0.74) |
| Paid-in-Capital |  |  |  |  | (0.00)<sup>(8)</sup> |
| Total Distributions | (3.81) | (3.72) | (0.37) | (0.26) | (0.74) |
| **Net Asset Value, End of Period** | $27.43 | $31.50 | $32.56 | $28.57 | $35.18 |
| **Total Return<sup>(6)</sup>** | (0.77)% | 7.90% | 15.29%<sup>(3)</sup> | (18.06)% | 20.74% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $50931 | $85085 | $103671 | $110399 | $157721 |
| Ratio of Expenses Before Expense Limitation | 1.95% | 1.90% | 1.91% | 1.90% | 1.90% |
| Ratio of Expenses After Expense Limitation | 1.95%<sup>(4)</sup> | 1.90%<sup>(4)</sup> | 1.90%<sup>(4)(7)</sup> | 1.90%<sup>(4)</sup> | 1.90%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.95%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.63)%<sup>(4)</sup> | (0.31)%<sup>(4)</sup> | (0.10)%<sup>(4)(7)</sup> | (0.19)%<sup>(4)</sup> | (0.20)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> |
| Portfolio Turnover Rate | 35% | 35% | 15% | 15% | 17% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Global Franchise Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $33.57 | $34.37 | $30.11 | $37.01 | $31.21 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.17 | 0.28 | 0.31 | 0.29 | 0.31 |
| Net Realized and Unrealized Gain (Loss) | (0.07) | 2.93 | 4.65 | (6.64) | 6.54 |
| Total from Investment Operations | 0.10 | 3.21 | 4.96 | (6.35) | 6.85 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.21) | (0.29) | (0.33) | (0.29) | (0.30) |
| Net Realized Gain | (3.81) | (3.72) | (0.37) | (0.26) | (0.74) |
| Paid-in-Capital |  |  |  |  | (0.01) |
| Total Distributions | (4.02) | (4.01) | (0.70) | (0.55) | (1.05) |
| **Net Asset Value, End of Period** | $29.65 | $33.57 | $34.37 | $30.11 | $37.01 |
| **Total Return<sup>(2)</sup>** | 0.36% | 9.07% | 16.52%<sup>(3)</sup> | (17.17)% | 22.05% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $379393 | $415299 | $321335 | $512423 | $605486 |
| Ratio of Expenses Before Expense Limitation | 0.84% | 0.83% | 0.83% | 0.83% | 0.82% |
| Ratio of Expenses After Expense Limitation | 0.83%<sup>(4)</sup> | 0.83%<sup>(4)</sup> | 0.82%<sup>(4)(7)</sup> | 0.83%<sup>(4)</sup> | 0.82%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.83%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.48%<sup>(4)</sup> | 0.76%<sup>(4)</sup> | 0.97%<sup>(4)(7)</sup> | 0.90%<sup>(4)</sup> | 0.90%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> |
| Portfolio Turnover Rate | 35% | 35% | 15% | 15% | 17% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period 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.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) Amount is less than 0.005%.

(6) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(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 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 |

---

(8) Amount is less than $0.005.

(9) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**Global Insight Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $17.11 | $11.69 | $7.75 | $18.32 | $33.83 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.14) | (0.08) | (0.06) | (0.07) | (0.04) |
| Net Realized and Unrealized Gain (Loss) | 2.89 | 5.73 | 4.00 | (10.49) | (5.05) |
| Total from Investment Operations | 2.75 | 5.65 | 3.94 | (10.56) | (5.09) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.23) |  |  | (0.01) |
| Net Realized Gain |  |  |  | (0.01) | (10.41) |
| Total Distributions |  | (0.23) |  | (0.01) | (10.42) |
| **Net Asset Value, End of Period** | $19.86 | $17.11 | $11.69 | $7.75 | $18.32 |
| **Total Return<sup>(2)</sup>** | 16.07% | 48.13% | 50.84%<sup>(3)</sup> | (57.65)% | (14.25)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $35446 | $42508 | $52218 | $55114 | $201294 |
| Ratio of Expenses Before Expense Limitation | 1.53% | 1.40% | 1.37% | 1.34% | 1.08% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(4)</sup> | 1.00%<sup>(4)</sup> | 0.96%<sup>(4)(5)</sup> | 1.00%<sup>(4)</sup> | 1.00%<sup>(4)(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.99%<sup>(4)</sup> | N/A | N/A | 1.00%<sup>(4)</sup> | 1.00%<sup>(4)(6)</sup> |
| Ratio of Net Investment Loss | (0.72)%<sup>(4)</sup> | (0.62)%<sup>(4)</sup> | (0.67)%<sup>(4)(5)</sup> | (0.71)%<sup>(4)</sup> | (0.12)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 66% | 54% | 43% | 51% | 112% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $16.24 | $11.11 | $7.38 | $17.52 | $32.98 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.19) | (0.12) | (0.09) | (0.11) | (0.13) |
| Net Realized and Unrealized Gain (Loss) | 2.73 | 5.44 | 3.82 | (10.02) | (4.92) |
| Total from Investment Operations | 2.54 | 5.32 | 3.73 | (10.13) | (5.05) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.19) |  |  |  |
| Net Realized Gain |  |  |  | (0.01) | (10.41) |
| Total Distributions |  | (0.19) |  | (0.01) | (10.41) |
| **Net Asset Value, End of Period** | $18.78 | $16.24 | $11.11 | $7.38 | $17.52 |
| **Total Return<sup>(8)</sup>** | 15.70% | 47.68% | 50.54%<sup>(3)</sup> | (57.83)% | (14.49)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $24087 | $22411 | $21056 | $19176 | $72157 |
| Ratio of Expenses Before Expense Limitation | 1.79% | 1.69% | 1.69% | 1.64% | 1.36% |
| Ratio of Expenses After Expense Limitation | 1.32%<sup>(4)</sup> | 1.32%<sup>(4)</sup> | 1.28%<sup>(4)(5)</sup> | 1.32%<sup>(4)</sup> | 1.30%<sup>(4)(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.31%<sup>(4)</sup> | N/A | N/A | 1.32%<sup>(4)</sup> | 1.30%<sup>(4)(6)</sup> |
| Ratio of Net Investment Loss | (1.04)%<sup>(4)</sup> | (0.94)%<sup>(4)</sup> | (0.99)%<sup>(4)(5)</sup> | (1.03)%<sup>(4)</sup> | (0.41)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 66% | 54% | 43% | 51% | 112% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Global Insight Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $14.61 | $10.02 | $6.69 | $15.97 | $31.34 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.26) | (0.16) | (0.13) | (0.14) | (0.30) |
| Net Realized and Unrealized Gain (Loss) | 2.47 | 4.87 | 3.46 | (9.13) | (4.66) |
| Total from Investment Operations | 2.21 | 4.71 | 3.33 | (9.27) | (4.96) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| Total Distributions |  | (0.12) |  | (0.01) | (10.41) |
| **Net Asset Value, End of Period** | $16.82 | $14.61 | $10.02 | $6.69 | $15.97 |
| **Total Return<sup>(2)</sup>** | 15.13% | 46.85% | 49.78%<sup>(3)</sup> | (58.06)% | (14.96)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $295 | $256 | $253 | $171 | $602 |
| Ratio of Expenses Before Expense Limitation | 3.01% | 3.07% | 3.18% | 2.72% | 2.04% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(4)</sup> | 1.85%<sup>(4)</sup> | 1.80%<sup>(4)(5)</sup> | 1.85%<sup>(4)</sup> | 1.87%<sup>(4)(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.85%<sup>(4)</sup> | N/A | N/A | 1.85%<sup>(4)</sup> | 1.87%<sup>(4)(6)</sup> |
| Ratio of Net Investment Loss | (1.57)%<sup>(4)</sup> | (1.47)%<sup>(4)</sup> | (1.51)%<sup>(4)(5)</sup> | (1.54)%<sup>(4)</sup> | (0.98)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 66% | 54% | 43% | 51% | 112% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $14.01 | $9.62 | $6.45 | $15.40 | $30.73 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.28) | (0.18) | (0.14) | (0.16) | (0.34) |
| Net Realized and Unrealized Gain (Loss) | 2.36 | 4.66 | 3.31 | (8.78) | (4.58) |
| Total from Investment Operations | 2.08 | 4.48 | 3.17 | (8.94) | (4.92) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| Total Distributions |  | (0.09) |  | (0.01) | (10.41) |
| **Net Asset Value, End of Period** | $16.09 | $14.01 | $9.62 | $6.45 | $15.40 |
| **Total Return<sup>(8)</sup>** | 14.85% | 46.49% | 49.15%<sup>(3)</sup> | (58.07)% | (15.14)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3396 | $4169 | $4448 | $4298 | $17824 |
| Ratio of Expenses Before Expense Limitation | 2.59% | 2.47% | 2.44% | 2.36% | 2.08% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(4)</sup> | 2.10%<sup>(4)</sup> | 2.06%<sup>(4)(5)</sup> | 2.06%<sup>(4)</sup> | 2.04%<sup>(4)(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.09%<sup>(4)</sup> | N/A | N/A | 2.06%<sup>(4)</sup> | 2.04%<sup>(4)(6)</sup> |
| Ratio of Net Investment Loss | (1.82)%<sup>(4)</sup> | (1.72)%<sup>(4)</sup> | (1.77)%<sup>(4)(5)</sup> | (1.76)%<sup>(4)</sup> | (1.14)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 66% | 54% | 43% | 51% | 112% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Global Insight Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **Period from<br>June 14, 2021<sup>(10)</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>(1)</sup> | (0.13) | (0.07) | (0.06) | (0.07) | (0.20) |
| Net Realized and Unrealized Gain (Loss) | 2.89 | 5.72 | 4.01 | (10.48) | (4.45) |
| Total from Investment Operations | 2.76 | 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** | $19.86 | $17.10 | $11.69 | $7.74 | $18.30 |
| **Total Return<sup>(2)</sup>** | 16.08% | 48.11% | 51.03%<sup>(3)</sup> | (57.66)% | (13.11)%<sup>(11)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $36 | $39 | $6 | $4 | $9 |
| Ratio of Expenses Before Expense Limitation | 5.73% | 9.95% | 51.28% | 44.13% | 17.00%<sup>(12)</sup> |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(4)</sup> | 0.95%<sup>(4)</sup> | 0.90%<sup>(4)(5)</sup> | 0.95%<sup>(4)</sup> | 0.95%<sup>(4)(12)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.94%<sup>(4)</sup> | N/A | N/A | 0.95%<sup>(4)</sup> | 0.95%<sup>(4)(12)</sup> |
| Ratio of Net Investment Loss | (0.66)%<sup>(4)</sup> | (0.57)%<sup>(4)</sup> | (0.60)%<sup>(4)(5)</sup> | (0.67)%<sup>(4)</sup> | (0.62)%<sup>(4)(12)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)(12)</sup> |
| Portfolio Turnover Rate | 66% | 54% | 43% | 51% | 112% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period 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.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of 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 | (0.81) |
| Class R6 | December 31, 2023 | 0.95 | (0.65) |

---

(6) 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.

(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) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(10) Commencement of Offering.

(11) Not annualized.

(12) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**Global Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $34.90 | $29.81 | $20.34 | $42.69 | $44.75 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.14) | (0.17) | (0.13) | (0.19) | (0.36) |
| Net Realized and Unrealized Gain (Loss) | 4.35 | 8.49 | 10.24 | (17.49) | 0.40 |
| Total from Investment Operations | 4.21 | 8.32 | 10.11 | (17.68) | 0.04 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.65) | (3.23) | (0.64) | (4.67) | (2.10) |
| **Net Asset Value, End of Period** | $35.46 | $34.90 | $29.81 | $20.34 | $42.69 |
| **Total Return<sup>(2)</sup>** | 12.40% | 27.43% | 49.70%<sup>(3)</sup> | (41.54)% | 0.22% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1883204 | $1746323 | $1562251 | $1219122 | $4591358 |
| Ratio of Expenses Before Expense Limitation | 0.94% | 0.93% | 0.95% | 0.95% | 0.92% |
| Ratio of Expenses After Expense Limitation | 0.93%<sup>(4)</sup> | 0.93%<sup>(4)</sup> | 0.90%<sup>(4)(5)</sup> | 0.95%<sup>(4)</sup> | 0.92%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.93%<sup>(4)</sup> | 0.93%<sup>(4)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.38)%<sup>(4)</sup> | (0.50)%<sup>(4)</sup> | (0.52)%<sup>(4)(5)</sup> | (0.64)%<sup>(4)</sup> | (0.78)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 11% | 19% | 11% | 23% | 21% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $32.51 | $28.01 | $19.20 | $40.86 | $43.04 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.24) | (0.25) | (0.20) | (0.26) | (0.47) |
| Net Realized and Unrealized Gain (Loss) | 4.05 | 7.98 | 9.65 | (16.73) | 0.39 |
| Total from Investment Operations | 3.81 | 7.73 | 9.45 | (16.99) | (0.08) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.65) | (3.23) | (0.64) | (4.67) | (2.10) |
| **Net Asset Value, End of Period** | $32.67 | $32.51 | $28.01 | $19.20 | $40.86 |
| **Total Return<sup>(7)</sup>** | 12.08% | 27.09% | 49.29%<sup>(3)</sup> | (41.74)% | (0.05)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $1003311 | $970542 | $880157 | $676246 | $1539078 |
| Ratio of Expenses Before Expense Limitation | 1.22% | 1.22% | 1.25% | 1.24% | 1.20% |
| Ratio of Expenses After Expense Limitation | 1.22%<sup>(4)</sup> | 1.22%<sup>(4)</sup> | 1.20%<sup>(4)(5)</sup> | 1.24%<sup>(4)</sup> | 1.20%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.22%<sup>(4)</sup> | 1.22%<sup>(4)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.66)%<sup>(4)</sup> | (0.79)%<sup>(4)</sup> | (0.82)%<sup>(4)(5)</sup> | (0.94)%<sup>(4)</sup> | (1.06)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 11% | 19% | 11% | 23% | 21% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Global Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $31.73 | $27.42 | $18.82 | $40.23 | $42.44 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.26) | (0.27) | (0.22) | (0.28) | (0.48) |
| Net Realized and Unrealized Gain (Loss) | 3.95 | 7.81 | 9.46 | (16.46) | 0.37 |
| Total from Investment Operations | 3.69 | 7.54 | 9.24 | (16.74) | (0.11) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 | (3.65) | (3.23) | (0.64) | (4.67) | (2.10) |
| **Net Asset Value, End of Period** | $31.77 | $31.73 | $27.42 | $18.82 | $40.23 |
| **Total Return<sup>(2)</sup>** | 11.96% | 26.98% | 49.17%<sup>(3)</sup> | (41.77)% | (0.12)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $36730 | $36990 | $33251 | $24766 | $48426 |
| Ratio of Expenses Before Expense Limitation | 1.77% | 1.74% | 1.80% | 1.76% | 1.69% |
| Ratio of Expenses After Expense Limitation | 1.31%<sup>(4)</sup> | 1.29%<sup>(4)</sup> | 1.30%<sup>(4)(5)</sup> | 1.31%<sup>(4)</sup> | 1.24%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.31%<sup>(4)</sup> | 1.29%<sup>(4)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.76)%<sup>(4)</sup> | (0.86)%<sup>(4)</sup> | (0.92)%<sup>(4)(5)</sup> | (1.01)%<sup>(4)</sup> | (1.10)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 11% | 19% | 11% | 23% | 21% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $29.06 | $25.48 | $17.63 | $38.43 | $40.90 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.44) | (0.43) | (0.34) | (0.43) | (0.74) |
| Net Realized and Unrealized Gain (Loss) | 3.62 | 7.24 | 8.83 | (15.70) | 0.37 |
| Total from Investment Operations | 3.18 | 6.81 | 8.49 | (16.13) | (0.37) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.65) | (3.23) | (0.64) | (4.67) | (2.10) |
| **Net Asset Value, End of Period** | $28.59 | $29.06 | $25.48 | $17.63 | $38.43 |
| **Total Return<sup>(7)</sup>** | 11.31% | 26.16% | 48.23%<sup>(3)</sup> | (42.15)% | (0.77)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $143035 | $171195 | $178304 | $148874 | $411765 |
| Ratio of Expenses Before Expense Limitation | 1.95% | 1.94% | 1.96% | 1.95% | 1.90% |
| Ratio of Expenses After Expense Limitation | 1.94%<sup>(4)</sup> | 1.94%<sup>(4)</sup> | 1.91%<sup>(4)(5)</sup> | 1.95%<sup>(4)</sup> | 1.90%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.94%<sup>(4)</sup> | 1.94%<sup>(4)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.38)%<sup>(4)</sup> | (1.52)%<sup>(4)</sup> | (1.53)%<sup>(4)(5)</sup> | (1.64)%<sup>(4)</sup> | (1.76)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 11% | 19% | 11% | 23% | 21% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Global Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $35.22 | $30.03 | $20.47 | $42.89 | $44.90 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.11) | (0.15) | (0.12) | (0.17) | (0.31) |
| Net Realized and Unrealized Gain (Loss) | 4.39 | 8.57 | 10.32 | (17.58) | 0.40 |
| Total from Investment Operations | 4.28 | 8.42 | 10.20 | (17.75) | 0.09 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.65) | (3.23) | (0.64) | (4.67) | (2.10) |
| **Net Asset Value, End of Period** | $35.85 | $35.22 | $30.03 | $20.47 | $42.89 |
| **Total Return<sup>(2)</sup>** | 12.51% | 27.56% | 49.82%<sup>(3)</sup> | (41.51)% | 0.33% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $182449 | $167967 | $60134 | $75921 | $287811 |
| Ratio of Expenses Before Expense Limitation | 0.85% | 0.87% | 0.88% | 0.87% | 0.82% |
| Ratio of Expenses After Expense Limitation | 0.84%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | 0.83%<sup>(4)(5)</sup> | 0.86%<sup>(4)</sup> | 0.82%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.84%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.29)%<sup>(4)</sup> | (0.43)%<sup>(4)</sup> | (0.45)%<sup>(4)(5)</sup> | (0.57)%<sup>(4)</sup> | (0.68)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 11% | 19% | 11% | 23% | 21% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $35.26 | $30.08 | $20.50 | $42.94 | $44.96 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.11) | (0.14) | (0.11) | (0.16) | (0.32) |
| Net Realized and Unrealized Gain (Loss) | 4.40 | 8.55 | 10.33 | (17.61) | 0.40 |
| Total from Investment Operations | 4.29 | 8.41 | 10.22 | (17.77) | 0.08 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (3.65) | (3.23) | (0.64) | (4.67) | (2.10) |
| **Net Asset Value, End of Period** | $35.90 | $35.26 | $30.08 | $20.50 | $42.94 |
| **Total Return<sup>(2)</sup>** | 12.53% | 27.48% | 49.85%<sup>(3)</sup> | (41.51)% | 0.31% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $1507 | $19 | $122706 | $105368 | $154979 |
| Ratio of Expenses Before Expense Limitation | 1.01% | 0.85% | 0.86% | 0.86% | 0.82% |
| Ratio of Expenses After Expense Limitation | 0.84%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | 0.81%<sup>(4)(5)</sup> | 0.86%<sup>(4)</sup> | 0.82%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.84%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.29)%<sup>(4)</sup> | (0.42)%<sup>(4)</sup> | (0.43)%<sup>(4)(5)</sup> | (0.57)%<sup>(4)</sup> | (0.68)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 11% | 19% | 11% | 23% | 21% |

---

(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) 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.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Global Opportunity Portfolio**

(5) 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) |

---

(6) Amount is less than 0.005%.

(7) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(8) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**Global Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $11.39 | $12.40 | $10.80 | $13.72 | $13.41 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.00)<sup>(2)</sup> | 0.03 | 0.03 | (0.00)<sup>(2)</sup> | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 3.17 | 1.38 | 2.22 | (2.73) | 2.56 |
| Total from Investment Operations | 3.17 | 1.41 | 2.25 | (2.73) | 2.55 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) | (0.44) | (0.02) |  | (0.05) |
| Net Realized Gain | (2.38) | (1.98) | (0.63) | (0.19) | (2.19) |
| Total Distributions | (2.54) | (2.42) | (0.65) | (0.19) | (2.24) |
| **Net Asset Value, End of Period** | $12.02 | $11.39 | $12.40 | $10.80 | $13.72 |
| **Total Return<sup>(3)</sup>** | 27.96% | 10.69% | 20.92%<sup>(4)</sup> | (19.88)% | 19.73% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3669 | $3252 | $4089 | $3278 | $3947 |
| Ratio of Expenses Before Expense Limitation | 8.16% | 7.60% | 4.40% | 7.62% | 7.77% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)</sup> | 0.85%<sup>(5)(6)</sup> | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | (0.01)%<sup>(5)</sup> | 0.24%<sup>(5)</sup> | 0.21%<sup>(5)(6)</sup> | (0.02)%<sup>(5)</sup> | (0.04)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 86% | 62% | 107% | 68% | 57% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $11.22 | $12.22 | $10.68 | $13.61 | $13.37 |
| **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 Loss<sup>(1)</sup> | (0.05) | (0.02) | (0.02) | (0.02) | (0.06) |
| Net Realized and Unrealized Gain (Loss) | 3.12 | 1.37 | 2.19 | (2.72) | 2.54 |
| Total from Investment Operations | 3.07 | 1.35 | 2.17 | (2.74) | 2.48 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.13) | (0.37) |  |  | (0.05) |
| Net Realized Gain | (2.38) | (1.98) | (0.63) | (0.19) | (2.19) |
| Total Distributions | (2.51) | (2.35) | (0.63) | (0.19) | (2.24) |
| **Net Asset Value, End of Period** | $11.78 | $11.22 | $12.22 | $10.68 | $13.61 |
| **Total Return<sup>(8)</sup>** | 27.48% | 10.37% | 20.42%<sup>(4)</sup> | (20.11)% | 19.27% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $579 | $396 | $1903 | $858 | $29 |
| Ratio of Expenses Before Expense Limitation | 8.98% | 8.22% | 4.69% | 8.05% | 17.77% |
| Ratio of Expenses After Expense Limitation | 1.35%<sup>(5)</sup> | 1.35%<sup>(5)</sup> | 1.24%<sup>(5)(6)</sup> | 1.35%<sup>(5)</sup> | 1.35%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.35)%<sup>(5)</sup> | (0.13)%<sup>(5)</sup> | (0.18)%<sup>(5)(6)</sup> | (0.20)%<sup>(5)</sup> | (0.42)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 86% | 62% | 107% | 68% | 57% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Global Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $10.68 | $11.77 | $10.38 | $13.34 | $13.24 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.14) | (0.11) | (0.12) | (0.14) | (0.16) |
| Net Realized and Unrealized Gain (Loss) | 2.96 | 1.32 | 2.14 | (2.63) | 2.50 |
| Total from Investment Operations | 2.82 | 1.21 | 2.02 | (2.77) | 2.34 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.05) | (0.32) |  |  | (0.05) |
| Net Realized Gain | (2.38) | (1.98) | (0.63) | (0.19) | (2.19) |
| Total Distributions | (2.43) | (2.30) | (0.63) | (0.19) | (2.24) |
| **Net Asset Value, End of Period** | $11.07 | $10.68 | $11.77 | $10.38 | $13.34 |
| **Total Return<sup>(8)</sup>** | 26.52% | 9.60% | 19.56%<sup>(4)</sup> | (20.74)% | 18.39% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $297 | $196 | $218 | $84 | $16 |
| Ratio of Expenses Before Expense Limitation | 9.87% | 9.66% | 5.69% | 15.54% | 24.91% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(5)</sup> | 2.10%<sup>(5)</sup> | 2.04%<sup>(5)(6)</sup> | 2.10%<sup>(5)</sup> | 2.10%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (1.09)%<sup>(5)</sup> | (0.85)%<sup>(5)</sup> | (0.98)%<sup>(5)(6)</sup> | (1.29)%<sup>(5)</sup> | (1.13)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 86% | 62% | 107% | 68% | 57% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $11.42 | $12.42 | $10.82 | $13.73 | $13.42 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.01 | 0.04 | 0.03 | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| Net Realized and Unrealized Gain (Loss) | 3.17 | 1.39 | 2.23 | (2.72) | 2.55 |
| Total from Investment Operations | 3.18 | 1.43 | 2.26 | (2.72) | 2.55 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 | (0.17) | (0.45) | (0.03) |  | (0.05) |
| Net Realized Gain | (2.38) | (1.98) | (0.63) | (0.19) | (2.19) |
| Total Distributions | (2.55) | (2.43) | (0.66) | (0.19) | (2.24) |
| **Net Asset Value, End of Period** | $12.05 | $11.42 | $12.42 | $10.82 | $13.73 |
| **Total Return<sup>(3)</sup>** | 27.95% | 10.83% | 20.95%<sup>(4)</sup> | (19.79)% | 19.71% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $57 | $17 | $16 | $13 | $16 |
| Ratio of Expenses Before Expense Limitation | 16.42% | 21.44% | 21.25% | 22.37% | 22.49% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> | 0.77%<sup>(5)(6)</sup> | 0.95%<sup>(5)</sup> | 0.95%<sup>(5)</sup> |
| Ratio of Net Investment Income | 0.07%<sup>(5)</sup> | 0.29%<sup>(5)</sup> | 0.28%<sup>(5)(6)</sup> | 0.02%<sup>(5)</sup> | 0.01%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 86% | 62% | 107% | 68% | 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) 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.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Global Permanence Portfolio**

(6) 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 |

---

(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) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights

**Global Stars Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $16.47 | $18.41 | $15.20 | $19.30 | $16.57 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.00<br><sup>(2)</sup> | 0.06 | 0.08 | 0.08 | 0.09 |
| Net Realized and Unrealized Gain (Loss) | 1.05 | 3.06 | 3.22 | (4.08) | 2.98 |
| Total from Investment Operations | 1.05 | 3.12 | 3.30 | (4.00) | 3.07 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.11) | (0.09) | (0.05) | (0.07) |
| Net Realized Gain | (4.27) | (4.95) |  | (0.05) | (0.27) |
| Total Distributions | (4.27) | (5.06) | (0.09) | (0.10) | (0.34) |
| **Net Asset Value, End of Period** | $13.25 | $16.47 | $18.41 | $15.20 | $19.30 |
| **Total Return<sup>(3)</sup>** | 6.61% | 16.27% | 21.69%<sup>(4)</sup> | (20.69)% | 18.62% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $24922 | $47436 | $81322 | $55997 | $80097 |
| Ratio of Expenses Before Expense Limitation | 1.52% | 1.35% | 1.20% | 1.24% | 1.17% |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(5)</sup> | 0.85%<sup>(5)(6)</sup> | 0.87%<sup>(5)(7)</sup> | 0.90%<sup>(5)</sup> | 0.90%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | (0.02)%<sup>(5)</sup> | 0.30%<sup>(5)</sup> | 0.50%<sup>(5)(7)</sup> | 0.47%<sup>(5)</sup> | 0.51%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 49% | 73% | 34% | 26% | 11% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $16.37 | $18.33 | $15.14 | $19.21 | $16.51 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.06) | (0.01) | 0.02 | 0.02 | 0.03 |
| Net Realized and Unrealized Gain (Loss) | 1.05 | 3.05 | 3.19 | (4.04) | 2.96 |
| Total from Investment Operations | 0.99 | 3.04 | 3.21 | (4.02) | 2.99 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.05) | (0.02) |  | (0.02) |
| Net Realized Gain | (4.27) | (4.95) |  | (0.05) | (0.27) |
| Total Distributions | (4.27) | (5.00) | (0.02) | (0.05) | (0.29) |
| **Net Asset Value, End of Period** | $13.09 | $16.37 | $18.33 | $15.14 | $19.21 |
| **Total Return<sup>(9)</sup>** | 6.28% | 15.91% | 21.19%<sup>(4)</sup> | (20.91)% | 18.20% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $6041 | $6107 | $5775 | $5816 | $10812 |
| Ratio of Expenses Before Expense Limitation | 1.88% | 1.63% | 1.51% | 1.51% | 1.46% |
| Ratio of Expenses After Expense Limitation | 1.15%<sup>(5)</sup> | 1.17%<sup>(5)(6)</sup> | 1.22%<sup>(5)(7)</sup> | 1.25%<sup>(5)</sup> | 1.22%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | (0.37)%<sup>(5)</sup> | (0.05)%<sup>(5)</sup> | 0.16%<sup>(5)(7)</sup> | 0.13%<sup>(5)</sup> | 0.18%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 49% | 73% | 34% | 26% | 11% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Global Stars Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $15.73 | $17.83 | $14.78 | $18.86 | $16.28 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.14) | (0.11) | (0.06) | (0.06) | (0.05) |
| Net Realized and Unrealized Gain (Loss) | 1.01 | 2.96 | 3.11 | (3.97) | 2.90 |
| Total from Investment Operations | 0.87 | 2.85 | 3.05 | (4.03) | 2.85 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (4.27) | (4.95) |  | (0.05) | (0.27) |
| **Net Asset Value, End of Period** | $12.33 | $15.73 | $17.83 | $14.78 | $18.86 |
| **Total Return<sup>(3)</sup>** | 5.77% | 15.29% | 20.64%<sup>(4)</sup> | (21.35)% | 17.58% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1253 | $1328 | $1421 | $1253 | $1684 |
| Ratio of Expenses Before Expense Limitation | 2.45% | 2.24% | 2.07% | 2.05% | 2.08% |
| Ratio of Expenses After Expense Limitation | 1.65%<sup>(5)</sup> | 1.70%<sup>(5)(6)</sup> | 1.72%<sup>(5)(7)</sup> | 1.75%<sup>(5)</sup> | 1.75%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.87)%<sup>(5)</sup> | (0.58)%<sup>(5)</sup> | (0.34)%<sup>(5)(7)</sup> | (0.37)%<sup>(5)</sup> | (0.27)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 49% | 73% | 34% | 26% | 11% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $15.11 | $17.33 | $14.40 | $18.41 | $15.94 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.18) | (0.15) | (0.09) | (0.09) | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 0.97 | 2.88 | 3.02 | (3.87) | 2.83 |
| Total from Investment Operations | 0.79 | 2.73 | 2.93 | (3.96) | 2.74 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain | (4.27) | (4.95) |  | (0.05) | (0.27) |
| **Net Asset Value, End of Period** | $11.63 | $15.11 | $17.33 | $14.40 | $18.41 |
| **Total Return<sup>(9)</sup>** | 5.46% | 15.03% | 20.35%<sup>(4)</sup> | (21.54)% | 17.33% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2141 | $3865 | $3890 | $4279 | $5551 |
| Ratio of Expenses Before Expense Limitation | 2.62% | 2.37% | 2.23% | 2.25% | 2.22% |
| Ratio of Expenses After Expense Limitation | 1.90%<sup>(5)</sup> | 1.92%<sup>(5)(6)</sup> | 1.96%<sup>(5)(7)</sup> | 1.98%<sup>(5)</sup> | 1.97%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (1.12)%<sup>(5)</sup> | (0.80)%<sup>(5)</sup> | (0.60)%<sup>(5)(7)</sup> | (0.61)%<sup>(5)</sup> | (0.52)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 49% | 73% | 34% | 26% | 11% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Global Stars 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>** |
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $16.47 | $18.41 | $15.20 | $19.29 | $16.57 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.00<br><sup>(2)</sup> | 0.11 | 0.09 | 0.09 | 0.11 |
| Net Realized and Unrealized Gain (Loss) | 1.06 | 3.02 | 3.21 | (4.07) | 2.96 |
| Total from Investment Operations | 1.06 | 3.13 | 3.30 | (3.98) | 3.07 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.12) | (0.09) | (0.06) | (0.08) |
| Net Realized Gain | (4.27) | (4.95) |  | (0.05) | (0.27) |
| Total Distributions | (4.27) | (5.07) | (0.09) | (0.11) | (0.35) |
| **Net Asset Value, End of Period** | $13.26 | $16.47 | $18.41 | $15.20 | $19.29 |
| **Total Return<sup>(3)</sup>** | 6.67% | 16.35% | 21.75%<sup>(4)</sup> | (20.60)% | 18.60% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $75 | $58 | $14099 | $11562 | $14563 |
| Ratio of Expenses Before Expense Limitation | 4.93% | 1.07% | 1.12% | 1.14% | 1.12% |
| Ratio of Expenses After Expense Limitation | 0.75%<sup>(5)</sup> | 0.85%<sup>(5)(6)</sup> | 0.82%<sup>(5)(7)</sup> | 0.85%<sup>(5)</sup> | 0.85%<sup>(5)</sup> |
| Ratio of Net Investment Income | 0.03%<sup>(5)</sup> | 0.55%<sup>(5)</sup> | 0.55%<sup>(5)(7)</sup> | 0.53%<sup>(5)</sup> | 0.60%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 49% | 73% | 34% | 26% | 11% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period 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) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) 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.

(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 | 0.90% | 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 |

---

(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 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $56.05 | $38.42 | $25.58 | $74.29 | $91.47 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.26) | (0.13) | (0.09) | (0.20) | (0.50) |
| Net Realized and Unrealized Gain (Loss) | 14.14 | 18.07 | 12.93 | (44.22) | 1.32 |
| Total from Investment Operations | 13.88 | 17.94 | 12.84 | (44.42) | 0.82 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.31) |  |  |  |
| Net Realized Gain |  |  |  | (4.29) | (18.00) |
| Total Distributions |  | (0.31) |  | (4.29) | (18.00) |
| **Net Asset Value, End of Period** | $69.93 | $56.05 | $38.42 | $25.58 | $74.29 |
| **Total Return<sup>(2)</sup>** | 24.78% | 46.63% | 50.25%<sup>(3)</sup> | (60.34)% | 0.43% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $1378893 | $1558991 | $1587293 | $1469843 | $6234787 |
| Ratio of Expenses Before Expense Limitation | 0.63% | 0.62% | 0.56% | 0.64% | 0.56% |
| Ratio of Expenses After Expense Limitation | 0.62%<sup>(4)</sup> | 0.61%<sup>(4)</sup> | 0.53%<sup>(4)(5)</sup> | 0.64%<sup>(4)</sup> | 0.56%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.62%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.41)%<sup>(4)</sup> | (0.32)%<sup>(4)</sup> | (0.29)%<sup>(4)(5)</sup> | (0.46)%<sup>(4)</sup> | (0.51)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.01%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 53% | 39% | 29% | 40% | 59% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $50.14 | $34.41 | $22.97 | $67.88 | $85.31 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.39) | (0.21) | (0.15) | (0.27) | (0.70) |
| Net Realized and Unrealized Gain (Loss) | 12.64 | 16.15 | 11.59 | (40.35) | 1.27 |
| Total from Investment Operations | 12.25 | 15.94 | 11.44 | (40.62) | 0.57 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| Total Distributions |  | (0.21) |  | (4.29) | (18.00) |
| **Net Asset Value, End of Period** | $62.39 | $50.14 | $34.41 | $22.97 | $67.88 |
| **Total Return<sup>(7)</sup>** | 24.43% | 46.28% | 49.87%<sup>(3)</sup> | (60.44)% | 0.16% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $2348190 | $2146997 | $1896005 | $1577172 | $5307929 |
| Ratio of Expenses Before Expense Limitation | 0.89% | 0.87% | 0.82% | 0.89% | 0.82% |
| Ratio of Expenses After Expense Limitation | 0.89%<sup>(4)</sup> | 0.86%<sup>(4)</sup> | 0.79%<sup>(4)(5)</sup> | 0.89%<sup>(4)</sup> | 0.82%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.89%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.68)%<sup>(4)</sup> | (0.57)%<sup>(4)</sup> | (0.55)%<sup>(4)(5)</sup> | (0.71)%<sup>(4)</sup> | (0.77)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.01%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 53% | 39% | 29% | 40% | 59% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $43.65 | $30.03 | $20.14 | $61.05 | $78.85 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.59) | (0.35) | (0.26) | (0.40) | (1.03) |
| Net Realized and Unrealized Gain (Loss) | 10.99 | 14.02 | 10.15 | (36.22) | 1.23 |
| Total from Investment Operations | 10.40 | 13.67 | 9.89 | (36.62) | 0.20 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.05) |  |  |  |
| Net Realized Gain |  |  |  | (4.29) | (18.00) |
| Total Distributions |  | (0.05) |  | (4.29) | (18.00) |
| **Net Asset Value, End of Period** | $54.05 | $43.65 | $30.03 | $20.14 | $61.05 |
| **Total Return<sup>(2)</sup>** | 23.83% | 45.52% | 49.11%<sup>(3)</sup> | (60.63)% | (0.30)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $80930 | $73277 | $60812 | $46313 | $151668 |
| Ratio of Expenses Before Expense Limitation | 1.40% | 1.37% | 1.31% | 1.36% | 1.28% |
| Ratio of Expenses After Expense Limitation | 1.39%<sup>(4)</sup> | 1.36%<sup>(4)</sup> | 1.28%<sup>(4)(5)</sup> | 1.36%<sup>(4)</sup> | 1.28%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.39%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.18)%<sup>(4)</sup> | (1.06)%<sup>(4)</sup> | (1.04)%<sup>(4)(5)</sup> | (1.18)%<sup>(4)</sup> | (1.24)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.01%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 53% | 39% | 29% | 40% | 59% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $42.05 | $28.96 | $19.48 | $59.49 | $77.49 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.68) | (0.41) | (0.31) | (0.48) | (1.23) |
| Net Realized and Unrealized Gain (Loss) | 10.56 | 13.50 | 9.79 | (35.24) | 1.23 |
| Total from Investment Operations | 9.88 | 13.09 | 9.48 | (35.72) | 0.00<br><sup>(8)</sup> |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| **Net Asset Value, End of Period** | $51.93 | $42.05 | $28.96 | $19.48 | $59.49 |
| **Total Return<sup>(7)</sup>** | 23.50% | 45.20% | 48.74%<sup>(3)</sup> | (60.73)% | (0.55)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $146406 | $169191 | $174107 | $147014 | $524748 |
| Ratio of Expenses Before Expense Limitation | 1.64% | 1.62% | 1.57% | 1.61% | 1.55% |
| Ratio of Expenses After Expense Limitation | 1.64%<sup>(4)</sup> | 1.61%<sup>(4)</sup> | 1.54%<sup>(4)(5)</sup> | 1.61%<sup>(4)</sup> | 1.55%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.63%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.42)%<sup>(4)</sup> | (1.31)%<sup>(4)</sup> | (1.30)%<sup>(4)(5)</sup> | (1.43)%<sup>(4)</sup> | (1.50)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.01%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 53% | 39% | 29% | 40% | 59% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $57.07 | $39.11 | $26.03 | $75.32 | $92.42 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.20) | (0.09) | (0.08) | (0.13) | (0.41) |
| Net Realized and Unrealized Gain (Loss) | 14.41 | 18.40 | 13.16 | (44.87) | 1.31 |
| Total from Investment Operations | 14.21 | 18.31 | 13.08 | (45.00) | 0.90 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.35) |  |  |  |
| Net Realized Gain |  |  |  | (4.29) | (18.00) |
| Total Distributions |  | (0.35) |  | (4.29) | (18.00) |
| **Net Asset Value, End of Period** | $71.28 | $57.07 | $39.11 | $26.03 | $75.32 |
| **Total Return<sup>(2)</sup>** | 24.90% | 46.76% | 50.31%<sup>(3)</sup> | (60.28)% | 0.51% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $123239 | $242472 | $1823436 | $1413983 | $3585865 |
| Ratio of Expenses Before Expense Limitation | 0.53% | 0.52% | 0.51% | 0.50% | 0.46% |
| Ratio of Expenses After Expense Limitation | 0.52%<sup>(4)</sup> | 0.52%<sup>(4)</sup> | 0.48%<sup>(4)(5)</sup> | 0.50%<sup>(4)</sup> | 0.46%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.52%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.31)%<sup>(4)</sup> | (0.22)%<sup>(4)</sup> | (0.24)%<sup>(4)(5)</sup> | (0.32)%<sup>(4)</sup> | (0.41)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 53% | 39% | 29% | 40% | 59% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $56.90 | $38.98 | $25.94 | $75.32 | $92.41 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.20) | (0.09) | (0.08) | (0.16) | (0.41) |
| Net Realized and Unrealized Gain (Loss) | 14.37 | 18.36 | 13.12 | (44.93) | 1.32 |
| Total from Investment Operations | 14.17 | 18.27 | 13.04 | (45.09) | 0.91 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| Total Distributions |  | (0.35) |  | (4.29) | (18.00) |
| **Net Asset Value, End of Period** | $71.07 | $56.90 | $38.98 | $25.94 | $75.32 |
| **Total Return<sup>(2)</sup>** | 24.90% | 46.81% | 50.33%<sup>(3)</sup> | (60.41)% | 0.52% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $24 | $19 | $39 | $33 | $319566 |
| Ratio of Expenses Before Expense Limitation | 10.18% | 6.79% | 7.94% | 0.49% | 0.46% |
| Ratio of Expenses After Expense Limitation | 0.52%<sup>(4)</sup> | 0.52%<sup>(4)</sup> | 0.48%<sup>(4)(5)</sup> | 0.49%<sup>(4)</sup> | 0.46%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.52%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.31)%<sup>(4)</sup> | (0.21)%<sup>(4)</sup> | (0.23)%<sup>(4)(5)</sup> | (0.33)%<sup>(4)</sup> | (0.41)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 53% | 39% | 29% | 40% | 59% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Growth Portfolio**

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period 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.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of 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) |

---

(6) Amount is less than 0.005%.

(7) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(8) Amount is less than $0.005 per share.

(9) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**Inception Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $15.85 | $12.34 | $7.99 | $19.75 | $25.48 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.10) | (0.07) | (0.02) | (0.05) | (0.15) |
| Net Realized and Unrealized Gain (Loss) | 0.27 | 3.74 | 4.37 | (11.68) | (0.74) |
| Total from Investment Operations | 0.17 | 3.67 | 4.35 | (11.73) | (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:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.15) |  | (0.02) | (0.11) |
| Net Realized Gain |  |  |  | (0.01) | (4.76) |
| Paid-in-Capital |  | (0.01) |  |  |  |
| Total Distributions |  | (0.16) |  | (0.03) | (4.87) |
| **Redemption Fees** | (0.00)<sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.03 |
| **Net Asset Value, End of Period** | $16.02 | $15.85 | $12.34 | $7.99 | $19.75 |
| **Total Return<sup>(3)</sup>** | 1.07% | 29.64% | 54.44%<sup>(4)</sup> | (59.42)% | (3.33)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $144917 | $183204 | $201414 | $157990 | $743854 |
| Ratio of Expenses Before Expense Limitation | 1.19% | 1.13% | 1.11% | 1.41% | 1.12% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(5)</sup> | 0.94%<sup>(5)</sup> | 0.91%<sup>(5)(6)</sup> | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.00%<sup>(5)</sup> | N/A | N/A | 1.00%<sup>(5)</sup> | N/A |
| Ratio of Net Investment Loss | (0.63)%<sup>(5)</sup> | (0.59)%<sup>(5)</sup> | (0.21)%<sup>(5)(6)</sup> | (0.43)%<sup>(5)</sup> | (0.49)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 97% | 100% | 72% | 100% | 111% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $10.50 | $8.22 | $5.33 | $13.20 | $18.68 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.10) | (0.07) | (0.03) | (0.06) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 0.18 | 2.47 | 2.92 | (7.80) | (0.53) |
| Total from Investment Operations | 0.08 | 2.40 | 2.89 | (7.86) | (0.72) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| Paid-in-Capital |  | (0.00)<sup>(2)</sup> |  |  |  |
| Total Distributions |  | (0.12) |  | (0.01) | (4.79) |
| **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> | 0.03 |
| **Net Asset Value, End of Period** | $10.58 | $10.50 | $8.22 | $5.33 | $13.20 |
| **Total Return<sup>(8)</sup>** | 0.76% | 29.14% | 54.22%<sup>(4)</sup> | (59.57)% | (3.70)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $104627 | $130950 | $181264 | $132493 | $450058 |
| Ratio of Expenses Before Expense Limitation | 1.50% | 1.46% | 1.36% | 1.62% | 1.40% |
| Ratio of Expenses After Expense Limitation | 1.32%<sup>(5)</sup> | 1.28%<sup>(5)</sup> | 1.16%<sup>(5)(6)</sup> | 1.35%<sup>(5)</sup> | 1.33%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.31%<sup>(5)</sup> | N/A | N/A | 1.35%<sup>(5)</sup> | N/A |
| Ratio of Net Investment Loss | (0.95)%<sup>(5)</sup> | (0.94)%<sup>(5)</sup> | (0.46)%<sup>(5)(6)</sup> | (0.77)%<sup>(5)</sup> | (0.85)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 97% | 100% | 72% | 100% | 111% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Inception Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $8.59 | $6.76 | $4.42 | $10.99 | $16.45 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.13) | (0.10) | (0.06) | (0.08) | (0.27) |
| Net Realized and Unrealized Gain (Loss) | 0.15 | 2.02 | 2.40 | (6.48) | (0.45) |
| Total from Investment Operations | 0.02 | 1.92 | 2.34 | (6.56) | (0.72) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| Paid-in-Capital |  | (0.00)<sup>(2)</sup> |  |  |  |
| Total Distributions |  | (0.09) |  | (0.01) | (4.76) |
| **Redemption Fees** | (0.00)<sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.02 |
| **Net Asset Value, End of Period** | $8.61 | $8.59 | $6.76 | $4.42 | $10.99 |
| **Total Return<sup>(3)</sup>** | 0.23% | 28.33% | 52.94%<sup>(4)</sup> | (59.76)% | (4.17)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $651 | $673 | $656 | $623 | $1874 |
| Ratio of Expenses Before Expense Limitation | 2.47% | 2.51% | 2.55% | 2.32% | 1.95% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(5)</sup> | 1.85%<sup>(5)</sup> | 1.82%<sup>(5)(6)</sup> | 1.85%<sup>(5)</sup> | 1.85%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.84%<sup>(5)</sup> | N/A | N/A | 1.85%<sup>(5)</sup> | N/A |
| Ratio of Net Investment Loss | (1.48)%<sup>(5)</sup> | (1.50)%<sup>(5)</sup> | (1.12)%<sup>(5)(6)</sup> | (1.28)%<sup>(5)</sup> | (1.36)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 97% | 100% | 72% | 100% | 111% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $9.60 | $7.54 | $4.93 | $12.31 | $17.85 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.17) | (0.13) | (0.08) | (0.11) | (0.33) |
| Net Realized and Unrealized Gain (Loss) | 0.17 | 2.25 | 2.69 | (7.26) | (0.47) |
| Total from Investment Operations |  | 2.12 | 2.61 | (7.37) | (0.80) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.06) |  |  |  |
| Net Realized Gain |  |  |  | (0.01) | (4.76) |
| Paid-in-Capital |  | (0.00)<sup>(2)</sup> |  |  |  |
| Total Distributions |  | (0.06) |  | (0.01) | (4.76) |
| **Redemption Fees** | (0.00)<sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | (0.00) | 0.02 |
| **Net Asset Value, End of Period** | $9.60 | $9.60 | $7.54 | $4.93 | $12.31 |
| **Total Return<sup>(8)</sup>** | 0.00%<sup>(7)</sup> | 28.06% | 52.94%<sup>(4)</sup> | (59.90)% | (4.37)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $8484 | $10557 | $11076 | $8490 | $31148 |
| Ratio of Expenses Before Expense Limitation | 2.29% | 2.28% | 2.22% | 2.33% | 2.12% |
| Ratio of Expenses After Expense Limitation | 2.10%<sup>(5)</sup> | 2.09%<sup>(5)</sup> | 2.02%<sup>(5)(6)</sup> | 2.10%<sup>(5)</sup> | 2.05%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.09%<sup>(5)</sup> | N/A | N/A | 2.10%<sup>(5)</sup> | N/A |
| Ratio of Net Investment Loss | (1.73)%<sup>(5)</sup> | (1.75)%<sup>(5)</sup> | (1.31)%<sup>(5)(6)</sup> | (1.53)%<sup>(5)</sup> | (1.55)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 97% | 100% | 72% | 100% | 111% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Inception Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $16.03 | $12.49 | $8.08 | $19.99 | $25.73 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.09) | (0.07) | (0.02) | (0.04) | (0.14) |
| Net Realized and Unrealized Gain (Loss) | 0.27 | 3.77 | 4.43 | (11.83) | (0.74) |
| Total from Investment Operations | 0.18 | 3.70 | 4.41 | (11.87) | (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:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.15) |  | (0.03) | (0.13) |
| Net Realized Gain |  |  |  | (0.01) | (4.76) |
| Paid-in-Capital |  | (0.01) |  |  |  |
| Total Distributions |  | (0.16) |  | (0.04) | (4.89) |
| **Redemption Fees** | (0.00)<sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.03 |
| **Net Asset Value, End of Period** | $16.21 | $16.03 | $12.49 | $8.08 | $19.99 |
| **Total Return<sup>(3)</sup>** | 1.12% | 29.54% | 54.58%<sup>(4)</sup> | (59.39)% | (3.29)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $53194 | $57729 | $60470 | $39302 | $141933 |
| Ratio of Expenses Before Expense Limitation | 1.12% | 1.13% | 1.11% | 1.15% | 1.00% |
| Ratio of Expenses After Expense Limitation | 0.93%<sup>(5)</sup> | 0.93%<sup>(5)</sup> | 0.90%<sup>(5)(6)</sup> | 0.93%<sup>(5)</sup> | 0.93%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.92%<sup>(5)</sup> | N/A | N/A | 0.93%<sup>(5)</sup> | N/A |
| Ratio of Net Investment Loss | (0.56)%<sup>(5)</sup> | (0.58)%<sup>(5)</sup> | (0.20)%<sup>(5)(6)</sup> | (0.37)%<sup>(5)</sup> | (0.44)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 97% | 100% | 72% | 100% | 111% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period 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) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of 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) |

---

(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) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**International Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $24.01 | $22.48 | $19.00 | $30.30 | $27.05 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.01) | 0.01 | 0.05 | 0.00<br><sup>(2)</sup> | (0.08) |
| Net Realized and Unrealized Gain (Loss) | 3.73 | 1.55 | 3.44 | (10.43) | 3.63 |
| Total from Investment Operations | 3.72 | 1.56 | 3.49 | (10.43) | 3.55 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |  |  |
| Net Realized Gain |  |  |  | (0.87) | (0.30) |
| Total Distributions |  | (0.03) | (0.01) | (0.87) | (0.30) |
| **Redemption Fees** |  |  |  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $27.73 | $24.01 | $22.48 | $19.00 | $30.30 |
| **Total Return<sup>(3)</sup>** | 15.74% | 6.95% | 18.38%<sup>(4)</sup> | (34.46)% | 13.16% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $2269189 | $2241808 | $2625192 | $2390415 | $5419831 |
| Ratio of Expenses Before Expense Limitation | 1.01% | 1.00% | 1.00% | 1.01% | 0.97% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)</sup> | 0.97%<sup>(5)(6)</sup> | 1.01%<sup>(5)</sup> | 0.97%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.00%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | (0.02)%<sup>(5)</sup> | 0.04%<sup>(5)</sup> | 0.24%<sup>(5)(6)</sup> | 0.00%<sup>(5)</sup> | (0.28)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 13% | 26% | 32% | 19% | 22% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $23.34 | $21.89 | $18.54 | $29.69 | $26.58 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.08) | (0.05) | (0.01) | (0.06) | (0.17) |
| Net Realized and Unrealized Gain (Loss) | 3.61 | 1.50 | 3.36 | (10.22) | 3.58 |
| Total from Investment Operations | 3.53 | 1.45 | 3.35 | (10.28) | 3.41 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (0.87) | (0.30) |
| **Redemption Fees** |  |  |  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $26.87 | $23.34 | $21.89 | $18.54 | $29.69 |
| **Total Return<sup>(8)</sup>** | 15.38% | 6.62% | 18.07%<sup>(4)</sup> | (34.66)% | 12.87% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $289146 | $310723 | $375712 | $388125 | $776662 |
| Ratio of Expenses Before Expense Limitation | 1.30% | 1.28% | 1.27% | 1.30% | 1.26% |
| Ratio of Expenses After Expense Limitation | 1.30%<sup>(5)</sup> | 1.28%<sup>(5)</sup> | 1.25%<sup>(5)(6)</sup> | 1.30%<sup>(5)</sup> | 1.26%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.30%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.32)%<sup>(5)</sup> | (0.24)%<sup>(5)</sup> | (0.03)%<sup>(5)(6)</sup> | (0.27)%<sup>(5)</sup> | (0.57)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 13% | 26% | 32% | 19% | 22% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**International Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $21.94 | $20.70 | $17.64 | $28.46 | $25.64 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.21) | (0.17) | (0.12) | (0.18) | (0.32) |
| Net Realized and Unrealized Gain (Loss) | 3.40 | 1.41 | 3.18 | (9.77) | 3.44 |
| Total from Investment Operations | 3.19 | 1.24 | 3.06 | (9.95) | 3.12 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 |  |  |  | (0.87) | (0.30) |
| **Redemption Fees** |  |  |  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $25.13 | $21.94 | $20.70 | $17.64 | $28.46 |
| **Total Return<sup>(3)</sup>** | 14.77% | 5.99% | 17.35%<sup>(4)</sup> | (35.00)% | 12.21% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $500 | $443 | $421 | $403 | $279 |
| Ratio of Expenses Before Expense Limitation | 2.21% | 2.19% | 2.26% | 2.55% | 2.29% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(5)</sup> | 1.85%<sup>(5)</sup> | 1.82%<sup>(5)(6)</sup> | 1.85%<sup>(5)</sup> | 1.85%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.85%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.87)%<sup>(5)</sup> | (0.80)%<sup>(5)</sup> | (0.61)%<sup>(5)(6)</sup> | (0.93)%<sup>(5)</sup> | (1.16)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 13% | 26% | 32% | 19% | 22% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $21.50 | $20.31 | $17.33 | $28.03 | $25.29 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.25) | (0.20) | (0.14) | (0.20) | (0.35) |
| Net Realized and Unrealized Gain (Loss) | 3.32 | 1.39 | 3.12 | (9.63) | 3.39 |
| Total from Investment Operations | 3.07 | 1.19 | 2.98 | (9.83) | 3.04 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (0.87) | (0.30) |
| **Redemption Fees** |  |  |  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $24.57 | $21.50 | $20.31 | $17.33 | $28.03 |
| **Total Return<sup>(8)</sup>** | 14.56% | 5.86% | 17.20%<sup>(4)</sup> | (35.11)% | 12.06% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $8961 | $12327 | $19092 | $21455 | $42922 |
| Ratio of Expenses Before Expense Limitation | 2.05% | 2.00% | 1.97% | 2.01% | 1.96% |
| Ratio of Expenses After Expense Limitation | 2.05%<sup>(5)</sup> | 2.00%<sup>(5)</sup> | 1.94%<sup>(5)(6)</sup> | 2.01%<sup>(5)</sup> | 1.96%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.05%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (1.07)%<sup>(5)</sup> | (0.95)%<sup>(5)</sup> | (0.73)%<sup>(5)(6)</sup> | (1.02)%<sup>(5)</sup> | (1.27)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 13% | 26% | 32% | 19% | 22% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**International Advantage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $24.10 | $22.57 | $19.08 | $30.38 | $27.09 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.02 | 0.04 | 0.07 |  | (0.06) |
| Net Realized and Unrealized Gain (Loss) | 3.74 | 1.55 | 3.46 | (10.43) | 3.65 |
| Total from Investment Operations | 3.76 | 1.59 | 3.53 | (10.43) | 3.59 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.06) | (0.04) |  |  |
| Net Realized Gain |  |  |  | (0.87) | (0.30) |
| Total Distributions |  | (0.06) | (0.04) | (0.87) | (0.30) |
| **Redemption Fees** |  |  |  | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $27.86 | $24.10 | $22.57 | $19.08 | $30.38 |
| **Total Return<sup>(3)</sup>** | 15.85% | 7.04% | 18.54%<sup>(4)</sup> | (34.40)% | 13.29% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $113038 | $179397 | $194879 | $120364 | $273564 |
| Ratio of Expenses Before Expense Limitation | 0.90% | 0.89% | 0.89% | 0.89% | 0.87% |
| Ratio of Expenses After Expense Limitation | 0.90%<sup>(5)</sup> | 0.89%<sup>(5)</sup> | 0.86%<sup>(5)(6)</sup> | 0.89%<sup>(5)</sup> | 0.87%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.90%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income (Loss) | 0.08%<sup>(5)</sup> | 0.15%<sup>(5)</sup> | 0.35%<sup>(5)(6)</sup> | 0.01%<sup>(5)</sup> | (0.19)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 13% | 26% | 32% | 19% | 22% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period 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) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6) If the Fund had not received the reimbursement of 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 |

---

(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) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights

**International Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $10.03 | $13.58 | $12.14 | $15.22 | $16.20 |
| **Income (Loss) from Investment Operations:** | **Income (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 | 0.24 | 0.22 | 0.23 | 0.29 |
| Net Realized and Unrealized Gain (Loss) | 1.96 | 0.24 | 1.82 | (2.40) | 0.34 |
| Total from Investment Operations | 2.12 | 0.48 | 2.04 | (2.17) | 0.63 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 | (0.71) | (0.47) | (0.31) | (0.13) | (0.33) |
| Net Realized Gain | (4.76) | (3.56) | (0.29) | (0.78) | (1.28) |
| Total Distributions | (5.47) | (4.03) | (0.60) | (0.91) | (1.61) |
| **Net Asset Value, End of Period** | $6.68 | $10.03 | $13.58 | $12.14 | $15.22 |
| **Total Return<sup>(2)</sup>** | 21.78% | 2.81% | 16.91%<sup>(3)</sup> | (14.18)% | 4.19% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $156044 | $466727 | $1078331 | $741596 | $1531709 |
| Ratio of Expenses Before Expense Limitation | 1.08% | 1.05% | 1.02% | 1.03% | 1.01% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(4)</sup> | 0.95%<sup>(4)</sup> | 0.94%<sup>(4)(5)</sup> | 0.95%<sup>(4)</sup> | 0.95%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.95%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 1.43%<sup>(4)</sup> | 1.73%<sup>(4)</sup> | 1.63%<sup>(4)(5)</sup> | 1.76%<sup>(4)</sup> | 1.70%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 46% | 49% | 28% | 36% | 20% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $10.18 | $13.72 | $12.08 | $15.17 | $16.15 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.13 | 0.19 | 0.17 | 0.06 | 0.25 |
| Net Realized and Unrealized Gain (Loss) | 1.99 | 0.25 | 1.80 | (2.25) | 0.36 |
| Total from Investment Operations | 2.12 | 0.44 | 1.97 | (2.19) | 0.61 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.69) | (0.42) | (0.04) | (0.12) | (0.31) |
| Net Realized Gain | (4.76) | (3.56) | (0.29) | (0.78) | (1.28) |
| Total Distributions | (5.45) | (3.98) | (0.33) | (0.90) | (1.59) |
| **Net Asset Value, End of Period** | $6.85 | $10.18 | $13.72 | $12.08 | $15.17 |
| **Total Return<sup>(7)</sup>** | 21.50% | 2.50% | 16.38%<sup>(3)</sup> | (14.37)% | 4.07% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $33029 | $34343 | $43492 | $330721 | $58739 |
| Ratio of Expenses Before Expense Limitation | 1.24% | 1.42% | 1.38% | 1.26% | 1.07% |
| Ratio of Expenses After Expense Limitation | 1.17%<sup>(4)</sup> | 1.30%<sup>(4)</sup> | 1.30%<sup>(4)</sup> | 1.23%<sup>(4)</sup> | 1.07%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.17%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 1.19%<sup>(4)</sup> | 1.37%<sup>(4)</sup> | 1.28%<sup>(4)</sup> | 0.50%<sup>(4)</sup> | 1.57%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 46% | 49% | 28% | 36% | 20% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**International Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $9.74 | $13.30 | $11.91 | $14.93 | $15.91 |
| **Income (Loss) from Investment Operations:** | **Income (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 | 0.12 | 0.10 | 0.10 | 0.14 |
| Net Realized and Unrealized Gain (Loss) | 1.91 | 0.24 | 1.77 | (2.33) | 0.35 |
| Total from Investment Operations | 1.97 | 0.36 | 1.87 | (2.23) | 0.49 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 | (0.62) | (0.36) | (0.19) | (0.01) | (0.19) |
| Net Realized Gain | (4.76) | (3.56) | (0.29) | (0.78) | (1.28) |
| Total Distributions | (5.38) | (3.92) | (0.48) | (0.79) | (1.47) |
| **Net Asset Value, End of Period** | $6.33 | $9.74 | $13.30 | $11.91 | $14.93 |
| **Total Return<sup>(2)</sup>** | 20.87% | 1.92% | 15.80%<sup>(3)</sup> | (14.86)% | 3.34% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $2732 | $2961 | $3843 | $3579 | $5394 |
| Ratio of Expenses Before Expense Limitation | 1.94% | 1.88% | 1.84% | 1.85% | 1.79% |
| Ratio of Expenses After Expense Limitation | 1.80%<sup>(4)</sup> | 1.80%<sup>(4)</sup> | 1.79%<sup>(4)(5)</sup> | 1.80%<sup>(4)</sup> | 1.79%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.80%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.58%<sup>(4)</sup> | 0.87%<sup>(4)</sup> | 0.78%<sup>(4)(5)</sup> | 0.77%<sup>(4)</sup> | 0.88%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 46% | 49% | 28% | 36% | 20% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $9.42 | $12.98 | $11.63 | $14.63 | $15.64 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.03 | 0.08 | 0.07 | 0.06 | 0.09 |
| Net Realized and Unrealized Gain (Loss) | 1.85 | 0.24 | 1.73 | (2.28) | 0.34 |
| Total from Investment Operations | 1.88 | 0.32 | 1.80 | (2.22) | 0.43 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.60) | (0.32) | (0.16) |  | (0.16) |
| Net Realized Gain | (4.76) | (3.56) | (0.29) | (0.78) | (1.28) |
| Total Distributions | (5.36) | (3.88) | (0.45) | (0.78) | (1.44) |
| **Net Asset Value, End of Period** | $5.94 | $9.42 | $12.98 | $11.63 | $14.63 |
| **Total Return<sup>(7)</sup>** | 20.50% | 1.69% | 15.56%<sup>(3)</sup> | (15.12)% | 3.02% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $390 | $381 | $1109 | $1098 | $929 |
| Ratio of Expenses Before Expense Limitation | 2.72% | 2.30% | 2.32% | 2.28% | 2.33% |
| Ratio of Expenses After Expense Limitation | 2.05%<sup>(4)</sup> | 2.05%<sup>(4)</sup> | 2.04%<sup>(4)(5)</sup> | 2.05%<sup>(4)</sup> | 2.05%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.05%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 0.33%<sup>(4)</sup> | 0.62%<sup>(4)</sup> | 0.53%<sup>(4)(5)</sup> | 0.48%<sup>(4)</sup> | 0.58%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 46% | 49% | 28% | 36% | 20% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**International Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $10.01 | $13.57 | $12.13 | $15.21 | $16.19 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.16 | 0.25 | 0.22 | 0.22 | 0.30 |
| Net Realized and Unrealized Gain (Loss) | 1.96 | 0.23 | 1.82 | (2.38) | 0.33 |
| Total from Investment Operations | 2.12 | 0.48 | 2.04 | (2.16) | 0.63 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 | (0.72) | (0.48) | (0.31) | (0.14) | (0.33) |
| Net Realized Gain | (4.76) | (3.56) | (0.29) | (0.78) | (1.28) |
| Total Distributions | (5.48) | (4.04) | (0.60) | (0.92) | (1.61) |
| **Net Asset Value, End of Period** | $6.65 | $10.01 | $13.57 | $12.13 | $15.21 |
| **Total Return<sup>(2)</sup>** | 21.82% | 2.81% | 16.96%<sup>(3)</sup> | (14.14)% | 4.24% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $102134 | $137160 | $240372 | $245372 | $453413 |
| Ratio of Expenses Before Expense Limitation | 0.99% | 0.94% | 0.93% | 0.92% | 0.91% |
| Ratio of Expenses After Expense Limitation | 0.91%<sup>(4)</sup> | 0.91%<sup>(4)</sup> | 0.90%<sup>(4)(5)</sup> | 0.92%<sup>(4)</sup> | 0.91%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.91%<sup>(4)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 1.47%<sup>(4)</sup> | 1.76%<sup>(4)</sup> | 1.67%<sup>(4)(5)</sup> | 1.67%<sup>(4)</sup> | 1.76%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 46% | 49% | 28% | 36% | 20% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period 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.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) If the Fund had not received the reimbursement of 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 |

---

(6) Amount is less than 0.005%.

(7) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(8) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**International Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $28.57 | $23.98 | $19.80 | $38.44 | $41.46 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.07) | (0.10) | (0.05) | (0.10) | (0.30) |
| Net Realized and Unrealized Gain (Loss) | 3.57 | 4.73 | 4.23 | (16.71) | (1.90) |
| Total from Investment Operations | 3.50 | 4.63 | 4.18 | (16.81) | (2.20) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.04) |  |  |  |
| Net Realized Gain |  |  |  | (1.83) | (0.82) |
| Total Distributions |  | (0.04) |  | (1.83) | (0.82) |
| **Redemption Fees** | (0.00)<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** | $32.07<br><sup>(10)</sup> | $28.57 | $23.98 | $19.80 | $38.44 |
| **Total Return<sup>(3)</sup>** | 12.25%<sup>(10)</sup> | 19.32% | 21.11%<sup>(4)</sup> | (43.76)% | (5.24)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $555727 | $534510 | $682842 | $668597 | $3229961 |
| Ratio of Expenses Before Expense Limitation | 1.08% | 1.06% | 0.94% | 1.11% | 0.99% |
| Ratio of Expenses After Expense Limitation | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)</sup> | 0.91%<sup>(5)(6)</sup> | 1.00%<sup>(5)</sup> | 0.99%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.00%<sup>(5)</sup> | 1.00%<sup>(5)</sup> | N/A | 1.00%<sup>(5)</sup> | 0.99%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.23)%<sup>(5)</sup> | (0.37)%<sup>(5)</sup> | (0.21)%<sup>(5)(6)</sup> | (0.39)%<sup>(5)</sup> | (0.70)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 25% | 28% | 20% | 18% | 36% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $27.55 | $23.17 | $19.19 | $37.49 | $40.57 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.17) | (0.18) | (0.12) | (0.19) | (0.41) |
| Net Realized and Unrealized Gain (Loss) | 3.46 | 4.56 | 4.10 | (16.28) | (1.85) |
| Total from Investment Operations | 3.29 | 4.38 | 3.98 | (16.47) | (2.26) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (1.83) | (0.82) |
| **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** | $30.84<br><sup>(10)</sup> | $27.55 | $23.17 | $19.19 | $37.49 |
| **Total Return<sup>(8)</sup>** | 11.94%<sup>(10)</sup> | 18.90% | 20.74%<sup>(4)</sup> | (43.96)% | (5.50)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $166630 | $167662 | $204639 | $220442 | $638203 |
| Ratio of Expenses Before Expense Limitation | 1.35% | 1.34% | 1.26% | 1.35% | 1.28% |
| Ratio of Expenses After Expense Limitation | 1.32%<sup>(5)</sup> | 1.32%<sup>(5)</sup> | 1.23%<sup>(5)(6)</sup> | 1.35%<sup>(5)</sup> | 1.28%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.32%<sup>(5)</sup> | 1.32%<sup>(5)</sup> | N/A | 1.35%<sup>(5)</sup> | 1.28%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.55)%<sup>(5)</sup> | (0.69)%<sup>(5)</sup> | (0.53)%<sup>(5)(6)</sup> | (0.78)%<sup>(5)</sup> | (0.99)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 25% | 28% | 20% | 18% | 36% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**International Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $25.60 | $21.64 | $18.04 | $35.60 | $38.79 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.30) | (0.29) | (0.23) | (0.29) | (0.62) |
| Net Realized and Unrealized Gain (Loss) | 3.20 | 4.25 | 3.83 | (15.44) | (1.75) |
| Total from Investment Operations | 2.90 | 3.96 | 3.60 | (15.73) | (2.37) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (1.83) | (0.82) |
| **Redemption Fees** | (0.00)<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** | $28.50<br><sup>(10)</sup> | $25.60 | $21.64 | $18.04 | $35.60 |
| **Total Return<sup>(3)</sup>** | 11.33%<sup>(10)</sup> | 18.30% | 20.02%<sup>(4)</sup> | (44.24)% | (6.04)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $160 | $203 | $205 | $171 | $448 |
| Ratio of Expenses Before Expense Limitation | 3.15% | 3.02% | 3.03% | 2.62% | 2.15% |
| Ratio of Expenses After Expense Limitation | 1.85%<sup>(5)</sup> | 1.85%<sup>(5)</sup> | 1.82%<sup>(5)(6)</sup> | 1.85%<sup>(5)</sup> | 1.85%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.85%<sup>(5)</sup> | 1.85%<sup>(5)</sup> | N/A | 1.85%<sup>(5)</sup> | 1.85%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (1.08)%<sup>(5)</sup> | (1.22)%<sup>(5)</sup> | (1.10)%<sup>(5)(6)</sup> | (1.25)%<sup>(5)</sup> | (1.56)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 25% | 28% | 20% | 18% | 36% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $25.05 | $21.21 | $17.71 | $35.08 | $38.29 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.36) | (0.33) | (0.25) | (0.34) | (0.66) |
| Net Realized and Unrealized Gain (Loss) | 3.13 | 4.17 | 3.75 | (15.20) | (1.73) |
| Total from Investment Operations | 2.77 | 3.84 | 3.50 | (15.54) | (2.39) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) |
| **Redemption Fees** | (0.00)<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** | $27.82<br><sup>(10)</sup> | $25.05 | $21.21 | $17.71 | $35.08 |
| **Total Return<sup>(8)</sup>** | 11.06%<sup>(10)</sup> | 18.06% | 19.83%<sup>(4)</sup> | (44.36)% | (6.17)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $12928 | $17885 | $24887 | $28775 | $91503 |
| Ratio of Expenses Before Expense Limitation | 2.11% | 2.07% | 1.99% | 2.07% | 1.98% |
| Ratio of Expenses After Expense Limitation | 2.08%<sup>(5)</sup> | 2.06%<sup>(5)</sup> | 1.97%<sup>(5)(6)</sup> | 2.06%<sup>(5)</sup> | 1.98%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 2.08%<sup>(5)</sup> | 2.06%<sup>(5)</sup> | N/A | 2.06%<sup>(5)</sup> | 1.98%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (1.31)%<sup>(5)</sup> | (1.43)%<sup>(5)</sup> | (1.26)%<sup>(5)(6)</sup> | (1.47)%<sup>(5)</sup> | (1.69)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 25% | 28% | 20% | 18% | 36% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**International Opportunity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $28.72 | $24.10 | $19.90 | $38.58 | $41.56 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.05) | (0.08) | (0.05) | (0.09) | (0.25) |
| Net Realized and Unrealized Gain (Loss) | 3.57 | 4.75 | 4.25 | (16.76) | (1.91) |
| Total from Investment Operations | 3.52 | 4.67 | 4.20 | (16.85) | (2.16) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.06) |  |  |  |
| Net Realized Gain |  |  |  | (1.83) | (0.82) |
| Total Distributions |  | (0.06) |  | (1.83) | (0.82) |
| **Redemption Fees** | 0.02 | 0.01 | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> | 0.00<br><sup>(2)</sup> |
| **Net Asset Value, End of Period** | $32.26<br><sup>(10)</sup> | $28.72 | $24.10 | $19.90 | $38.58 |
| **Total Return<sup>(3)</sup>** | 12.33%<sup>(10)</sup> | 19.42% | 21.11%<sup>(4)</sup> | (43.70)% | (5.13)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $3614 | $3180 | $34160 | $133702 | $131721 |
| Ratio of Expenses Before Expense Limitation | 1.23% | 1.11% | 0.96% | 0.94% | 0.90% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(5)</sup> | 0.94%<sup>(5)</sup> | 0.92%<sup>(5)(6)</sup> | 0.92%<sup>(5)</sup> | 0.88%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.94%<sup>(5)</sup> | 0.94%<sup>(5)</sup> | N/A | 0.92%<sup>(5)</sup> | 0.88%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.17)%<sup>(5)</sup> | (0.30)%<sup>(5)</sup> | (0.22)%<sup>(5)(6)</sup> | (0.35)%<sup>(5)</sup> | (0.59)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 25% | 28% | 20% | 18% | 36% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $28.72 | $24.11 | $19.91 | $38.60 | $41.58 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.05) | (0.08) | (0.05) | (0.09) | (0.25) |
| Net Realized and Unrealized Gain (Loss) | 6.51 | 4.75 | 4.25 | (16.77) | (1.91) |
| Total from Investment Operations | 6.46 | 4.67 | 4.20 | (16.86) | (2.16) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.06) |  |  |  |
| Net Realized Gain |  |  |  | (1.83) | (0.82) |
| Total Distributions |  | (0.06) |  | (1.83) | (0.82) |
| **Redemption Fees** | (2.91) | 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** | $32.27<br><sup>(10)</sup> | $28.72 | $24.11 | $19.91 | $38.60 |
| **Total Return<sup>(3)</sup>** | 12.36%<sup>(10)</sup> | 19.37% | 21.09%<sup>(4)</sup> | (43.70)% | (5.13)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $14 | $13 | $130175 | $119937 | $141615 |
| Ratio of Expenses Before Expense Limitation | 15.90% | 0.95% | 0.94% | 0.92% | 0.88% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(5)</sup> | 0.94%<sup>(5)</sup> | 0.91%<sup>(5)(6)</sup> | 0.92%<sup>(5)</sup> | 0.88%<sup>(5)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.93%<sup>(5)</sup> | 0.94%<sup>(5)</sup> | N/A | 0.92%<sup>(5)</sup> | 0.88%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.17)%<sup>(5)</sup> | (0.30)%<sup>(5)</sup> | (0.21)%<sup>(5)(6)</sup> | (0.36)%<sup>(5)</sup> | (0.59)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 25% | 28% | 20% | 18% | 36% |

---

(1) Per share amount is based on average shares outstanding.

(2) Amount is less than $0.005 per share.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Reflects prior period 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) 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 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**International Opportunity Portfolio**

(6) 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 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) |

---

(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) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(10) The net asset value and total return have been calculated on net assets which includes an adjustment made in accordance with GAAP required at period end for financial reporting purposes.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights

**International Resilience Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **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> | 0.06 | 0.07 | 0.10 | 0.00<br><sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 1.36 | 0.35 | 1.51 | (0.24) |
| Total from Investment Operations | 1.42 | 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 | (0.06) | (0.07) | (0.08) |  |
| Net Realized Gain | (0.39) | (0.35) | (0.15) |  |
| Paid-in-Capital  | (0.00)<sup>(3)</sup> |  |  |  |
| Total Distributions | (0.45) | (0.42) | (0.23) |  |
| **Net Asset Value, End of Period** | $12.11 | $11.14 | $11.14 | $9.76 |
| **Total Return<sup>(4)</sup>** | 12.79% | 3.65% | 16.54%<sup>(5)</sup> | (2.40)%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1917 | $1699 | $1536 | $1317 |
| Ratio of Expenses Before Expense Limitation | 15.91% | 15.98% | 19.42% | 25.45%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 0.85%<sup>(8)</sup> | 0.85%<sup>(8)</sup> | 0.73%<sup>(8)(9)</sup> | 0.84%<sup>(7)(8)</sup> |
| Ratio of Net Investment Income | 0.47%<sup>(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>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01%<sup>(7)</sup> |
| Portfolio Turnover Rate | 57% | 48% | 25% | 7%<sup>(6)</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**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> | 0.02 | 0.03 | 0.06 | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 1.35 | 0.35 | 1.51 | (0.24) |
| Total from Investment Operations | 1.37 | 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 | (0.01) | (0.04) | (0.05) |  |
| Net Realized Gain | (0.39) | (0.35) | (0.15) |  |
| Total Distributions | (0.40) | (0.39) | (0.20) |  |
| **Net Asset Value, End of Period** | $12.08 | $11.11 | $11.12 | $9.75 |
| **Total Return<sup>(11)</sup>** | 12.43% | 3.30% | 16.06%<sup>(5)</sup> | (2.50)%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $86 | $77 | $57 | $49 |
| Ratio of Expenses Before Expense Limitation | 18.65% | 19.68% | 23.60% | 30.17%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 1.20%<sup>(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) | 0.13%<sup>(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>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(7)(10)</sup> |
| Portfolio Turnover Rate | 57% | 48% | 25% | 7%<sup>(6)</sup> |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**International Resilience Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **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> | (0.08) | (0.05) | (0.02) | (0.04) |
| Net Realized and Unrealized Gain (Loss) | 1.35 | 0.34 | 1.51 | (0.25) |
| Total from Investment Operations | 1.27 | 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 | (0.39) | (0.35) | (0.15) |  |
| **Net Asset Value, End of Period** | $11.87 | $10.99 | $11.05 | $9.71 |
| **Total Return<sup>(11)</sup>** | 11.61% | 2.52% | 15.33%<sup>(5)</sup> | (2.90)%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $64 | $57 | $56 | $49 |
| Ratio of Expenses Before Expense Limitation | 20.10% | 20.59% | 24.37% | 30.92%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 1.95%<sup>(8)</sup> | 1.95%<sup>(8)</sup> | 1.83%<sup>(8)(9)</sup> | 1.95%<sup>(7)(8)</sup> |
| Ratio of Net Investment Loss | (0.63)%<sup>(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>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(7)(10)</sup> |
| Portfolio Turnover Rate | 57% | 48% | 25% | 7%<sup>(6)</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **Period from<br>July 29, 2022<sup>(1)</sup> to**<br>**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> | 0.06 | 0.08 | 0.10 | 0.00<br><sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 1.36 | 0.36 | 1.52 | (0.24) |
| Total from Investment Operations | 1.42 | 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 | (0.06) | (0.08) | (0.09) |  |
| Net Realized Gain | (0.39) | (0.35) | (0.15) |  |
| Total Distributions | (0.45) | (0.43) | (0.24) |  |
| **Net Asset Value, End of Period** | $12.12 | $11.15 | $11.14 | $9.76 |
| **Total Return<sup>(4)</sup>** | 12.83% | 3.79% | 16.60%<sup>(5)</sup> | (2.40)%<sup>(6)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $67 | $59 | $57 | $49 |
| Ratio of Expenses Before Expense Limitation | 18.99% | 19.30% | 23.18% | 29.95%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(8)</sup> | 0.80%<sup>(8)</sup> | 0.68%<sup>(8)(9)</sup> | 0.80%<sup>(7)(8)</sup> |
| Ratio of Net Investment Income | 0.52%<sup>(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>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.00%<sup>(7)(10)</sup> |
| Portfolio Turnover Rate | 57% | 48% | 25% | 7%<sup>(6)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.10% for Class I shares, 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.

(6) Not annualized.

(7) Annualized.

(8) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**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 Annual Report**

**December 31, 2025**

Financial Highlights

**Passport Overseas Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $15.55 | $15.00 | $13.80 | $17.91 | $19.03 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.29 | 0.17 | 0.22 | 0.18 | 0.17 |
| Net Realized and Unrealized Gain (Loss) | 5.60 | 0.92 | 1.50 | (4.06) | 0.24 |
| Total from Investment Operations | 5.89 | 1.09 | 1.72 | (3.88) | 0.41 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.33) | (0.19) | (0.26) | (0.10) | (0.23) |
| Net Realized Gain | (2.20) | (0.35) | (0.26) | (0.13) | (1.30) |
| Total Distributions | (2.53) | (0.54) | (0.52) | (0.23) | (1.53) |
| **Net Asset Value, End of Period** | $18.91 | $15.55 | $15.00 | $13.80 | $17.91 |
| **Total Return<sup>(2)</sup>** | 38.53% | 7.19% | 12.52%<sup>(3)</sup> | (21.57)% | 2.33% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $107604 | $86227 | $119815 | $104002 | $153810 |
| Ratio of Expenses Before Expense Limitation | 1.11% | 1.10% | 1.02% | 1.08% | 0.95% |
| Ratio of Expenses After Expense Limitation | 0.89%<sup>(4)</sup> | 0.90%<sup>(4)</sup> | 0.86%<sup>(4)(5)</sup> | 0.89%<sup>(4)</sup> | 0.89%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | 0.89%<sup>(4)</sup> | 0.89%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.53%<sup>(4)</sup> | 1.05%<sup>(4)</sup> | 1.48%<sup>(4)(5)</sup> | 1.18%<sup>(4)</sup> | 0.87%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 36% | 30% | 14% | 25% | 39% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $15.95 | $15.37 | $14.13 | $18.32 | $19.43 |
| **Income (Loss) from Investment Operations:** | **Income (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> | 0.23 | 0.12 | 0.18 | 0.13 | 0.11 |
| Net Realized and Unrealized Gain (Loss) | 5.73 | 0.95 | 1.53 | (4.13) | 0.25 |
| Total from Investment Operations | 5.96 | 1.07 | 1.71 | (4.00) | 0.36 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 | (0.26) | (0.14) | (0.21) | (0.06) | (0.17) |
| Net Realized Gain | (2.20) | (0.35) | (0.26) | (0.13) | (1.30) |
| Total Distributions | (2.46) | (0.49) | (0.47) | (0.19) | (1.47) |
| **Net Asset Value, End of Period** | $19.45 | $15.95 | $15.37 | $14.13 | $18.32 |
| **Total Return<sup>(7)</sup>** | 38.01% | 6.89% | 12.15%<sup>(3)</sup> | (21.77)% | 2.03% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $57844 | $46959 | $50552 | $51769 | $71668 |
| Ratio of Expenses Before Expense Limitation | 1.39% | 1.36% | 1.28% | 1.34% | 1.22% |
| Ratio of Expenses After Expense Limitation | 1.22%<sup>(4)</sup> | 1.19%<sup>(4)</sup> | 1.16%<sup>(4)(5)</sup> | 1.18%<sup>(4)</sup> | 1.18%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | 1.18%<sup>(4)</sup> | 1.18%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.21%<sup>(4)</sup> | 0.76%<sup>(4)</sup> | 1.18%<sup>(4)(5)</sup> | 0.88%<sup>(4)</sup> | 0.55%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 36% | 30% | 14% | 25% | 39% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Passport Overseas Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $15.78 | $15.21 | $13.99 | $18.16 | $19.27 |
| **Income (Loss) from Investment Operations:** | **Income (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 | 0.03 | 0.09 | 0.05 | 0.00<br><sup>(8)</sup> |
| Net Realized and Unrealized Gain (Loss) | 5.67 | 0.94 | 1.51 | (4.09) | 0.24 |
| Total from Investment Operations | 5.80 | 0.97 | 1.60 | (4.04) | 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:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.16) | (0.05) | (0.12) |  | (0.05) |
| Net Realized Gain | (2.20) | (0.35) | (0.26) | (0.13) | (1.30) |
| Total Distributions | (2.36) | (0.40) | (0.38) | (0.13) | (1.35) |
| **Net Asset Value, End of Period** | $19.22 | $15.78 | $15.21 | $13.99 | $18.16 |
| **Total Return<sup>(2)</sup>** | 37.39% | 6.27% | 11.51%<sup>(3)</sup> | (22.22)% | 1.48% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $5027 | $3981 | $4206 | $4129 | $5475 |
| Ratio of Expenses Before Expense Limitation | 1.94% | 1.92% | 1.84% | 1.90% | 1.76% |
| Ratio of Expenses After Expense Limitation | 1.74%<sup>(4)</sup> | 1.75%<sup>(4)</sup> | 1.71%<sup>(4)(5)</sup> | 1.74%<sup>(4)</sup> | 1.74%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | 1.74%<sup>(4)</sup> | 1.74%<sup>(4)</sup> |
| Ratio of Net Investment Income | 0.68%<sup>(4)</sup> | 0.20%<sup>(4)</sup> | 0.63%<sup>(4)(5)</sup> | 0.32%<sup>(4)</sup> | 0.02%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 36% | 30% | 14% | 25% | 39% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $15.68 | $15.12 | $13.89 | $18.08 | $19.22 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.08 | (0.01) | 0.06 | 0.01 | (0.02) |
| Net Realized and Unrealized Gain (Loss) | 5.63 | 0.92 | 1.50 | (4.07) | 0.21 |
| Total from Investment Operations | 5.71 | 0.91 | 1.56 | (4.06) | 0.19 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) | (0.00)<sup>(8)</sup> | (0.07) |  | (0.03) |
| Net Realized Gain | (2.20) | (0.35) | (0.26) | (0.13) | (1.30) |
| Total Distributions | (2.31) | (0.35) | (0.33) | (0.13) | (1.33) |
| **Net Asset Value, End of Period** | $19.08 | $15.68 | $15.12 | $13.89 | $18.08 |
| **Total Return<sup>(7)</sup>** | 37.02% | 5.98% | 11.27%<sup>(3)</sup> | (22.43)% | 1.23% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $320 | $274 | $433 | $459 | $821 |
| Ratio of Expenses Before Expense Limitation | 2.95% | 2.91% | 2.74% | 2.54% | 2.36% |
| Ratio of Expenses After Expense Limitation | 1.99%<sup>(4)</sup> | 2.00%<sup>(4)</sup> | 1.96%<sup>(4)(5)</sup> | 1.99%<sup>(4)</sup> | 1.99%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | 1.99%<sup>(4)</sup> | 1.99%<sup>(4)</sup> |
| Ratio of Net Investment Income (Loss) | 0.43%<sup>(4)</sup> | (0.05)%<sup>(4)</sup> | 0.37%<sup>(4)(5)</sup> | 0.05%<sup>(4)</sup> | (0.09)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 36% | 30% | 14% | 25% | 39% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Passport Overseas Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $15.57 | $15.02 | $13.82 | $17.91 | $19.04 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.30 | 0.18 | 0.23 | 0.21 | 0.18 |
| Net Realized and Unrealized Gain (Loss) | 5.61 | 0.92 | 1.49 | (4.06) | 0.23 |
| Total from Investment Operations | 5.91 | 1.10 | 1.72 | (3.85) | 0.41 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.34) | (0.20) | (0.26) | (0.11) | (0.24) |
| Net Realized Gain | (2.20) | (0.35) | (0.26) | (0.13) | (1.30) |
| Total Distributions | (2.54) | (0.55) | (0.52) | (0.24) | (1.54) |
| **Net Asset Value, End of Period** | $18.94 | $15.57 | $15.02 | $13.82 | $17.91 |
| **Total Return<sup>(2)</sup>** | 38.54% | 7.24% | 12.56%<sup>(3)</sup> | (21.45)% | 2.39% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $38 | $27 | $16 | $23 | $32 |
| Ratio of Expenses Before Expense Limitation | 7.50% | 9.26% | 12.52% | 5.55% | 10.73% |
| Ratio of Expenses After Expense Limitation | 0.84%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | 0.81%<sup>(4)(5)</sup> | 0.84%<sup>(4)</sup> | 0.84%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | 0.84%<sup>(4)</sup> | 0.84%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.58%<sup>(4)</sup> | 1.10%<sup>(4)</sup> | 1.52%<sup>(4)(5)</sup> | 1.41%<sup>(4)</sup> | 0.89%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.01% | 0.01% | 0.01% |
| Portfolio Turnover Rate | 36% | 30% | 14% | 25% | 39% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $15.55 | $15.00 | $13.81 | $17.91 | $19.04 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.30 | 0.18 | 0.23 | 0.18 | 0.18 |
| Net Realized and Unrealized Gain (Loss) | 5.60 | 0.92 | 1.48 | (4.04) | 0.23 |
| Total from Investment Operations | 5.90 | 1.10 | 1.71 | (3.86) | 0.41 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.34) | (0.20) | (0.26) | (0.11) | (0.24) |
| Net Realized Gain | (2.20) | (0.35) | (0.26) | (0.13) | (1.30) |
| Total Distributions | (2.54) | (0.55) | (0.52) | (0.24) | (1.54) |
| **Net Asset Value, End of Period** | $18.91 | $15.55 | $15.00 | $13.81 | $17.91 |
| **Total Return<sup>(2)</sup>** | 38.59% | 7.25% | 12.49%<sup>(3)</sup> | (21.51)% | 2.39% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $19 | $14 | $13 | $11 | $14 |
| Ratio of Expenses Before Expense Limitation | 13.76% | 15.19% | 19.62% | 18.22% | 14.38% |
| Ratio of Expenses After Expense Limitation | 0.84%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | 0.81%<sup>(4)(5)</sup> | 0.84%<sup>(4)</sup> | 0.84%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | N/A | N/A | N/A | 0.84%<sup>(4)</sup> | 0.84%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.58%<sup>(4)</sup> | 1.10%<sup>(4)</sup> | 1.52%<sup>(4)(5)</sup> | 1.21%<sup>(4)</sup> | 0.92%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.01% | 0.01% |
| Portfolio Turnover Rate | 36% | 30% | 14% | 25% | 39% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period 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.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Passport Overseas Equity Portfolio**

(5) 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 |

---

(6) Amount is less than 0.005%.

(7) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(8) Amount is less than $0.005 per share.

(9) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights

**Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $12.78 | $12.75 | $11.16 | $14.42 | $14.65 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.01 | 0.05 | 0.04 | (0.02) | 0.00<br><sup>(2)</sup> |
| Net Realized and Unrealized Gain (Loss) | 2.36 | 1.82 | 2.84 | (2.93) | 2.39 |
| Total from Investment Operations | 2.37 | 1.87 | 2.88 | (2.95) | 2.39 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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) | (0.37) |  | (0.04) | (0.11) |
| Net Realized Gain | (2.04) | (1.47) | (1.29) | (0.27) | (2.51) |
| Total Distributions | (2.13) | (1.84) | (1.29) | (0.31) | (2.62) |
| **Net Asset Value, End of Period** | $13.02 | $12.78 | $12.75 | $11.16 | $14.42 |
| **Total Return<sup>(3)</sup>** | 18.20% | 13.78% | 26.44%<sup>(4)</sup> | (20.55)% | 16.85% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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) | $4690 | $3971 | $3624 | $3117 | $3807 |
| Ratio of Expenses Before Expense Limitation | 6.28% | 7.16% | 7.44% | 8.14% | 7.49% |
| Ratio of Expenses After Expense Limitation | 0.84%<sup>(5)</sup> | 0.85%<sup>(5)</sup> | 0.65%<sup>(5)(6)</sup> | 0.85%<sup>(5)</sup> | 0.85%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | 0.06%<sup>(5)</sup> | 0.35%<sup>(5)</sup> | 0.31%<sup>(5)(6)</sup> | (0.14)%<sup>(5)</sup> | 0.01%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 61% | 74% | 100% | 57% | 70% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $12.59 | $12.60 | $11.07 | $14.31 | $14.61 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.04) | (0.00)<sup>(2)</sup> | (0.01) | (0.06) | (0.05) |
| Net Realized and Unrealized Gain (Loss) | 2.32 | 1.78 | 2.83 | (2.91) | 2.37 |
| Total from Investment Operations | 2.28 | 1.78 | 2.82 | (2.97) | 2.32 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.04) | (0.32) |  |  | (0.11) |
| Net Realized Gain | (2.04) | (1.47) | (1.29) | (0.27) | (2.51) |
| Total Distributions | (2.08) | (1.79) | (1.29) | (0.27) | (2.62) |
| **Net Asset Value, End of Period** | $12.79 | $12.59 | $12.60 | $11.07 | $14.31 |
| **Total Return<sup>(8)</sup>** | 17.73% | 13.39% | 26.11%<sup>(4)</sup> | (20.83)% | 16.41% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **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 | $553 | $660 | $303 | $324 |
| Ratio of Expenses Before Expense Limitation | 6.97% | 7.95% | 8.09% | 9.60% | 8.83% |
| Ratio of Expenses After Expense Limitation | 1.19%<sup>(5)</sup> | 1.20%<sup>(5)</sup> | 1.03%<sup>(5)(6)</sup> | 1.20%<sup>(5)</sup> | 1.20%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (0.28)%<sup>(5)</sup> | (0.01)%<sup>(5)</sup> | (0.07)%<sup>(5)(6)</sup> | (0.51)%<sup>(5)</sup> | (0.33)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 61% | 74% | 100% | 57% | 70% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Permanence Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $12.21 | $12.23 | $10.86 | $14.16 | $14.52 |
| **Income (Loss) from Investment Operations:** | **Income (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> | (0.14) | (0.10) | (0.09) | (0.13) | (0.17) |
| Net Realized and Unrealized Gain (Loss) | 2.24 | 1.73 | 2.75 | (2.90) | 2.35 |
| Total from Investment Operations | 2.10 | 1.63 | 2.66 | (3.03) | 2.18 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or 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 | (2.04) | (1.47) | (1.29) | (0.27) | (2.51) |
| Total Distributions | (2.04) | (1.65) | (1.29) | (0.27) | (2.54) |
| **Net Asset Value, End of Period** | $12.27 | $12.21 | $12.23 | $10.86 | $14.16 |
| **Total Return<sup>(8)</sup>** | 16.77% | 12.58% | 25.15%<sup>(4)</sup> | (21.47)% | 15.52% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $38 | $32 | $48 | $20 | $26 |
| Ratio of Expenses Before Expense Limitation | 13.08% | 13.89% | 14.88% | 19.54% | 18.17% |
| Ratio of Expenses After Expense Limitation | 1.94%<sup>(5)</sup> | 1.95%<sup>(5)</sup> | 1.71%<sup>(5)(6)</sup> | 1.95%<sup>(5)</sup> | 1.95%<sup>(5)</sup> |
| Ratio of Net Investment Loss | (1.04)%<sup>(5)</sup> | (0.77)%<sup>(5)</sup> | (0.75)%<sup>(5)(6)</sup> | (1.24)%<sup>(5)</sup> | (1.09)%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 61% | 74% | 100% | 57% | 70% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</sup>** | **Class R6<sup>(9)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $12.80 | $12.77 | $11.17 | $14.43 | $14.65 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.02 | 0.06 | 0.05 | (0.01) | 0.01 |
| Net Realized and Unrealized Gain (Loss) | 2.35 | 1.81 | 2.84 | (2.94) | 2.40 |
| Total from Investment Operations | 2.37 | 1.87 | 2.89 | (2.95) | 2.41 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.09) | (0.37) |  | (0.04) | (0.12) |
| Net Realized Gain | (2.04) | (1.47) | (1.29) | (0.27) | (2.51) |
| Total Distributions | (2.13) | (1.84) | (1.29) | (0.31) | (2.63) |
| **Net Asset Value, End of Period** | $13.04 | $12.80 | $12.77 | $11.17 | $14.43 |
| **Total Return<sup>(3)</sup>** | 18.13% | 13.90% | 26.51%<sup>(4)</sup> | (20.50)% | 16.95% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $82 | $69 | $61 | $44 | $18 |
| Ratio of Expenses Before Expense Limitation | 8.99% | 10.50% | 11.18% | 12.68% | 20.29% |
| Ratio of Expenses After Expense Limitation | 0.79%<sup>(5)</sup> | 0.80%<sup>(5)</sup> | 0.61%<sup>(5)(6)</sup> | 0.80%<sup>(5)</sup> | 0.80%<sup>(5)</sup> |
| Ratio of Net Investment Income (Loss) | 0.12%<sup>(5)</sup> | 0.40%<sup>(5)</sup> | 0.35%<sup>(5)(6)</sup> | (0.06)%<sup>(5)</sup> | 0.07%<sup>(5)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| Portfolio Turnover Rate | 61% | 74% | 100% | 57% | 70% |

---

(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) 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.

(5) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Consolidated Financial Highlights (cont'd)

**Permanence Portfolio**

(6) 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 |

---

(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) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights

**US Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $29.61 | $23.04 | $19.58 | $24.59 | $18.09 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.01 | 0.02 | 0.10 | 0.08 | 0.05 |
| Net Realized and Unrealized Gain (Loss) | 4.87 | 6.57 | 3.43 | (5.05) | 6.46 |
| Total from Investment Operations | 4.88 | 6.59 | 3.53 | (4.97) | 6.51 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.02) | (0.07) | (0.03) | (0.01) |
| Net Realized Gain |  |  |  | (0.01) |  |
| Total Distributions |  | (0.02) | (0.07) | (0.04) | (0.01) |
| **Net Asset Value, End of Period** | $34.49 | $29.61 | $23.04 | $19.58 | $24.59 |
| **Total Return<sup>(2)</sup>** | 16.48% | 28.61% | 18.06%<sup>(3)</sup> | (20.21)% | 35.99% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $283825 | $259853 | $144907 | $151003 | $110286 |
| Ratio of Expenses Before Expense Limitation | 0.87% | 0.84% | 0.91% | 0.95% | 1.07% |
| Ratio of Expenses After Expense Limitation | 0.80%<sup>(4)</sup> | 0.80%<sup>(4)</sup> | 0.79%<sup>(4)(5)</sup> | 0.80%<sup>(4)</sup> | 0.80%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.80%<sup>(4)</sup> | 0.80%<sup>(4)</sup> | N/A | 0.80%<sup>(4)</sup> | 0.80%<sup>(4)</sup> |
| Ratio of Net Investment Income | 0.03%<sup>(4)</sup> | 0.08%<sup>(4)</sup> | 0.48%<sup>(4)(5)</sup> | 0.37%<sup>(4)</sup> | 0.21%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 42% | 32% | 45% | 23% | 26% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $29.26 | $22.82 | $19.40 | $24.39 | $17.99 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.09) | (0.05) | 0.04 | 0.01 | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 4.81 | 6.49 | 3.40 | (4.99) | 6.41 |
| Total from Investment Operations | 4.72 | 6.44 | 3.44 | (4.98) | 6.40 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  | (0.02) |  |  |
| Net Realized Gain |  |  |  | (0.01) |  |
| Total Distributions |  |  | (0.02) | (0.01) |  |
| **Net Asset Value, End of Period** | $33.98 | $29.26 | $22.82 | $19.40 | $24.39 |
| **Total Return<sup>(7)</sup>** | 16.13% | 28.22% | 17.71%<sup>(3)</sup> | (20.42)% | 35.58% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $92492 | $76184 | $46123 | $41802 | $34693 |
| Ratio of Expenses Before Expense Limitation | 1.13% | 1.10% | 1.16% | 1.19% | 1.36% |
| Ratio of Expenses After Expense Limitation | 1.11%<sup>(4)</sup> | 1.07%<sup>(4)</sup> | 1.08%<sup>(4)(5)</sup> | 1.09%<sup>(4)</sup> | 1.09%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.11%<sup>(4)</sup> | 1.07%<sup>(4)</sup> | N/A | 1.09%<sup>(4)</sup> | 1.09%<sup>(4)</sup> |
| Ratio of Net Investment Income (Loss) | (0.28)%<sup>(4)</sup> | (0.19)%<sup>(4)</sup> | 0.19%<sup>(4)(5)</sup> | 0.07%<sup>(4)</sup> | (0.06)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 42% | 32% | 45% | 23% | 26% |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**US Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $27.66 | $21.73 | $18.61 | $23.56 | $17.51 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.30) | (0.24) | (0.11) | (0.13) | (0.17) |
| Net Realized and Unrealized Gain (Loss) | 4.53 | 6.17 | 3.23 | (4.81) | 6.22 |
| Total from Investment Operations | 4.23 | 5.93 | 3.12 | (4.94) | 6.05 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (0.01) |  |
| **Net Asset Value, End of Period** | $31.89 | $27.66 | $21.73 | $18.61 | $23.56 |
| **Total Return<sup>(7)</sup>** | 15.26% | 27.29% | 16.77%<sup>(3)</sup> | (20.97)% | 34.55% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $55408 | $48126 | $31178 | $36707 | $22638 |
| Ratio of Expenses Before Expense Limitation | 1.89% | 1.85% | 1.92% | 1.91% | 2.12% |
| Ratio of Expenses After Expense Limitation | 1.87%<sup>(4)</sup> | 1.83%<sup>(4)</sup> | 1.84%<sup>(4)(5)</sup> | 1.81%<sup>(4)</sup> | 1.84%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.87%<sup>(4)</sup> | 1.83%<sup>(4)</sup> | N/A | 1.81%<sup>(4)</sup> | 1.84%<sup>(4)</sup> |
| Ratio of Net Investment Loss | (1.04)%<sup>(4)</sup> | (0.94)%<sup>(4)</sup> | (0.57)%<sup>(4)(5)</sup> | (0.65)%<sup>(4)</sup> | (0.80)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 42% | 32% | 45% | 23% | 26% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</sup>** | **Class R6<sup>(8)</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** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $29.63 | $23.05 | $19.60 | $24.61 | $18.10 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.03 | 0.04 | 0.11 | 0.06 | 0.06 |
| Net Realized and Unrealized Gain (Loss) | 4.87 | 6.57 | 3.42 | (5.02) | 6.47 |
| Total from Investment Operations | 4.90 | 6.61 | 3.53 | (4.96) | 6.53 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.03) | (0.08) | (0.04) | (0.02) |
| Net Realized Gain |  |  |  | (0.01) |  |
| Total Distributions |  | (0.03) | (0.08) | (0.05) | (0.02) |
| **Net Asset Value, End of Period** | $34.53 | $29.63 | $23.05 | $19.60 | $24.61 |
| **Total Return<sup>(2)</sup>** | 16.54% | 28.69% | 18.05%<sup>(3)</sup> | (20.16)% | 36.06% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $791 | $707 | $19 | $9 | $285 |
| Ratio of Expenses Before Expense Limitation | 1.08% | 1.60% | 19.75% | 3.92% | 2.20% |
| Ratio of Expenses After Expense Limitation | 0.75%<sup>(4)</sup> | 0.75%<sup>(4)</sup> | 0.73%<sup>(4)(5)</sup> | 0.75%<sup>(4)</sup> | 0.75%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.75%<sup>(4)</sup> | 0.75%<sup>(4)</sup> | N/A | 0.75%<sup>(4)</sup> | 0.75%<sup>(4)</sup> |
| Ratio of Net Investment Income | 0.08%<sup>(4)</sup> | 0.14%<sup>(4)</sup> | 0.54%<sup>(4)(5)</sup> | 0.28%<sup>(4)</sup> | 0.25%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 42% | 32% | 45% | 23% | 26% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period.

(3) Reflects prior period 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.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income/(Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**US Core Portfolio**

(5) 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 |

---

(6) Amount is less than 0.005%.

(7) Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(8) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 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,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **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> | (0.03) | (0.02) | (0.00)<sup>(3)</sup> | (0.04) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 0.91 | (0.55) | 0.54 | (3.79) | (0.15) |
| Total from Investment Operations | 0.88 | (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 | (0.10) | (0.00)<sup>(3)</sup> |  |  |  |
| Paid-in-Capital |  |  |  | (0.18) |  |
| Total Distributions | (0.10) | (0.00)<sup>(3)</sup> |  | (0.18) |  |
| **Net Asset Value, End of Period** | $6.59 | $5.81 | $6.38 | $5.84 | $9.85 |
| **Total Return** | 15.10%<sup>(4)</sup> | (8.87)%<sup>(4)</sup> | 9.25%<sup>(4)(5)</sup> | (39.84)%<sup>(4)</sup> | (1.50)%<sup>(6)(7)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $2221 | $1933 | $2190 | $1891 | $2765 |
| Ratio of Expenses Before Expense Limitation | 13.68% | 11.44% | 13.74% | 12.50% | 595.07%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(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 | (0.55)%<sup>(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 | 0.01% | 0.01% | 0.01% | 0.01% | N/A |
| Portfolio Turnover Rate | 27% | 19% | 13% | 22% | 0%<sup>(7)</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br>**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> | (0.05) | (0.05) | (0.02) | (0.06) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 0.90 | (0.53) | 0.54 | (3.79) | (0.15) |
| Total from Investment Operations | 0.85 | (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:** |
| Net Investment Income | (0.08) |  |  |  |  |
| Paid-in-Capital |  |  |  | (0.16) |  |
| Total Distributions | (0.08) |  |  | (0.16) |  |
| **Net Asset Value, End of Period** | $6.55 | $5.78 | $6.36 | $5.84 | $9.85 |
| **Total Return** | 14.67%<sup>(11)</sup> | (9.12)%<sup>(11)</sup> | 8.90%<sup>(5)(11)</sup> | (40.06)%<sup>(11)</sup> | (1.50)%<sup>(7)(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:** |
| Net Assets, End of Period (Thousands) | $55 | $30 | $35 | $33 | $49 |
| Ratio of Expenses Before Expense Limitation | 20.64% | 17.78% | 20.21% | 18.13% | 598.74%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 1.29%<sup>(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>(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 | 0.01% | 0.01% | 0.01% | 0.01% | N/A |
| Portfolio Turnover Rate | 27% | 19% | 13% | 22% | 0%<sup>(7)</sup> |

---

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Vitality Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **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> | (0.09) | (0.09) | (0.07) | (0.11) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 0.87 | (0.53) | 0.54 | (3.78) | (0.15) |
| Total from Investment Operations | 0.78 | (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:** |
| Net Investment Income | (0.04) |  |  |  |  |
| Paid-in-Capital |  |  |  | (0.11) |  |
| Total Distributions | (0.04) |  |  | (0.11) |  |
| **Net Asset Value, End of Period** | $6.44 | $5.70 | $6.32 | $5.85 | $9.85 |
| **Total Return** | 13.63%<sup>(11)</sup> | (9.81)%<sup>(11)</sup> | 8.03%<sup>(5)(11)</sup> | (40.45)%<sup>(11)</sup> | (1.50)%<sup>(7)(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:** |
| Net Assets, End of Period (Thousands) | $33 | $29 | $32 | $30 | $49 |
| Ratio of Expenses Before Expense Limitation | 21.83% | 19.10% | 21.67% | 19.32% | 599.49%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 2.04%<sup>(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 | (1.65)%<sup>(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 | 0.01% | 0.01% | 0.01% | 0.01% | N/A |
| Portfolio Turnover Rate | 27% | 19% | 13% | 22% | 0%<sup>(7)</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,** | |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br>**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> | (0.03) | (0.02) | 0.00<br><sup>(3)</sup> | (0.04) | (0.00)<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 0.90 | (0.54) | 0.55 | (3.78) | (0.15) |
| Total from Investment Operations | 0.87 | (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 | (0.10) | (0.01) |  |  |  |
| Paid-in-Capital |  |  |  | (0.19) |  |
| Total Distributions | (0.10) | (0.01) |  | (0.19) |  |
| **Net Asset Value, End of Period** | $6.59 | $5.82 | $6.39 | $5.84 | $9.85 |
| **Total Return** | 14.95%<sup>(4)</sup> | (8.81)%<sup>(4)</sup> | 9.42%<sup>(4)(5)</sup> | (39.81)%<sup>(4)</sup> | (1.50)%<sup>(6)(7)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $35 | $30 | $33 | $30 | $49 |
| Ratio of Expenses Before Expense Limitation | 20.55% | 17.86% | 20.55% | 18.29% | 598.49%<sup>(8)</sup> |
| Ratio of Expenses After Expense Limitation | 0.89%<sup>(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>(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 | 0.01% | 0.01% | 0.01% | 0.01% | 0.00% |
| Portfolio Turnover Rate | 27% | 19% | 13% | 22% | 0%<sup>(7)</sup> |

---

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.34% for 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.

(6) Calculated using the NAV for US GAAP financial reporting purposes.

(7) Not annualized.

(8) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2025 Annual Report**

**December 31, 2025**

Financial Highlights (cont'd)

**Vitality Portfolio**

(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>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) 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. Does not reflect the deduction of sales charge.

(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 Annual Report**

**December 31, 2025**

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-five 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 Statements of Assets and Liabilities through the date that the financial statements were issued.

Investment objectives of each fund are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Basis of<br>Financial Statements** | **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 |
| **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 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

Certain Funds may invest up to 25% of their total assets in a wholly-owned subsidiary organized as a company under the laws of the Cayman Islands. Each subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). The Funds are the sole shareholder of their respective Subsidiaries, and it is not currently expected that shares of each Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Funds and their respective Subsidiaries. All intercompany accounts and transactions of the Funds and their respective Subsidiaries have been eliminated in consolidation and all accounting policies of the Subsidiaries are consistent with those of the Funds. A Fund generally will not consolidate an investment in a company other than a wholly-owned or substantially wholly-owned investment company subsidiary or a controlled operating company whose business consists of providing services to a Fund. As of December 31, 2025, the following table represents the percentage of net assets of each Subsidiary.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Subsidiary** | **Net Asset<br>Value<br>(000)** | **% of Net<br>Asset Value** |
| **Advantage Portfolio** | Advantage Cayman Portfolio, Ltd. | $4722 | 2.18% |
| **Asia Opportunity Portfolio** | Asia Opportunity Cayman Portfolio, Ltd. |  |  |
| **Developing Opportunity Portfolio** | Developing Opportunity Cayman Portfolio, Ltd. |  |  |
| **Global Insight Portfolio** | Global Insight Cayman Portfolio, Ltd. | 1391 | 2.20 |
| **Global Opportunity Portfolio** | Global Opportunity Cayman Portfolio, Ltd. |  |  |
| **Global Permanence Portfolio** | Global Permanence Cayman Portfolio, Ltd. | 111 | 2.41 |
| **Growth Portfolio** | Growth Cayman Portfolio, Ltd. | 95701 | 2.35 |
| **Inception Portfolio** | Inception Cayman Portfolio, Ltd. | 9031 | 2.90 |
| **International Advantage Portfolio** | International Advantage Cayman Portfolio, Ltd. |  |  |
| **International Opportunity Portfolio** | International Opportunity Cayman Portfolio, Ltd. |  |  |
| **Permanence Portfolio** | Permanence Cayman Portfolio, Ltd. | 141 | 2.54 |

---

Investments in the Subsidiary are expected to provide the Funds with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of 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 Annual Report**

**December 31, 2025**

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 a reputable broker/dealer or valued by a pricing service/vendor; (6) PIPE investments may be 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 Annual Report**

**December 31, 2025**

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 December 31, 2025:

**Advantage 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 | $17879 | $— | $— | $17879 |
| Biotechnology | 8334 |  |  | 8334 |
| Broadline Retail | 2198 |  |  | 2198 |
| Capital Markets | 4184 |  |  | 4184 |
| Entertainment | 9915 |  |  | 9915 |
| Financial Services | 5676 | 2214 |  | 7890 |
| Ground Transportation | 3108 |  |  | 3108 |
| Health Care Equipment & Supplies | 8098 |  |  | 8098 |
| Hotels, Restaurants & Leisure | 22388 |  |  | 22388 |
| Information Technology Services | 53264 |  |  | 53264 |
| Interactive Media & Services | 3341 |  |  | 3341 |
| Pharmaceuticals | 11863 |  |  | 11863 |
| Software | 38590 |  |  | 38590 |
| Specialized REITs | 2170 |  |  | 2170 |
| Specialty Retail | 5226 |  |  | 5226 |
| Textiles, Apparel & Luxury Goods |  | 2196 |  | 2196 |
| Trading Companies & Distributors | 5589 |  |  | 5589 |
| **Total Common Stocks** | **201823** | **4410** | **—** | **206233** |
| **Investment Company** | 4720 |  |  | 4720 |
| **Call Options Purchased** |  | 171 |  | 171 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 3766 |  |  | 3766 |
| **Total Assets** | $**210309** | $**4581** | $**—** | $**214890** |

---

**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** | $1213<br><sup>(1)</sup> | $— | $— |  | $1213 |  |
| **Warrants** |  |  |  | † |  | † |
| **Total Assets** | $**1213** | $**—** | $**—** | **†** | $**1213** | **†** |

---

(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 Annual Report**

**December 31, 2025**

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 December 31, 2025 | $— |  |

---

† Includes a security valued at zero.

**Asia Opportunity 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 | $2106 | $— | $— | $2106 |
| Banks | 6596 | 8284 |  | 14880 |
| Beverages |  | 4692 |  | 4692 |
| Broadline Retail | 10151 |  |  | 10151 |
| Consumer Finance | 4743 |  |  | 4743 |
| Ground Transportation | 7470 |  |  | 7470 |
| Hotels, Restaurants & Leisure | 11538 | 10996 |  | 22534 |
| Insurance |  | 2276 |  | 2276 |
| Interactive Media & Services | 6250 | 10958 |  | 17208 |
| Real Estate Management & Development | 1793 | 2315 |  | 4108 |
| Semiconductors & Semiconductor Equipment |  | 12990 |  | 12990 |
| Software | 3711 |  |  | 3711 |
| Textiles, Apparel & Luxury Goods |  | 4442 |  | 4442 |
| **Total Common Stocks** | **54358** | **56953** | **—** | **111311** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 6354 |  |  | 6354 |
| Repurchase Agreements |  | 120 |  | 120 |
| **Total Short-Term Investments** | **6354** | **120** | **—** | **6474** |
| **Total Assets** | $**60712** | $**57073** | $**—** | $**117785** |

---

**Developing Opportunity 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 | $1127 | $— | $— | $1127 |
| Banks | 5978 | 3867 |  | 9845 |
| Beverages |  | 1851 |  | 1851 |
| Broadline Retail | 8703 | 697 |  | 9400 |
| Consumer Finance | 2236 |  |  | 2236 |
| Ground Transportation | 3278 |  |  | 3278 |
| Hotels, Restaurants & Leisure | 5343 | 5838 |  | 11181 |
| Insurance |  | 258 |  | 258 |
| Interactive Media & Services | 2886 | 5165 |  | 8051 |
| Real Estate Management & Development | 595 | 1000 |  | 1595 |

---

------

**2025 Annual Report**

**December 31, 2025**

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 | $— | $6731 | $— | $6731 |
| Software | 2279 |  |  | 2279 |
| Textiles, Apparel & Luxury Goods |  | 1903 |  | 1903 |
| **Total Common Stocks** | **32425** | **27310** | **—** | **59735** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 3544 |  |  | 3544 |
| **Total Assets** | $**35969** | $**27310** | $**—** | $**63279** |

---

**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** |
| Automobile Components | $— | $51 | $— | $51 |
| Automobiles |  | 449 |  | 449 |
| Banks | 226 | 1644 |  | 1870 |
| Beverages |  | 28 |  | 28 |
| Broadline Retail | 38 | 70 |  | 108 |
| Capital Markets |  | 163 |  | 163 |
| Chemicals |  | 61 |  | 61 |
| Construction & Engineering |  | 130 |  | 130 |
| Construction Materials |  | 115 |  | 115 |
| Consumer Finance |  | 174 |  | 174 |
| Consumer Staples Distribution & Retail | 70 | 57 |  | 127 |
| Diversified Telecommunication Services |  | 45 |  | 45 |
| Electrical Equipment |  | 263 |  | 263 |
| Electronic Equipment, Instruments & Components |  | 418 |  | 418 |
| Entertainment |  | 25 |  | 25 |
| Food Products |  | 151 |  | 151 |
| Health Care Providers & Services |  | 350 |  | 350 |
| Hotels, Restaurants & Leisure | 30 | 55 |  | 85 |
| Industrial REITs | 70 |  |  | 70 |
| Information Technology Services | 56 | 76 |  | 132 |
| Insurance |  | 152 |  | 152 |
| Interactive Media & Services |  | 73 |  | 73 |
| Machinery |  | 29 |  | 29 |
| Metals & Mining |  | 493 |  | 493 |
| Oil, Gas & Consumable Fuels |  | 293 |  | 293 |
| Personal Care Products |  | 19 |  | 19 |
| Real Estate Management & Development |  | 60 |  | 60 |
| Semiconductors & Semiconductor Equipment |  | 2343 |  | 2343 |
| Tech Hardware, Storage & Peripherals |  | 977 |  | 977 |
| Tobacco |  | 47 |  | 47 |
| Transportation Infrastructure |  | 74 |  | 74 |
| Wireless Telecommunication Services |  | 32 |  | 32 |
| **Total Common Stocks** | **490** | **8917** | **—** | **9407** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 84 |  |  | 84 |
| **Total Assets** | $**574** | $**8917** | $**—** | $**9491** |

---

------

**2025 Annual Report**

**December 31, 2025**

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 | $— | $3935 | $— | $3935 |
| Banks | 12501 | 9239 |  | 21740 |
| Beverages |  | 5715 |  | 5715 |
| Broadline Retail | 10156 |  |  | 10156 |
| Capital Markets | 4707 | 4429 |  | 9136 |
| Consumer Finance |  | 2949 |  | 2949 |
| Consumer Staples Distribution & Retail |  | 4654 |  | 4654 |
| Diversified Telecommunication Services |  | 2514 |  | 2514 |
| Electrical Equipment |  | 4219 |  | 4219 |
| Electronic Equipment, Instruments & Components |  | 2645 |  | 2645 |
| Ground Transportation | 323 | 8765 |  | 9088 |
| Health Care Providers & Services |  | 1314 |  | 1314 |
| Hotels, Restaurants & Leisure |  | 2977 |  | 2977 |
| Interactive Media & Services |  | 3730 |  | 3730 |
| Life Sciences Tools & Services |  | 3620 |  | 3620 |
| Metals & Mining |  | 2558 |  | 2558 |
| Pharmaceuticals |  | 2757 |  | 2757 |
| Real Estate Management & Development |  | 1282 |  | 1282 |
| Semiconductors & Semiconductor Equipment |  | 15493 |  | 15493 |
| Transportation Infrastructure |  | 2822 |  | 2822 |
| Water Utilities |  | 1242 |  | 1242 |
| Wireless Telecommunication Services |  | 5577 |  | 5577 |
| **Total Common Stocks** | **27687** | **92436** | **—** | **120123** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 5190 |  |  | 5190 |
| **Total Assets** | $**32877** | $**92436** | $**—** | $**125313** |

---

**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 | $— | $636 | $— | $636 |
| Automobiles |  | 5376 |  | 5376 |
| Banks | 4947 | 22375 |  | 27322 |
| Beverages |  | 616 |  | 616 |
| Broadline Retail | 794 | 6412 |  | 7206 |
| Capital Markets |  | 2749 |  | 2749 |
| Chemicals |  | 787 |  | 787 |
| Construction & Engineering |  | 1698 |  | 1698 |
| Construction Materials |  | 929 |  | 929 |
| Consumer Finance |  | 2144 |  | 2144 |
| Consumer Staples Distribution & Retail | 1399 | 2400 |  | 3799 |
| Diversified Telecommunication Services |  | 659 |  | 659 |
| Electrical Equipment |  | 5057 |  | 5057 |
| Electronic Equipment, Instruments & Components |  | 4437 |  | 4437 |
| Entertainment |  | 1351 |  | 1351 |
| Financial Services |  | 510 |  | 510 |
| Food Products |  | 1736 |  | 1736 |
| Health Care Providers & Services |  | 2275 |  | 2275 |
| Hotels, Restaurants & Leisure | 2495 | 354 |  | 2849 |
| Household Products | 762 |  |  | 762 |
| Industrial REITs | 677 |  |  | 677 |
| Information Technology Services | 1382 |  |  | 1382 |

---

------

**2025 Annual Report**

**December 31, 2025**

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 | $— | $2043 | $— | $2043 |
| Interactive Media & Services |  | 8957 |  | 8957 |
| Machinery |  | 1415 |  | 1415 |
| Metals & Mining |  | 3433 |  | 3433 |
| Oil, Gas & Consumable Fuels |  | 2561 |  | 2561 |
| Personal Care Products |  | 237 |  | 237 |
| Pharmaceuticals |  | 1007 |  | 1007 |
| Real Estate Management & Development |  | 855 |  | 855 |
| Semiconductors & Semiconductor Equipment |  | 26110 |  | 26110 |
| Tech Hardware, Storage & Peripherals |  | 12505 |  | 12505 |
| Tobacco |  | 689 |  | 689 |
| **Total Common Stocks** | **12456** | **122313** | **—** | **134769** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 751 |  |  | 751 |
| **Total Assets** | $**13207** | $**122313** | $**—** | $**135520** |

---

**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** |
| Aerospace & Defense | $19003 | $— | $— | $19003 |
| Automobiles | 9288 |  |  | 9288 |
| Banks | 60185 |  |  | 60185 |
| Capital Markets | 25677 |  |  | 25677 |
| Construction Materials | 20824 |  |  | 20824 |
| Consumer Staples Distribution & Retail | 6593 |  |  | 6593 |
| Entertainment | 9479 |  |  | 9479 |
| Financial Services | 8956 |  |  | 8956 |
| Information Technology Services | 13445 |  |  | 13445 |
| Insurance | 13998 |  |  | 13998 |
| Interactive Media & Services | 25962 |  |  | 25962 |
| Pharmaceuticals | 17069 |  |  | 17069 |
| Real Estate Management & Development | 22060 |  |  | 22060 |
| Semiconductors & Semiconductor Equipment | 67367 |  |  | 67367 |
| Software | 27751 |  |  | 27751 |
| Trading Companies & Distributors | 8961 |  |  | 8961 |
| **Total Common Stocks** | **356618** | **—** | **—** | **356618** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 3437 |  |  | 3437 |
| **Total Assets** | $**360055** | $**—** | $**—** | $**360055** |

---

**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 | $2749 | $— | $— | $2749 |
| Automobiles | 2526 |  |  | 2526 |
| Banks | 8355 |  |  | 8355 |
| Broadline Retail | 2805 |  |  | 2805 |
| Capital Markets | 4289 |  |  | 4289 |

---

------

**2025 Annual Report**

**December 31, 2025**

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)** |
| Chemicals | $125 | $— | $— | $125 |
| Commercial Services & Supplies | 108 |  |  | 108 |
| Construction Materials | 3022 |  |  | 3022 |
| Consumer Staples Distribution & Retail | 107 |  |  | 107 |
| Entertainment | 1803 |  |  | 1803 |
| Financial Services | 993 |  |  | 993 |
| Household Durables | 131 |  |  | 131 |
| Information Technology Services | 879 |  |  | 879 |
| Insurance | 1804 |  |  | 1804 |
| Interactive Media & Services | 5473 |  |  | 5473 |
| Metals & Mining | 374 |  |  | 374 |
| Oil, Gas & Consumable Fuels | 956 |  |  | 956 |
| Real Estate Management & Development | 1721 |  |  | 1721 |
| Semiconductors & Semiconductor Equipment | 6911 |  |  | 6911 |
| Software | 2608 |  |  | 2608 |
| Specialized REITs | 27 |  |  | 27 |
| Specialty Retail | 2187 |  |  | 2187 |
| Tech Hardware, Storage & Peripherals | 2805 |  |  | 2805 |
| Textiles, Apparel & Luxury Goods | 254 | 322 |  | 576 |
| Trading Companies & Distributors | 1042 |  |  | 1042 |
| **Total Common Stocks** | **54054** | **322** | **—** | **54376** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 359 |  |  | 359 |
| **Total Assets** | $**54413** | $**322** | $**—** | $**54735** |

---

**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** |
| Biotechnology | $5632 | $1449 | $— | $7081 |
| Financial Services | 1083 |  |  | 1083 |
| Health Care Equipment & Supplies | 1433 |  |  | 1433 |
| Health Care Providers & Services | 1039 |  |  | 1039 |
| Household Durables | 820 | 1932 |  | 2752 |
| Media | 335 |  |  | 335 |
| Oil, Gas & Consumable Fuels | 1019 |  |  | 1019 |
| Pharmaceuticals | 3346 |  |  | 3346 |
| Real Estate Management & Development | 323 |  |  | 323 |
| Software | 967 | 441 |  | 1408 |
| Specialty Retail | 1462 |  |  | 1462 |
| Trading Companies & Distributors | 1861 |  |  | 1861 |
| **Total Common Stocks** | **19320** | **3822** | **—** | **23142** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 2792 |  |  | 2792 |
| **Total Assets** | $**22112** | $**3822** | $**—** | $**25934** |

---

------

**2025 Annual Report**

**December 31, 2025**

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** |
| Automobiles | $22437 | $22664 | $— | $45101 |
| Beverages | 78958 |  |  | 78958 |
| Capital Markets | 221593 |  |  | 221593 |
| Financial Services | 101847 |  |  | 101847 |
| Ground Transportation | 42999 |  |  | 42999 |
| Health Care Equipment & Supplies | 89896 |  |  | 89896 |
| Hotels, Restaurants & Leisure | 45333 |  |  | 45333 |
| Household Products | 65483 |  |  | 65483 |
| Insurance | 120448 |  |  | 120448 |
| Interactive Media & Services | 97007 |  |  | 97007 |
| Life Sciences Tools & Services | 65394 |  |  | 65394 |
| Machinery | 38515 |  |  | 38515 |
| Personal Care Products |  | 69674 |  | 69674 |
| Pharmaceuticals | 46665 | 59609 |  | 106274 |
| Professional Services | 113717 | 123435 |  | 237152 |
| Software | 265804 | 146410 |  | 412214 |
| Specialty Retail | 47311 |  |  | 47311 |
| Tobacco | 26631 |  |  | 26631 |
| **Total Common Stocks** | **1490038** | **421792** | **—** | **1911830** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 19055 |  |  | 19055 |
| **Total Assets** | $**1509093** | $**421792** | $**—** | $**1930885** |

---

**Global Insight 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 | $5255 | $— | $— | $5255 |
| Banks | 400 |  |  | 400 |
| Biotechnology | 4599 |  |  | 4599 |
| Broadline Retail | 4661 |  |  | 4661 |
| Capital Markets | 532 |  |  | 532 |
| Entertainment | 2196 |  |  | 2196 |
| Financial Services | 5814 | 3138 |  | 8952 |
| Ground Transportation | 316 |  |  | 316 |
| Health Care Providers & Services | 127 |  |  | 127 |
| Household Durables |  | 37 |  | 37 |
| Information Technology Services | 13936 |  |  | 13936 |
| Pharmaceuticals | 3678 |  |  | 3678 |
| Real Estate Management & Development | 2759 |  |  | 2759 |
| Software | 7765 |  |  | 7765 |
| Tech Hardware, Storage & Peripherals | 1966 |  |  | 1966 |
| Trading Companies & Distributors | 4013 |  |  | 4013 |
| **Total Common Stocks** | **58017** | **3175** | **—** | **61192** |

---

------

**2025 Annual Report**

**December 31, 2025**

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 | $— | $— | $20 | $20 |
| **Investment Company** | 1388 |  |  | 1388 |
| **Warrants** | 10 |  |  | 10 |
| **Call Options Purchased** |  | 51 |  | 51 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 1702 |  |  | 1702 |
| Repurchase Agreements |  | 352 |  | 352 |
| **Total Short-Term Investments** | **1702** | **352** | **—** | **2054** |
| **Total Assets** | $**61117** | $**3578** | $**20** | $**64715** |

---

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** | $33 |
| Purchases |  |
| Sales |  |
| Transfers in |  |
| Transfers out |  |
| Corporate actions |  |
| Change in unrealized appreciation (depreciation) | (13) |
| Realized gains (losses) |  |
| **Ending Balance** | $20 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025 | $(13) |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 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 December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at<br>December 31, 2025<br>(000)** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Amount\*** | **Impact to<br>Valuation from an<br>Increase in Input\*\*** |
| Preferred Stock | $20 | Market Transaction <br>Method | Precedent<br>Transaction | $3.24 | Increase |
|  |  | Discounted Cash Flow | Weighted Average<br>Cost of Capital<br>Perpetual Growth Rate | <br>18.0%<br>3.5% | <br>Decrease<br>Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | <br>3.2x | <br>Increase |
|  |  |  | Discount for Lack <br>of Marketability | <br>6.0% | <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 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

**Global Opportunity 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 | $— | $156654 | $— |  | $156654 |  |
| Banks | 185033 | 94461 |  |  | 279494 |  |
| Broadline Retail | 342964 |  |  |  | 342964 |  |
| Electrical Equipment |  | 139135 |  |  | 139135 |  |
| Electronic Equipment, Instruments & Components |  | 48833 |  | † | 48833 | † |
| Entertainment | 322314 |  |  |  | 322314 |  |
| Financial Services | 245902 |  |  |  | 245902 |  |
| Ground Transportation | 210645 |  |  |  | 210645 |  |
| Hotels, Restaurants & Leisure | 335382 | 66158 |  |  | 401540 |  |
| Information Technology Services | 63290 |  |  |  | 63290 |  |
| Interactive Media & Services | 230311 |  |  |  | 230311 |  |
| Semiconductors & Semiconductor Equipment |  | 301217 |  |  | 301217 |  |
| Software | 116938 |  |  |  | 116938 |  |
| Textiles, Apparel & Luxury Goods | 58709 | 261039 |  |  | 319748 |  |
| **Total Common Stocks** | **2111488** | **1067497** | **—** | **†** | **3178985** | **†** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 125831 |  |  |  | 125831 |  |
| **Total Assets** | $**2237319** | $**1067497** | $**—** | **†** | $**3304816** | **†** |

---

† 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 December 31, 2025 | $— |  |

---

† Includes a security valued at zero.

**Global Permanence 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 | $— | $77 | $— | $77 |
| Automobiles | 3 |  |  | 3 |
| Banks | 12 |  |  | 12 |
| Broadline Retail | 223 |  |  | 223 |
| Capital Markets | 248 |  |  | 248 |
| Chemicals | 12 |  |  | 12 |
| Commercial Services & Supplies | 32 | 26 |  | 58 |

---

------

**2025 Annual Report**

**December 31, 2025**

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)** |
| Diversified Telecommunication Services | $— | $73 | $— |  | $73 |  |
| Entertainment |  | 4 |  |  | 4 |  |
| Financial Services | 119 |  |  |  | 119 |  |
| Ground Transportation | 241 |  |  |  | 241 |  |
| Health Care Equipment & Supplies | 140 | 5 |  |  | 145 |  |
| Hotels, Restaurants & Leisure | 25 | 47 |  |  | 72 |  |
| Household Durables |  | 20 |  |  | 20 |  |
| Information Technology Services | 758 |  |  |  | 758 |  |
| Insurance | 48 |  |  |  | 48 |  |
| Life Sciences Tools & Services |  | 248 |  |  | 248 |  |
| Metals & Mining | 281 | 5 |  |  | 286 |  |
| Oil, Gas & Consumable Fuels | 48 |  |  |  | 48 |  |
| Personal Care Products | 65 | 49 |  |  | 114 |  |
| Pharmaceuticals | 295 |  |  |  | 295 |  |
| Professional Services | 74 |  |  |  | 74 |  |
| Real Estate Management & Development | 132 |  |  |  | 132 |  |
| Semiconductors & Semiconductor Equipment | 24 |  |  |  | 24 |  |
| Software | 113 |  |  |  | 113 |  |
| Specialty Retail | 159 |  |  |  | 159 |  |
| Textiles, Apparel & Luxury Goods | 85 | 231 |  |  | 316 |  |
| Trading Companies & Distributors | 469 |  |  |  | 469 |  |
| **Total Common Stocks** | **3606** | **785** | **—** |  | **4391** |  |
| **Investment Company** | 107 |  |  |  | 107 |  |
| **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 | 21 |  |  |  | 21 |  |
| **Total Assets** | $**3734** | $**789** | $**—** | **†** | $**4523** | **†** |

---

† 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 December 31, 2025 | $— |  |

---

† Includes a security valued at zero.

------

**2025 Annual Report**

**December 31, 2025**

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 | $— | $1064 | $— |  | $1064 |  |
| Beverages |  | 685 |  |  | 685 |  |
| Broadline Retail | 1295 | 589 |  |  | 1884 |  |
| Capital Markets | 3460 |  |  |  | 3460 |  |
| Electronic Equipment, Instruments & Components |  | 1024 |  |  | 1024 |  |
| Entertainment | 979 |  |  |  | 979 |  |
| Financial Services | 2641 | 693 |  |  | 3334 |  |
| Ground Transportation | 1822 |  |  |  | 1822 |  |
| Health Care Providers & Services | 1206 |  |  |  | 1206 |  |
| Hotels, Restaurants & Leisure | 1649 |  |  |  | 1649 |  |
| Information Technology Services | 809 |  |  |  | 809 |  |
| Interactive Media & Services | 1350 | 1128 |  |  | 2478 |  |
| Pharmaceuticals |  | 847 |  |  | 847 |  |
| Professional Services | 849 | 1348 |  |  | 2197 |  |
| Semiconductors & Semiconductor Equipment |  | 3898 |  |  | 3898 |  |
| Software | 2872 | 1569 |  |  | 4441 |  |
| Textiles, Apparel & Luxury Goods | 965 |  |  |  | 965 |  |
| Trading Companies & Distributors |  | 1027 |  |  | 1027 |  |
| **Total Common Stocks** | **19897** | **13872** | **—** |  | **33769** |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 103 |  |  |  | 103 |  |
| **Total Assets** | $**20000** | $**13872** | $**—** | **†** | $**33872** | **†** |

---

† 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 December 31, 2025 | $— |  |

---

† Includes a security valued at zero.

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

**Growth 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** |
| Automobiles | $398152 | $— | $— |  | $398152 |  |
| Biotechnology | 138316 |  |  |  | 138316 |  |
| Broadline Retail | 43562 |  |  |  | 43562 |  |
| Capital Markets | 17389 |  |  |  | 17389 |  |
| Electronic Equipment, Instruments & Components |  |  |  | † |  | † |
| Entertainment | 189609 |  |  |  | 189609 |  |
| Financial Services | 404981 |  |  |  | 404981 |  |
| Health Care Equipment & Supplies | 125227 |  |  |  | 125227 |  |
| Hotels, Restaurants & Leisure | 197284 |  |  |  | 197284 |  |
| Information Technology Services | 839684 |  |  |  | 839684 |  |
| Pharmaceuticals | 212690 |  |  |  | 212690 |  |
| Real Estate Management & Development | 19740 |  |  |  | 19740 |  |
| Software | 706739 |  |  |  | 706739 |  |
| Tech Hardware, Storage & Peripherals | 120219 |  |  |  | 120219 |  |
| Trading Companies & Distributors | 253899 |  |  |  | 253899 |  |
| **Total Common Stocks** | **3667491** | **—** | **—** | **†** | **3667491** | **†** |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Financial Services |  |  | 22294 |  | 22294 |  |
| Software |  |  | 255754 |  | 255754 |  |
| **Total Preferred Stocks** | **—** | **—** | **278048** |  | **278048** |  |
| **Investment Company** | 95717 |  |  |  | 95717 |  |
| **Call Options Purchased** |  | 3307 |  |  | 3307 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 51971 |  |  |  | 51971 |  |
| **Total Assets** | $**3815179** | $**3307** | $**278048** | **†** | $**4096534** | **†** |

---

† 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) |  |  | 131688 |
| Realized gains (losses) |  |  |  |
| **Ending Balance** | $— | † | $278048 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025 | $— |  | $131688 |

---

† Includes a security valued at zero.

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 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 December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at <br>December 31, 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 | $278048 | Market Transaction <br>Method | Precedent <br>Transaction | $35.50–$183.96/$172.37 | <br>Increase |
|  |  | Discounted Cash Flow  | Weighted Average<br>Cost of Capital | <br>15.0% | <br>Decrease |
|  |  |  | Perpetual Growth Rate | 3.5% | Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | <br>8.6x | <br>Increase |
|  |  |  | Discount for Lack <br>of Marketability | <br>12.0% | <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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Biotechnology | $73963 | $— | $— | $73963 |
| Broadline Retail | 10234 |  |  | 10234 |
| Capital Markets | 5615 |  |  | 5615 |
| Energy Equipment & Services | 5562 |  |  | 5562 |
| Financial Services | 4971 |  |  | 4971 |
| Health Care Equipment & Supplies | 3796 |  |  | 3796 |
| Health Care Providers & Services | 6612 |  |  | 6612 |
| Health Care Technology | 533 |  |  | 533 |
| Hotels, Restaurants & Leisure | 22037 |  |  | 22037 |
| Household Durables |  | 740 |  | 740 |
| Information Technology Services | 40573 |  |  | 40573 |
| Life Sciences Tools & Services | 5225 |  |  | 5225 |
| Oil, Gas & Consumable Fuels | 3282 |  |  | 3282 |
| Passenger Airlines | 4766 |  |  | 4766 |
| Personal Care Products | 15708 |  |  | 15708 |
| Pharmaceuticals | 4612 |  |  | 4612 |
| Real Estate Management & Development | 19088 |  |  | 19088 |
| Software | 30462 |  |  | 30462 |
| Specialty Retail | 5041 |  |  | 5041 |
| Tech Hardware, Storage & Peripherals | 14717 |  |  | 14717 |
| Trading Companies & Distributors | 13439 |  |  | 13439 |
| **Total Common Stocks** | **290236** | **740** | **—** | **290976** |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Health Care Technology |  |  | 3236 | 3236 |
| Software |  |  | 3740 | 3740 |
| **Total Preferred Stocks** | **—** | **—** | **6976** | **6976** |

---

------

**2025 Annual Report**

**December 31, 2025**

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)** |
| **Investment Company** | $9027 | $— | $— |  | $9027 |  |
| **Warrants** | 68 |  |  | † | 68 | † |
| **Call Options Purchased** |  | 263 |  |  | 263 |  |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 15231 |  |  |  | 15231 |  |
| Repurchase Agreements |  | 4392 |  |  | 4392 |  |
| **Total Short-Term Investments** | **15231** | **4392** | **—** |  | **19623** |  |
| **Derivative Contract — PIPE** | **—** | **—** | **1420** |  | **1420** |  |
| **Total Assets** | $**314562** | $**5395** | $**8396** | **†** | $**328353** | **†** |

---

† 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 | $— | † | $0 |
| Purchases |  |  |  |  |
| Sales |  |  |  |  |
| PIPE transactions |  |  |  | 1420 |
| Transfers in |  |  |  |  |
| Transfers out |  |  |  |  |
| Corporate actions |  |  |  |  |
| Change in unrealized appreciation (depreciation) | (2966) |  |  |  |
| Realized gains (losses) |  |  |  |  |
| **Ending Balance** | $6976 | $— | † | $1420 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025 | $(2966) | $— |  | $— |

---

† Includes a security valued at zero.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 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 December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at <br>December 31, 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 | $6976 | Market Transaction <br>Method | Precedent<br>Transaction | $3.24 | Increase |
|  |  | Discounted Cash Flow | Weighted Average<br>Cost of Capital<br>Perpetual Growth Rate | <br>15.5%–18.0%/17.3%<br>3.0%–4.0%/3.5% | <br>Decrease<br>Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | <br>0.6x-31.3x/2.0x | <br>Increase |
|  |  |  | Discount for Lack <br>of Marketability | <br>6.0%–19.0%/12.0% | <br>Decrease |
|  |  | Comparable<br>Transactions | Enterprise<br>Value/Revenue | 1.3x | Increase |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at <br>December 31, 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 | $1420<br>| Market Implied | Discount for Lack <br>of Marketability<br>and Transaction Risk | <br>19.0% | <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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $226909 | $— | $226909 |
| Banks | 138175 | 80021 |  | 218196 |
| Broadline Retail | 99230 |  |  | 99230 |
| Capital Markets | 68812 |  |  | 68812 |
| Consumer Finance | 28042 |  |  | 28042 |
| Electrical Equipment |  | 133292 |  | 133292 |
| Electronic Equipment, Instruments & Components |  | 119116 |  | 119116 |
| Entertainment | 244687 |  |  | 244687 |
| Financial Services |  | 39321 |  | 39321 |
| Ground Transportation | 38552 |  |  | 38552 |
| Health Care Equipment & Supplies |  | 125496 |  | 125496 |
| Information Technology Services | 40360 |  |  | 40360 |
| Insurance |  | 48729 |  | 48729 |
| Interactive Media & Services |  | 20096 |  | 20096 |
| Personal Care Products |  | 117772 |  | 117772 |
| Semiconductors & Semiconductor Equipment |  | 327650 |  | 327650 |
| Software | 50046 |  |  | 50046 |
| Specialty Retail |  | 40455 |  | 40455 |
| Textiles, Apparel & Luxury Goods | 86451 | 572605 |  | 659056 |
| **Total Common Stocks** | **794355** | **1851462** | **—** | **2645817** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 32368 |  |  | 32368 |
| **Total Assets** | $**826723** | $**1851462** | $**—** | $**2678185** |

---

**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 | $— | $8329 | $— | $8329 |
| Air Freight & Logistics |  | 7861 |  | 7861 |
| Automobiles |  | 6229 |  | 6229 |
| Banks |  | 20973 |  | 20973 |
| Beverages |  | 7127 |  | 7127 |
| Capital Markets |  | 20155 |  | 20155 |
| Electrical Equipment |  | 6360 |  | 6360 |
| Electronic Equipment, Instruments & Components |  | 26277 |  | 26277 |
| Entertainment |  | 3291 |  | 3291 |
| Financial Services |  | 4607 |  | 4607 |
| Hotels, Restaurants & Leisure |  | 9907 |  | 9907 |
| Household Durables |  | 4032 |  | 4032 |
| Household Products |  | 1593 |  | 1593 |

---

------

**2025 Annual Report**

**December 31, 2025**

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)** |
| Information Technology Services | $— | $4378 | $— |  | $4378 |  |
| Insurance |  | 11029 |  |  | 11029 |  |
| Interactive Media & Services |  | 8402 |  |  | 8402 |  |
| Life Sciences Tools & Services |  | 6349 |  |  | 6349 |  |
| Machinery |  | 17195 |  |  | 17195 |  |
| Metals & Mining |  | 2824 |  |  | 2824 |  |
| Oil, Gas & Consumable Fuels | 2717 | 3938 |  |  | 6655 |  |
| Personal Care Products |  | 8647 |  |  | 8647 |  |
| Pharmaceuticals |  | 19748 |  |  | 19748 |  |
| Professional Services |  | 19173 |  |  | 19173 |  |
| Semiconductors & Semiconductor Equipment |  | 26862 |  |  | 26862 |  |
| Software |  | 10448 |  |  | 10448 |  |
| Tech Hardware, Storage & Peripherals |  | 4508 |  |  | 4508 |  |
| Textiles, Apparel & Luxury Goods |  | 5132 |  |  | 5132 |  |
| Trading Companies & Distributors |  | 9918 |  |  | 9918 |  |
| **Total Common Stocks** | **2717** | **285292** | **—** |  | **288009** |  |
| **Warrants** | **—** | **—** | **—** | **†** | **—** | **†** |
| **Total Assets** | $**2717** | $**285292** | $**—** | **†** | $**288009** | **†** |

---

† 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 December 31, 2025 | $— |  |

---

† Includes a security valued at zero.

**International Opportunity 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 | $— | $44419 | $— | $44419 |
| Automobile Components | 6461 |  |  | 6461 |
| Banks | 57150 | 38445 |  | 95595 |
| Broadline Retail | 64390 |  |  | 64390 |
| Consumer Finance | 12520 |  |  | 12520 |
| Electrical Equipment |  | 31332 |  | 31332 |
| Electronic Equipment, Instruments & Components |  | 21125 |  | 21125 |
| Entertainment | 57620 |  |  | 57620 |
| Financial Services |  | 20802 |  | 20802 |
| Ground Transportation | 14151 |  |  | 14151 |
| Hotels, Restaurants & Leisure | 37446 | 31782 |  | 69228 |
| Information Technology Services | 18021 |  |  | 18021 |
| Interactive Media & Services | 23238 | 13054 |  | 36292 |
| Personal Care Products |  | 10917 |  | 10917 |

---

------

**2025 Annual Report**

**December 31, 2025**

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 | $— | $64141 | $— | $64141 |
| Software | 20454 |  |  | 20454 |
| Specialty Retail |  | 18683 |  | 18683 |
| Textiles, Apparel & Luxury Goods | 31553 | 104101 |  | 135654 |
| **Total Common Stocks[Suppress Row]** | **343004** | **398801** | **—** | **741805** |
| **Total Assets** | $**343004** | $**398801** | $**—** | $**741805** |

---

**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 | $— | $103 | $— |  | $103 |  |
| Air Freight & Logistics |  | 65 |  |  | 65 |  |
| Automobiles |  | 62 |  |  | 62 |  |
| Capital Markets |  | 118 |  |  | 118 |  |
| Electrical Equipment |  | 62 |  |  | 62 |  |
| Electronic Equipment, Instruments & Components |  | 186 |  |  | 186 |  |
| Entertainment |  | 30 |  |  | 30 |  |
| Financial Services | 64 |  |  |  | 64 |  |
| Hotels, Restaurants & Leisure |  | 106 |  |  | 106 |  |
| Household Products | 44 |  |  |  | 44 |  |
| Insurance | 40 |  |  |  | 40 |  |
| Interactive Media & Services |  | 46 |  |  | 46 |  |
| Life Sciences Tools & Services | 55 | 58 |  |  | 113 |  |
| Machinery |  | 133 |  |  | 133 |  |
| Personal Care Products |  | 77 |  |  | 77 |  |
| Pharmaceuticals |  | 148 |  |  | 148 |  |
| Professional Services |  | 216 |  |  | 216 |  |
| Semiconductors & Semiconductor Equipment |  | 216 |  |  | 216 |  |
| Software |  | 109 |  |  | 109 |  |
| Trading Companies & Distributors |  | 93 |  |  | 93 |  |
| **Total Common Stocks** | **203** | **1828** | **—** |  | **2031** |  |
| **Warrants** | **—** | **—** | **—** | **†** | **—** | **†** |
| **Total Assets** | $**203** | $**1828** | $**—** | **†** | $**2031** | **†** |

---

† 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 December 31, 2025 | $— |  |

---

† Includes a security valued at zero.

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

**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 | $— | $14041 | $— | $14041 |
| Automobile Components | 950 |  |  | 950 |
| Automobiles |  | 1135 |  | 1135 |
| Banks | 8384 | 30698 |  | 39082 |
| Broadline Retail | 5308 |  |  | 5308 |
| Chemicals | 1819 | 1603 |  | 3422 |
| Construction Materials |  | 4580 |  | 4580 |
| Consumer Finance |  | 2372 |  | 2372 |
| Electric Utilities |  | 1109 |  | 1109 |
| Electrical Equipment |  | 2259 |  | 2259 |
| Electronic Equipment, Instruments & Components |  | 1773 |  | 1773 |
| Entertainment |  | 1811 |  | 1811 |
| Health Care Providers & Services |  | 1446 |  | 1446 |
| Household Durables |  | 3757 |  | 3757 |
| Industrial Conglomerates |  | 3616 |  | 3616 |
| Insurance |  | 1967 |  | 1967 |
| Interactive Media & Services |  | 2947 |  | 2947 |
| Metals & Mining | 3193 | 5184 |  | 8377 |
| Oil, Gas & Consumable Fuels | 2118 | 8766 |  | 10884 |
| Passenger Airlines | 1095 |  |  | 1095 |
| Personal Care Products |  | 4536 |  | 4536 |
| Pharmaceuticals |  | 12520 |  | 12520 |
| Professional Services |  | 886 |  | 886 |
| Semiconductors & Semiconductor Equipment |  | 13406 |  | 13406 |
| Software | 2988 | 3898 |  | 6886 |
| Specialty Retail |  | 1222 |  | 1222 |
| Tech Hardware, Storage & Peripherals |  | 8324 |  | 8324 |
| Trading Companies & Distributors |  | 3705 |  | 3705 |
| **Total Common Stocks** | **25855** | **137561** | **—** | **163416** |
| **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** |
| Biotechnology |  |  | 1375 | 1375 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 5167 |  |  | 5167 |
| Repurchase Agreements |  | 13 |  | 13 |
| **Total Short-Term Investments** | **5167** | **13** | **—** | **5180** |
| **Total Assets** | **31022** | **137574** | **1375** | **169971** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Future Contract** | (35) |  |  | (35) |
| **Total** | $**30987** | $**137574** | $**1375** | $**169936** |

---

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 December 31, 2025 | $— |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at<br>December 31, 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 |

---

\* 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**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $25 | $— | $— |  | $25 |  |
| Beverages | 62 |  |  |  | 62 |  |
| Capital Markets | 296 |  |  |  | 296 |  |
| Chemicals | 33 |  |  |  | 33 |  |
| Commercial Services & Supplies | 127 |  |  |  | 127 |  |
| Construction Materials | 5 |  |  |  | 5 |  |
| Containers & Packaging | 60 |  |  |  | 60 |  |
| Distributors | 83 |  |  |  | 83 |  |
| Diversified Consumer Services | 54 |  |  |  | 54 |  |
| Entertainment | 34 |  |  |  | 34 |  |
| Financial Services | 144 |  |  |  | 144 |  |
| Food Products | 83 |  |  |  | 83 |  |
| Ground Transportation | 209 |  |  |  | 209 |  |
| Health Care Equipment & Supplies | 214 |  |  |  | 214 |  |
| Hotels, Restaurants & Leisure | 241 |  |  |  | 241 |  |
| Household Durables | 7 | 19 |  |  | 26 |  |
| Information Technology Services | 751 |  |  |  | 751 |  |
| Insurance | 56 |  |  |  | 56 |  |
| Life Sciences Tools & Services | 81 |  |  |  | 81 |  |
| Metals & Mining | 364 |  |  |  | 364 |  |
| Oil, Gas & Consumable Fuels | 57 |  |  |  | 57 |  |
| Personal Care Products | 79 |  |  |  | 79 |  |
| Pharmaceuticals | 376 |  |  |  | 376 |  |
| Professional Services | 87 |  |  |  | 87 |  |
| Real Estate Management & Development | 210 |  |  |  | 210 |  |
| Semiconductors & Semiconductor Equipment | 29 |  |  |  | 29 |  |
| Software | 141 |  |  |  | 141 |  |
| Specialized REITs | 137 |  |  |  | 137 |  |
| Specialty Retail | 318 |  |  |  | 318 |  |
| Textiles, Apparel & Luxury Goods |  | 268 |  |  | 268 |  |
| Trading Companies & Distributors | 638 |  |  |  | 638 |  |
| **Total Common Stocks** | **5001** | **287** | **—** |  | **5288** |  |
| **Investment Company** | 145 |  |  |  | 145 |  |
| **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 | 72 |  |  |  | 72 |  |
| **Total Assets** | $**5218** | $**291** | $**—** | **†** | $**5509** | **†** |

---

† Includes a security valued at zero.

------

**2025 Annual Report**

**December 31, 2025**

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 December 31, 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 | $429531<br><sup>(1)</sup> | $— | $— | $429531 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 2143 |  |  | 2143 |
| **Total Assets** | $**431674** | $**—** | $**—** | $**431674** |

---

(1) The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

**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 | $2156<br><sup>(1)</sup> | $— | $— | $2156 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 121 |  |  | 121 |
| Repurchase Agreements |  | 12 |  | 12 |
| **Total Short-Term Investments** | **121** | **12** | **—** | **133** |
| **Total Assets** | $**2277** | $**12** | $**—** | $**2289** |

---

(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

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

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.

**4. Foreign Currency Translation and Foreign Investments:** The books and records of each Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the 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 Statements 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. 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 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.

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

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 their 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 Statements 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 their 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 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

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

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 a Fund as unrealized gain or loss. A 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 December 31, 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 a Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the counterparty or clearing-house based on changes in the value of the contract or variation margin, respectively. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commodities Futures Trading Commission ("CFTC") approval of contracts for central clearing and exchange trading.

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

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

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 Statements of Assets and Liabilities.

Upfront payments paid or received by a Fund will be reflected as an asset or liability, respectively, in the Statements of Assets and Liabilities. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements 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 Statements of 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 December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund<br>Derivative** | **Asset Derivatives<br>Statements of Assets and <br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| **Advantage Portfolio** | **Advantage Portfolio** | **Advantage Portfolio** | **Advantage Portfolio** |
| Purchased Options | Investments, at Value <br>(Purchased Options) | <br>Currency Risk | $171<br> (a) |
| **Global Insight Portfolio** | **Global Insight Portfolio** | **Global Insight Portfolio** | **Global Insight Portfolio** |
| Purchased Options | Investments, at Value <br>(Purchased Options) | <br>Currency Risk | 51<br> (a) |
| **Global Permanence Portfolio** | **Global Permanence Portfolio** | **Global Permanence Portfolio** | **Global Permanence Portfolio** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | 4<br> (a) |
| **Growth Portfolio** | **Growth Portfolio** | **Growth Portfolio** | **Growth Portfolio** |
| Purchased Options | Investments, at Value <br>(Purchased Options) | <br>Currency Risk | 3307<br> (a) |
| **Inception Portfolio** | **Inception Portfolio** | **Inception Portfolio** | **Inception Portfolio** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | 263<br> (a) |
| PIPE | Unrealized Appreciation on<br>Derivative Contract — PIPE | <br>Equity Risk | 1420 |
| Total |  |  | $1683 |
| **Permanence Portfolio** | **Permanence Portfolio** | **Permanence Portfolio** | **Permanence Portfolio** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | <br>Currency Risk | 4<br> (a) |

---

(a) Amounts are included in Investments in Securities in the Statements of Assets and Liabilities.

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Fund<br>Derivative** | **Liability Derivatives<br>Statements of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| **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 | $(35)(a) |

---

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statements 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 year ended December 31, 2025 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Fund<br>Derivative** | **Primary Risk <br>Exposure** | **Realized<br>Gain (Loss)<br>(000)** |
| **Advantage Portfolio** | **Advantage Portfolio** | **Advantage Portfolio** |
| Investments (Purchased Options) | Currency Risk | $(927)(a) |
| **Emerging Markets Portfolio** | **Emerging Markets Portfolio** | **Emerging Markets Portfolio** |
| Future Contracts | Equity Risk | 580 |
| **Global Insight Portfolio** | **Global Insight Portfolio** | **Global Insight Portfolio** |
| Investments (Purchased Options) | Currency Risk | (352)(a) |
| **Global Permanence Portfolio** | **Global Permanence Portfolio** | **Global Permanence Portfolio** |
| Investments (Purchased Options) | Currency Risk | (23)(a) |
| **Growth Portfolio** | **Growth Portfolio** | **Growth Portfolio** |
| Investments (Purchased Options) | Currency Risk | $(20399)(a) |
| **Inception Portfolio** | **Inception Portfolio** | **Inception Portfolio** |
| Investments (Purchased Options) | Currency Risk | (1892)(a) |
| **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** |
| Future Contracts | Equity Risk | 1294 |
| **Permanence Portfolio** | **Permanence Portfolio** | **Permanence Portfolio** |
| Investments (Purchased Options) | Currency Risk | (23)(a) |

---

(a) Amounts are included in Realized Gain (Loss) on Investments Sold in the Statements of Operations.

---

| | | |
|:---|:---|:---|
| **Fund<br>Derivative** | **Primary Risk <br>Exposure** | **Change in <br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| **Advantage Portfolio** | **Advantage Portfolio** | **Advantage Portfolio** |
| Investments (Purchased Options) | Currency Risk | $(507)(a) |
| **Global Insight Portfolio** | **Global Insight Portfolio** | **Global Insight Portfolio** |
| Investments (Purchased Options) | Currency Risk | (134)(a) |
| **Global Permanence Portfolio** | **Global Permanence Portfolio** | **Global Permanence Portfolio** |
| Investments (Purchased Options) | Currency Risk | (8)(a) |
| **Growth Portfolio** | **Growth Portfolio** | **Growth Portfolio** |
| Investments (Purchased Options) | Currency Risk | (9482)(a) |
| **Inception Portfolio** | **Inception Portfolio** | **Inception Portfolio** |
| Investments (Purchased Options) | Currency Risk | (657)(a) |
| Derivative Contracts — PIPE | Equity Risk | 1420 |
| Total |  | $763 |
| **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** |
| Futures Contracts | Equity Risk | (25) |
| **Permanence Portfolio** | **Permanence Portfolio** | **Permanence Portfolio** |
| Investments (Purchased Options) | Currency Risk | (14)(a) |

---

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Statements of Operations.

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

At December 31, 2025, each Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities<br>Presented in the Statements of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Statements of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Statements of Assets and Liabilities** |
| **Fund<br>Derivative(a)** | **Assets<br>(000)** | **Liabilities<br>(000)** |
| **Advantage Portfolio** | **Advantage Portfolio** | **Advantage Portfolio** |
| Purchased Options | $171<br> (b)(c) | $— |
| **Global Insight Portfolio** | **Global Insight Portfolio** | **Global Insight Portfolio** |
| Purchased Options | 51<br> (b)(c) |  |
| **Global Permanence Portfolio** | **Global Permanence Portfolio** | **Global Permanence Portfolio** |
| Purchased Options | 4<br> (b)(c) |  |
| **Growth Portfolio** | **Growth Portfolio** | **Growth Portfolio** |
| Purchased Options | 3307<br> (b)(c) |  |
| **Inception Portfolio** | **Inception Portfolio** | **Inception Portfolio** |
| Purchased Options | 263<br> (b)(c) |  |
| Derivative Contracts — PIPE | 1420<br> (d) |  |
| Total | $1683 | $— |
| **Permanence Portfolio** | **Permanence Portfolio** | **Permanence Portfolio** |
| Purchased Options | 4<br> (b)(c) |  |

---

(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 Statements of Assets and Liabilities.

(c) Amounts are included in Investments in Securities in the Statements of Assets and Liabilities.

(d) Assets and liabilities are presented gross and not offset in the Statements 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 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 December 31, 2025:

**Advantage Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities(a)<br>(000)** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received(b)<br>(000)** | **Collateral<br>Received(b)<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & Co. LLC | $4 |  | $— | $— |  | $4 |
| JPMorgan Chase Bank NA |  | @ |  | (— | @) | 0 |
| Standard Chartered Bank | 167 |  |  |  |  | 167 |
| Total | $171 |  | $— | $— |  | $171 |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

**Global Insight Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities(a)<br>(000)** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements 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)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & Co. LLC | $1 |  | $— | $— | $1 |  |
| JPMorgan Chase Bank NA |  | @ |  |  |  | @ |
| Standard Chartered Bank | 50 |  |  |  | 50 |  |
| Total | $51 |  | $— | $— | $51 |  |

---

**Global Permanence Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities(a)<br>(000)** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements 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)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & Co. LLC | $— | @ | $— | $— | $— | @ |
| JPMorgan Chase Bank NA |  | @ |  |  |  | @ |
| Standard Chartered Bank | 4 |  |  |  | 4 |  |
| Total | $4 |  | $— | $— | $4 |  |

---

**Growth Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements 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 | $75 | $— | $(75) | $0 |
| JPMorgan Chase Bank NA | 2 |  | (2) | 0 |
| Standard Chartered Bank | 3230 |  | (3230) | 0 |
| Total | $3307 | $— | $(3307) | $0 |

---

**Inception Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities(a)<br>(000)** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements 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 | $6 |  | $— | $(6 | $0 |
| JPMorgan Chase Bank NA |  | @ |  | (— | 0 |
| Standard Chartered Bank | 257 |  |  | (257 | 0 |
| Total | $263 |  | $— | $(263 | $0 |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

**Permanence Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities(a)<br>(000)** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements 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)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & Co. LLC | $— | @ | $— | $— | $— | @ |
| JPMorgan Chase Bank NA |  | @ |  |  |  | @ |
| Standard Chartered Bank | 4 |  |  |  | 4 |  |
| Total | $4 |  | $— | $— | $4 |  |

---

@ 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.

For the year ended December 31, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Advantage<br>Portfolio<br>(000)** | **Emerging<br>Markets<br>Portfolio<br>(000)** | **Global<br>Insight<br>Portfolio<br>(000)** | **Global<br>Permanence<br>Portfolio<br>(000)** | **Growth<br>Portfolio<br>(000)** |
| **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $— | $68771 | $— | $— | $— |
| **Purchased Options:** | **Purchased Options:** | **Purchased Options:** | **Purchased Options:** | **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 236869 |  | 80743 | 5016 | 4926370 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Inception<br>Portfolio<br>(000)** | **Passport Overseas<br>Equity<br>Portfolio<br>(000)** | **Permanence<br>Portfolio<br>(000)** |
| **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $— | $11386 | $— |
| **Purchased Options:** | **Purchased Options:** | **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 423244 |  | 5949 |

---

**6. 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 Portfolios of Investments.

**7. 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

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

**8. 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 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' Statements 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** |
| **Fund** | **Gross Asset <br>Amount<br>Presented in the <br>Statements 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)** |
| **Asia Opportunity Portfolio** | $421<br> (a) | $— | $(421)(b)(c) | $0 |
| **Emerging Markets Portfolio** | 1230<br> (a) |  | (1230)(c)(d) | 0 |
| **Global Insight Portfolio** | 1223<br> (a) |  | (1223)(c)(e) | 0 |
| **Inception Portfolio** | 15327<br> (a) |  | (15327)(c)(f) | 0 |
| **Passport Overseas Equity Portfolio** | 837<br> (a) |  | (837)(c)(g) | 0 |
| **Vitality Portfolio** | 40<br> (a) |  | (40)(c)(h) | 0 |

---

(a) Represents market value of loaned securities at period end.

(b) The Fund received cash collateral of approximately $437,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments.

(c) The actual collateral received is greater than the amount shown here due to overcollateralization.

(d) The Fund received cash collateral of approximately $36,000, 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 $1,241,000 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.

(e) The Fund received cash collateral of approximately $1,280,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments.

(f) The Fund received cash collateral of approximately $15,992,000, 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 $1,000 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 $47,000, 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 $835,000 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 $42,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments.

------

**2025 Annual Report**

**December 31, 2025**

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 December 31, 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** | **Asia Opportunity Portfolio** | **Asia Opportunity Portfolio** | **Asia Opportunity Portfolio** | **Asia Opportunity Portfolio** | **Asia Opportunity Portfolio** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | $437 | $— | $— | $— | $437 |
| **Total Borrowings** | $**437** | $**—** | $**—** | $**—** | $**437** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**437** |
| **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 | 36 |  |  |  | 36 |
| **Total Borrowings** | $**36** | $**—** | $**—** | $**—** | $**36** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**36** |
| **Global Insight Portfolio** | **Global Insight Portfolio** | **Global Insight Portfolio** | **Global Insight Portfolio** | **Global Insight Portfolio** | **Global Insight Portfolio** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | $1280 | $— | $— | $— | $1280 |
| **Total Borrowings** | $**1280** | $**—** | $**—** | $**—** | $**1280** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**1280** |
| **Inception Portfolio** | **Inception Portfolio** | **Inception Portfolio** | **Inception Portfolio** | **Inception Portfolio** | **Inception Portfolio** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | 15992 |  |  |  | 15992 |
| **Total Borrowings** | $**15992** | $**—** | $**—** | $**—** | $**15992** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**15992** |
| **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** | **Passport Overseas Equity Portfolio** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | 47 |  |  |  | 47 |
| **Total Borrowings** | $**47** | $**—** | $**—** | $**—** | $**47** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**47** |
| **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 | 42 |  |  |  | 42 |
| **Total Borrowings** | $**42** | $**—** | $**—** | $**—** | $**42** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**42** |

---

**9. 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.

**10. 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.

**11. 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.

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

**12. 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.

**13. Segment Reporting:** 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. The Funds' President acts 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 December 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** |
|<br>**Fund** | **Average Daily<br>Net Assets** | **Advisory Fee <br>Rates** | **Equivalent Annual<br>Effective Rates** | **Class I** | **Class A** | **Class L** | **Class C** | **Class R6** | **Class IR** |
| **Advantage Portfolio** | 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** | 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 |  |  |  |  |  |  |  |
| **Developing Opportunity Portfolio** | First $1 billion | 0.90 | 0.18 | 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 | 0.51 | 0.99 | 1.35 |  | 2.10 | 0.95 | 0.95 |
|  | Over $1 billion | 0.70 |  |  |  |  |  |  |  |
| **Emerging Markets Portfolio** | First $1 billion | 0.75 | 0.67 | 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 | 0.24 | 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 |  |  |  |  |  |  |  |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** |
|<br>**Fund** | **Average Daily<br>Net Assets** | **Advisory Fee <br>Rates** | **Equivalent Annual<br>Effective Rates** | **Class I** | **Class A** | **Class L** | **Class C** | **Class R6** | **Class IR** |
| **Global Franchise Portfolio** | First $500 million | 0.80% | 0.73% | 1.00% | 1.35% | 1.85% | 2.10% | 0.95% | —% |
|  | Next $500 million | 0.75 |  |  |  |  |  |  |  |
|  | Over $1 billion | 0.70 |  |  |  |  |  |  |  |
| **Global Insight Portfolio** | 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** | 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** | 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 | 0.00 | 0.80 | 1.15 | 1.65 | 1.90 | 0.75 |  |
|  | Over $500 million | 0.60 |  |  |  |  |  |  |  |
| **Growth Portfolio** | 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** | 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 |  |
|  | 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 |
|  | Over $1 billion | 0.75 |  |  |  |  |  |  |  |
| **International Resilience Portfolio** | First $1 billion | 0.70 | 0.04 | 0.85 | 1.20 |  | 1.95 | 0.80 |  |
|  | Over $1 billion | 0.65 |  |  |  |  |  |  |  |
| **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** | First $1 billion | 0.65 | 0.00 | 0.85 | 1.20 |  | 1.95 | 0.80 |  |
|  | Over $1 billion | 0.60 |  |  |  |  |  |  |  |
| **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 year ended December 31, 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** | $199 | $91 |
| **American Resilience Portfolio** | 8 | 306 |
| **Asia Opportunity Portfolio** | 182 | 67 |
| **Developing Opportunity Portfolio** | 300 | 30 |
| **Emerging Markets ex China Portfolio** | 59 | 273 |
| **Emerging Markets Leaders Portfolio** | 341 | 124 |
| **Emerging Markets Portfolio** | 262 | 126 |
| **Global Concentrated Portfolio** |  | 140 |
| **Global Core Portfolio** | 231 | 23 |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

---

| | | |
|:---|:---|:---|
| **Fund** | **Advisory Fees<br>Waived and/or<br>Reimbursed<br>(000)** | **Other expenses<br>were reimbursed<br>by the Adviser<br>(000)** |
| **Global Endurance Portfolio** | $240 | $51 |
| **Global Insight Portfolio** | 286 | 47 |
| **Global Opportunity Portfolio** |  | 2 |
| **Global Permanence Portfolio** | 34 | 273 |
| **Global Stars Portfolio** | 320 | 41 |
| **Growth Portfolio** |  | 2 |
| **Inception Portfolio** | 642 | 17 |
| **International Advantage Portfolio** |  | 283 |
| **International Equity Portfolio** | 366 | 199 |
| **International Opportunity Portfolio** | 178 | 330 |
| **International Resilience Portfolio** | 14 | 303 |
| **Passport Overseas Equity Portfolio** | 255 | 59 |
| **Permanence Portfolio** | 34 | 257 |
| **US Core Portfolio** | 60 | 138 |
| **Vitality Portfolio** | 15 | 247 |

---

The Adviser provides investment advisory services to each Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the respective 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 respective Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from each Subsidiary.

The Adviser has entered into Sub-Advisory Agreements with the "Sub-Advisers", each a wholly-owned subsidiary of Morgan Stanley. The Sub-Advisers, subject to the control and supervision of the Funds, their 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 Adviser" in the Consolidated Statements of Operations.

**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 prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

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 its exceeds 0.04% of the average daily net assets of such shares on an annualized basis. For the year ended December 31, 2025, this waiver amounted to approximately $13,000 and $172,000, 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 December 31, 2025, the following Funds had co-transfer agency fees and expenses incurred to EVM, which is included in "Transfer Agency Fees" in the Statements of Operations.

---

| | | |
|:---|:---|:---|
| **Fund** | **Value<br>(000)** | **Value<br>(000)** |
| **Advantage Portfolio** | $2 |  |
| **American Resilience Portfolio** |  | @ |
| **Asia Opportunity Portfolio** |  | @ |
| **Developing Opportunity Portfolio** | 1 |  |
| **Emerging Markets ex China Portfolio** |  | @ |
| **Emerging Markets Leaders Portfolio** | 1 |  |
| **Emerging Markets Portfolio** | 6 |  |
| **Global Concentrated Portfolio** |  | @ |
| **Global Core Portfolio** |  | @ |
| **Global Endurance Portfolio** | 1 |  |
| **Global Franchise Portfolio** | 5 |  |
| **Global Insight Portfolio** | 1 |  |
| **Global Opportunity Portfolio** | 37 |  |
| **Global Permanence Portfolio** |  | @ |
| **Global Stars Portfolio** | 1 |  |
| **Growth Portfolio** | 38 |  |
| **Inception Portfolio** | 3 |  |
| **International Advantage Portfolio** | 23 |  |
| **International Equity Portfolio** | 3 |  |
| **International Opportunity Portfolio** | 6 |  |
| **International Resilience Portfolio** |  | @ |
| **Passport Overseas Equity Portfolio** | 2 |  |
| **Permanence Portfolio** |  | @ |
| **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 by each Fund based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

**G. Security Transactions and Transactions with Affiliates:** During the year ended December 31, 2025, purchases and sales of investment securities excluding short-term investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Purchases** | **Purchases** | **Sales** | **Sales** |
| | **Government<br>(000)** | **Non-Government<br>(000)** | **Government<br>(000)** | **Non-Government<br>(000)** |
| **Advantage Portfolio** | $4261 | $126862 | $142397 | $142130 |
| **American Resilience Portfolio** |  | 815 |  | 829 |
| **Asia Opportunity Portfolio** |  | 24049 |  | 43863 |
| **Developing Opportunity Portfolio** |  | 46926 |  | 21242 |
| **Emerging Markets ex China Portfolio** |  | 1287 |  | 1227 |
| **Emerging Markets Leaders Portfolio** |  | 84032 |  | 159859 |
| **Emerging Markets Portfolio** |  | 107788 |  | 568984 |
| **Global Concentrated Portfolio** |  | 240436 |  | 153941 |
| **Global Core Portfolio** |  | 27113 |  | 17326 |
| **Global Endurance Portfolio** |  | 49352 |  | 60790 |
| **Global Franchise Portfolio** |  | 871638 |  | 1684376 |
| **Global Insight Portfolio** | 1293 | 42516 | 100 | 57276 |
| **Global Opportunity Portfolio** |  | 340686 |  | 510899 |
| **Global Permanence Portfolio** | 87 | 3468 | 1 | 3614 |
| **Global Stars Portfolio** |  | 23474 |  | 50210 |
| **Growth Portfolio** | 79483 | 2300016 | 3335 | 3365970 |
| **Inception Portfolio** |  | 343062 |  | 391845 |
| **International Advantage Portfolio** |  | 339911 |  | 819781 |
| **International Equity Portfolio** |  | 218153 |  | 656052 |
| **International Opportunity Portfolio** |  | 192498 |  | 258446 |
| **International Resilience Portfolio** |  | 1171 |  | 1138 |
| **Passport Overseas Equity Portfolio** |  | 54366 |  | 69091 |
| **Permanence Portfolio** | 102 | 3327 |  | 3063 |
| **US Core Portfolio** |  | 163677 |  | 179695 |
| **Vitality Portfolio** |  | 511 |  | 596 |

---

Certain 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 year ended December 31, 2025 were as follows:

**Investments in the Liquidity Funds — Government Portfolio<sup>(1)</sup> and Treasury Securities Portfolio<sup>(2)</sup> — 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)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2025<br>(000)** |
| **Advantage Portfolio<sup>(2)</sup>** | $4426 | $124656 | $125316 | $301 | $— | $— | $3766 |
| **American Resilience Portfolio<sup>(2)</sup>** | 19 | 553 | 572 | 1 |  |  |  |
| **Asia Opportunity Portfolio<sup>(2)</sup>** | 1660 | 35587 | 30893 | 121 |  |  | 6354 |
| **Developing Opportunity Portfolio<sup>(2)</sup>** |  | 55413 | 51869 | 55 |  |  | 3544 |
| **Emerging Markets ex China Portfolio<sup>(1)</sup>** | 39 | 1253 | 1208 | 6 |  |  | 84 |
| **Emerging Markets Leaders Portfolio<sup>(1)</sup>** | 7211 | 94665 | 96686 | 260 |  |  | 5190 |
| **Emerging Markets Portfolio<sup>(1)</sup>** | 23804 | 437561 | 460614 | 471 |  |  | 751 |
| **Global Concentrated Portfolio<sup>(2)</sup>** | 2219 | 114545 | 113327 | 115 |  |  | 3437 |
| **Global Core Portfolio<sup>(2)</sup>** | 251 | 18142 | 18034 | 13 |  |  | 359 |
| **Global Endurance Portfolio<sup>(2)</sup>** | 739 | 33436 | 31383 | 47 |  |  | 2792 |
| **Global Franchise Portfolio<sup>(2)</sup>** | 30160 | 750913 | 762018 | 1679 |  |  | 19055 |
| **Global Insight Portfolio<sup>(2)</sup>** | 1665 | 36495 | 36458 | 73 |  |  | 1702 |
| **Global Opportunity Portfolio<sup>(2)</sup>** | 163938 | 524239 | 562346 | 3826 |  |  | 125831 |
| **Global Permanence Portfolio<sup>(2)</sup>** | 85 | 1966 | 2030 | 5 |  |  | 21 |
| **Global Stars Portfolio<sup>(2)</sup>** | 818 | 18401 | 19116 | 24 |  |  | 103 |
| **Growth Portfolio<sup>(2)</sup>** | 119872 | 1749108 | 1817009 | 3872 |  |  | 51971 |
| **Inception Portfolio<sup>(2)</sup>** | 28345 | 241282 | 254396 | 530 |  |  | 15231 |
| **International Advantage Portfolio<sup>(2)</sup>** | 23850 | 573250 | 564732 | 1323 |  |  | 32368 |
| **International Equity Portfolio<sup>(2)</sup>** | 1669 | 192286 | 193955 | 263 |  |  |  |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<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)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2025<br>(000)** |
| **International Opportunity Portfolio<sup>(2)</sup>** | $12161 | $200657 | $212818 | $529 | $— | $— | $— |
| **International Resilience Portfolio<sup>(2)</sup>** | 23 | 784 | 807 | 1 |  |  |  |
| **Passport Overseas Equity Portfolio<sup>(2)</sup>** | 4737 | 50845 | 50415 | 275 |  |  | 5167 |
| **Permanence Portfolio<sup>(2)</sup>** | 237 | 1764 | 1929 | 7 |  |  | 72 |
| **US Core Portfolio<sup>(2)</sup>** | 4857 | 61200 | 63914 | 92 |  |  | 2143 |
| **Vitality Portfolio<sup>(2)</sup>** | 80 | 586 | 545 | 4 |  |  | 121 |

---

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 their investments in the Liquidity Funds ("Rebate"). For the year ended December 31, 2025, advisory fees paid were reduced as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Rebate Value<br>(000)** | **Rebate Value<br>(000)** |
| **Advantage Portfolio** | $14 |  |
| **American Resilience Portfolio** |  | @ |
| **Asia Opportunity Portfolio** | 6 |  |
| **Developing Opportunity Portfolio** | 3 |  |
| **Emerging Markets ex China Portfolio** |  | @ |
| **Emerging Markets Leaders Portfolio** | 9 |  |
| **Emerging Markets Portfolio** | 14 |  |
| **Global Concentrated Portfolio** | 6 |  |
| **Global Core Portfolio** | 1 |  |
| **Global Endurance Portfolio** | 2 |  |
| **Global Franchise Portfolio** | 80 |  |
| **Global Insight Portfolio** | 4 |  |
| **Global Opportunity Portfolio** | 179 |  |
| **Global Permanence Portfolio** |  | @ |
| **Global Stars Portfolio** | 1 |  |
| **Growth Portfolio** | 184 |  |
| **Inception Portfolio** | 25 |  |
| **International Advantage Portfolio** | 63 |  |
| **International Equity Portfolio** | 12 |  |
| **International Opportunity Portfolio** | 25 |  |
| **International Resilience Portfolio** |  | @ |
| **Passport Overseas Equity Portfolio** | 13 |  |
| **Permanence Portfolio** |  | @ |
| **US Core Portfolio** | 4 |  |
| **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. A summary of each Fund's transactions in shares of affiliated investments during the year ended December 31, 2025 were:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>December 31,<br>2025<br>(000)** |
| **International Advantage Portfolio**<br> Canada Goose Holdings, Inc. | $30818 | $— | $38534 | $— | $(29614) | $37330 | $— |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

For the year ended December 31, 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 Funds.

---

| | | |
|:---|:---|:---|
| **Fund** | **Value<br>(000)** | **Value<br>(000)** |
| **Advantage Portfolio** | $1 |  |
| **Asia Opportunity Portfolio** |  | @ |
| **Emerging Markets ex China Portfolio** |  | @ |
| **Emerging Markets Leaders Portfolio** |  | @ |
| **Global Endurance Portfolio** |  | @ |
| **Global Franchise Portfolio** |  | @ |
| **Global Insight Portfolio** |  | @ |
| **Global Opportunity Portfolio** | 3 |  |
| **Growth Portfolio** | 38 |  |
| **Inception Portfolio** | 11 |  |
| **International Advantage Portfolio** | 16 |  |
| **International Equity Portfolio** |  | @ |
| **International Opportunity Portfolio** | 2 |  |
| **Passport Overseas Equity Portfolio** |  | @ |
| **Permanence Portfolio** |  | @ |

---

@ Amount is less than $500.

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 under the Act, 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 December 31, 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 each Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

Each Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

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 Tax Reclaim Receivable 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 a Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

deductions or credits on their income tax returns. In the event that EU reclaims received by a 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.

Each Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. As of December 31, 2025, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure.

During this reporting period, the Funds adopted FASB Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. Income taxes paid (net of refunds received) with respect to the following jurisdictions represented 5% or more of the total amount:

**Emerging Markets Portfolio**

---

| | |
|:---|:---|
| **Country** | **Income Taxes Paid<br>(Net of Refunds<br>Received)** |
| India | $6532978 |
| Other (less than 5.0% each) | 1116876 |
| **Total Investments** | $**7649854** |

---

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 Statements of Operations. Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed. The Funds' tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the state departments of revenue and by foreign tax authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2025 and 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
|<br>**Fund** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Paid-in-<br>Capital<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| **Advantage Portfolio** | $58 | $— | $— | $2695 | $— |
| **American Resilience Portfolio** | 10 | 17 |  | 11 | 50 |
| **Asia Opportunity Portfolio** | 3697 |  |  | 2127 |  |
| **Developing Opportunity Portfolio** | 431 |  |  | 206 |  |
| **Emerging Markets ex China Portfolio** | 121 | 97 |  | 98 | 331 |
| **Emerging Markets Leaders Portfolio** |  |  |  |  |  |
| **Emerging Markets Portfolio** | 3272 | 70292 |  | 4790 | 1824 |
| **Global Concentrated Portfolio** | 176 | 6368 |  | 393 |  |
| **Global Core Portfolio** | 27 | 1207 |  | 44 |  |
| **Global Endurance Portfolio** | 136 |  |  | 137 |  |
| **Global Franchise Portfolio** | 14928 | 224651 |  | 21420 | 281069 |
| **Global Insight Portfolio** |  |  |  | 923 |  |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
|<br>**Fund** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Paid-in-<br>Capital<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| **Global Opportunity Portfolio** | $690 | $316721 | $— | $9393 | $266304 |
| **Global Permanence Portfolio** | 413 | 424 |  | 189 | 524 |
| **Global Stars Portfolio** | 589 | 9312 |  | 943 | 14593 |
| **Growth Portfolio** |  |  |  | 20272 |  |
| **Inception Portfolio** |  |  |  | 3818 | 129 |
| **International Advantage Portfolio** |  |  |  | 3539 |  |
| **International Equity Portfolio** | 24325 | 120755 |  | 31118 | 183558 |
| **International Opportunity Portfolio** |  |  |  | 858 |  |
| **International Resilience Portfolio** | 16 | 59 | 1 | 17 | 51 |
| **Passport Overseas Equity Portfolio** | 2488 | 18152 |  | 3095 | 1369 |
| **Permanence Portfolio** | 401 | 383 |  | 254 | 338 |
| **US Core Portfolio** |  |  |  | 196 |  |
| **Vitality Portfolio** | 34 |  |  | 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 Subsidiaries, a nondeductible expense, a net operating loss, equalization debits or a distribution in excess of current earnings, resulted in the following reclassifications among the components of net assets at December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total<br>Distributable Earnings/<br>(Accumulated Loss)<br>(000)** | **Paid in Capital<br>(000)** |
| **Advantage Portfolio** | $115 | $(115 |
| **American Resilience Portfolio** |  | (— |
| **Asia Opportunity Portfolio** |  |  |
| **Developing Opportunity Portfolio** | 3 | (3 |
| **Emerging Markets ex China Portfolio** |  |  |
| **Emerging Markets Leaders Portfolio** | 316 | (316 |
| **Emerging Markets Portfolio** | (67026 | 67026 |
| **Global Concentrated Portfolio** | 413 | (413 |
| **Global Core Portfolio** | 75 | (75 |
| **Global Endurance Portfolio** | 11 | (11 |
| **Global Franchise Portfolio** |  |  |
| **Global Insight Portfolio** | 254 | (254 |
| **Global Opportunity Portfolio** | 17135 | (17135 |
| **Global Permanence Portfolio** | 6 | (6 |
| **Global Stars Portfolio** | 80 | (80 |
| **Growth Portfolio** | 33010 | (33010 |
| **Inception Portfolio** | 3387 | (3387 |
| **International Advantage Portfolio** | 714 | (714 |
| **International Equity Portfolio** | (54980 | 54980 |
| **International Opportunity Portfolio** | 2569 | (2569 |
| **International Resilience Portfolio** |  |  |
| **Passport Overseas Equity Portfolio** |  |  |
| **Permanence Portfolio** | 9 | (9 |
| **US Core Portfolio** | 675 | (675 |
| **Vitality Portfolio** | (— |  |

---

@ Amount is less than $500.

------

**2025 Annual Report**

**December 31, 2025**

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** | $25 | $— |
| **American Resilience Portfolio** |  |  |
| **Asia Opportunity Portfolio** |  |  |
| **Developing Opportunity Portfolio** |  |  |
| **Emerging Markets ex China Portfolio** | 18 | 18 |
| **Emerging Markets Leaders Portfolio** |  |  |
| **Emerging Markets Portfolio** | 792 | 13367 |
| **Global Concentrated Portfolio** |  | 7399 |
| **Global Core Portfolio** |  | 481 |
| **Global Endurance Portfolio** | 39 |  |
| **Global Franchise Portfolio** |  | 128404 |
| **Global Insight Portfolio** |  |  |
| **Global Opportunity Portfolio** |  | 94828 |
| **Global Permanence Portfolio** |  |  |
| **Global Stars Portfolio** |  | 2348 |
| **Growth Portfolio** |  |  |
| **Inception Portfolio** |  |  |
| **International Advantage Portfolio** |  |  |
| **International Equity Portfolio** | 1393 | 37316 |
| **International Opportunity Portfolio** |  |  |
| **International Resilience Portfolio** |  |  |
| **Passport Overseas Equity Portfolio** | 1226 | 2287 |
| **Permanence Portfolio** |  | 47 |
| **US Core Portfolio** |  |  |
| **Vitality Portfolio** | 17 |  |

---

At December 31, 2025, 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** | $92007 | $37761 |
| **American Resilience Portfolio** | 9 |  |
| **Asia Opportunity Portfolio** | 80316 | 50083 |
| **Developing Opportunity Portfolio** | 44244 | 34691 |
| **Emerging Markets Leaders Portfolio** | 69981 |  |
| **Global Endurance Portfolio** | 4234 | 30874 |
| **Global Insight Portfolio** | 42342 | 52216 |
| **Growth Portfolio** | 840102 | 478908 |
| **Inception Portfolio** | 421290 | 403070 |
| **International Advantage Portfolio** | 52698 | 233683 |
| **International Opportunity Portfolio** | 155438 | 122635 |
| **US Core Portfolio** | 25211 | 544 |
| **Vitality Portfolio** | 451 | 610 |

---

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, 2025, 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** | $17327 |
| **Asia Opportunity Portfolio** | 2033 |
| **Emerging Markets Leaders Portfolio** | 24324 |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

---

| | |
|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward<br>Utilized<br>(000)** |
| **Global Concentrated Portfolio** | $7802 |
| **Global Core Portfolio** | 307 |
| **Global Endurance Portfolio** | 4137 |
| **Global Insight Portfolio** | 16195 |
| **Growth Portfolio** | 766497 |
| **Inception Portfolio** | 23932 |
| **International Advantage Portfolio** | 170159 |
| **International Opportunity Portfolio** | 67778 |
| **US Core Portfolio** | 7345 |

---

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 listed below intends to defer to January 1, 2026 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)** |
| **Asia Opportunity Portfolio** | $1152 | $— |
| **Developing Opportunity Portfolio** | 259 |  |
| **Global Insight Portfolio** | 20 |  |

---

**I. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2025, the Funds did not have any borrowings under the Facility.

**J. Other:** At December 31, 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** | 72.9% |
| **Asia Opportunity Portfolio** | 90.4 |
| **Developing Opportunity Portfolio** | 86.0 |
| **Emerging Markets Leaders Portfolio** | 74.5 |
| **Emerging Markets Portfolio** | 74.8 |
| **Global Concentrated Portfolio** | 92.3 |
| **Global Core Portfolio** | 96.5 |
| **Global Endurance Portfolio** | 67.6 |
| **Global Franchise Portfolio** | 54.6 |
| **Global Insight Portfolio** | 65.8 |
| **Global Opportunity Portfolio** | 55.4 |
| **Global Permanence Portfolio** | 55.1 |
| **Global Stars Portfolio** | 67.9 |
| **Growth Portfolio** | 55.7 |
| **Inception Portfolio** | 71.4 |
| **International Advantage Portfolio** | 71.4 |
| **International Equity Portfolio** | 69.2 |
| **International Opportunity Portfolio** | 62.1 |
| **Passport Overseas Equity Portfolio** | 75.7 |
| **Permanence Portfolio** | 36.0 |
| **US Core Portfolio** | 83.4 |
| **Vitality Portfolio** | 53.4 |

---

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

**K. Market and Geopolitical 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 a Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETF's 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:** Certain Funds 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. A 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 a 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 a 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 a Fund to incur the opportunity cost of missed investment opportunities the Funds 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 a 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.

**Private Investment in Public Equity:** Certain Funds may acquire equity securities of an issuer that are issued through a PIPE transaction, including on a when-issued basis. A 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

------

**2025 Annual Report**

**December 31, 2025**

Notes to Financial Statements (cont'd)

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 a 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 a 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, 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 a Fund's investments, which may in turn impact a Fund's ability to sell securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat 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 a Fund's investments, adversely affect and increase the volatility of a Fund's share price and exacerbate preexisting risks to a Fund. The frequency and magnitude of resulting changes in the value of a Fund's investments cannot be predicted.

**L. Subsequent Event:** The Directors of the Company approved a Plan of Liquidation with respect to the American Resilience, a portfolio of common stock of the Company. Pursuant to the Plan of Liquidation, the assets of American Resilience will be liquidated, known or reasonably ascertainable liabilities will be satisfied or provided for, the remaining proceeds will be distributed to American Resilience's shareholders and all of the issued and outstanding shares will be redeemed (the "Liquidation"). The Liquidation occurred on January 16, 2026.

------

**2025 Annual Report**

**December 31, 2025**

Report of Independent Registered Public Accounting Firm

To the Shareholders of 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, Passport Overseas Equity Portfolio, Permanence Portfolio, US Core Portfolio and Vitality Portfolio and the Board of Directors of Morgan Stanley Institutional Fund, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of assets and liabilities of Advantage Portfolio, Asia Opportunity Portfolio, Developing Opportunity Portfolio, Global Insight Portfolio, Global Opportunity Portfolio, Global Permanence Portfolio, Growth Portfolio, Inception Portfolio, International Advantage Portfolio, International Opportunity Portfolio and Permanence Portfolio, including the consolidated portfolios of investments, as of December 31, 2025, and the related consolidated statements of operations and changes in net assets, and the consolidated financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "consolidated financial statements"). We have also audited the accompanying statements of assets and liabilities of American Resilience 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 Stars Portfolio, International Equity Portfolio, International Resilience Portfolio, Passport Overseas Equity Portfolio, US Core Portfolio and Vitality Portfolio (collectively, together with Advantage Portfolio, Asia Opportunity Portfolio, Developing Opportunity Portfolio, Global Insight Portfolio, Global Opportunity Portfolio, Global Permanence Portfolio, Growth Portfolio, Inception Portfolio, International Advantage Portfolio, International Opportunity Portfolio and Permanence Portfolio, referred to as the "Funds"), (twenty-five of the funds constituting Morgan Stanley Institutional Fund, Inc. (the "Company")), including the portfolios of investments, as of December 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively, together with the consolidated financial statements, referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position, or financial position, of each of the Funds (twenty-five of the funds constituting Morgan Stanley Institutional Fund, Inc.) at December 31, 2025, and the consolidated results, or results, of their operations, consolidated changes, or changes, in net assets and consolidated financial highlights, or financial highlights, for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Individual fund constituting <br>Morgan Stanley Institutional <br>Fund, Inc.** | **Consolidated statements of <br>operations** | **Consolidated statements of <br>changes in net assets** | **Consolidated financial <br>highlights** |
| Advantage Portfolio, Asia Opportunity Portfolio, Developing Opportunity Portfolio, Global Insight Portfolio, Global Opportunity Portfolio, Global Permanence Portfolio, Growth Portfolio, Inception Portfolio, International Advantage Portfolio, International Opportunity Portfolio, Permanence Portfolio | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the five years in the period ended December 31, 2025 |

---

------

**2025 Annual Report**

**December 31, 2025**

Report of Independent Registered Public Accounting Firm (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Individual fund constituting <br>Morgan Stanley Institutional <br>Fund, Inc.** | **Statements of operations** | **Statements of changes in net <br>assets** | **Financial highlights** |
| Emerging Markets Leaders Portfolio, Emerging Markets Portfolio, Global Concentrated Portfolio, Global Core Portfolio, Global Endurance Portfolio, Global Franchise Portfolio, Global Stars Portfolio, International Equity Portfolio, Passport Overseas Equity Portfolio, US Core Portfolio | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the five years in the period ended December 31, 2025 |
| Vitality Portfolio | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the four years in the period ended December 31, 2025 and the period from December 31, 2021 (commencement of operations) to December 31, 2021 |
| American Resilience Portfolio, International Resilience Portfolio | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the three years in the period ended December 31, 2025 and the period from July 29, 2022 (commencement of operations) to December 31, 2022 |
| Emerging Markets ex China Portfolio | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the three years in the period ended December 31, 2025 and the period from September 30, 2022 (commencement of operations) to December 31, 2022 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used

------

**2025 Annual Report**

**December 31, 2025**

Report of Independent Registered Public Accounting Firm (cont'd)

and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2622012_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 25, 2026

------

**2025 Annual Report**

**December 31, 2025**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by each applicable Fund during the taxable year ended December 31, 2025.

For corporate shareholders below are the percentage of the dividends qualified for the dividends received deduction.

---

| | |
|:---|:---|
| **Fund** | **Dividends Received<br>Deduction percentage** |
| Advantage Portfolio | 100.00% |
| American Resilience Portfolio | 100.00 |
| Global Concentrated Portfolio | 100.00 |
| Global Core Portfolio | 100.00 |
| Global Endurance Portfolio | 18.31 |
| Global Franchise Portfolio | 100.00 |
| Global Opportunity Portfolio | 100.00 |
| Global Stars Portfolio | 30.02 |
| International Resilience Portfolio | 11.44 |
| Permanence Portfolio | 5.87 |
| Vitality Portfolio | 12.24 |

---

At December 31, 2025, the following Funds designated some of its distributions paid as qualified business income:

---

| | |
|:---|:---|
| **Fund** | **Qualified<br>Business Income<br>(000)** |
| Advantage Portfolio | $4 |
| Global Permanence Portfolio | 1 |
| Permanence Portfolio | 2 |

---

At December 31, 2025, the following Funds designated some of its distributions paid as long-term capital gain distribution:

---

| | |
|:---|:---|
| **Fund** | **Long-term Capital<br>Gain Distribution<br>(000)** |
| American Resilience Portfolio | $17 |
| Emerging Markets ex China Portfolio | 97 |
| Emerging Markets Portfolio | 70292 |
| Global Concentrated Portfolio | 6368 |
| Global Core Portfolio | 1207 |
| Global Franchise Portfolio | 224651 |
| Global Opportunity Portfolio | 316721 |
| Global Permanence Portfolio | 424 |
| Global Stars Portfolio | 9312 |
| International Equity Portfolio | 120755 |
| International Resilience Portfolio | 59 |
| Passport Overseas Equity Portfolio | 18152 |
| Permanence Portfolio | 383 |

---

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2025. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The following Funds designated as taxable at this lower rate:

---

| | |
|:---|:---|
| **Fund** | **Lower Rate Amounting<br>(000)** |
| Advantage Portfolio | $281 |
| American Resilience Portfolio | 16 |
| Asia Opportunity Portfolio | 622 |
| Developing Opportunity | 159 |
| Emerging Markets ex China Portfolio | 99 |

---

------

**2025 Annual Report**

**December 31, 2025**

Federal Tax Notice (unaudited) (cont'd)

---

| | |
|:---|:---|
| **Fund** | **Lower Rate Amounting<br>(000)** |
| Emerging Markets Leaders Portfolio | $1277 |
| Emerging Markets Portfolio | 5377 |
| Global Concentrated Portfolio | 2866 |
| Global Core Portfolio | 468 |
| Global Endurance Portfolio | 87 |
| Global Franchise Portfolio | 31904 |
| Global Opportunity Portfolio | 14430 |
| Global Permanence Portfolio | 28 |
| Global Stars Portfolio | 319 |
| International Advantage Portfolio | 23182 |
| International Equity Portfolio | 9354 |
| International Opportunity Portfolio | 991 |
| International Resilience Portfolio | 27 |
| Passport Overseas Equity Portfolio | 3454 |
| Permanence Portfolio | 30 |
| Vitality Portfolio | 4 |

---

At December 31, 2025, the following funds intends to pass through foreign tax credits:

---

| | |
|:---|:---|
| **Fund** | **Foreign Tax<br>Credits<br>(000)** |
| Asia Opportunity Portfolio | $369 |
| Developing Opportunity | 183 |
| Emerging Markets ex China Portfolio | 33 |
| Emerging Markets Leaders Portfolio | 994 |
| Emerging Markets Portfolio | 7449 |
| International Advantage Portfolio | 3264 |
| International Opportunity Portfolio | 991 |
| Passport Overseas Equity Portfolio | 402 |

---

At December 31, 2025, the following funds has derived net income from sources within foreign countries amounting as follows:

---

| | |
|:---|:---|
| **Fund** | **Foreign Countries<br>Amounting<br>(000)** |
| Asia Opportunity Portfolio | $1657 |
| Developing Opportunity | 542 |
| Emerging Markets ex China Portfolio | 203 |
| Emerging Markets Leaders Portfolio | 3145 |
| Emerging Markets Portfolio | 15902 |
| International Advantage Portfolio | 28560 |
| International Opportunity Portfolio | 6456 |
| Passport Overseas Equity Portfolio | 3808 |

---

In January, each applicable Fund provides tax information to shareholders for the preceding calendar year.

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Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j2622012_za004.jpg)

MSIF-NCSR 12.31.25

------

**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**

This information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

**Item 16. Controls and Procedures**

(a) It is the conclusion of the registrant's principal executive officer and
principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure
controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information
required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the
Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated
to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required
disclosure.

(b) There have been no changes in the registrant's internal controls over
financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

(a)(1) Registrant's Code of Ethics For Principal Executive and Senior financial Officers – Not applicable (please see Item 2).

(a)(2)(i) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not applicable

[(a)(3)](tm262201d1_ex99-cert.htm) [Separate certifications by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act are attached](tm262201d1_ex99-cert.htm)

(a)(4) A written solicitation to purchase securities under Rule 23c-1 under the 1940 Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons – Not applicable

(a)(5) Change in the registrant's independent public accountant – Not applicable

[(b)](tm262201d1_ex99-906cert.htm) [A certification by the registrant's principal executive officer and principal financial officer, required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act, and Section 1350 of Chapter 63 of Title 18 of the United States Code is attached](tm262201d1_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.

---

| | |
|:---|:---|
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |

---

Date: February 26, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |

---

Date: February 26, 2026

---

| | |
|:---|:---|
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |

---

Date: February 26, 2026

## Ex-99.Cert

**Exhibit 99.CERT**

**MORGAN STANLY Institutional Fund, Inc.**

**FORM N-CSR**

**Exhibit 19(a)(3)**

**<u>CERTIFICATION</u>**

I, Francis J. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Morgan Stanley Institutional Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
 have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 26, 2026 | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |

---

**MORGAN STANLEY Institutional Fund, Inc.**

**FORM N-CSR**

**Exhibit 19(a)(3)**

**<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: February 26, 2026 | /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. (the "Fund"), that:

(a) The Annual Report
 of the Fund on Form N-CSR for the period ended December 31, 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 **Fund** for such period.

**A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.**

Morgan Stanley Institutional Fund, Inc.

Date: February 26, 2026

/s/ Francis J. Smith

Francis J. Smith

Principal Financial Officer

Date: February 26, 2026

/s/ John H. Gernon

John H. Gernon

Principal Executive Officer