# EDGAR Filing Document

**Accession Number:** 0000836487
**File Stem:** 0001410368-25-031637
**Filing Date:** 2025-11
**Character Count:** 280089
**Document Hash:** ef9145c62fc315fc9a51e4495a611610
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031637.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-031637

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05624
- **FILM NUMBER:** 251524493

**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

### 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           |

## Nport-Ex

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Advantage Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (95.0%)** |  |  |
| **Automobiles (8.2%)** |  |  |
| Tesla, Inc. (a) | 40740 | $18118 |
| **Biotechnology (1.6%)** |  |  |
| Roivant Sciences Ltd. (a) | 230930 | 3494 |
| **Broadline Retail (5.3%)** |  |  |
| MercadoLibre, Inc. (a) | 5004 | 11694 |
| **Capital Markets (1.1%)** |  |  |
| Coinbase Global, Inc., Class A (a) | 7061 | 2383 |
| **Entertainment (7.5%)** |  |  |
| ROBLOX Corp., Class A (a) | 119063 | 16493 |
| **Financial Services (5.9%)** |  |  |
| Adyen NV (Netherlands) (a) | 4836 | 7782 |
| Federal National Mortgage Association (a) | 442530 | 5332 |
|  |  | 13114 |
| **Ground Transportation (1.6%)** |  |  |
| Union Pacific Corp. | 15187 | 3590 |
| **Hotels, Restaurants & Leisure (9.7%)** |  |  |
| Airbnb, Inc., Class A (a) | 61665 | 7488 |
| DoorDash, Inc., Class A (a) | 51043 | 13883 |
|  |  | 21371 |
| **Information Technology Services (25.1%)** |  |  |
| Cloudflare, Inc., Class A (a) | 138781 | 29781 |
| Shopify, Inc., Class A (Canada) (a) | 102928 | 15296 |
| Snowflake, Inc., Class A (a) | 45881 | 10349 |
|  |  | 55426 |
| **Life Sciences Tools & Services (1.3%)** |  |  |
| Danaher Corp. | 14816 | 2937 |
| **Media (1.6%)** |  |  |
| Trade Desk, Inc., Class A (a) | 71959 | 3527 |
| **Pharmaceuticals (4.5%)** |  |  |
| Royalty Pharma PLC, Class A | 281101 | 9917 |
| **Semiconductors & Semiconductor Equipment (2.6%)** |  |  |
| ASML Holding NV (Registered) (Netherlands) | 5970 | 5779 |
| **Software (11.5%)** |  |  |
| Crowdstrike Holdings, Inc., Class A (a) | 21833 | 10706 |
| Samsara, Inc., Class A (a) | 140906 | 5249 |
| Strategy, Inc., Class A (a) | 29213 | 9413 |
|  |  | 25368 |
| **Specialized REITs (1.5%)** |  |  |
| American Tower Corp. REIT | 17061 | 3281 |
| **Specialty Retail (1.4%)** |  |  |
| Floor & Decor Holdings, Inc., Class A (a) | 40478 | 2983 |
| **Textiles, Apparel & Luxury Goods (2.6%)** |  |  |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 9298 | 5722 |
| **Trading Companies & Distributors (2.0%)** |  |  |
| Core & Main, Inc., Class A (a) | 80220 | 4318 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $116,930)** |  | 209515 |
| **Investment Company (2.9%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $3,770)** | 97417 | 6332 |
| **Short-Term Investment (2.1%)** |  |  |
| **Investment Company (2.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) **(Cost $4,584)** | 4583779 | 4584 |
| **Total Investments Excluding Purchased Options (100.0%) (Cost $125,284)** |  | 220431 |
| **Total Purchased Options Outstanding (0.0%)‡ (Cost $1,169)** |  | 109 |
| **Total Investments (100.0%) (Cost $126,453) (c)(d)(e)(f)** |  | 220540 |
| **Liabilities in Excess of Other Assets (–0.0%)** |  | (27) |
| **Net Assets (100.0%)** |  | $220513 |

---

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Fund. |
| (c) | The approximate fair value and percentage of net assets, $13,504,000 and 6.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (e) | Securities are available for collateral in connection with purchased options. |
| (f) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $97,535,000 and the aggregate gross unrealized depreciation is approximately $3,448,000, resulting in net unrealized appreciation of approximately $94,087,000. |
| ETF | Exchange Traded Fund. |
| REIT | Real Estate Investment Trust. |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Advantage Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 69614829 | $69615 | $83 | $228 | $(145) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 48501000 | 48501 | 18 | 202 | (184) |
| Standard Chartered Bank | USD/CNH | CNH 7.77 | Oct–25 | 36830549 | 36831 |  | 160 | (160) |
| JPMorgan Chase Bank NA | USD/CNH | CNH 7.82 | Feb–26 | 50168535 | 50169 | 4 | 207 | (203) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 34024140 | 34024 | 4 | 165 | (161) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 8.02 | Dec–25 | 43649426 | 43649 |  | 207 | (207) |
|  |  |  |  |  |  | $109 | $1169 | $(1060) |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| CNH | Chinese Yuan Renminbi Offshore |
| USD | United States Dollar |

---

---

| | |
|:---|:---|
| **Portfolio Composition**<br>**Classification** |<br>**Percentage of<br> Total Investments** |
| Other\* | 26.8% |
| Information Technology Services | 25.1 |
| Software | 11.5 |
| Hotels, Restaurants & Leisure | 9.7 |
| Automobiles | 8.2 |
| Entertainment | 7.5 |
| Financial Services | 5.9 |
| Broadline Retail | 5.3 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

American Resilience Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (92.7%)** | **Common Stocks (92.7%)** | **Common Stocks (92.7%)** |
| **Beverages (4.2%)** | **Beverages (4.2%)** | **Beverages (4.2%)** |
| Coca-Cola Co. | 847 | $56 |
| **Capital Markets (13.1%)** |  |  |
| CME Group, Inc. | 120 | 32 |
| FactSet Research Systems, Inc. | 54 | 15 |
| Intercontinental Exchange, Inc. | 288 | 49 |
| MSCI, Inc. | 54 | 31 |
| S&P Global, Inc. | 100 | 49 |
|  |  | 176 |
| **Financial Services (4.8%)** |  |  |
| Visa, Inc., Class A | 187 | 64 |
| **Ground Transportation (1.5%)** |  |  |
| Uber Technologies, Inc. (a) | 205 | 20 |
| **Health Care Equipment & Supplies (4.5%)** |  |  |
| Abbott Laboratories | 239 | 32 |
| Steris PLC | 118 | 29 |
|  |  | 61 |
| **Hotels, Restaurants & Leisure (2.8%)** |  |  |
| Booking Holdings, Inc. | 7 | 38 |
| **Household Products (4.0%)** |  |  |
| Procter & Gamble Co. | 352 | 54 |
| **Information Technology Services (2.2%)** |  |  |
| Accenture PLC, Class A | 119 | 29 |
| **Insurance (6.6%)** |  |  |
| Aon PLC, Class A | 100 | 36 |
| Arthur J Gallagher & Co. | 172 | 53 |
|  |  | 89 |
| **Interactive Media & Services (5.0%)** |  |  |
| Alphabet, Inc., Class A | 281 | 68 |
| **Life Sciences Tools & Services (3.0%)** |  |  |
| Thermo Fisher Scientific, Inc. | 84 | 41 |
| **Machinery (3.2%)** |  |  |
| Otis Worldwide Corp. | 474 | 43 |
| **Pharmaceuticals (4.0%)** |  |  |
| Zoetis, Inc. | 366 | 54 |
| **Professional Services (8.5%)** |  |  |
| Automatic Data Processing, Inc. | 161 | 48 |
| Broadridge Financial Solutions, Inc. | 172 | 41 |
| Equifax, Inc. | 98 | 25 |
|  |  | 114 |
| **Semiconductors & Semiconductor Equipment (4.4%)** |  |  |
| Texas Instruments, Inc. | 321 | 59 |
| **Software (16.3%)** |  |  |
| Constellation Software, Inc. (Canada) | 8 | 22 |
| Microsoft Corp. | 229 | 118 |
| Roper Technologies, Inc. | 102 | 51 |
| Synopsys, Inc. (a) | 58 | 29 |
|  |  | 220 |
| **Specialty Retail (3.2%)** |  |  |
| AutoZone, Inc. (a) | 10 | 43 |
| **Tobacco (1.4%)** |  |  |
| Philip Morris International, Inc. | 119 | 19 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $1,077)** |  | 1248 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** |  |
| **Software (0.0%)** |  |
| Constellation Software, Inc. expires 3/31/40 (a)(b) **(Cost $—)** | 16 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (1.9%)** |  |  |
| **Investment Company (1.9%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) **(Cost $26)** | 26433 | 26 |
| **Total Investments (94.6%) (Cost $1,103) (d)(e)** |  | 1274 |
| **Other Assets in Excess of Liabilities (5.4%)** |  | 73 |
| **Net Assets (100.0%)** |  | $1347 |

---

(a) Non-income producing security.

(b) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(c) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.

(d) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.

(e) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $191,000 and the aggregate gross unrealized depreciation is approximately $20,000, resulting in net unrealized appreciation of approximately $171,000.

---

| | |
|:---|:---|
| **Portfolio Composition**<br>**Classification** |<br>**Percentage of<br> Total Investments** |
| Other\* | 42.6% |
| Software | 17.3 |
| Capital Markets | 13.9 |
| Professional Services | 8.9 |
| Insurance | 7.0 |
| Interactive Media & Services | 5.3 |
| Financial Services | 5.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Asia Opportunity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.6%)** |  |  |
| **China (40.4%)** |  |  |
| Baidu, Inc. ADR (a) | 28222 | $3719 |
| China Resources Mixc Lifestyle Services Ltd. (b) | 366800 | 1946 |
| Full Truck Alliance Co. Ltd. ADR | 476584 | 6181 |
| Greentown Service Group Co. Ltd. (b) | 1244000 | 799 |
| KE Holdings, Inc. ADR | 191381 | 3636 |
| Kuaishou Technology (b) | 387000 | 4186 |
| Kweichow Moutai Co. Ltd., Class A | 24894 | 5059 |
| Meituan, Class B (a)(b) | 420620 | 5619 |
| PDD Holdings, Inc. ADR (a) | 28797 | 3806 |
| Qfin Holdings, Inc. ADR | 74453 | 2143 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 48600 | 1682 |
| Tencent Holdings Ltd. (b) | 74500 | 6348 |
| Trip.com Group Ltd. ADR | 99274 | 7466 |
|  |  | 52590 |
| **Hong Kong (4.3%)** |  |  |
| AIA Group Ltd. | 401700 | 3850 |
| Pony AI, Inc. ADR (a) | 82646 | 1859 |
|  |  | 5709 |
| **India (26.4%)** |  |  |
| Axis Bank Ltd. | 284954 | 3630 |
| Eternal Ltd. (a) | 1635605 | 6004 |
| HDFC Bank Ltd. | 513775 | 5506 |
| ICICI Bank Ltd. ADR | 267207 | 8078 |
| Indian Hotels Co. Ltd. | 108323 | 879 |
| MakeMyTrip Ltd. (a) | 56076 | 5249 |
| Niva Bupa Health Insurance Co. Ltd. (a) | 644761 | 595 |
| Tata Capital Ltd. (a) | 170016 | 624 |
| Titan Co. Ltd. | 103017 | 3906 |
|  |  | 34471 |
| **Korea, Republic of (14.9%)** |  |  |
| Coupang, Inc. (a) | 312086 | 10049 |
| KakaoBank Corp. | 229744 | 3891 |
| NAVER Corp. | 23877 | 4582 |
| Webtoon Entertainment, Inc. (a) | 44565 | 865 |
|  |  | 19387 |
| **Singapore (5.1%)** |  |  |
| Grab Holdings Ltd., Class A (a) | 1108250 | 6672 |
| **Taiwan (8.5%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 254000 | 11033 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $85,483)** |  | 129862 |
| **Short-Term Investment (1.9%)** |  |  |
| **Investment Company (1.9%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) **(Cost $2,446)** | 2446119 | 2446 |
| **Total Investments (101.5%) (Cost $87,929) (d)(e)(f)** |  | 132308 |
| Liabilities in Excess of Other Assets (–1.5%) |  | (2011) |
| **Net Assets (100.0%)** |  | $130297 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Fund. |
| (d) | The approximate fair value and percentage of net assets, $69,516,000 and 53.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $50,050,000 and the aggregate gross unrealized depreciation is approximately $5,671,000, resulting in net unrealized appreciation of approximately $44,379,000. |
| ADR | American Depositary Receipt. |

---

---

| | |
|:---|:---|
| **Portfolio Composition**<br>**Classification** |<br>**Percentage of<br> Total Investments** |
| Other\* | 21.6% |
| Hotels, Restaurants & Leisure | 19.0 |
| Banks | 15.9 |
| Interactive Media & Services | 15.0 |
| Broadline Retail | 10.5 |
| Ground Transportation | 9.7 |
| Semiconductors & Semiconductor Equipment | 8.3 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Developing Opportunity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (94.6%)** |  |  |
| **Brazil (4.8%)** |  |  |
| NU Holdings Ltd., Class A (a) | 138711 | $2221 |
| **China (31.4%)** |  |  |
| Baidu, Inc. ADR (a) | 5201 | 685 |
| China Resources Mixc Lifestyle Services Ltd. (b) | 126400 | 671 |
| Full Truck Alliance Co. Ltd. ADR | 117879 | 1529 |
| KE Holdings, Inc. ADR | 51840 | 985 |
| Kuaishou Technology (b) | 92100 | 996 |
| Kweichow Moutai Co. Ltd., Class A | 6589 | 1339 |
| Meituan, Class B (a)(b) | 146380 | 1955 |
| PDD Holdings, Inc. ADR (a) | 6965 | 921 |
| Qfin Holdings, Inc. ADR | 19907 | 573 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 10600 | 367 |
| Tencent Holdings Ltd. (b) | 26100 | 2224 |
| Trip.com Group Ltd. ADR | 32212 | 2422 |
|  |  | 14667 |
| **Hong Kong (1.4%)** |  |  |
| Pony AI, Inc. ADR (a) | 29467 | 663 |
| **India (23.6%)** |  |  |
| Axis Bank Ltd. | 101226 | 1290 |
| Eternal Ltd. (a) | 583159 | 2141 |
| HDFC Bank Ltd. | 181218 | 1942 |
| ICICI Bank Ltd. ADR | 73268 | 2215 |
| Indian Hotels Co. Ltd. | 37389 | 303 |
| MakeMyTrip Ltd. (a) | 19588 | 1833 |
| Niva Bupa Health Insurance Co. Ltd. (a) | 215318 | 199 |
| Titan Co. Ltd. | 29528 | 1119 |
|  |  | 11042 |
| **Korea, Republic of (13.0%)** |  |  |
| Coupang, Inc. (a) | 101762 | 3277 |
| KakaoBank Corp. | 57120 | 967 |
| NAVER Corp. | 7963 | 1528 |
| Webtoon Entertainment, Inc. (a) | 14736 | 286 |
|  |  | 6058 |
| **Poland (1.2%)** |  |  |
| Allegro.eu SA (a) | 56893 | 558 |
| **Singapore (4.1%)** |  |  |
| Grab Holdings Ltd., Class A (a) | 315406 | 1899 |
| **Taiwan (7.9%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 85000 | 3692 |
| **United States (7.2%)** |  |  |
| MercadoLibre, Inc. (a) | 1442 | 3370 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $29,306)** |  | 44170 |
| **Short-Term Investment (4.2%)** |  |  |
| **Investment Company (4.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) **(Cost $1,949)** | 1948463 | 1949 |
| **Total Investments (98.8%) (Cost $31,255) (d)(e)(f)** |  | 46119 |
| Other Assets in Excess of Liabilities (1.2%) |  | 568 |
| **Net Assets (100.0%)** |  | $46687 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund. |
| (d) | The approximate fair value and percentage of net assets, $21,292,000 and 45.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,561,000 and the aggregate gross unrealized depreciation is approximately $697,000, resulting in net unrealized appreciation of approximately $14,864,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Hotels, Restaurants & Leisure | 18.9% |
| Banks | 18.7 |
| Broadline Retail | 17.6 |
| Other\* | 17.0 |
| Interactive Media & Services | 12.4 |
| Semiconductors & Semiconductor Equipment | 8.0 |
| Ground Transportation | 7.4 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Emerging Markets ex China Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (100.2%)** |  |  |
| **Brazil (6.4%)** |  |  |
| Banco BTG Pactual SA (Units) (a) | 5798 | $53 |
| Itau Unibanco Holding SA (Preference) | 16489 | 121 |
| Raia Drogasil SA | 18297 | 63 |
| Rede D'Or Sao Luiz SA | 19496 | 154 |
| Vale SA | 4833 | 52 |
| WEG SA | 13911 | 96 |
|  |  | 539 |
| **Chile (0.5%)** |  |  |
| Banco de Chile | 260116 | 40 |
| **Czech Republic (0.6%)** |  |  |
| Komercni Banka AS | 1012 | 51 |
| **Egypt (0.9%)** |  |  |
| Commercial International Bank - Egypt (CIB) | 35158 | 74 |
| **India (27.6%)** |  |  |
| 360 ONE WAM Ltd. | 4331 | 50 |
| Axis Bank Ltd. | 2435 | 31 |
| Bajaj Auto Ltd. | 687 | 67 |
| Bajaj Finance Ltd. | 8910 | 100 |
| CG Power & Industrial Solutions Ltd. | 9236 | 77 |
| Colgate-Palmolive India Ltd. | 834 | 21 |
| Grasim Industries Ltd. | 3659 | 114 |
| HDFC Asset Management Co. Ltd. | 847 | 53 |
| HDFC Bank Ltd. | 20520 | 220 |
| Hindalco Industries Ltd. | 6292 | 54 |
| Hitachi Energy India Ltd. | 356 | 72 |
| ICICI Bank Ltd. | 14170 | 215 |
| IDFC First Bank Ltd. | 99782 | 78 |
| Infosys Ltd. | 4193 | 68 |
| Infosys Ltd. ADR | 3149 | 51 |
| Larsen & Toubro Ltd. | 1468 | 61 |
| Lodha Developers Ltd. | 5091 | 65 |
| Mahindra & Mahindra Ltd. | 5707 | 220 |
| MakeMyTrip Ltd. (b) | 365 | 34 |
| Max Healthcare Institute Ltd. | 9017 | 113 |
| Pidilite Industries Ltd. | 3716 | 61 |
| Reliance Industries Ltd. | 12768 | 196 |
| Samvardhana Motherson International Ltd. | 38178 | 46 |
| Shriram Finance Ltd. | 6882 | 48 |
| State Bank of India | 13310 | 131 |
| Swiggy Ltd. (b) | 12801 | 61 |
| United Breweries Ltd. | 1566 | 32 |
|  |  | 2339 |
| **Indonesia (1.2%)** |  |  |
| Bank Syariah Indonesia Tbk. PT | 220000 | 34 |
| Cisarua Mountain Dairy Tbk. PT | 169700 | 47 |
| Indosat Tbk. PT | 229100 | 24 |
|  |  | 105 |
| **Kazakhstan (0.8%)** |  |  |
| NAC Kazatomprom JSC GDR | 1256 | 67 |
| **Korea, Republic of (12.9%)** |  |  |
| HYBE Co. Ltd. | 111 | 21 |
| Hyundai Motor Co. | 396 | 61 |
| KB Financial Group, Inc. | 2004 | 165 |
| Kia Corp. | 692 | 50 |
| KT&G Corp. | 473 | 45 |
| NAVER Corp. | 434 | 83 |
| Samsung Electronics Co. Ltd. | 10230 | 613 |
| SK Hynix, Inc. | 242 | 60 |
|  |  | 1098 |
| **Malaysia (0.9%)** |  |  |
| CIMB Group Holdings Bhd. | 31200 | 55 |
| Malayan Banking Bhd. | 8500 | 20 |
|  |  | 75 |
| **Mexico (3.7%)** |  |  |
| Grupo Financiero Banorte SAB de CV Series O | 12071 | 121 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 25889 | 54 |
| Prologis Property Mexico SA de CV REIT | 16329 | 67 |
| Wal-Mart de Mexico SAB de CV | 22529 | 70 |
|  |  | 312 |
| **Peru (1.2%)** |  |  |
| Credicorp Ltd. | 397 | 106 |
| **Poland (4.5%)** |  |  |
| Allegro.eu SA (b) | 8122 | 80 |
| Budimex SA | 358 | 50 |
| Grupa Kety SA | 635 | 161 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 4740 | 92 |
|  |  | 383 |
| **Saudi Arabia (0.8%)** |  |  |
| Bupa Arabia for Cooperative Insurance Co. | 1603 | 70 |
| **South Africa (4.8%)** |  |  |
| AVI Ltd. | 14619 | 84 |
| Capitec Bank Holdings Ltd. | 877 | 177 |
| Clicks Group Ltd. | 2797 | 57 |
| OUTsurance Group Ltd. | 21371 | 89 |
|  |  | 407 |
| **Sweden (1.4%)** |  |  |
| Medicover AB | 4244 | 117 |
| **Taiwan (29.4%)** |  |  |
| Airtac International Group | 1000 | 25 |
| Alchip Technologies Ltd. | 1000 | 115 |
| ASE Technology Holding Co. Ltd. | 24000 | 131 |
| Delta Electronics, Inc. | 4000 | 113 |
| Hon Hai Precision Industry Co. Ltd. | 26000 | 186 |
| MediaTek, Inc. | 3000 | 130 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 37000 | 1607 |
| Unimicron Technology Corp. | 15000 | 75 |
| Wiwynn Corp. | 1000 | 109 |
|  |  | 2491 |
| **United Kingdom (2.1%)** |  |  |
| Antofagasta PLC | 4708 | 175 |
| **United States (0.5%)** |  |  |
| MercadoLibre, Inc. (b) | 19 | 44 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $5,853)** |  | 8493 |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets ex China Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Short-Term Investment (0.4%)** |  |  |
| **Investment Company (0.4%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (c) **(Cost $33)** | 32831 | $33 |
| **Total Investments (100.6%) (Cost $5,886) (d)(e)(f)** |  | 8526 |
| Liabilities in Excess of Other Assets (–0.6%) |  | (49) |
| **Net Assets (100.0%)** |  | $8477 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund. |
| (d) | The approximate fair value and percentage of net assets, $7,340,000 and 86.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,770,000 and the aggregate gross unrealized depreciation is approximately $130,000, resulting in net unrealized appreciation of approximately $2,640,000. |
| ADR | American Depositary Receipt. |
| GDR | Global Depositary Receipt. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 42.0% |
| Semiconductors & Semiconductor Equipment | 24.0 |
| Banks | 20.3 |
| Tech Hardware, Storage & Peripherals | 8.5 |
| Metals & Mining | 5.2 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Leaders Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (96.1%)** |  |  |
| **Brazil (17.8%)** |  |  |
| Banco BTG Pactual SA (Units) (a) | 391347 | $3549 |
| Localiza Rent a Car SA | 1137613 | 8432 |
| NU Holdings Ltd., Class A (b) | 367292 | 5880 |
| Raia Drogasil SA | 1562197 | 5407 |
|  |  | 23268 |
| **China (0.2%)** |  |  |
| Meituan, Class B (b)(c) | 19100 | 255 |
| **Greece (0.5%)** |  |  |
| Optima bank SA | 62814 | 623 |
| **India (38.1%)** |  |  |
| Adani Ports & Special Economic Zone Ltd. | 183359 | 2899 |
| Ambuja Cements Ltd. | 529046 | 3397 |
| AU Small Finance Bank Ltd. | 151827 | 1251 |
| Bharti Airtel Ltd. | 298146 | 6306 |
| Cholamandalam Investment & Finance Co. Ltd. | 3784 | 68 |
| Divi's Laboratories Ltd. | 38111 | 2450 |
| Eternal Ltd. (b) | 916908 | 3366 |
| Global Health Ltd. | 81644 | 1207 |
| HDFC Bank Ltd. | 423141 | 4535 |
| HDFC Bank Ltd. ADR | 6032 | 206 |
| ICICI Bank Ltd. | 363154 | 5504 |
| KEI Industries Ltd. | 114588 | 5240 |
| Laurus Labs Ltd. | 339431 | 3227 |
| Oberoi Realty Ltd. | 73328 | 1307 |
| Samvardhana Motherson International Ltd. | 2644201 | 3149 |
| Varun Beverages Ltd. | 1102944 | 5510 |
|  |  | 49622 |
| **Korea, Republic of (4.1%)** |  |  |
| Coupang, Inc. (b) | 167975 | 5409 |
| **Mexico (5.6%)** |  |  |
| Fomento Economico Mexicano SAB de CV ADR | 2631 | 259 |
| Grupo Financiero Banorte SAB de CV Series O | 696836 | 6999 |
|  |  | 7258 |
| **Singapore (4.8%)** |  |  |
| Sea Ltd. ADR (b) | 35316 | 6312 |
| **South Africa (1.4%)** |  |  |
| Anglogold Ashanti PLC | 25610 | 1788 |
| **Taiwan (13.0%)** |  |  |
| E Ink Holdings, Inc. | 451000 | 3584 |
| eMemory Technology, Inc. | 2000 | 133 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 304000 | 13205 |
|  |  | 16922 |
| **Thailand (0.5%)** |  |  |
| True Corp. PCL NVDR (b) | 2061400 | 662 |
| **United States (10.1%)** |  |  |
| MercadoLibre, Inc. (b) | 3339 | 7803 |
| XP, Inc., Class A | 287758 | 5407 |
|  |  | 13210 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $96,089)** |  | 125329 |
| **Short-Term Investment (5.1%)** |  |  |
| **Investment Company (5.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (d) **(Cost $6,634)** | 6634311 | 6634 |
| **Total Investments (101.2%) (Cost $102,723) (e)(f)(g)** |  | 131963 |
| Liabilities in Excess of Other Assets (–1.2%) |  | (1576) |
| **Net Assets (100.0%)** |  | $130387 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $7,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The approximate fair value and percentage of net assets, $69,666,000 and 53.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $32,477,000 and the aggregate gross unrealized depreciation is approximately $3,237,000, resulting in net unrealized appreciation of approximately $29,240,000. |
| ADR | American Depositary Receipt. |
| NVDR | Non-Voting Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 38.0% |
| Banks | 18.9 |
| Broadline Retail | 14.8 |
| Semiconductors & Semiconductor Equipment | 10.1 |
| Capital Markets | 6.8 |
| Ground Transportation | 6.4 |
| Investment Company | 5.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (101.1%)** |  |  |
| **Brazil (3.1%)** |  |  |
| Banco BTG Pactual SA (Units) (a) | 72439 | $657 |
| Itau Unibanco Holding SA (Preference) | 362547 | 2660 |
| Rede D'Or Sao Luiz SA | 324158 | 2563 |
|  |  | 5880 |
| **Chile (0.9%)** |  |  |
| Banco de Chile | 10910102 | 1657 |
| **China (26.2%)** |  |  |
| Alibaba Group Holding Ltd. (b) | 354200 | 7921 |
| Bank of Jiangsu Co. Ltd., Class A | 786800 | 1109 |
| BYD Co. Ltd., H Shares (b) | 349000 | 4933 |
| China Construction Bank Corp., H Shares (b) | 4380120 | 4201 |
| China International Capital Corp. Ltd., Class H (b) | 302000 | 826 |
| China Merchants Bank Co. Ltd., H Shares (b) | 445000 | 2663 |
| Contemporary Amperex Technology Co. Ltd., Class A | 24500 | 1390 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 139459 | 1403 |
| Kuaishou Technology (b) | 89900 | 972 |
| NAURA Technology Group Co. Ltd., Class A | 18895 | 1204 |
| NetEase, Inc. (b) | 55700 | 1692 |
| Ping An Insurance Group Co. of China Ltd., Class H (b) | 133000 | 905 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 126300 | 1492 |
| Tencent Holdings Ltd. (b) | 156800 | 13361 |
| Trip.com Group Ltd. ADR | 29010 | 2182 |
| Xiaomi Corp., Class B (b)(c) | 263800 | 1833 |
| Yum China Holdings, Inc. | 25811 | 1108 |
|  |  | 49195 |
| **Czech Republic (0.6%)** |  |  |
| Komercni Banka AS | 23759 | 1192 |
| **India (21.6%)** |  |  |
| 360 ONE WAM Ltd. | 74839 | 862 |
| Avenue Supermarts Ltd. (c) | 19144 | 965 |
| Axis Bank Ltd. | 125021 | 1593 |
| Bajaj Auto Ltd. | 14404 | 1408 |
| Bajaj Finance Ltd. | 173974 | 1957 |
| CG Power & Industrial Solutions Ltd. | 73499 | 614 |
| Colgate-Palmolive India Ltd. | 14580 | 365 |
| Grasim Industries Ltd. | 46115 | 1432 |
| HDFC Asset Management Co. Ltd. | 30639 | 1909 |
| HDFC Bank Ltd. | 106950 | 1146 |
| HDFC Bank Ltd. ADR | 55772 | 1905 |
| Hindalco Industries Ltd. | 103877 | 892 |
| Hitachi Energy India Ltd. | 10710 | 2171 |
| ICICI Bank Ltd. ADR | 11522 | 348 |
| ICICI Bank Ltd. | 218808 | 3316 |
| IDFC First Bank Ltd. | 1950855 | 1533 |
| Larsen & Toubro Ltd. | 29675 | 1223 |
| Lodha Developers Ltd. | 103263 | 1321 |
| Mahindra & Mahindra Ltd. | 79129 | 3054 |
| MakeMyTrip Ltd. (c) | 12032 | 1126 |
| Max Healthcare Institute Ltd. | 127475 | 1601 |
| Pidilite Industries Ltd. | 74268 | 1228 |
| Reliance Industries Ltd. | 218998 | 3364 |
| Shriram Finance Ltd. | 132705 | 920 |
| State Bank of India | 259563 | 2548 |
| Swiggy Ltd. (c) | 128633 | 612 |
| United Breweries Ltd. | 51047 | 1035 |
|  |  | 40448 |
| **Indonesia (0.4%)** |  |  |
| Cisarua Mountain Dairy Tbk. PT | 2755600 | 761 |
| **Korea, Republic of (9.6%)** |  |  |
| HYBE Co. Ltd. | 2874 | 546 |
| KB Financial Group, Inc. | 22874 | 1888 |
| Kia Corp. | 14407 | 1034 |
| KT&G Corp. | 10247 | 976 |
| NAVER Corp. | 6230 | 1195 |
| Samsung Electronics Co. Ltd. | 178533 | 10703 |
| SK Hynix, Inc. | 6437 | 1596 |
|  |  | 17938 |
| **Malaysia (1.2%)** |  |  |
| CIMB Group Holdings Bhd. | 732500 | 1280 |
| Malayan Banking Bhd. | 437100 | 1029 |
|  |  | 2309 |
| **Mexico (5.0%)** |  |  |
| Grupo Financiero Banorte SAB de CV Series O | 295531 | 2968 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 1242733 | 2617 |
| Prologis Property Mexico SA de CV REIT | 280173 | 1147 |
| Wal-Mart de Mexico SAB de CV | 844846 | 2610 |
|  |  | 9342 |
| **Peru (0.3%)** |  |  |
| Credicorp Ltd. | 1786 | 476 |
| **Poland (3.1%)** |  |  |
| Allegro.eu SA (c) | 269446 | 2644 |
| Budimex SA | 7366 | 1033 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 107110 | 2081 |
|  |  | 5758 |
| **Saudi Arabia (0.6%)** |  |  |
| Alinma Bank | 158989 | 1135 |
| **South Africa (3.2%)** |  |  |
| AVI Ltd. | 262918 | 1507 |
| Capitec Bank Holdings Ltd. | 14227 | 2871 |
| Clicks Group Ltd. | 59741 | 1218 |
| OUTsurance Group Ltd. | 102219 | 425 |
|  |  | 6021 |
| **Taiwan (23.0%)** |  |  |
| Airtac International Group | 30448 | 756 |
| Alchip Technologies Ltd. | 15000 | 1723 |
| ASE Technology Holding Co. Ltd. | 268000 | 1463 |
| Chailease Holding Co. Ltd. | 222360 | 815 |
| Delta Electronics, Inc. | 75000 | 2113 |
| Hon Hai Precision Industry Co. Ltd. | 421000 | 3006 |
| MediaTek, Inc. | 28000 | 1214 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 669205 | 29069 |
| Wiwynn Corp. | 27722 | 3038 |
|  |  | 43197 |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United Kingdom (1.4%)** |  |  |
| Antofagasta PLC | 69557 | $2587 |
| **United States (0.9%)** |  |  |
| MercadoLibre, Inc. (c) | 758 | 1771 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $117,322)** |  | 189667 |
| **Short-Term Investment (0.9%)** |  |  |
| **Investment Company (0.9%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (d) **(Cost $1,705)** | 1704593 | 1705 |
| **Total Investments (102.0%) (Cost $119,027) (e)(f)(g)** |  | 191372 |
| Liabilities in Excess of Other Assets (–2.0%) |  | (3782) |
| **Net Assets (100.0%)** |  | $187590 |

---

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) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The approximate fair value and percentage of net assets, $165,529,000 and 88.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $73,125,000 and the aggregate gross unrealized depreciation is approximately $780,000, resulting in net unrealized appreciation of approximately $72,345,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 32.2% |
| Banks | 20.7 |
| Semiconductors & Semiconductor Equipment | 19.0 |
| Tech Hardware, Storage & Peripherals | 8.1 |
| Interactive Media & Services | 8.1 |
| Broadline Retail | 6.4 |
| Automobiles | 5.5 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Global Concentrated Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.0%)** |  |  |
| **China (7.6%)** |  |  |
| Tencent Holdings Ltd. ADR | 316168 | $26922 |
| **Italy (5.3%)** |  |  |
| Ferrari NV | 39235 | 19037 |
| **Japan (4.8%)** |  |  |
| Mizuho Financial Group, Inc. ADR | 2560130 | 17153 |
| **Spain (5.0%)** |  |  |
| Banco Santander SA ADR | 1710034 | 17921 |
| **Taiwan (6.9%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 88241 | 24645 |
| **United States (69.4%)** |  |  |
| Ameriprise Financial, Inc. | 29464 | 14474 |
| AutoZone, Inc. (a) | 1389 | 5959 |
| CBRE Group, Inc., Class A (a) | 109847 | 17308 |
| Costco Wholesale Corp. | 15057 | 13937 |
| CRH PLC | 161834 | 19404 |
| Eli Lilly & Co. | 4643 | 3543 |
| JPMorgan Chase & Co. | 56334 | 17770 |
| LPL Financial Holdings, Inc. | 36762 | 12230 |
| Mastercard, Inc., Class A | 17112 | 9734 |
| Microsoft Corp. | 62759 | 32506 |
| Netflix, Inc. (a) | 18678 | 22393 |
| NVIDIA Corp. | 203263 | 37925 |
| Progressive Corp. | 73469 | 18143 |
| United Rentals, Inc. | 10336 | 9867 |
| Waste Management, Inc. | 53023 | 11709 |
|  |  | 246902 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $253,112)** |  | 352580 |
| **Short-Term Investment (1.0%)** |  |  |
| **Investment Company (1.0%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) **(Cost $3,448)** | 3447844 | 3448 |
| **Total Investments (100.0%) (Cost $256,560) (c)(d)** |  | 356028 |
| Liabilities in Excess of Other Assets (–0.0%) |  | (113) |
| **Net Assets (100.0%)** |  | $355915 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $99,593,000 and the aggregate gross unrealized depreciation is approximately $125,000, resulting in net unrealized appreciation of approximately $99,468,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 21.3% |
| Semiconductors & Semiconductor Equipment | 17.6 |
| Banks | 14.8 |
| Software | 9.1 |
| Interactive Media & Services | 7.6 |
| Capital Markets | 7.5 |
| Entertainment | 6.3 |
| Construction Materials | 5.4 |
| Automobiles | 5.3 |
| Insurance | 5.1 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Global Core Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (98.9%)** |  |  |
| **Canada (0.8%)** |  |  |
| Shopify, Inc., Class A (a) | 2821 | $419 |
| **China (5.6%)** |  |  |
| JD.com, Inc. ADR | 7275 | 254 |
| NetEase, Inc. ADR | 2667 | 405 |
| Tencent Holdings Ltd. ADR | 26043 | 2218 |
|  |  | 2877 |
| **France (0.9%)** |  |  |
| Hermes International SCA ADR | 1490 | 365 |
| LVMH Moet Hennessy Louis Vuitton SE | 197 | 122 |
|  |  | 487 |
| **Italy (5.0%)** |  |  |
| Ferrari NV | 5383 | 2612 |
| **Japan (4.1%)** |  |  |
| Mizuho Financial Group, Inc. ADR | 112797 | 756 |
| Sumitomo Mitsui Financial Group, Inc. ADR | 83050 | 1390 |
|  |  | 2146 |
| **Spain (3.8%)** |  |  |
| Banco Santander SA ADR | 186085 | 1950 |
| **Taiwan (5.5%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 10115 | 2825 |
| **United Kingdom (2.4%)** |  |  |
| Experian PLC ADR | 1824 | 92 |
| Rolls-Royce Holdings PLC ADR | 71850 | 1164 |
|  |  | 1256 |
| **United States (70.8%)** |  |  |
| Alphabet, Inc., Class A | 7239 | 1760 |
| Amazon.com, Inc. (a) | 8923 | 1959 |
| Ameriprise Financial, Inc. | 3527 | 1733 |
| Apple, Inc. | 9820 | 2500 |
| AutoZone, Inc. (a) | 23 | 99 |
| Brown & Brown, Inc. | 7755 | 727 |
| Cboe Global Markets, Inc. | 4155 | 1019 |
| CBRE Group, Inc., Class A (a) | 10415 | 1641 |
| Chevron Corp. | 4302 | 668 |
| Costco Wholesale Corp. | 348 | 322 |
| CRH PLC | 24175 | 2899 |
| General Electric Co. | 2553 | 768 |
| JPMorgan Chase & Co. | 8468 | 2671 |
| Lennar Corp., Class A | 1530 | 193 |
| Linde PLC | 293 | 139 |
| LPL Financial Holdings, Inc. | 3178 | 1057 |
| Mastercard, Inc., Class A | 1659 | 944 |
| McDonald's Corp. | 297 | 90 |
| MercadoLibre, Inc. (a) | 369 | 862 |
| Microsoft Corp. | 5580 | 2890 |
| Millrose Properties, Inc. REIT | 912 | 31 |
| Netflix, Inc. (a) | 1487 | 1783 |
| NVIDIA Corp. | 19382 | 3616 |
| Progressive Corp. | 5420 | 1339 |
| Tesla, Inc. (a) | 2163 | 962 |
| TJX Cos., Inc. | 13421 | 1940 |
| United Rentals, Inc. | 1225 | 1169 |
| Valero Energy Corp. | 1228 | 209 |
| Waste Management, Inc. | 3097 | 684 |
|  |  | 36674 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $32,147)** |  | 51246 |
| **Short-Term Investment (2.4%)** |  |  |
| **Investment Company (2.4%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) **(Cost $1,254)** | 1253909 | 1254 |
| **Total Investments (101.3%) (Cost $33,401) (c)(d)(e)** |  | 52500 |
| Liabilities in Excess of Other Assets (–1.3%) |  | (686) |
| **Net Assets (100.0%)** |  | $51814 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund. |
| (c) | The approximate fair value and percentage of net assets, $121,000 and 0.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $19,118,000 and the aggregate gross unrealized depreciation is approximately $19,000, resulting in net unrealized appreciation of approximately $19,099,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 36.5% |
| Banks | 12.9 |
| Semiconductors & Semiconductor Equipment | 12.3 |
| Interactive Media & Services | 7.5 |
| Capital Markets | 7.2 |
| Automobiles | 6.8 |
| Broadline Retail | 5.8 |
| Construction Materials | 5.5 |
| Software | 5.5 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Global Endurance Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (97.2%)** |  |  |
| **Canada (2.5%)** |  |  |
| CAE, Inc. (a) | 14417 | $427 |
| Colliers International Group, Inc. | 2434 | 380 |
|  |  | 807 |
| **Germany (2.5%)** |  |  |
| Delivery Hero SE (a) | 27358 | 786 |
| **Israel (5.9%)** |  |  |
| Global-e Online Ltd. (a) | 21897 | 783 |
| Teva Pharmaceutical Industries Ltd. ADR (a) | 54978 | 1111 |
|  |  | 1894 |
| **Japan (2.3%)** |  |  |
| Sansan, Inc. (a) | 57400 | 741 |
| **United Kingdom (13.9%)** |  |  |
| Burford Capital Ltd. | 12004 | 143 |
| Domino's Pizza Group PLC | 440928 | 1181 |
| Victoria PLC (a) | 3505235 | 3121 |
|  |  | 4445 |
| **United States (70.1%)** |  |  |
| Acadia Healthcare Co., Inc. (a) | 6602 | 163 |
| Appian Corp., Class A (a) | 53878 | 1647 |
| Arbutus Biopharma Corp. (a) | 317376 | 1441 |
| Avadel Pharmaceuticals PLC (a) | 117434 | 1793 |
| Bill Holdings, Inc. (a) | 9616 | 509 |
| Calumet, Inc. (a) | 56315 | 1028 |
| Carvana Co. (a) | 2040 | 770 |
| Core & Main, Inc., Class A (a) | 10777 | 580 |
| Core Scientific, Inc. (a) | 27378 | 491 |
| First Solar, Inc. (a) | 5064 | 1117 |
| Floor & Decor Holdings, Inc., Class A (a) | 18479 | 1362 |
| GXO Logistics, Inc. (a) | 15212 | 805 |
| HCA Healthcare, Inc. | 3691 | 1573 |
| Immunovant, Inc. (a) | 74988 | 1209 |
| QXO, Inc. (a) | 75408 | 1437 |
| Roivant Sciences Ltd. (a) | 112270 | 1699 |
| Royalty Pharma PLC, Class A | 20558 | 725 |
| Sable Offshore Corp. (a) | 8092 | 141 |
| Smurfit WestRock PLC | 12381 | 527 |
| Somnigroup International, Inc. | 11438 | 965 |
| Sotera Health Co. (a) | 80497 | 1266 |
| UnitedHealth Group, Inc. | 3371 | 1164 |
|  |  | 22412 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $32,490)** |  | 31085 |
| **Short-Term Investment (0.3%)** |  |  |
| **Investment Company (0.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) **(Cost $81)** | 81310 | 81 |
| **Total Investments (97.5%) (Cost $32,571) (c)(d)(e)** |  | 31166 |
| Other Assets in Excess of Liabilities (2.5%) |  | 813 |
| **Net Assets (100.0%)** |  | $31979 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund. |
| (c) | The approximate fair value and percentage of net assets, $5,972,000 and 18.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,294,000 and the aggregate gross unrealized depreciation is approximately $5,699,000, resulting in net unrealized depreciation of approximately $1,405,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 21.6% |
| Biotechnology | 13.9 |
| Household Durables | 13.1 |
| Pharmaceuticals | 11.6 |
| Software | 10.9 |
| Health Care Providers & Services | 9.3 |
| Specialty Retail | 6.8 |
| Trading Companies & Distributors | 6.5 |
| Hotels, Restaurants & Leisure | 6.3 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Global Franchise Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (98.2%)** |  |  |
| **France (3.5%)** |  |  |
| L'Oreal SA | 196596 | $85419 |
| **Germany (8.0%)** |  |  |
| SAP SE | 726944 | 194652 |
| **United Kingdom (9.5%)** |  |  |
| Experian PLC | 775955 | 38974 |
| Haleon PLC | 16495329 | 74232 |
| RELX PLC (LSE) | 2152826 | 102859 |
| RELX PLC (Euronext NV) | 347832 | 16672 |
|  |  | 232737 |
| **United States (77.2%)** |  |  |
| Abbott Laboratories | 520925 | 69773 |
| Accenture PLC, Class A | 209169 | 51581 |
| Alphabet, Inc., Class A | 394247 | 95841 |
| Aon PLC, Class A | 177902 | 63436 |
| Arthur J Gallagher & Co. | 324540 | 100523 |
| Automatic Data Processing, Inc. | 314728 | 92373 |
| AutoZone, Inc. (a) | 9837 | 42203 |
| Booking Holdings, Inc. | 12732 | 68743 |
| Broadridge Financial Solutions, Inc. | 179461 | 42742 |
| CME Group, Inc. | 224630 | 60693 |
| Coca-Cola Co. | 1376276 | 91275 |
| Equifax, Inc. | 137219 | 35201 |
| FactSet Research Systems, Inc. | 62218 | 17825 |
| Intercontinental Exchange, Inc. | 434143 | 73144 |
| Microsoft Corp. | 430318 | 222883 |
| MSCI, Inc. | 76578 | 43451 |
| Otis Worldwide Corp. | 537294 | 49125 |
| Philip Morris International, Inc. | 202326 | 32817 |
| Procter & Gamble Co. | 556790 | 85551 |
| Roper Technologies, Inc. | 156942 | 78265 |
| S&P Global, Inc. | 156247 | 76047 |
| Steris PLC | 174668 | 43220 |
| Synopsys, Inc. (a) | 112070 | 55294 |
| Thermo Fisher Scientific, Inc. | 149620 | 72569 |
| Uber Technologies, Inc. (a) | 393769 | 38578 |
| Visa, Inc., Class A | 353877 | 120807 |
| Zoetis, Inc. | 451956 | 66130 |
|  |  | 1890090 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $1,587,272)** |  | 2402898 |
| **Short-Term Investment (2.1%)** |  |  |
| **Investment Company (2.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) **(Cost $51,213)** | 51213267 | 51213 |
| **Total Investments (100.3%) (Cost $1,638,485) (c)(d)(e)** |  | 2454111 |
| Liabilities in Excess of Other Assets (–0.3%) |  | (7248) |
| **Net Assets (100.0%)** |  | $2446863 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $64,000 relating to the Fund's investment in the Liquidity Fund. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (d) | The approximate fair value and percentage of net assets, $512,807,000 and 21.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $828,601,000 and the aggregate gross unrealized depreciation is approximately $12,975,000, resulting in net unrealized appreciation of approximately $815,626,000. |
| Euronext NV | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 40.7% |
| Software | 22.4 |
| Professional Services | 13.4 |
| Capital Markets | 11.1 |
| Insurance | 6.7 |
| Pharmaceuticals | 5.7 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Insight Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (93.3%)** |  |  |
| **Brazil (0.5%)** |  |  |
| NU Holdings Ltd., Class A (a) | 23130 | $370 |
| **Canada (6.3%)** |  |  |
| Shopify, Inc., Class A (a) | 31682 | 4708 |
| **Israel (3.5%)** |  |  |
| Global-e Online Ltd. (a) | 73950 | 2645 |
| **Korea, Republic of (2.6%)** |  |  |
| Coupang, Inc. (a) | 59937 | 1930 |
| **Netherlands (4.8%)** |  |  |
| Adyen NV (a) | 2253 | 3625 |
| **Singapore (1.5%)** |  |  |
| Grab Holdings Ltd., Class A (a) | 134294 | 809 |
| Sea Ltd. ADR (a) | 2059 | 368 |
|  |  | 1177 |
| **United Kingdom (0.1%)** |  |  |
| Victoria PLC (a) | 70649 | 63 |
| **United States (74.0%)** |  |  |
| Affirm Holdings, Inc. (a) | 62776 | 4588 |
| Agilon Health, Inc. (a) | 184098 | 190 |
| AppLovin Corp., Class A (a) | 6436 | 4625 |
| Arbutus Biopharma Corp. (a) | 173307 | 787 |
| Aurora Innovation, Inc. (a) | 455912 | 2457 |
| BitMine Immersion Technologies, Inc. (a) | 25350 | 1316 |
| Cloudflare, Inc., Class A (a) | 40706 | 8735 |
| Core & Main, Inc., Class A (a) | 15406 | 829 |
| Federal National Mortgage Association (a) | 135078 | 1628 |
| Intellia Therapeutics, Inc. (a) | 24527 | 424 |
| IonQ, Inc. (a) | 58017 | 3568 |
| Landbridge Co. LLC, Class A | 23772 | 1268 |
| MercadoLibre, Inc. (a) | 1693 | 3956 |
| Opendoor Technologies, Inc. (a) | 43057 | 343 |
| ProKidney Corp. (a) | 41771 | 101 |
| QXO, Inc. (a) | 115413 | 2200 |
| ROBLOX Corp., Class A (a) | 27236 | 3773 |
| Roivant Sciences Ltd. (a) | 80131 | 1212 |
| Royalty Pharma PLC, Class A | 87144 | 3075 |
| Snowflake, Inc., Class A (a) | 10381 | 2341 |
| Strategy, Inc., Class A (a) | 7228 | 2329 |
| Tesla, Inc. (a) | 11830 | 5261 |
| XOMA Royalty Corp. (a) | 11734 | 452 |
|  |  | 55458 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $39,254)** |  | 69976 |
| **Preferred Stock (0.0%)‡** |  |  |
| **United States (0.0%)‡** |  |  |
| Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $73; acquired 6/17/14) | 6374 | 26 |
| **Investment Company (2.5%)** |  |  |
| **United States (2.5%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $1,095)** | 28303 | 1840 |
| **Short-Term Investment (4.2%)** |  |  |
| **Investment Company (4.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) **(Cost $3,178)** | 3178256 | 3178 |
| **Total Investments Excluding Purchased Options (100.0%) (Cost $43,600)** |  | 75020 |
| **Total Purchased Options Outstanding (0.1%) (Cost $390)** |  | 33 |
| **Total Investments (100.1%) (Cost $43,990) (e)(f)(g)(h)** |  | 75053 |
| Liabilities in Excess of Other Assets (–0.1%) |  | (84) |
| **Net Assets (100.0%)** |  | $74969 |

---

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.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Insight Portfolio

The Fund had the following Derivative Contracts - PIPE open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br> Obligation** | **Notional<br> Amount** | **Settlement<br> Date** | **Unrealized<br> Depreciation<br> (000)** | **% of<br> Net<br> Assets** |
| Cantor Equity Partners, Inc. | Twenty One Capital, Inc. (a)(c)(i)(j)(k) | $1275 | 12/31/25 | $(290) | (0.39)% |

---

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at September 30, 2025 amounts to approximately $26,000 and represents 0.0% of net assets. |
| (c) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The approximate fair value and percentage of net assets, $3,688,000 and 4.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | Securities are available for collateral in connection with purchased options. |
| (h) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $33,476,000 and the aggregate gross unrealized depreciation is approximately $2,703,000, resulting in net unrealized appreciation of approximately $30,773,000. |
| (i) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at September 30, 2025 amounts to approximately $(264000) and represents less than 0.05% of net assets. |
| (j) | 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. |
| (k) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 60,699 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date. |
| ADR | American Depositary Receipt. |
| ETF | Exchange Traded Fund. |
| PIPE | Private Investment in Public Equity. |
| SPAC | Special Purpose Acquisition Company. |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Insight Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 21170064 | $21170 | $25 | $69 | $(44) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 15064889 | 15065 | 6 | 63 | (57) |
| Standard Chartered Bank | USD/CNH | CNH 7.76 | Oct–25 | 13974746 | 13975 |  | 61 | (61) |
| JPMorgan Chase Bank NA | USD/CNH | CNH 7.82 | Feb–26 | 15854951 | 15855 | 1 | 65 | (64) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 10380714 | 10381 | 1 | 50 | (49) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 8.02 | Dec–25 | 17249729 | 17250 |  | 82 | (82) |
|  |  |  |  |  |  | $33 | $390 | $(357) |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| CNH | Chinese Yuan Renminbi Offshore |
| USD | United States Dollar |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Other\* | 27.6 | % |
| Information Technology Services | 21.0 |  |
| Software | 14.4 |  |
| Financial Services | 13.1 |  |
| Broadline Retail | 11.9 |  |
| Automobiles | 7.0 |  |
| Entertainment | 5.0 |  |
| Total Investments | 100.0 | %\*\* |

---

\* Industries and/or investment types representing less than 5% of total investments.

\*\* Does not include open PIPE contract with unrealized depreciation of approximately $290,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Opportunity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (97.7%)** |  |  |
| **Brazil (2.3%)** |  |  |
| NU Holdings Ltd., Class A (a) | 5054186 | $80918 |
| **Canada (3.1%)** |  |  |
| Shopify, Inc., Class A (a) | 726707 | 107996 |
| **China (4.0%)** |  |  |
| Meituan, Class B (a)(b) | 4542300 | 60679 |
| Trip.com Group Ltd. ADR | 1062312 | 79886 |
|  |  | 140565 |
| **Denmark (4.0%)** |  |  |
| DSV AS | 704034 | 140645 |
| **France (7.5%)** |  |  |
| Hermes International SCA | 37192 | 91456 |
| Schneider Electric SE | 601795 | 169389 |
|  |  | 260845 |
| **India (5.5%)** |  |  |
| HDFC Bank Ltd. | 7972568 | 85440 |
| ICICI Bank Ltd. ADR | 3543633 | 107124 |
|  |  | 192564 |
| **Italy (2.4%)** |  |  |
| Moncler SpA | 1429590 | 84136 |
| **Japan (1.3%)** |  |  |
| Keyence Corp. | 117200 | 43664 |
| **Korea, Republic of (4.2%)** |  |  |
| Coupang, Inc. (a) | 4203256 | 135345 |
| KakaoBank Corp. | 611700 | 10361 |
|  |  | 145706 |
| **Netherlands (1.8%)** |  |  |
| ASML Holding NV | 63911 | 62325 |
| **Singapore (1.0%)** |  |  |
| Grab Holdings Ltd., Class A (a) | 5762393 | 34690 |
| **Sweden (5.5%)** |  |  |
| Spotify Technology SA (a) | 277777 | 193888 |
| **Switzerland (1.0%)** |  |  |
| On Holding AG, Class A (a) | 828396 | 35083 |
| **Taiwan (4.4%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3500000 | 152032 |
| **United States (49.7%)** |  |  |
| Airbnb, Inc., Class A (a) | 593798 | 72099 |
| Amazon.com, Inc. (a) | 561077 | 123196 |
| Block, Inc., Class A (a) | 1054537 | 76211 |
| Crowdstrike Holdings, Inc., Class A (a) | 111130 | 54496 |
| DoorDash, Inc., Class A (a) | 819177 | 222808 |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 354904 | 37070 |
| Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15) | 6530 |  |
| Mastercard, Inc., Class A | 161658 | 91953 |
| MercadoLibre, Inc. (a) | 80442 | 187988 |
| Meta Platforms, Inc., Class A | 360283 | 264585 |
| ServiceNow, Inc. (a) | 155479 | 143084 |
| TKO Group Holdings, Inc. | 364054 | 73524 |
| Uber Technologies, Inc. (a) | 2338732 | 229125 |
| Visa, Inc., Class A | 319869 | 109197 |
| Walt Disney Co. | 458382 | 52485 |
|  |  | 1737821 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $1,473,264)** |  | 3412878 |
| **Short-Term Investment (2.8%)** |  |  |
| **Investment Company (2.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (e) **(Cost $98,639)** | 98638869 | 98639 |
| **Total Investments (100.5%) (Cost $1,571,903) (f)(g)(h)** |  | 3511517 |
| Liabilities in Excess of Other Assets (–0.5%) |  | (16420) |
| **Net Assets (100.0%)** |  | $3495097 |

---

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 September 30, 2025 amounts to $0 and represents 0.0% of net assets. |
| (d) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $153,000 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The approximate fair value and percentage of net assets, $900,127,000 and 25.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (h) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,976,543,000 and the aggregate gross unrealized depreciation is approximately $36,929,000, resulting in net unrealized appreciation of approximately $1,939,614,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 16.0% |
| Broadline Retail | 12.7 |
| Hotels, Restaurants & Leisure | 12.4 |
| Entertainment | 10.2 |
| Banks | 8.1 |
| Financial Services | 7.9 |
| Interactive Media & Services | 7.5 |
| Ground Transportation | 7.5 |
| Semiconductors & Semiconductor Equipment | 6.1 |
| Textiles, Apparel & Luxury Goods | 6.0 |
| Software | 5.6 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Permanence Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (92.0%)** |  |  |
| **Brazil (0.1%)** |  |  |
| Vale SA | 342 | $4 |
| **Canada (6.2%)** |  |  |
| Cameco Corp. | 672 | 56 |
| Canadian National Railway Co. | 2398 | 226 |
| Constellation Software, Inc. | 1 | 3 |
| FirstService Corp. | 19 | 4 |
| Topicus.com, Inc. (a) | 41 | 4 |
|  |  | 293 |
| **France (13.1%)** |  |  |
| Airbus SE | 193 | 45 |
| Christian Dior SE | 121 | 70 |
| EssilorLuxottica SA | 15 | 5 |
| Eurofins Scientific SE | 3044 | 222 |
| Hermes International SCA | 2 | 5 |
| L'Oreal SA | 106 | 46 |
| LVMH Moet Hennessy Louis Vuitton SE | 373 | 230 |
|  |  | 623 |
| **Germany (1.4%)** |  |  |
| Birkenstock Holding PLC (a) | 1461 | 66 |
| **India (0.2%)** |  |  |
| HDFC Bank Ltd. ADR | 260 | 9 |
| **Israel (1.4%)** |  |  |
| Oddity Tech Ltd., Class A (a) | 1091 | 68 |
| **Italy (0.2%)** |  |  |
| Brunello Cucinelli SpA | 33 | 4 |
| Ferrari NV | 9 | 4 |
|  |  | 8 |
| **Mexico (0.6%)** |  |  |
| Alsea SAB de CV (a) | 8300 | 27 |
| **Netherlands (4.9%)** |  |  |
| ASML Holding NV (Registered) | 239 | 231 |
| Universal Music Group NV | 142 | 4 |
|  |  | 235 |
| **Switzerland (0.2%)** |  |  |
| On Holding AG, Class A (a) | 252 | 11 |
| **United Kingdom (8.6%)** |  |  |
| Babcock International Group PLC | 17474 | 314 |
| Domino's Pizza Group PLC | 15371 | 41 |
| Rentokil Initial PLC | 4467 | 23 |
| Victoria PLC (a) | 37188 | 33 |
|  |  | 411 |
| **United States (55.1%)** |  |  |
| American Tower Corp. REIT | 358 | 69 |
| Brown & Brown, Inc. | 222 | 21 |
| Cloudflare, Inc., Class A (a) | 2879 | 618 |
| Core & Main, Inc., Class A (a) | 3391 | 182 |
| Federal National Mortgage Association (a) | 8311 | 100 |
| Floor & Decor Holdings, Inc., Class A (a) | 1840 | 136 |
| Intercontinental Exchange, Inc. | 408 | 69 |
| Landbridge Co. LLC, Class A | 3050 | 163 |
| Linde PLC | 8 | 4 |
| MercadoLibre, Inc. (a) | 92 | 215 |
| MP Materials Corp. (a) | 1856 | 124 |
| MSCI, Inc. | 83 | 47 |
| QXO, Inc. (a) | 12308 | 235 |
| Royal Gold, Inc. | 1188 | 238 |
| Royalty Pharma PLC, Class A | 7624 | 269 |
| S&P Global, Inc. | 91 | 44 |
| Sable Offshore Corp. (a) | 921 | 16 |
| Smurfit WestRock PLC | 1049 | 45 |
| Texas Pacific Land Corp. | 13 | 12 |
| Veralto Corp. | 76 | 8 |
| Waste Connections, Inc. | 57 | 10 |
|  |  | 2625 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $3,493)** |  | 4380 |
| **Investment Company (2.9%)** |  |  |
| **United States (2.9%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $84)** | 2164 | 141 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** | **Warrants (0.0%)** |
| **Canada (0.0%)** | **Canada (0.0%)** |
| Constellation Software, Inc. expires 3/31/40 (a)(b) **(Cost $—)** | 186 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (3.8%)** | **Short-Term Investment (3.8%)** | **Short-Term Investment (3.8%)** |
| **Investment Company (3.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) **(Cost $182)** | 182033 | 182 |
| **Total Investments Excluding Purchased Options (98.7%) (Cost $3,759)** |  | 4703 |
| **Total Purchased Options Outstanding (0.1%) (Cost $24)** |  | 2 |
| **Total Investments (98.8%) (Cost $3,783) (d)(e)(f)(g)** |  | 4705 |
| Other Assets in Excess of Liabilities (1.2%) |  | 57 |
| **Net Assets (100.0%)** |  | $4762 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund. |
| (d) | The approximate fair value and percentage of net assets, $1,042,000 and 21.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (f) | Securities are available for collateral in connection with purchased options. |
| (g) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,281,000 and the aggregate gross unrealized depreciation is approximately $359,000, resulting in net unrealized appreciation of approximately $922,000. |
| ADR | American Depositary Receipt. |
| ETF | Exchange Traded Fund. |
| REIT | Real Estate Investment Trust. |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Permanence Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 1314625 | $1315 | $2 | $5 | $(3) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 918402 | 918 |  | 4 | (4) |
| Standard Chartered Bank | USD/CNH | CNH 7.76 | Oct–25 | 955310 | 955 |  | 4 | (4) |
| JPMorgan Chase Bank NA | USD/CNH | CNH 7.82 | Feb–26 | 1014582 | 1015 |  | 4 | (4) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 656354 | 656 |  | 3 | (3) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 8.02 | Dec–25 | 891152 | 891 |  | 4 | (4) |
|  |  |  |  |  |  | $2 | $24 | $(22) |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| CNH | Chinese Yuan Renminbi Offshore |
| USD | United States Dollar |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 48.7% |
| Information Technology Services | 13.1 |
| Trading Companies & Distributors | 8.9 |
| Textiles, Apparel & Luxury Goods | 8.2 |
| Metals & Mining | 7.8 |
| Aerospace & Defense | 7.6 |
| Pharmaceuticals | 5.7 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Global Stars Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (98.6%)** |  |  |
| **Canada (4.3%)** |  |  |
| Constellation Software, Inc. | 407 | $1105 |
| Shopify, Inc., Class A (a) | 6599 | 980 |
|  |  | 2085 |
| **China (9.4%)** |  |  |
| DiDi Global, Inc. ADR (a) | 148836 | 926 |
| Eastroc Beverage Group Co. Ltd., Class A | 23700 | 1013 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 11100 | 384 |
| Tencent Holdings Ltd. (b) | 19200 | 1636 |
| Zhejiang Dingli Machinery Co. Ltd., Class A | 76400 | 577 |
|  |  | 4536 |
| **Denmark (2.3%)** |  |  |
| DSV AS | 5522 | 1103 |
| **Germany (5.3%)** |  |  |
| SAP SE | 9538 | 2554 |
| **Japan (2.6%)** |  |  |
| BayCurrent, Inc. | 22000 | 1293 |
| **Netherlands (2.4%)** |  |  |
| ASML Holding NV | 1182 | 1153 |
| **Singapore (2.0%)** |  |  |
| Sea Ltd. ADR (a) | 5362 | 958 |
| **Switzerland (5.0%)** |  |  |
| Galderma Group AG | 5457 | 965 |
| On Holding AG, Class A (a) | 23082 | 978 |
| Sportradar Group AG, Class A (a) | 17481 | 470 |
|  |  | 2413 |
| **Taiwan (4.9%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 55000 | 2389 |
| **United Kingdom (10.4%)** |  |  |
| Diploma PLC | 14869 | 1064 |
| Experian PLC | 21795 | 1095 |
| Halma PLC | 24894 | 1159 |
| RELX PLC | 13461 | 643 |
| Wise PLC, Class A (a) | 75771 | 1056 |
|  |  | 5017 |
| **United States (50.0%)** |  |  |
| Alphabet, Inc., Class A | 7743 | 1882 |
| Aon PLC, Class A | 1898 | 677 |
| Automatic Data Processing, Inc. | 1564 | 459 |
| Booking Holdings, Inc. | 213 | 1150 |
| Broadridge Financial Solutions, Inc. | 5602 | 1334 |
| Cencora, Inc. | 4855 | 1517 |
| Intercontinental Exchange, Inc. | 7405 | 1248 |
| Mastercard, Inc., Class A | 2873 | 1634 |
| MercadoLibre, Inc. (a) | 500 | 1169 |
| Microsoft Corp. | 3849 | 1994 |
| Netflix, Inc. (a) | 1167 | 1399 |
| Ryan Specialty Holdings, Inc. | 20462 | 1153 |
| S&P Global, Inc. | 2433 | 1184 |
| ServiceNow, Inc. (a) | 970 | 893 |
| Synopsys, Inc. (a) | 2208 | 1089 |
| Tradeweb Markets, Inc., Class A | 9635 | 1069 |
| Uber Technologies, Inc. (a) | 16851 | 1651 |
| VeriSign, Inc. | 2554 | 714 |
| Visa, Inc., Class A | 5679 | 1939 |
|  |  | 24155 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $36,559)** |  | 47656 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** |  |
| **Canada (0.0%)** |  |
| Constellation Software, Inc. expires 3/31/40 (a)(c) **(Cost $—)** | 1639 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (1.3%)** | **Short-Term Investment (1.3%)** | **Short-Term Investment (1.3%)** |
| **Investment Company (1.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) **(Cost $623)** | 622557 | 623 |
| **Total Investments (99.9%) (Cost $37,182) (e)(f)(g)** |  | 48279 |
| Other Assets in Excess of Liabilities (0.1%) |  | 44 |
| **Net Assets (100.0%)** |  | $48323 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The approximate fair value and percentage of net assets, $18,084,000 and 37.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,643,000 and the aggregate gross unrealized depreciation is approximately $546,000, resulting in net unrealized appreciation of approximately $11,097,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 37.4% |
| Software | 15.8 |
| Professional Services | 10.0 |
| Financial Services | 9.6 |
| Semiconductors & Semiconductor Equipment | 7.3 |
| Interactive Media & Services | 7.3 |
| Capital Markets | 7.3 |
| Ground Transportation | 5.3 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (92.3%)** | **Common Stocks (92.3%)** | **Common Stocks (92.3%)** |
| **Automobiles (8.3%)** | **Automobiles (8.3%)** | **Automobiles (8.3%)** |
| Tesla, Inc. (a) | 915227 | $407020 |
| **Biotechnology (1.6%)** |  |  |
| Roivant Sciences Ltd. (a) | 5285931 | 79976 |
| **Broadline Retail (4.3%)** |  |  |
| MercadoLibre, Inc. (a) | 91149 | 213010 |
| **Capital Markets (0.5%)** |  |  |
| Coinbase Global, Inc., Class A (a) | 73017 | 24642 |
| **Electronic Equipment, Instruments & Components (0.0%)** |  |  |
| Magic Leap, Inc., Class A (a)(b)(c) (acquisition cost — $18,812; acquired 12/22/15) | 38705 |  |
| **Entertainment (7.1%)** |  |  |
| ROBLOX Corp., Class A (a) | 2510452 | 347748 |
| **Financial Services (8.4%)** |  |  |
| Affirm Holdings, Inc. (a) | 4130401 | 301849 |
| Federal National Mortgage Association (a) | 9253178 | 111501 |
|  |  | 413350 |
| **Hotels, Restaurants & Leisure (4.6%)** |  |  |
| DoorDash, Inc., Class A (a) | 838613 | 228094 |
| **Information Technology Services (22.9%)** |  |  |
| Cloudflare, Inc., Class A (a) | 3151738 | 676331 |
| Shopify, Inc., Class A (Canada) (a) | 1558992 | 231682 |
| Snowflake, Inc., Class A (a) | 966604 | 218018 |
|  |  | 1126031 |
| **Pharmaceuticals (4.3%)** |  |  |
| Royalty Pharma PLC, Class A | 5944970 | 209739 |
| **Software (21.3%)** |  |  |
| AppLovin Corp., Class A (a) | 602197 | 432702 |
| Aurora Innovation, Inc. (a) | 29693271 | 160047 |
| BitMine Immersion Technologies, Inc. (a) | 1091639 | 56689 |
| Samsara, Inc., Class A (a) | 4595580 | 171185 |
| Strategy, Inc., Class A (a) | 715132 | 230423 |
|  |  | 1051046 |
| **Tech Hardware, Storage & Peripherals (4.9%)** |  |  |
| IonQ, Inc. (a) | 3963155 | 243734 |
| **Trading Companies & Distributors (4.1%)** |  |  |
| Core & Main, Inc., Class A (a) | 1048146 | 56422 |
| QXO, Inc. (a) | 7727496 | 147286 |
|  |  | 203708 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $2,316,629)** |  | 4548098 |
| **Preferred Stocks (3.6%)** |  |  |
| **Financial Services (0.4%)** |  |  |
| Stripe, Inc., Series I (a)(b)(c) (acquisition cost — $12,876; acquired 3/17/23) | 639525 | 19627 |
| **Software (3.2%)** |  |  |
| Databricks, Inc., Series H (a)(b)(c) (acquisition cost — $102,163; acquired 8/31/21) | 1390269 | 157059 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (Cost $115,039)** |  | 176686 |
| **Investment Company (2.9%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $84,066)** | 2172579 | 141217 |
| **Short-Term Investment (1.2%)** |  |  |
| **Investment Company (1.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) **(Cost $58,805)** | 58804943 | 58805 |
| **Total Investments Excluding Purchased Options (100.0%) (Cost $2,574,539)** |  | 4924806 |
| **Total Purchased Options Outstanding (0.1%) (Cost $24,381)** |  | 2235 |
| **Total Investments (100.1%) (Cost $2,598,920) (e)(f)(g)** |  | 4927041 |
| Liabilities in Excess of Other Assets (–0.1%) |  | (2983) |
| **Net Assets (100.0%)** |  | $4924058 |

---

---

| | |
|:---|:---|
| (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 September 30, 2025 amounts to approximately $176,686,000 and represents 3.6% of net assets. |
| (c) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $107,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (f) | Securities are available for collateral in connection with purchased options. |
| (g) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,379,200,000 and the aggregate gross unrealized depreciation is approximately $51,079,000, resulting in net unrealized appreciation of approximately $2,328,121,000. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 1426154945 | $1426155 | $1708 | $4666 | $(2958) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 987167835 | 987168 | 380 | 4109 | (3729) |
| Standard Chartered Bank | USD/CNH | CNH 7.77 | Oct–25 | 852322605 | 852323 | 1 | 3710 | (3709) |
| JPMorgan Chase Bank NA | USD/CNH | CNH 7.82 | Feb–26 | 995165827 | 995166 | 75 | 4109 | (4034) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 645084851 | 645085 | 70 | 3135 | (3065) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 8.02 | Dec–25 | 981418394 | 981418 | 1 | 4652 | (4651) |
|  |  |  |  |  |  | $2235 | $24381 | $(22146) |

---

CNH — Chinese Yuan Renminbi Offshore <br> USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 28.4% |
| Software | 24.5 |
| Information Technology Services | 22.9 |
| Financial Services | 8.8 |
| Automobiles | 8.3 |
| Entertainment | 7.1 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Inception Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (86.8%)** | **Common Stocks (86.8%)** | **Common Stocks (86.8%)** |
| **Biotechnology (11.9%)** | **Biotechnology (11.9%)** | **Biotechnology (11.9%)** |
| Arbutus Biopharma Corp. (a) | 2187069 | $9929 |
| Beam Therapeutics, Inc. (a) | 48193 | 1170 |
| GRAIL, Inc. (a) | 32054 | 1895 |
| Immunovant, Inc. (a) | 152700 | 2462 |
| Intellia Therapeutics, Inc. (a) | 305993 | 5285 |
| ProKidney Corp. (a)(b) | 325677 | 788 |
| Recursion Pharmaceuticals, Inc., Class A (a)(b) | 88152 | 430 |
| Roivant Sciences Ltd. (a) | 1465522 | 22173 |
| XOMA Royalty Corp. (a) | 182425 | 7031 |
|  |  | 51163 |
| **Broadline Retail (2.7%)** |  |  |
| Global-e Online Ltd. (Israel) (a) | 328053 | 11731 |
| **Capital Markets (1.1%)** |  |  |
| Gemini Space Station, Inc., Class A (a)(b) | 195294 | 4679 |
| **Financial Services (1.5%)** |  |  |
| Burford Capital Ltd. | 532194 | 6365 |
| **Health Care Equipment & Supplies (2.1%)** |  |  |
| Outset Medical, Inc. (a) | 30432 | 429 |
| Semler Scientific, Inc. (a)(b) | 286725 | 8602 |
|  |  | 9031 |
| **Health Care Providers & Services (1.2%)** |  |  |
| Agilon Health, Inc. (a) | 5203472 | 5360 |
| **Health Care Technology (0.2%)** |  |  |
| Schrodinger, Inc. (a) | 41945 | 841 |
| **Hotels, Restaurants & Leisure (4.5%)** |  |  |
| Black Rock Coffee Bar, Inc., Class A (a) | 283765 | 6771 |
| Cheesecake Factory, Inc. | 119067 | 6506 |
| Shake Shack, Inc., Class A (a) | 63886 | 5980 |
|  |  | 19257 |
| **Household Durables (0.3%)** |  |  |
| Victoria PLC (United Kingdom) (a) | 1613626 | 1437 |
| **Information Technology Services (12.0%)** |  |  |
| Cloudflare, Inc., Class A (a) | 240556 | 51621 |
| **Interactive Media & Services (0.6%)** |  |  |
| ZoomInfo Technologies, Inc. (a) | 222648 | 2429 |
| **Leisure Products (1.3%)** |  |  |
| Peloton Interactive, Inc., Class A (a) | 597827 | 5380 |
| **Life Sciences Tools & Services (1.2%)** |  |  |
| 10X Genomics, Inc., Class A (a) | 92585 | 1082 |
| Ginkgo Bioworks Holdings, Inc. ADR (a)(b) | 33528 | 489 |
| MaxCyte, Inc. (a) | 723623 | 1143 |
| Standard BioTools, Inc. (a) | 1819569 | 2366 |
|  |  | 5080 |
| **Metals & Mining (3.9%)** |  |  |
| MP Materials Corp. (a) | 250745 | 16818 |
| **Oil, Gas & Consumable Fuels (0.9%)** |  |  |
| Calumet, Inc. (a) | 128210 | 2340 |
| Sable Offshore Corp. (a) | 89020 | 1554 |
|  |  | 3894 |
| **Passenger Airlines (1.6%)** |  |  |
| Joby Aviation, Inc. (a) | 416991 | 6730 |
| **Personal Care Products (5.0%)** |  |  |
| Oddity Tech Ltd., Class A (Israel) (a) | 344196 | 21443 |
| **Pharmaceuticals (1.2%)** |  |  |
| ATAI Life Sciences NV (a)(b) | 974039 | 5153 |
| **Real Estate Management & Development (5.3%)** |  |  |
| Landbridge Co. LLC, Class A | 305810 | 16315 |
| Opendoor Technologies, Inc. (a)(b) | 801151 | 6385 |
|  |  | 22700 |
| **Software (13.5%)** |  |  |
| Appian Corp., Class A (a) | 220972 | 6755 |
| Aurora Innovation, Inc. (a) | 3061867 | 16504 |
| BitMine Immersion Technologies, Inc. (a) | 411588 | 21374 |
| Gitlab, Inc., Class A (a) | 99786 | 4498 |
| Klaviyo, Inc., Class A (a) | 67494 | 1869 |
| Via Transportation, Inc., Class A (a) | 146863 | 7061 |
|  |  | 58061 |
| **Specialty Retail (6.1%)** |  |  |
| Bed Bath & Beyond, Inc. (a) | 44421 | 435 |
| Floor & Decor Holdings, Inc., Class A (a) | 265998 | 19604 |
| RH (a) | 5478 | 1113 |
| Wayfair, Inc., Class A (a) | 57901 | 5172 |
|  |  | 26324 |
| **Tech Hardware, Storage & Peripherals (6.8%)** |  |  |
| IonQ, Inc. (a) | 474632 | 29190 |
| **Water Utilities (1.9%)** |  |  |
| WaterBridge Infrastructure LLC, Class A (a) | 321033 | 8097 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $311,495)** |  | 372784 |
| **Preferred Stocks (1.9%)** |  |  |
| **Health Care Technology (0.8%)** |  |  |
| Included Health, Inc., Series B (a)(c)(d) (acquisition cost — $3,362; acquired 7/03/14) | 3269139 | 3374 |
| **Software (1.1%)** |  |  |
| Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $13,476; acquired 6/17/14) | 1179743 | 4825 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (Cost $16,838)** |  | 8199 |
| **Investment Company (3.2%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $8,124)** | 209963 | 13648 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** | |
| **Life Sciences Tools & Services (0.0%)** |  |
| SomaLogic, Inc. expires (a)(d) **(Cost $203)** | 61142 |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Inception Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Short-Term Investments (16.2%)** |  |  |
| **Investment Company (14.9%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (e) **(Cost $64,056)** | 64056177 | $64056 |
| **Securities held as Collateral on Loaned Securities (1.3%)** |  |  |
| **Investment Company (1.0%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (e) | 4497244 | 4497 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Repurchase Agreements (0.3%)** |  |  |
| Citigroup, Inc., (4.00%, dated 9/30/25, due 10/1/25; proceeds $491; fully collateralized by U.S. Government obligations; 4.50% - 4.63% due 11/15/25 - 9/15/26; valued at $501) | $492 | 492 |
| Merrill Lynch & Co., Inc., (4.20%, dated 9/30/25, due 10/1/25; proceeds $661; fully collateralized by U.S. Government obligations; 0.13% - 4.13% due 12/31/26 - 8/15/53; valued at $675) | 661 | 661 |
|  |  | 1153 |
| **Total Securities held as Collateral on Loaned Securities (Cost $5,650)** |  | 5650 |
| **Total Short-Term Investments (Cost $69,706)** |  | 69706 |
| **Total Investments Excluding Purchased Options (108.1%) (Cost $406,366)** |  | 464337 |
| **Total Purchased Options Outstanding (0.1%) (Cost $2,040)** |  | 174 |
| **Total Investments (108.2%) (Cost $408,406) including $5,518 of Securities Loaned (f)(g)(h)(i)** |  | 464511 |
| Liabilities in Excess of Other Assets (–8.2%) |  | (35234) |
| **Net Assets (100.0%)** |  | $429277 |

---

The Fund had the following Derivative Contracts - PIPE open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br> Obligation** | **Notional<br> Amount** | **Settlement<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** | **% of<br> Net<br> Assets** |
| Cantor Equity Partners, Inc. | Twenty One Capital, Inc. (a)(c)(d)(j)(k) | $6444 | 12/31/25 | $(1465) | (0.34)% |
| Churchill Capital Corp X | ColdQuanta, Inc. dba Infleqtion (a)(c)(d)(j)(l) | 5386 | 12/31/25 | 744 | 0.17 |
|  |  |  |  | $(721) | (0.17)% |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2025, were approximately $5,518,000 and $5,755,000, respectively. The Fund received cash collateral of approximately $5,650,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $105,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (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 contracts (excluding 144A holdings) at September 30, 2025 amounts to approximately $7,478,000 and represents 1.7% of net assets. |
| (d) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $16,000 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The approximate fair value and percentage of net assets, $1,437,000 and 0.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (h) | Securities are available for collateral in connection with purchased options. |
| (i) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $126,469,000 and the aggregate gross unrealized depreciation is approximately $71,085,000, resulting in net unrealized appreciation of approximately $55,384,000. |
| (j) | 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. |
| (k) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 306,879 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date. |
| (l) | 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 ColdQuanta, Inc. dba 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 ColdQuanta, Inc. dba 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 ColdQuanta, Inc. dba 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. |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Inception Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 109043071 | $109043 | $131 | $357 | $(226) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 81897594 | 81898 | 31 | 341 | (310) |
| Standard Chartered Bank | USD/CNH | CNH 7.77 | Oct–25 | 71643928 | 71644 |  | 312 | (312) |
| JPMorgan Chase Bank NA | USD/CNH | CNH 7.82 | Feb–26 | 85420861 | 85421 | 6 | 353 | (347) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 56144765 | 56145 | 6 | 272 | (266) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 8.02 | Dec–25 | 85292422 | 85292 |  | 405 | (404) |
|  |  |  |  |  |  | $174 | $2040 | $(1865) |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| CNH | Chinese Yuan Renminbi Offshore |
| USD | United States Dollar |

---

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Other\*\* | 37.9 | % |
| Investment Company | 14.0 |  |
| Software | 13.7 |  |
| Information Technology Services | 11.2 |  |
| Biotechnology | 11.1 |  |
| Tech Hardware, Storage & Peripherals\*\* | 6.4 |  |
| Specialty Retail | 5.7 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2025.

\*\* Industries and/or investment types representing less than 5% of total investments.

\*\*\* Does not include open PIPE contracts with net unrealized depreciation of approximately $721,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

International Advantage Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.6%)** |  |  |
| **Brazil (2.1%)** |  |  |
| NU Holdings Ltd., Class A (a) | 3643033 | $58325 |
| **Canada (9.0%)** |  |  |
| Brookfield Corp. | 1071835 | 73506 |
| Canada Goose Holdings, Inc. (a)(b)(c) | 2778700 | 38318 |
| Canadian Pacific Kansas City Ltd. | 932428 | 69445 |
| Shopify, Inc., Class A (a) | 459779 | 68328 |
|  |  | 249597 |
| **Denmark (6.9%)** |  |  |
| DSV AS | 958474 | 191475 |
| **France (21.9%)** |  |  |
| EssilorLuxottica SA | 156880 | 51104 |
| Hermes International SCA | 90760 | 223183 |
| L'Oreal SA | 294129 | 127795 |
| LVMH Moet Hennessy Louis Vuitton SE | 98003 | 60309 |
| Schneider Electric SE | 520415 | 146483 |
|  |  | 608874 |
| **Germany (3.1%)** |  |  |
| Birkenstock Holding PLC (a) | 623155 | 28198 |
| SAP SE ADR | 220899 | 59026 |
|  |  | 87224 |
| **Hong Kong (3.1%)** |  |  |
| AIA Group Ltd. | 8937900 | 85660 |
| **India (7.9%)** |  |  |
| HDFC Bank Ltd. | 7766700 | 83233 |
| ICICI Bank Ltd. ADR | 2925036 | 88424 |
| Tata Capital Ltd. (a) | 3609712 | 13254 |
| Titan Co. Ltd. | 908864 | 34458 |
|  |  | 219369 |
| **Italy (5.4%)** |  |  |
| Moncler SpA | 2545460 | 149809 |
| **Japan (5.5%)** |  |  |
| Keyence Corp. | 306200 | 114078 |
| Sanrio Co. Ltd. | 859900 | 40364 |
|  |  | 154442 |
| **Netherlands (5.7%)** |  |  |
| Adyen NV (a) | 18136 | 29182 |
| ASML Holding NV | 133553 | 130239 |
|  |  | 159421 |
| **Sweden (7.6%)** |  |  |
| Spotify Technology SA (a) | 302451 | 211111 |
| **Switzerland (5.8%)** |  |  |
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 183 | 27536 |
| Cie Financiere Richemont SA, Class A (Registered) | 244078 | 46855 |
| On Holding AG, Class A (a) | 659274 | 27920 |
| Straumann Holding AG (Registered) | 566275 | 60708 |
|  |  | 163019 |
| **Taiwan (6.6%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4220000 | 183308 |
| **United Kingdom (2.0%)** |  |  |
| London Stock Exchange Group PLC | 242329 | 27791 |
| Rightmove PLC | 3083925 | 29451 |
|  |  | 57242 |
| **United States (7.0%)** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 678539 | 70873 |
| MercadoLibre, Inc. (a) | 52820 | 123437 |
|  |  | 194310 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $1,723,664)** |  | 2773186 |
| **Short-Term Investments (1.3%)** |  |  |
| **Investment Company (1.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) **(Cost $30,214)** | 30214162 | 30214 |
| **Securities held as Collateral on Loaned Securities (0.2%)** |  |  |
| **Investment Company (0.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) | 3967864 | 3968 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Repurchase Agreements (0.0%)‡** |  |  |
| Citigroup, Inc., (4.00%, dated 9/30/25, due 10/1/25; proceeds $434; fully collateralized by U.S. Government obligations; 4.50% - 4.63% due 11/15/25 - 9/15/26; valued at $442) | $434 | 434 |
| Merrill Lynch & Co., Inc., (4.20%, dated 9/30/25, due 10/1/25; proceeds $583; fully collateralized by U.S. Government obligations; 0.13% - 4.13% due 12/31/26 - 8/15/53; valued at $595) | 583 | 583 |
|  |  | 1017 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $4,985)** |  | 4985 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $35,199)** |  | 35199 |
| **Total Investments (100.9%) (Cost $1,758,863) including $4,824 of Securities Loaned (e)(f)(g)** |  | 2808385 |
| Liabilities in Excess of Other Assets (–0.9%) |  | (25043) |
| **Net Assets (100.0%)** |  | $2783342 |

---

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) | For the nine months ended September 30, 2025, proceeds from sale of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, was approximately $2,898,000, including net realized loss of approximately $4,751,000. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2025, were approximately $4,824,000 and $4,985,000, respectively. The Fund received cash collateral of approximately $4,985,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $47,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The approximate fair value and percentage of net assets, $1,843,021,000 and 66.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,102,626,000 and the aggregate gross unrealized depreciation is approximately $53,104,000, resulting in net unrealized appreciation of approximately $1,049,522,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\*\* | 36.8% |
| Textiles, Apparel & Luxury Goods | 21.7 |
| Semiconductors & Semiconductor Equipment | 11.2 |
| Entertainment | 10.1 |
| Banks | 8.2 |
| Air Freight & Logistics | 6.8 |
| Electrical Equipment | 5.2 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2025.

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

International Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (97.2%)** |  |  |
| **Canada (3.6%)** |  |  |
| Agnico Eagle Mines Ltd. | 31000 | $5221 |
| Constellation Software, Inc. | 2713 | 7365 |
| Tourmaline Oil Corp. | 100568 | 4337 |
|  |  | 16923 |
| **China (3.2%)** |  |  |
| ANTA Sports Products Ltd. (a) | 345800 | 4142 |
| Tencent Holdings Ltd. (a) | 70900 | 6042 |
| Tsingtao Brewery Co. Ltd., Class H (a) | 736000 | 5008 |
|  |  | 15192 |
| **Denmark (4.0%)** |  |  |
| DSV AS | 46306 | 9250 |
| Tryg AS | 377515 | 9585 |
|  |  | 18835 |
| **Finland (4.4%)** |  |  |
| Kone OYJ, Class B | 141729 | 9667 |
| Nordea Bank Abp | 672665 | 11075 |
|  |  | 20742 |
| **France (12.5%)** |  |  |
| Capgemini SE | 68787 | 10035 |
| Dassault Systemes SE | 185588 | 6243 |
| Legrand SA | 70090 | 11646 |
| L'Oreal SA | 32912 | 14300 |
| Pernod Ricard SA | 34657 | 3412 |
| Safran SA | 39166 | 13899 |
|  |  | 59535 |
| **Germany (9.4%)** |  |  |
| Infineon Technologies AG | 261756 | 10269 |
| Merck KGaA | 45225 | 5868 |
| Qiagen NV | 226781 | 10115 |
| SAP SE | 69680 | 18658 |
|  |  | 44910 |
| **Hong Kong (1.0%)** |  |  |
| AIA Group Ltd. | 519800 | 4982 |
| **Italy (3.8%)** |  |  |
| Davide Campari-Milano NV | 632337 | 3999 |
| FinecoBank Banca Fineco SpA | 446552 | 9692 |
| Moncler SpA | 75314 | 4432 |
|  |  | 18123 |
| **Japan (9.5%)** |  |  |
| BayCurrent, Inc. | 109200 | 6417 |
| Keyence Corp. | 38200 | 14232 |
| Murata Manufacturing Co. Ltd. | 451800 | 8577 |
| SMC Corp. | 26800 | 8284 |
| Sony Financial Group, Inc. (b) | 254700 | 282 |
| Sony Group Corp. | 254700 | 7322 |
|  |  | 45114 |
| **Korea, Republic of (1.5%)** |  |  |
| Samsung Electronics Co. Ltd. | 119565 | 7168 |
| **Netherlands (7.7%)** |  |  |
| ASML Holding NV | 14611 | 14249 |
| EXOR NV | 88830 | 8694 |
| IMCD NV | 63929 | 6626 |
| Universal Music Group NV | 251729 | 7274 |
|  |  | 36843 |
| **Singapore (1.1%)** |  |  |
| DBS Group Holdings Ltd. | 130410 | 5172 |
| **Spain (2.3%)** |  |  |
| Amadeus IT Group SA | 140051 | 11132 |
| **Sweden (3.6%)** |  |  |
| Atlas Copco AB, Class A | 489442 | 8300 |
| Hexagon AB, Class B | 738287 | 8810 |
|  |  | 17110 |
| **Taiwan (3.1%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 339881 | 14764 |
| **United Kingdom (26.5%)** |  |  |
| Anglo American PLC | 223890 | 8442 |
| AstraZeneca PLC | 72464 | 11102 |
| Diploma PLC | 118717 | 8497 |
| Experian PLC | 101951 | 5121 |
| Haleon PLC | 3086382 | 13889 |
| Halma PLC | 246628 | 11481 |
| Hiscox Ltd. | 275968 | 5094 |
| InterContinental Hotels Group PLC | 41696 | 5041 |
| London Stock Exchange Group PLC | 112585 | 12912 |
| NatWest Group PLC | 1150662 | 8127 |
| Reckitt Benckiser Group PLC | 60491 | 4658 |
| RELX PLC (LSE) | 209895 | 10028 |
| RELX PLC (Euronext NV) | 69888 | 3350 |
| Rightmove PLC | 735748 | 7026 |
| Shell PLC | 141470 | 5042 |
| St. James's Place PLC | 377474 | 6461 |
|  |  | 126271 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $337,544)** |  | 462816 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** |  |
| **Canada (0.0%)** |  |
| Constellation Software, Inc. expires 3/31/40 (b)(c) **(Cost $—)** | 18454 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (1.2%)** | **Short-Term Investment (1.2%)** | **Short-Term Investment (1.2%)** |
| **Investment Company (1.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) **(Cost $5,954)** | 5953725 | 5954 |
| **Total Investments (98.4%) (Cost $343,498) (e)(f)(g)** |  | 468770 |
| Other Assets in Excess of Liabilities (1.6%) |  | 7463 |
| **Net Assets (100.0%)** |  | $476233 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

---

| | |
|:---|:---|
| (a) | Security trades on the Hong Kong exchange. |
| (b) | Non-income producing security. |
| (c) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The approximate fair value and percentage of net assets, $445,611,000 and 93.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $136,566,000 and the aggregate gross unrealized depreciation is approximately $11,294,000, resulting in net unrealized appreciation of approximately $125,272,000. |
| Euronext NV | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 50.9% |
| Electronic Equipment, Instruments & Components | 9.1 |
| Semiconductors & Semiconductor Equipment | 8.3 |
| Banks | 7.3 |
| Software | 6.9 |
| Pharmaceuticals | 6.6 |
| Machinery | 5.6 |
| Professional Services | 5.3 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

International Opportunity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (97.8%)** |  |  |
| **Brazil (4.6%)** |  |  |
| NU Holdings Ltd., Class A (a) | 2308428 | $36958 |
| **Canada (4.7%)** |  |  |
| Canadian Pacific Kansas City Ltd. | 103917 | 7739 |
| Shopify, Inc., Class A (a) | 201498 | 29945 |
|  |  | 37684 |
| **China (12.6%)** |  |  |
| Full Truck Alliance Co. Ltd. ADR | 933462 | 12107 |
| Kweichow Moutai Co. Ltd., Class A | 62531 | 12708 |
| Meituan, Class B (a)(b) | 1532920 | 20478 |
| PDD Holdings, Inc. ADR (a) | 81622 | 10788 |
| Tencent Holdings Ltd. (b) | 192000 | 16360 |
| Trip.com Group Ltd. ADR | 390491 | 29365 |
|  |  | 101806 |
| **Denmark (4.9%)** |  |  |
| DSV AS | 199134 | 39781 |
| **France (11.2%)** |  |  |
| Hermes International SCA | 11843 | 29122 |
| L'Oreal SA | 28712 | 12475 |
| LVMH Moet Hennessy Louis Vuitton SE | 20444 | 12581 |
| Schneider Electric SE | 129312 | 36398 |
|  |  | 90576 |
| **Germany (1.0%)** |  |  |
| SAP SE ADR | 32116 | 8582 |
| **India (13.2%)** |  |  |
| Axis Bank Ltd. | 803942 | 10242 |
| Eternal Ltd. (a) | 3851008 | 14138 |
| HDFC Bank Ltd. | 2199771 | 23574 |
| ICICI Bank Ltd. ADR | 868623 | 26258 |
| MakeMyTrip Ltd. (a) | 172922 | 16185 |
| Tata Capital Ltd. (a) | 1052664 | 3865 |
| Titan Co. Ltd. | 328873 | 12469 |
|  |  | 106731 |
| **Italy (3.0%)** |  |  |
| Moncler SpA | 413743 | 24350 |
| **Japan (6.4%)** |  |  |
| Keyence Corp. | 53600 | 19969 |
| Sanrio Co. Ltd. | 674300 | 31652 |
|  |  | 51621 |
| **Korea, Republic of (7.3%)** |  |  |
| Coupang, Inc. (a) | 1232202 | 39677 |
| KakaoBank Corp. | 1128872 | 19121 |
|  |  | 58798 |
| **Netherlands (4.4%)** |  |  |
| Adyen NV (a) | 6476 | 10420 |
| ASML Holding NV | 25797 | 25157 |
|  |  | 35577 |
| **Singapore (2.0%)** |  |  |
| Grab Holdings Ltd., Class A (a) | 2706761 | 16295 |
| **Sweden (6.1%)** |  |  |
| Spotify Technology SA (a) | 70301 | 49070 |
| **Switzerland (2.0%)** |  |  |
| On Holding AG, Class A (a) | 383532 | 16243 |
| **Taiwan (4.9%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 909000 | 39485 |
| **United Kingdom (1.0%)** |  |  |
| London Stock Exchange Group PLC | 69463 | 7966 |
| **United States (8.5%)** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 174713 | 18249 |
| MercadoLibre, Inc. (a) | 21662 | 50623 |
|  |  | 68872 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $478,738)** |  | 790395 |
| **Short-Term Investment (2.1%)** |  |  |
| **Investment Company (2.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) **(Cost $16,475)** | 16475191 | 16475 |
| **Total Investments (99.9%) (Cost $495,213) (d)(e)(f)** |  | 806870 |
| Other Assets in Excess of Liabilities (0.1%) |  | 1101 |
| **Net Assets (100.0%)** |  | $807971 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $20,000 relating to the Fund's investment in the Liquidity Fund. |
| (d) | The approximate fair value and percentage of net assets, $418,447,000 and 51.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $344,214,000 and the aggregate gross unrealized depreciation is approximately $32,557,000, resulting in net unrealized appreciation of approximately $311,657,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 35.1% |
| Banks | 14.4 |
| Broadline Retail | 12.5 |
| Textiles, Apparel & Luxury Goods | 11.8 |
| Hotels, Restaurants & Leisure | 9.9 |
| Entertainment | 8.3 |
| Semiconductors & Semiconductor Equipment | 8.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

International Resilience Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (95.3%)** |  |  |
| **Canada (1.9%)** |  |  |
| Constellation Software, Inc. | 15 | $41 |
| **Denmark (2.1%)** |  |  |
| DSV AS | 232 | 46 |
| **Finland (3.2%)** |  |  |
| Kone OYJ, Class B | 995 | 68 |
| **France (15.4%)** |  |  |
| Capgemini SE | 299 | 43 |
| Dassault Systemes SE | 943 | 32 |
| Legrand SA | 421 | 70 |
| L'Oreal SA | 179 | 78 |
| Safran SA | 308 | 109 |
|  |  | 332 |
| **Germany (8.3%)** |  |  |
| Qiagen NV | 1282 | 57 |
| SAP SE | 452 | 121 |
|  |  | 178 |
| **Japan (5.1%)** |  |  |
| BayCurrent, Inc. | 600 | 35 |
| Keyence Corp. | 200 | 75 |
|  |  | 110 |
| **Netherlands (8.1%)** |  |  |
| ASML Holding NV | 91 | 89 |
| IMCD NV | 386 | 40 |
| Universal Music Group NV | 1574 | 45 |
|  |  | 174 |
| **Spain (3.1%)** |  |  |
| Amadeus IT Group SA | 824 | 66 |
| **Sweden (5.5%)** |  |  |
| Atlas Copco AB, Class A | 3541 | 60 |
| Hexagon AB, Class B | 4954 | 59 |
|  |  | 119 |
| **Taiwan (4.9%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2416 | 105 |
| **United Kingdom (28.3%)** |  |  |
| AstraZeneca PLC | 349 | 54 |
| Diploma PLC | 757 | 54 |
| Experian PLC | 1013 | 51 |
| Haleon PLC | 23801 | 107 |
| Halma PLC | 1650 | 77 |
| InterContinental Hotels Group PLC | 328 | 40 |
| London Stock Exchange Group PLC | 605 | 69 |
| RELX PLC | 2262 | 108 |
| Rightmove PLC | 4932 | 47 |
|  |  | 607 |
| **United States (9.4%)** |  |  |
| Aon PLC, Class A | 117 | 42 |
| Procter & Gamble Co. | 315 | 48 |
| Thermo Fisher Scientific, Inc. | 97 | 47 |
| Visa, Inc., Class A | 188 | 64 |
|  |  | 201 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $1,686)** |  | 2047 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** | **Warrants (0.0%)** |
| **Canada (0.0%)** | **Canada (0.0%)** |
| Constellation Software, Inc. expires 3/31/40 (a)(b) **(Cost $—)** | 31 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (1.3%)** |  |  |
| **Investment Company (1.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) **(Cost $28)** | 27621 | 28 |
| **Total Investments (96.6%) (Cost $1,714) (d)(e)(f)** |  | 2075 |
| Other Assets in Excess of Liabilities (3.4%) |  | 73 |
| **Net Assets (100.0%)** |  | $2148 |

---

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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.

(d) The approximate fair value and percentage of net assets, $1,805,000 and 84.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(e) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.

(f) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $411,000 and the aggregate gross unrealized depreciation is approximately $50,000, resulting in net unrealized appreciation of approximately $361,000.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 32.5% |
| Electronic Equipment, Instruments & Components | 10.1 |
| Software | 9.4 |
| Semiconductors & Semiconductor Equipment | 9.3 |
| Professional Services | 9.3 |
| Pharmaceuticals | 7.8 |
| Machinery | 6.2 |
| Aerospace & Defense | 5.3 |
| Hotels, Restaurants & Leisure | 5.1 |
| Life Sciences Tools & Services | 5.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Passport Overseas Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (96.5%)** |  |  |
| **Australia (1.2%)** |  |  |
| Perseus Mining Ltd. | 656183 | $2111 |
| **Canada (6.7%)** |  |  |
| Agnico Eagle Mines Ltd. | 18826 | 3171 |
| Canadian Imperial Bank of Commerce (a) | 33610 | 2686 |
| Constellation Software, Inc. | 261 | 709 |
| Royal Bank of Canada | 20065 | 2957 |
| Suncor Energy, Inc. | 47726 | 1997 |
|  |  | 11520 |
| **China (4.6%)** |  |  |
| Alibaba Group Holding Ltd. ADR | 11100 | 1984 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H (b)(c) | 96200 | 1091 |
| NAURA Technology Group Co. Ltd., Class A | 25800 | 1644 |
| Tencent Holdings Ltd. (b) | 38400 | 3272 |
|  |  | 7991 |
| **Denmark (0.5%)** |  |  |
| Novo Nordisk AS, Class B | 15457 | 861 |
| **Egypt (0.5%)** |  |  |
| Commercial International Bank - Egypt (CIB) | 405712 | 856 |
| **France (9.4%)** |  |  |
| Air Liquide SA | 8531 | 1777 |
| Airbus SE | 15792 | 3688 |
| BNP Paribas SA | 21741 | 1989 |
| L'Oreal SA | 2965 | 1288 |
| Sanofi SA | 19701 | 1866 |
| Schneider Electric SE | 8257 | 2324 |
| SCOR SE | 58420 | 2066 |
| Thales SA | 3891 | 1230 |
|  |  | 16228 |
| **Germany (10.1%)** |  |  |
| Commerzbank AG | 87185 | 3301 |
| Heidelberg Materials AG | 11818 | 2671 |
| Rheinmetall AG | 2012 | 4706 |
| SAP SE | 12375 | 3314 |
| Siemens AG (Registered) | 12911 | 3486 |
|  |  | 17478 |
| **Hungary (1.4%)** |  |  |
| OTP Bank Nyrt | 28835 | 2494 |
| **India (7.7%)** |  |  |
| Apollo Hospitals Enterprise Ltd. | 18435 | 1539 |
| Grasim Industries Ltd. | 48144 | 1495 |
| HDFC Bank Ltd. ADR | 104906 | 3584 |
| ICICI Bank Ltd. | 168630 | 2556 |
| Reliance Industries Ltd. | 82156 | 1262 |
| Shriram Finance Ltd. | 213763 | 1482 |
| State Bank of India | 145889 | 1432 |
|  |  | 13350 |
| **Ireland (3.8%)** |  |  |
| AIB Group PLC | 461383 | 4206 |
| Ryanair Holdings PLC ADR | 39700 | 2391 |
|  |  | 6597 |
| **Israel (1.9%)** |  |  |
| CyberArk Software Ltd. (c) | 6700 | 3237 |
| **Japan (10.1%)** |  |  |
| Keyence Corp. | 4900 | 1826 |
| Mitsubishi Corp. | 81100 | 1933 |
| Mitsui & Co. Ltd. | 62300 | 1547 |
| Mizuho Financial Group, Inc. | 116700 | 3923 |
| OBIC Business Consultants Co. Ltd. | 16500 | 1015 |
| Sony Financial Group, Inc. (c) | 146465 | 163 |
| Sony Group Corp. | 146465 | 4210 |
| Sumitomo Mitsui Trust Group, Inc. | 30400 | 882 |
| TIS, Inc. | 24100 | 795 |
| USS Co. Ltd. | 111700 | 1282 |
|  |  | 17576 |
| **Kazakhstan (1.9%)** |  |  |
| Halyk Savings Bank of Kazakhstan JSC GDR | 72934 | 1836 |
| NAC Kazatomprom JSC GDR | 27193 | 1453 |
|  |  | 3289 |
| **Korea, Republic of (7.6%)** |  |  |
| Hanwha Aerospace Co. Ltd. | 6821 | 5394 |
| Kia Corp. | 13393 | 961 |
| Samsung Electronics Co. Ltd. | 113200 | 6787 |
|  |  | 13142 |
| **Netherlands (3.5%)** |  |  |
| ASML Holding NV | 2976 | 2902 |
| Universal Music Group NV | 69479 | 2008 |
| Wolters Kluwer NV | 8554 | 1168 |
|  |  | 6078 |
| **Norway (1.7%)** |  |  |
| Var Energi ASA | 864676 | 2887 |
| **Singapore (2.1%)** |  |  |
| Sea Ltd. ADR (c) | 20628 | 3687 |
| **Slovenia (1.7%)** |  |  |
| Nova Ljubljanska Banka DD GDR | 74073 | 3021 |
| **Spain (3.1%)** |  |  |
| CaixaBank SA | 411029 | 4342 |
| Iberdrola SA | 51201 | 969 |
|  |  | 5311 |
| **Switzerland (2.4%)** |  |  |
| Novartis AG (Registered) | 21272 | 2735 |
| Roche Holding AG (Genusschein) | 4488 | 1495 |
|  |  | 4230 |
| **Taiwan (4.9%)** |  |  |
| MediaTek, Inc. | 22000 | 954 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 173000 | 7515 |
|  |  | 8469 |
| **United Kingdom (6.4%)** |  |  |
| AstraZeneca PLC | 22494 | 3446 |
| BAE Systems PLC | 52061 | 1449 |
| Shell PLC | 81138 | 2892 |
| Unilever PLC CVA | 56188 | 3321 |
|  |  | 11108 |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (3.3%)** |  |  |
| Linde PLC | 4266 | $2026 |
| MercadoLibre, Inc. (c) | 1578 | 3688 |
|  |  | 5714 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $102,029)** |  | 167235 |
| **Preferred Stock (0.8%)** |  |  |
| **United States (0.8%)** |  |  |
| Neurogenesis, Inc., Series A (c)(d)(e) (acquisition cost — $1,250; acquired 12/16/21) | 32692 | 1375 |
| **Short-Term Investments (4.0%)** |  |  |
| **Investment Company (2.4%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (f) **(Cost $4,134)** | 4134238 | 4134 |
| **Securities held as Collateral on Loaned Securities (1.6%)** |  |  |
| **Investment Company (1.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (f) | 2194361 | 2194 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Repurchase Agreements (0.3%)** |  |  |
| Citigroup, Inc., (4.00%, dated 9/30/25, due 10/1/25; proceeds $240; fully collateralized by U.S. Government obligations; 4.50% - 4.63% due 11/15/25 - 9/15/26; valued at $245) | $240 | 240 |
| Merrill Lynch & Co., Inc., (4.20%, dated 9/30/25, due 10/1/25; proceeds $323; fully collateralized by U.S. Government obligations; 0.13% - 4.13% due 12/31/26 - 8/15/53; valued at $329) | 323 | 323 |
|  |  | 563 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $2,757)** |  | 2757 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $6,891)** |  | 6891 |
| **Total Investments (101.3%) (Cost $110,170) including $2,632 of Securities Loaned (g)(h)(i)(j)** |  | 175501 |
| Liabilities in Excess of Other Assets (–1.3%) |  | (2197) |
| **Net Assets (100.0%)** |  | $173304 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

---

| | |
|:---|:---|
| (a) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2025, were approximately $2,632,000 and $2,757,000, respectively. The Fund received cash collateral of approximately $2,757,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (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 September 30, 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 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $11,000 relating to the Fund's investment in the Liquidity Fund. |
| (g) | The approximate fair value and percentage of net assets, $134,956,000 and 77.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (h) | Securities are available for collateral in connection with futures contracts. |
| (i) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (j) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $65,853,000 and the aggregate gross unrealized depreciation is approximately $467,000, resulting in net unrealized appreciation of approximately $65,386,000. |
| ADR | American Depositary Receipt. |
| CVA | Certificaten Van Aandelen. |
| GDR | Global Depositary Receipt. |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

**Futures Contracts:**

The Fund had the following futures contracts open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (000)** |
| **Long:** |  |  |  | | |
| &nbsp;&nbsp;&nbsp;Hang Seng Index (Hong Kong) | 22 | Oct-25 HKD | 1 | $3804 | $55 |

---

HKD — Hong Kong Dollar

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Other\* | 41.7 | % |
| Banks | 23.2 |  |
| Aerospace & Defense | 9.5 |  |
| Semiconductors & Semiconductor Equipment | 7.5 |  |
| Pharmaceuticals | 6.6 |  |
| Oil, Gas & Consumable Fuels | 6.1 |  |
| Broadline Retail | 5.4 |  |
| Total Investments | 100.0 | %\*\* |

---

\* Industries and/or investment types representing less than 5% of total investments.

\*\* Does not include an open futures contract with a value of approximately $3,804,000 and net unrealized appreciation of approximately $55,000.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Permanence Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (92.4%)** |  |  |
| **Aerospace & Defense (0.3%)** |  |  |
| Axon Enterprise, Inc. (a) | 7 | $5 |
| HEICO Corp., Class A | 22 | 6 |
| TransDigm Group, Inc. | 4 | 5 |
|  |  | 16 |
| **Beverages (0.9%)** |  |  |
| Celsius Holdings, Inc. (a) | 908 | 52 |
| **Capital Markets (3.5%)** |  |  |
| Intercontinental Exchange, Inc. | 495 | 84 |
| MSCI, Inc. | 101 | 57 |
| S&P Global, Inc. | 111 | 54 |
|  |  | 195 |
| **Chemicals (0.3%)** |  |  |
| Ecolab, Inc. | 19 | 5 |
| Sherwin-Williams Co. | 38 | 13 |
|  |  | 18 |
| **Commercial Services & Supplies (0.6%)** |  |  |
| Cintas Corp. | 21 | 4 |
| Copart, Inc. (a) | 287 | 13 |
| Rollins, Inc. | 93 | 5 |
| Veralto Corp. | 110 | 12 |
|  |  | 34 |
| **Construction Materials (0.1%)** |  |  |
| Martin Marietta Materials, Inc. | 8 | 5 |
| **Containers & Packaging (1.0%)** |  |  |
| Smurfit WestRock PLC | 1282 | 54 |
| **Distributors (0.2%)** |  |  |
| Pool Corp. | 44 | 14 |
| **Diversified Consumer Services (1.0%)** |  |  |
| Service Corp. International | 649 | 54 |
| **Entertainment (1.2%)** |  |  |
| Netflix, Inc. (a) | 5 | 6 |
| Walt Disney Co. | 514 | 59 |
|  |  | 65 |
| **Financial Services (2.4%)** |  |  |
| Federal National Mortgage Association (a) | 11175 | 135 |
| **Food Products (1.2%)** |  |  |
| Hershey Co. | 76 | 14 |
| McCormick & Co., Inc. | 770 | 52 |
|  |  | 66 |
| **Ground Transportation (3.8%)** |  |  |
| Union Pacific Corp. | 913 | 216 |
| **Health Care Equipment & Supplies (0.1%)** |  |  |
| Intuitive Surgical, Inc. (a) | 9 | 4 |
| **Health Care Technology (0.3%)** |  |  |
| Veeva Systems, Inc., Class A (a) | 54 | 16 |
| **Hotels, Restaurants & Leisure (3.7%)** |  |  |
| Cheesecake Factory, Inc. | 966 | 53 |
| Domino's Pizza, Inc. | 61 | 26 |
| McDonald's Corp. | 46 | 14 |
| Shake Shack, Inc., Class A (a) | 540 | 51 |
| Starbucks Corp. | 154 | 13 |
| Vail Resorts, Inc. | 334 | 50 |
|  |  | 207 |
| **Household Durables (0.7%)** |  |  |
| NVR, Inc. (a) | 1 | 8 |
| Victoria PLC (United Kingdom) (a) | 35776 | 32 |
|  |  | 40 |
| **Information Technology Services (13.8%)** |  |  |
| Cloudflare, Inc., Class A (a) | 3611 | 775 |
| **Insurance (0.5%)** |  |  |
| Brown & Brown, Inc. | 284 | 27 |
| **Life Sciences Tools & Services (4.1%)** |  |  |
| Danaher Corp. | 889 | 176 |
| Thermo Fisher Scientific, Inc. | 113 | 55 |
|  |  | 231 |
| **Metals & Mining (8.3%)** |  |  |
| MP Materials Corp. (a) | 2368 | 159 |
| Royal Gold, Inc. | 1518 | 304 |
|  |  | 463 |
| **Oil, Gas & Consumable Fuels (2.0%)** |  |  |
| Cameco Corp. (Canada) | 911 | 77 |
| Sable Offshore Corp. (a) | 1219 | 21 |
| Texas Pacific Land Corp. | 16 | 15 |
|  |  | 113 |
| **Personal Care Products (1.6%)** |  |  |
| Oddity Tech Ltd., Class A (Israel) (a) | 1418 | 88 |
| **Pharmaceuticals (5.7%)** |  |  |
| Royalty Pharma PLC, Class A | 8920 | 315 |
| Zoetis, Inc. | 22 | 3 |
|  |  | 318 |
| **Real Estate Management & Development (4.7%)** |  |  |
| CoStar Group, Inc. (a) | 648 | 54 |
| Landbridge Co. LLC, Class A | 3896 | 208 |
|  |  | 262 |
| **Semiconductors & Semiconductor Equipment (5.0%)** |  |  |
| ASML Holding NV (Registered) (Netherlands) | 291 | 282 |
| **Software (0.6%)** |  |  |
| Appfolio, Inc., Class A (a) | 19 | 5 |
| Cadence Design Systems, Inc. (a) | 15 | 5 |
| Guidewire Software, Inc. (a) | 23 | 6 |
| Procore Technologies, Inc. (a) | 83 | 6 |
| Roper Technologies, Inc. | 8 | 4 |
| Synopsys, Inc. (a) | 8 | 4 |
| Tyler Technologies, Inc. (a) | 8 | 4 |
|  |  | 34 |
| **Specialized REITs (3.5%)** |  |  |
| American Tower Corp. REIT | 1025 | 197 |
| **Specialty Retail (5.1%)** |  |  |
| AutoZone, Inc. (a) | 3 | 13 |
| Floor & Decor Holdings, Inc., Class A (a) | 3304 | 243 |
| Home Depot, Inc. | 69 | 28 |
| Tractor Supply Co. | 85 | 5 |
|  |  | 289 |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Textiles, Apparel & Luxury Goods (5.0%)** |  |  |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 455 | $280 |
| **Trading Companies & Distributors (11.2%)** |  |  |
| Core & Main, Inc., Class A (a) | 4877 | 262 |
| Fastenal Co. | 114 | 6 |
| QXO, Inc. (a) | 17466 | 333 |
| Watsco, Inc. | 67 | 27 |
|  |  | 628 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $4,207)** |  | 5178 |
| **Investment Company (3.4%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $113)** | 2924 | 190 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** |  |
| **Software (0.0%)** |  |
| Constellation Software, Inc.<br> expires (a)(b) **(Cost $—)** | 58 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (3.2%)** |  |  |
| **Investment Company (3.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) **(Cost $182)** | 181843 | 182 |
| **Total Investments Excluding Purchased Options (99.0%) (Cost $4,502)** |  | 5550 |
| **Total Purchased Options Outstanding (0.1%) (Cost $29)** |  | 3 |
| **Total Investments (99.1%) (Cost $4,531) (d)(e)(f)** |  | 5553 |
| Other Assets in Excess of Liabilities (0.9%) |  | 52 |
| **Net Assets (100.0%)** |  | $5605 |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund. |
| (d) | The approximate fair value and percentage of net assets, $312,000 and 5.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | Securities are available for collateral in connection with purchased options. |
| (f) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,355,000 and the aggregate gross unrealized depreciation is approximately $334,000, resulting in net unrealized appreciation of approximately $1,021,000. |
| ETF | Exchange Traded Fund. |
| REIT | Real Estate Investment Trust. |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 1699931 | $1700 | $2 | $6 | $(4) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 1197750 | 1198 | 1 | 5 | (4) |
| Standard Chartered Bank | USD/CNH | CNH 7.76 | Oct–25 | 1064506 | 1065 |  | 5 | (5) |
| JPMorgan Chase Bank NA | USD/CNH | CNH 7.82 | Feb–26 | 1202830 | 1203 |  | 5 | (5) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 859760 | 860 |  | 4 | (4) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 8.02 | Dec–25 | 1001958 | 1002 |  | 4 | (4) |
|  |  |  |  |  |  | $3 | $29 | $(26) |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| CNH | Chinese Yuan Renminbi Offshore |
| USD | United States Dollar |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 45.4% |
| Information Technology Services | 14.0 |
| Trading Companies & Distributors | 11.3 |
| Metals & Mining | 8.3 |
| Pharmaceuticals | 5.7 |
| Specialty Retail | 5.2 |
| Semiconductors & Semiconductor Equipment | 5.1 |
| Textiles, Apparel & Luxury Goods | 5.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

US Core Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.4%)** |  |  |
| **Aerospace & Defense (3.6%)** |  |  |
| General Electric Co. | 51298 | $15431 |
| **Automobiles (2.4%)** |  |  |
| Tesla, Inc. (a) | 23122 | 10283 |
| **Banks (5.9%)** |  |  |
| JPMorgan Chase & Co. | 81564 | 25728 |
| **Broadline Retail (6.2%)** |  |  |
| Amazon.com, Inc. (a) | 122133 | 26817 |
| **Capital Markets (9.5%)** |  |  |
| Ameriprise Financial, Inc. | 28349 | 13926 |
| Cboe Global Markets, Inc. | 47469 | 11642 |
| Jefferies Financial Group, Inc. | 40281 | 2635 |
| LPL Financial Holdings, Inc. | 39059 | 12995 |
|  |  | 41198 |
| **Commercial Services & Supplies (2.7%)** |  |  |
| Waste Management, Inc. | 52207 | 11529 |
| **Construction Materials (1.6%)** |  |  |
| CRH PLC | 58505 | 7015 |
| **Consumer Staples Distribution & Retail (2.7%)** |  |  |
| Costco Wholesale Corp. | 12697 | 11753 |
| **Entertainment (4.4%)** |  |  |
| Netflix, Inc. (a) | 15728 | 18857 |
| **Financial Services (3.1%)** |  |  |
| Mastercard, Inc., Class A | 23403 | 13312 |
| **Hotels, Restaurants & Leisure (0.9%)** |  |  |
| McDonald's Corp. | 13170 | 4002 |
| **Household Durables (1.2%)** |  |  |
| Lennar Corp., Class A | 41775 | 5265 |
| **Information Technology Services (2.4%)** |  |  |
| Shopify, Inc., Class A (Canada) (a) | 69495 | 10328 |
| **Insurance (5.6%)** |  |  |
| Brown & Brown, Inc. | 108484 | 10175 |
| Progressive Corp. | 56953 | 14064 |
|  |  | 24239 |
| **Interactive Media & Services (7.2%)** |  |  |
| Alphabet, Inc., Class A | 127517 | 30999 |
| **Oil, Gas & Consumable Fuels (2.0%)** |  |  |
| Chevron Corp. | 33617 | 5220 |
| Valero Energy Corp. | 19294 | 3285 |
|  |  | 8505 |
| **Pharmaceuticals (1.1%)** |  |  |
| Eli Lilly & Co. | 6015 | 4589 |
| **Real Estate Management & Development (3.4%)** |  |  |
| CBRE Group, Inc., Class A (a) | 94011 | 14812 |
| **Semiconductors & Semiconductor Equipment (11.3%)** |  |  |
| NVIDIA Corp. | 261769 | 48841 |
| **Software (9.6%)** |  |  |
| Microsoft Corp. | 80354 | 41619 |
| **Specialized REITs (0.1%)** |  |  |
| Millrose Properties, Inc. REIT | 10164 | 342 |
| **Specialty Retail (4.0%)** |  |  |
| AutoZone, Inc. (a) | 297 | 1274 |
| TJX Cos., Inc. | 110620 | 15989 |
|  |  | 17263 |
| **Tech Hardware, Storage & Peripherals (6.6%)** |  |  |
| Apple, Inc. | 111961 | 28509 |
| **Trading Companies & Distributors (1.9%)** |  |  |
| United Rentals, Inc. | 8555 | 8167 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $256,157)** |  | 429403 |
| **Short-Term Investment (0.8%)** |  |  |
| **Investment Company (0.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) **(Cost $3,580)** | 3579538 | 3580 |
| **Total Investments (100.2%) (Cost $259,737) (c)(d)** |  | 432983 |
| Liabilities in Excess of Other Assets (–0.2%) |  | (723) |
| **Net Assets (100.0%)** |  | $432260 |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $173,317,000 and the aggregate gross unrealized depreciation is approximately $71,000, resulting in net unrealized appreciation of approximately $173,246,000. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 38.2% |
| Semiconductors & Semiconductor Equipment | 11.3 |
| Software | 9.6 |
| Capital Markets | 9.5 |
| Interactive Media & Services | 7.1 |
| Tech Hardware, Storage & Peripherals | 6.6 |
| Broadline Retail | 6.2 |
| Banks | 5.9 |
| Insurance | 5.6 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Vitality Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (91.1%)** |  |  |
| **Biotechnology (41.8%)** |  |  |
| Alnylam Pharmaceuticals, Inc. (a) | 335 | $153 |
| Argenx SE ADR (Belgium) (a) | 241 | 178 |
| Ascendis Pharma AS ADR (Denmark) (a) | 512 | 102 |
| Beam Therapeutics, Inc. (a)(b) | 951 | 23 |
| Biohaven Ltd. (a) | 1286 | 19 |
| Exact Sciences Corp. (a) | 2200 | 120 |
| Intellia Therapeutics, Inc. (a)(b) | 5293 | 91 |
| Newamsterdam Pharma Co. NV (a) | 2383 | 68 |
| Ultragenyx Pharmaceutical, Inc. (a) | 758 | 23 |
| Vertex Pharmaceuticals, Inc. (a) | 169 | 66 |
|  |  | 843 |
| **Health Care Equipment & Supplies (8.9%)** |  |  |
| Align Technology, Inc. (a) | 521 | 66 |
| Ceribell, Inc. (a)(b) | 2196 | 25 |
| Inspire Medical Systems, Inc. (a) | 406 | 30 |
| Intuitive Surgical, Inc. (a) | 132 | 59 |
|  |  | 180 |
| **Health Care Providers & Services (4.2%)** |  |  |
| Agilon Health, Inc. (a) | 7516 | 8 |
| UnitedHealth Group, Inc. | 222 | 76 |
|  |  | 84 |
| **Health Care Technology (6.6%)** |  |  |
| Doximity, Inc., Class A (a) | 351 | 26 |
| Schrodinger, Inc. (a) | 2552 | 51 |
| Veeva Systems, Inc., Class A (a) | 190 | 57 |
|  |  | 134 |
| **Life Sciences Tools & Services (12.4%)** |  |  |
| 10X Genomics, Inc., Class A (a) | 3801 | 44 |
| Illumina, Inc. (a) | 437 | 42 |
| MaxCyte, Inc. (a) | 23217 | 37 |
| Thermo Fisher Scientific, Inc. | 186 | 90 |
| West Pharmaceutical Services, Inc. | 146 | 38 |
|  |  | 251 |
| **Pharmaceuticals (17.2%)** |  |  |
| ATAI Life Sciences NV (a)(b) | 14368 | 76 |
| Eli Lilly & Co. | 181 | 138 |
| Enliven Therapeutics, Inc. (a)(b) | 1067 | 22 |
| Structure Therapeutics, Inc. ADR (China) (a) | 1787 | 50 |
| Zoetis, Inc. | 411 | 60 |
|  |  | 346 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $2,184)** |  | 1838 |
| **Short-Term Investments (12.3%)** |  |  |
| **Investment Company (6.5%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) **(Cost $131)** | 131069 | 131 |
| **Securities held as Collateral on Loaned Securities (5.8%)** |  |  |
| **Investment Company (4.6%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) | 93191 | 93 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Repurchase Agreements (1.2%)** |  |  |
| Citigroup, Inc., (4.00%, dated 9/30/25, due 10/1/25; proceeds $10; fully collateralized by U.S. Government obligations; 4.50% - 4.63% due 11/15/25 - 9/15/26; valued at $10) | $10 | $10 |
| Merrill Lynch & Co., Inc., (4.20%, dated 9/30/25, due 10/1/25; proceeds $14; fully collateralized by U.S. Government obligations; 0.13% - 4.13% due 12/31/26 - 8/15/53; valued at $14) | 14 | 14 |
|  |  | 24 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $117)** |  | 117 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $248)** |  | 248 |
| **Total Investments (103.4%) (Cost $2,432) including $213 of Securities Loaned (d)(e)** |  | 2086 |
| Liabilities in Excess of Other Assets (–3.4%) |  | (68) |
| **Net Assets (100.0%)** |  | $2018 |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2025, were approximately $213,000 and $222,000, respectively. The Fund received cash collateral of approximately $117,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $105,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $413,000 and the aggregate gross unrealized depreciation is approximately $759,000, resulting in net unrealized depreciation of approximately $346,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Biotechnology | 42.8% |
| Pharmaceuticals | 17.6 |
| Life Sciences Tools & Services | 12.7 |
| Health Care Equipment & Supplies | 9.1 |
| Health Care Technology | 6.8 |
| Short-Term Investments | 6.7 |
| Other\*\* | 4.3 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2025.

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments

**Security Valuation:** (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the"Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") 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; (2) 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; (3) 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; (4) futures are valued at the settlement price on the exchange on which they trade or,if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from reputable broker/dealer or valued by a pricing service/vendor; (7) 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 Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (8) 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; (9) PIPE investments may be valued based on the underlying stock price less a discount until the commitment isfulfilled and shares are registered; 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.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

**Fair Value Measurement:** Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered
in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate
stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary,
available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Advantage Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles | $18118 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $18118 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 3494 |  |  | 3494 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 11694 |  |  | 11694 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 2383 |  |  | 2383 |
| &nbsp;&nbsp;&nbsp;Entertainment | 16493 |  |  | 16493 |
| &nbsp;&nbsp;&nbsp;Financial Services | 5332 | 7782 |  | 13114 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 3590 |  |  | 3590 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 21371 |  |  | 21371 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 55426 |  |  | 55426 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 2937 |  |  | 2937 |
| &nbsp;&nbsp;&nbsp;Media | 3527 |  |  | 3527 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 9917 |  |  | 9917 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 5779 |  |  | 5779 |
| &nbsp;&nbsp;&nbsp;Software | 25368 |  |  | 25368 |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 3281 |  |  | 3281 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 2983 |  |  | 2983 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods |  | 5722 |  | 5722 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 4318 |  |  | 4318 |
| **Total Common Stocks** | **196011** | **13504** | **—** | **209515** |
| **Investment Company** | 6332 |  |  | 6332 |
| **Call Options Purchased** |  | 109 |  | 109 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 4584 |  |  | 4584 |
| **Total Assets** | $**206927** | $**13613** | $**—** | $**220540** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**American Resilience Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable <br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |  |
| **Assets:** |  |  |  |  |  |  |
| **Common Stocks** | $1248<sup>(1)</sup> | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | $1248 |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 26 |  |  |  | 26 |  |
| **Total Assets** | $**1274** | $**—** | $**—** | **†** | $**1274** | **†** |

---

(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.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Asia Opportunity Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks | $8078 | $13027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $21105 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 5059 |  | 5059 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 13855 |  |  | 13855 |
| &nbsp;&nbsp;&nbsp;Consumer Finance | 2143 |  |  | 2143 |
| &nbsp;&nbsp;&nbsp;Financial Services | 624 |  |  | 624 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 12853 |  |  | 12853 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  | 1682 |  | 1682 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 12715 | 12502 |  | 25217 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 4445 |  | 4445 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 4584 | 15116 |  | 19700 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 3636 | 2745 |  | 6381 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 11033 |  | 11033 |
| &nbsp;&nbsp;&nbsp;Software | 1859 |  |  | 1859 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods |  | 3906 |  | 3906 |
| **Total Common Stocks** | **60347** | **69515** | **—** | **129862** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 2446 |  |  | 2446 |
| **Total Assets** | $**62793** | $**69515** | $**—** | $**132308** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Developing Opportunity Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks | $4436 | $4199 | $— | $8635 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 1339 |  | 1339 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 7568 | 558 |  | 8126 |
| &nbsp;&nbsp;&nbsp;Consumer Finance | 573 |  |  | 573 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 3428 |  |  | 3428 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  | 367 |  | 367 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 4255 | 4399 |  | 8654 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 199 |  | 199 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 971 | 4748 |  | 5719 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 985 | 671 |  | 1656 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 3692 |  | 3692 |
| &nbsp;&nbsp;&nbsp;Software | 663 |  |  | 663 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods |  | 1119 |  | 1119 |
| **Total Common Stocks** | **22879** | **21291** | **—** | **44170** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 1949 |  |  | 1949 |
| **Total Assets** | $**24828** | $**21291** | $**—** | $**46119** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Emerging Markets ex China Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | $— | $46 | $— | $46 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 398 |  | 398 |
| &nbsp;&nbsp;&nbsp;Banks | 348 | 1383 |  | 1731 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 32 |  | 32 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 44 | 80 |  | 124 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 53 | 103 |  | 156 |
| &nbsp;&nbsp;&nbsp;Chemicals |  | 61 |  | 61 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering |  | 111 |  | 111 |
| &nbsp;&nbsp;&nbsp;Construction Materials |  | 114 |  | 114 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 148 |  | 148 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 133 | 57 |  | 190 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 96 | 149 |  | 245 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 374 |  | 374 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 21 |  | 21 |
| &nbsp;&nbsp;&nbsp;Food Products |  | 131 |  | 131 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 154 | 230 |  | 384 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 34 | 61 |  | 95 |
| &nbsp;&nbsp;&nbsp;Household Products | 54 |  |  | 54 |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 67 |  |  | 67 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 51 | 68 |  | 119 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 159 |  | 159 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 83 |  | 83 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 25 |  | 25 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 52 | 390 |  | 442 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 67 | 196 |  | 263 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 21 |  | 21 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 65 |  | 65 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2043 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 722 |  | 722 |
| &nbsp;&nbsp;&nbsp;Tobacco |  | 45 |  | 45 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services |  | 24 |  | 24 |
| **Total Common Stocks** | **1153** | **7340** | **—** | **8493** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 33 |  |  | 33 |
| **Total Assets** | $**1186** | $**7340** | $**—** | $**8526** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Emerging Markets Leaders Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | $— | $3149 | $— | $3149 |
| &nbsp;&nbsp;&nbsp;Banks | 13085 | 11913 |  | 24998 |
| &nbsp;&nbsp;&nbsp;Beverages | 259 | 5510 |  | 5769 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 19524 |  |  | 19524 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 8956 |  |  | 8956 |
| &nbsp;&nbsp;&nbsp;Construction Materials |  | 3397 |  | 3397 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 68 |  | 68 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 5407 |  |  | 5407 |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services |  | 662 |  | 662 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 5240 |  | 5240 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 3584 |  | 3584 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 8432 |  |  | 8432 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 1207 |  | 1207 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure |  | 3621 |  | 3621 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  | 2450 |  | 2450 |
| &nbsp;&nbsp;&nbsp;Metals & Mining |  | 1788 |  | 1788 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 3227 |  | 3227 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 1307 |  | 1307 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 13338 |  | 13338 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 2899 |  | 2899 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services |  | 6306 |  | 6306 |
| **Total Common Stocks** | **55663** | **69666** | **—** | **125329** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 6634 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6634 |
| **Total Assets** | $**62297** | $**69666** | $**—** | $**131963** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Emerging Markets Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles | $— | $10429 | $— | $10429 |
| &nbsp;&nbsp;&nbsp;Banks | 8357 | 31242 |  | 39599 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 1035 |  | 1035 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 1771 | 10565 |  | 12336 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 657 | 3597 |  | 4254 |
| &nbsp;&nbsp;&nbsp;Chemicals |  | 1228 |  | 1228 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering |  | 2256 |  | 2256 |
| &nbsp;&nbsp;&nbsp;Construction Materials |  | 1432 |  | 1432 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 2877 |  | 2877 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 2610 | 2183 |  | 4793 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 4175 |  | 4175 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 5119 |  | 5119 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 2238 |  | 2238 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 815 |  | 815 |
| &nbsp;&nbsp;&nbsp;Food Products |  | 2268 |  | 2268 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 2563 | 1601 |  | 4164 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 4416 | 612 |  | 5028 |
| &nbsp;&nbsp;&nbsp;Household Products | 2617 |  |  | 2617 |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 1147 |  |  | 1147 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 1330 |  | 1330 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 15528 |  | 15528 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 2248 |  | 2248 |
| &nbsp;&nbsp;&nbsp;Metals & Mining |  | 3479 |  | 3479 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels |  | 3364 |  | 3364 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 365 |  | 365 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 1403 |  | 1403 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 1321 |  | 1321 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 36269 |  | 36269 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 15574 |  | 15574 |
| &nbsp;&nbsp;&nbsp;Tobacco |  | 976 |  | 976 |
| **Total Common Stocks** | **24138** | **165529** | **—** | **189667** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 1705 |  |  | 1705 |
| **Total Assets** | $**25843** | $**165529** | $**—** | $**191372** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Global Concentrated Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles | $19037 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $19037 |
| &nbsp;&nbsp;&nbsp;Banks | 52844 |  |  | 52844 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 26704 |  |  | 26704 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 11709 |  |  | 11709 |
| &nbsp;&nbsp;&nbsp;Construction Materials | 19404 |  |  | 19404 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 13937 |  |  | 13937 |
| &nbsp;&nbsp;&nbsp;Entertainment | 22393 |  |  | 22393 |
| &nbsp;&nbsp;&nbsp;Financial Services | 9734 |  |  | 9734 |
| &nbsp;&nbsp;&nbsp;Insurance | 18143 |  |  | 18143 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 26922 |  |  | 26922 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 3543 |  |  | 3543 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 17308 |  |  | 17308 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 62570 |  |  | 62570 |
| &nbsp;&nbsp;&nbsp;Software | 32506 |  |  | 32506 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 5959 |  |  | 5959 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 9867 |  |  | 9867 |
| **Total Common Stocks** | **352580** | **—** | **—** | **352580** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 3448 |  |  | 3448 |
| **Total Assets** | $**356028** | $**—** | $**—** | $**356028** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Global Core Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $1932 | $— | $— | $1932 |
| &nbsp;&nbsp;&nbsp;Automobiles | 3574 |  |  | 3574 |
| &nbsp;&nbsp;&nbsp;Banks | 6767 |  |  | 6767 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 3075 |  |  | 3075 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 3809 |  |  | 3809 |
| &nbsp;&nbsp;&nbsp;Chemicals | 139 |  |  | 139 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 684 |  |  | 684 |
| &nbsp;&nbsp;&nbsp;Construction Materials | 2899 |  |  | 2899 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 322 |  |  | 322 |
| &nbsp;&nbsp;&nbsp;Entertainment | 2188 |  |  | 2188 |
| &nbsp;&nbsp;&nbsp;Financial Services | 944 |  |  | 944 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 90 |  |  | 90 |
| &nbsp;&nbsp;&nbsp;Household Durables | 193 |  |  | 193 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 419 |  |  | 419 |
| &nbsp;&nbsp;&nbsp;Insurance | 2066 |  |  | 2066 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 3978 |  |  | 3978 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 877 |  |  | 877 |
| &nbsp;&nbsp;&nbsp;Professional Services | 92 |  |  | 92 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 1641 |  |  | 1641 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 6441 |  |  | 6441 |
| &nbsp;&nbsp;&nbsp;Software | 2890 |  |  | 2890 |
| &nbsp;&nbsp;&nbsp;Specialized REITs |  | 31 |  | 31 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 2039 |  |  | 2039 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 2500 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2500 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 365 | 122 |  | 487 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 1169 |  |  | 1169 |
| **Total Common Stocks** | **51093** | **153** | **—** | **51246** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 1254 |  |  | 1254 |
| **Total Assets** | $**52347** | $**153** | $**—** | $**52500** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Global Endurance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $427 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $427 |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | 805 |  |  | 805 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 4349 |  |  | 4349 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 783 |  |  | 783 |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 527 |  |  | 527 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 143 |  | 143 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 2900 |  |  | 2900 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure |  | 1967 |  | 1967 |
| &nbsp;&nbsp;&nbsp;Household Durables | 965 | 3121 |  | 4086 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 1266 |  |  | 1266 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 1169 |  |  | 1169 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 3629 |  |  | 3629 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 380 |  |  | 380 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 1117 |  |  | 1117 |
| &nbsp;&nbsp;&nbsp;Software | 2647 | 741 |  | 3388 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 2132 |  |  | 2132 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 2017 |  |  | 2017 |
| **Total Common Stocks** | **25113** | **5972** | **—** | **31085** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 81 |  |  | 81 |
| **Total Assets** | $**25194** | $**5972** | $**—** | $**31166** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Global Franchise Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beverages | $91275 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $91275 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 271160 |  |  | 271160 |
| &nbsp;&nbsp;&nbsp;Financial Services | 120807 |  |  | 120807 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 38578 |  |  | 38578 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 112993 |  |  | 112993 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 68743 |  |  | 68743 |
| &nbsp;&nbsp;&nbsp;Household Products | 85551 |  |  | 85551 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 51581 |  |  | 51581 |
| &nbsp;&nbsp;&nbsp;Insurance | 163959 |  |  | 163959 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 95841 |  |  | 95841 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 72569 |  |  | 72569 |
| &nbsp;&nbsp;&nbsp;Machinery | 49125 |  |  | 49125 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 85419 |  | 85419 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 66130 | 74232 |  | 140362 |
| &nbsp;&nbsp;&nbsp;Professional Services | 170316 | 158505 |  | 328821 |
| &nbsp;&nbsp;&nbsp;Software | 356442 | 194652 |  | 551094 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 42203 |  |  | 42203 |
| &nbsp;&nbsp;&nbsp;Tobacco | 32817 |  |  | 32817 |
| **Total Common Stocks** | **1890090** | **512808** | **—** | **2402898** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 51213 |  |  | 51213 |
| **Total Assets** | $**1941303** | $**512808** | $**—** | $**2454111** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Global Insight Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles | $5261 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5261 |
| &nbsp;&nbsp;&nbsp;Banks | 370 |  |  | 370 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 2976 |  |  | 2976 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 8899 |  |  | 8899 |
| &nbsp;&nbsp;&nbsp;Entertainment | 3773 |  |  | 3773 |
| &nbsp;&nbsp;&nbsp;Financial Services | 6216 | 3625 |  | 9841 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 809 |  |  | 809 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 190 |  |  | 190 |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 63 |  | 63 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 15784 |  |  | 15784 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 3075 |  |  | 3075 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 1611 |  |  | 1611 |
| &nbsp;&nbsp;&nbsp;Software | 10727 |  |  | 10727 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 3568 |  |  | 3568 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 3029 |  |  | 3029 |
| **Total Common Stocks** | **66288** | **3688** | **—** | **69976** |
| **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software |  |  | 26 | 26 |
| **Investment Company** | 1840 |  |  | 1840 |
| **Call Options Purchased** |  | 33 |  | 33 |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 3178 |  |  | 3178 |
| **Total Assets** | **71306** | **3721** | **26** | **75053** |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivative Contract — PIPE** |  |  | (290) | (290) |
| **Total** | $**71306** | $**3721** | $**(264)** | $**74763** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | |
|:---|:---|:---|
|  | **Preferred<br> Stock<br> (000)** | **Derivative<br> Contract —<br> PIPE<br> (000)** |
| **Beginning Balance** | $33 | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;PIPE transactions |  | (290) |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (7) |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $26 | $(290) |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $(7) | $(290) |

---

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 September 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> September 30, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stock | $26 | Market Transaction Method | Precedent Transaction | $4.08 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 16.5% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 4.0x | Increase |
|  |  |  | Discount for Lack of Marketability | 8.0% | Decrease |
| PIPE | $(290) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 27.5% | Decrease |

---

\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Global Opportunity Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | $— | $140645 | $— | $140645 |
| &nbsp;&nbsp;&nbsp;Banks | 188042 | 95801 |  | 283843 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 446529 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 446529 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 169389 |  | 169389 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 43664 |  | 43664 |
| &nbsp;&nbsp;&nbsp;Entertainment | 356967 |  |  | 356967 |
| &nbsp;&nbsp;&nbsp;Financial Services | 277361 |  |  | 277361 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 263815 |  |  | 263815 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 374793 | 60679 |  | 435472 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 107996 |  |  | 107996 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 264585 |  |  | 264585 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 214357 |  | 214357 |
| &nbsp;&nbsp;&nbsp;Software | 197580 |  |  | 197580 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 35083 | 175592 |  | 210675 |
| **Total Common Stocks** | **2512751** | **900127** | **—** | **3412878** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 98639 |  |  | 98639 |
| **Total Assets** | $**2611390** | $**900127** | $**—** | $**3511517** |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
|  | **Common<br> Stock <br> (000)** |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Global Permanence Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $— | $359 | $— | $359 |
| &nbsp;&nbsp;&nbsp;Automobiles | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;Banks | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 215 |  |  | 215 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 160 |  |  | 160 |
| &nbsp;&nbsp;&nbsp;Chemicals | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 18 | 23 |  | 41 |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 45 |  |  | 45 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;Financial Services | 100 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 100 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 226 |  |  | 226 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 27 | 41 |  | 68 |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 33 |  | 33 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 618 |  |  | 618 |
| &nbsp;&nbsp;&nbsp;Insurance | 21 |  |  | 21 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  | 222 |  | 222 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 366 |  |  | 366 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 84 |  |  | 84 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 68 | 46 |  | 114 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 269 |  |  | 269 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 167 |  |  | 167 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 231 |  |  | 231 |
| &nbsp;&nbsp;&nbsp;Software | 7 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 69 |  |  | 69 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 136 |  |  | 136 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 77 | 309 |  | 386 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 417 |  |  | 417 |
| **Total Common Stocks** | **3338** | **1042** | **—** | **4380** |
| **Investment Company** | 141 |  |  | 141 |
| **Warrants** |  |  |  |  |
| **Call Options Purchased** |  | 2 |  | 2 |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 182 |  |  | 182 |
| **Total Assets** | $**3661** | $**1044** | $**—** | $**4705** |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Global Stars Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | $— | $1103 | $— | $1103 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 1013 |  | 1013 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 2127 |  |  | 2127 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 3501 |  |  | 3501 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 1159 |  | 1159 |
| &nbsp;&nbsp;&nbsp;Entertainment | 1399 |  |  | 1399 |
| &nbsp;&nbsp;&nbsp;Financial Services | 3573 | 1056 |  | 4629 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 2577 |  |  | 2577 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  | 384 |  | 384 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 1517 |  |  | 1517 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 1620 |  |  | 1620 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 1694 |  |  | 1694 |
| &nbsp;&nbsp;&nbsp;Insurance | 1830 |  |  | 1830 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 1882 | 1636 |  | 3518 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 577 |  | 577 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 965 |  | 965 |
| &nbsp;&nbsp;&nbsp;Professional Services | 1793 | 3031 |  | 4824 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 3542 |  | 3542 |
| &nbsp;&nbsp;&nbsp;Software | 5081 | 2554 |  | 7635 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 978 |  |  | 978 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 1064 |  | 1064 |
| **Total Common Stocks** | **29572** | **18084** | **—** | **47656** |
| **Warrants** |  |  |  |  |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 623 |  |  | 623 |
| **Total Assets** | $**30195** | $**18084** | $**—** | $**48279** |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Growth Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles | $407020 | $— | $— | $407020 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 79976 |  |  | 79976 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 213010 |  |  | 213010 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 24642 |  |  | 24642 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Entertainment | 347748 |  |  | 347748 |
| &nbsp;&nbsp;&nbsp;Financial Services | 413350 |  |  | 413350 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 228094 |  |  | 228094 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 1126031 |  |  | 1126031 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 209739 |  |  | 209739 |
| &nbsp;&nbsp;&nbsp;Software | 1051046 |  |  | 1051046 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 243734 |  |  | 243734 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 203708 |  |  | 203708 |
| **Total Common Stocks** | **4548098** | **—** | **—** | **4548098** |
| **Preferred Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial Services |  |  | 19627 | 19627 |
| &nbsp;&nbsp;&nbsp;Software |  |  | 157059 | 157059 |
| **Total Preferred Stocks** | **—** | **—** | **176686** | **176686** |
| **Investment Company** | 141217 |  |  | 141217 |
| **Call Options Purchased** |  | 2235 |  | 2235 |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 58805 |  |  | 58805 |
| **Total Assets** | $**4748120** | $**2235** | $**176686** | $**4927041** |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | |
|:---|:---|:---|
|  | **Common<br> Stock<br> (000)** | **Preferred<br> Stocks<br> (000)** |
| **Beginning Balance** | $— | $146360 |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  | 30326 |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $— | $176686 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— | $30326 |

---

† 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 September 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> September 30, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Range/<br> Weighted Average\*** | **Impact to<br> Valuation from an<br> Increase in Input\*\*** |
| Preferred Stocks | $176686 | Market Transaction Method | Precedent Transaction | $35.50-$150.00/$137.28 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 13.5%-16.0%/14.6 | Decrease |
|  |  |  | Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 1.5x-19.6x/11.5x | Increase |
|  |  |  | Discount for Lack of Marketability | 12.0%-15.0%/14.7% | 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.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Inception Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | $51163 | $— | $— | $51163 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 11731 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11731 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 4679 |  |  | 4679 |
| &nbsp;&nbsp;&nbsp;Financial Services | 6365 |  |  | 6365 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 9031 |  |  | 9031 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 5360 |  |  | 5360 |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 841 |  |  | 841 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 19257 |  |  | 19257 |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 1437 |  | 1437 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 51621 |  |  | 51621 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 2429 |  |  | 2429 |
| &nbsp;&nbsp;&nbsp;Leisure Products | 5380 |  |  | 5380 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 5080 |  |  | 5080 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 16818 |  |  | 16818 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 3894 |  |  | 3894 |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 6730 |  |  | 6730 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 21443 |  |  | 21443 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 5153 |  |  | 5153 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 22700 |  |  | 22700 |
| &nbsp;&nbsp;&nbsp;Software | 58061 |  |  | 58061 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 26324 |  |  | 26324 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 29190 |  |  | 29190 |
| &nbsp;&nbsp;&nbsp;Water Utilities | 8097 |  |  | 8097 |
| **Total Common Stocks** | **371347** | **1437** | **—** | **372784** |
| **Preferred Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care Technology |  |  | 3374 | 3374 |
| &nbsp;&nbsp;&nbsp;Software |  |  | 4825 | 4825 |
| **Total Preferred Stocks** | **—** | **—** | **8199** | **8199** |
| **Investment Company** | 13648 |  |  | 13648 |
| **Warrants** |  |  |  |  |
| **Call Options Purchased** |  | 174 |  | 174 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 68553 |  |  | 68553 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1153 |  | 1153 |
| **Total Short-Term Investments** | **68553** | **1153** | **—** | **69706** |
| **Derivative Contract — PIPE** | **—** | **—** | **744** | **744** |
| **Total Assets** | $**453548** | $**2764** | $**8943** | $**465255** |
| **Liabilities:** |  |  |  |  |
| **Derivative Contract — PIPE** |  |  | (1465 | (1465 |
| **Total** | $**453548** | $**2764** | $**7478** | $**463790** |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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)** | **Derivative<br> Contract —<br> PIPE<br> (000)** |
| **Beginning Balance** | $9942 | $— | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |  |
| &nbsp;&nbsp;&nbsp;PIPE transactions |  |  | (721) |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (1743) |  |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |  |
| **Ending Balance** | $8199 | $— | $(721) |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $(1743) | $— | $(721) |

---

† 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 September 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> September 30, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount or Range/<br> Weighted Average** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stocks | $8199 | Market Transaction Method | Precedent Transaction | $4.08 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 15.5%-17.5%/16.5% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 0.7x-35.1x/2.6x | Increase |
|  |  |  | Discount for Lack of Marketability | 8.0%-19.0%/12.5% | Decrease |
|  |  | Comparable Transactions | Enterprise Value/Revenue | 1.3x | Increase |
| PIPE | $(721) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 11.5% | Decrease |

---

\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**International Advantage Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | $— | $191475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $191475 |
| &nbsp;&nbsp;&nbsp;Banks | 146749 | 83233 |  | 229982 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 123437 |  |  | 123437 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 73506 | 27791 |  | 101297 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 146483 |  | 146483 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 114078 |  | 114078 |
| &nbsp;&nbsp;&nbsp;Entertainment | 281984 |  |  | 281984 |
| &nbsp;&nbsp;&nbsp;Financial Services | 13254 | 29182 |  | 42436 |
| &nbsp;&nbsp;&nbsp;Food Products |  | 27536 |  | 27536 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 69445 |  |  | 69445 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  | 111812 |  | 111812 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 68328 |  |  | 68328 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 85660 |  | 85660 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 29451 |  | 29451 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 127795 |  | 127795 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 313547 |  | 313547 |
| &nbsp;&nbsp;&nbsp;Software | 59026 |  |  | 59026 |
| &nbsp;&nbsp;&nbsp;Specialty Retail |  | 40364 |  | 40364 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 94436 | 514614 |  | 609050 |
| **Total Common Stocks** | **930165** | **1843021** | **—** | **2773186** |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 34182 |  |  | 34182 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1017 |  | 1017 |
| **Total Short-Term Investments** | **34182** | **1017** | **—** | **35199** |
| **Total Assets** | $**964347** | $**1844038** | $**—** | $**2808385** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**International Equity Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $— | $13899 | $— | $13899 |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics |  | 9250 |  | 9250 |
| &nbsp;&nbsp;&nbsp;Banks |  | 34066 |  | 34066 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 12419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 12419 |
| &nbsp;&nbsp;&nbsp;Capital Markets |  | 19373 |  | 19373 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 11646 |  | 11646 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 43100 |  | 43100 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 7274 |  | 7274 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 8694 |  | 8694 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure |  | 16173 |  | 16173 |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 7322 |  | 7322 |
| &nbsp;&nbsp;&nbsp;Household Products |  | 4658 |  | 4658 |
| &nbsp;&nbsp;&nbsp;Information Technology Services |  | 10035 |  | 10035 |
| &nbsp;&nbsp;&nbsp;Insurance | 282 | 19661 |  | 19943 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 13068 |  | 13068 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  | 10115 |  | 10115 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 26251 |  | 26251 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 5221 | 8442 |  | 13663 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 4337 | 5042 |  | 9379 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 14300 |  | 14300 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 30859 |  | 30859 |
| &nbsp;&nbsp;&nbsp;Professional Services |  | 24916 |  | 24916 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 39282 |  | 39282 |
| &nbsp;&nbsp;&nbsp;Software | 7365 | 24901 |  | 32266 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 7168 |  | 7168 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods |  | 8574 |  | 8574 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 15123 |  | 15123 |
| **Total Common Stocks** | **17205** | **445611** | **—** | **462816** |
| **Warrants** |  |  |  |  |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 5954 |  |  | 5954 |
| **Total Assets** | $**23159** | $**445611** | $**—** | $**468770** |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**International Opportunity Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | $— | $39781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $39781 |
| &nbsp;&nbsp;&nbsp;Banks | 63216 | 52937 |  | 116153 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 12708 |  | 12708 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 101088 |  |  | 101088 |
| &nbsp;&nbsp;&nbsp;Capital Markets |  | 7966 |  | 7966 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 36398 |  | 36398 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 19969 |  | 19969 |
| &nbsp;&nbsp;&nbsp;Entertainment | 67319 |  |  | 67319 |
| &nbsp;&nbsp;&nbsp;Financial Services | 3865 | 10420 |  | 14285 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 36141 |  |  | 36141 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 45550 | 34616 |  | 80166 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 29945 |  |  | 29945 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 16360 |  | 16360 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 12475 |  | 12475 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 64642 |  | 64642 |
| &nbsp;&nbsp;&nbsp;Software | 8582 |  |  | 8582 |
| &nbsp;&nbsp;&nbsp;Specialty Retail |  | 31652 |  | 31652 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 16243 | 78522 |  | 94765 |
| **Total Common Stocks** | **371949** | **418446** | **—** | **790395** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 16475 |  |  | 16475 |
| **Total Assets** | $**388424** | $**418446** | $**—** | $**806870** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**International Resilience Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable <br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $— | $109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $109 |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics |  | 46 |  | 46 |
| &nbsp;&nbsp;&nbsp;Capital Markets |  | 69 |  | 69 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 70 |  | 70 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 211 |  | 211 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 45 |  | 45 |
| &nbsp;&nbsp;&nbsp;Financial Services | 64 |  |  | 64 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure |  | 106 |  | 106 |
| &nbsp;&nbsp;&nbsp;Household Products | 48 |  |  | 48 |
| &nbsp;&nbsp;&nbsp;Information Technology Services |  | 43 |  | 43 |
| &nbsp;&nbsp;&nbsp;Insurance | 42 |  |  | 42 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 47 |  | 47 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 47 | 57 |  | 104 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 128 |  | 128 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 78 |  | 78 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 161 |  | 161 |
| &nbsp;&nbsp;&nbsp;Professional Services |  | 194 |  | 194 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 194 |  | 194 |
| &nbsp;&nbsp;&nbsp;Software | 41 | 153 |  | 194 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 94 |  | 94 |
| **Total Common Stocks** | **242** | **1805** | **—** | **2047** |
| **Warrants** |  |  |  |  |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 28 |  |  | 28 |
| **Total Assets** | $**270** | $**1805** | $**—** | $**2075** |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Passport Overseas Equity Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $— | $16467 | $— | $16467 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 961 |  | 961 |
| &nbsp;&nbsp;&nbsp;Banks | 9227 | 30838 |  | 40065 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 9359 |  |  | 9359 |
| &nbsp;&nbsp;&nbsp;Chemicals | 2026 | 1777 |  | 3803 |
| &nbsp;&nbsp;&nbsp;Construction Materials |  | 4166 |  | 4166 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 1482 |  | 1482 |
| &nbsp;&nbsp;&nbsp;Electric Utilities |  | 969 |  | 969 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 2324 |  | 2324 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 1826 |  | 1826 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 2008 |  | 2008 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 1539 |  | 1539 |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 4210 |  | 4210 |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates |  | 3486 |  | 3486 |
| &nbsp;&nbsp;&nbsp;Information Technology Services |  | 795 |  | 795 |
| &nbsp;&nbsp;&nbsp;Insurance | 163 | 2066 |  | 2229 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 3272 |  | 3272 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 3171 | 2111 |  | 5282 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 1997 | 8494 |  | 10491 |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 2391 |  |  | 2391 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 4609 |  | 4609 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 11494 |  | 11494 |
| &nbsp;&nbsp;&nbsp;Professional Services |  | 1168 |  | 1168 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 13015 |  | 13015 |
| &nbsp;&nbsp;&nbsp;Software | 3946 | 4329 |  | 8275 |
| &nbsp;&nbsp;&nbsp;Specialty Retail |  | 1282 |  | 1282 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 6787 |  | 6787 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 3480 |  | 3480 |
| **Total Common Stocks** | **32280** | **134955** | **—** | **167235** |
| **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology |  |  | 1375 | 1375 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 6328 |  |  | 6328 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 563 |  | 563 |
| **Total Short-Term Investments** | **6328** | **563** | **—** | **6891** |
| **Future Contract** | 55 |  |  | 55 |
| **Total Assets** | $**38663** | $**135518** | $**1375** | $**175556** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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 |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $1375 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> September 30, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount\*** | **Impact to<br> Valuation from an<br> Increase in Input\*\*** |
| Preferred Stock | $1375 | Market Transaction Method | Precedent Transaction | $42.06 | Increase |

---

\* Amount is indicative of the weighted average.

\*\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Permanence Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $16 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $16 |
| &nbsp;&nbsp;&nbsp;Beverages | 52 |  |  | 52 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 194 |  |  | 194 |
| &nbsp;&nbsp;&nbsp;Chemicals | 18 |  |  | 18 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 34 |  |  | 34 |
| &nbsp;&nbsp;&nbsp;Construction Materials | 5 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 55 |  |  | 55 |
| &nbsp;&nbsp;&nbsp;Distributors | 14 |  |  | 14 |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services | 54 |  |  | 54 |
| &nbsp;&nbsp;&nbsp;Entertainment | 65 |  |  | 65 |
| &nbsp;&nbsp;&nbsp;Financial Services | 135 |  |  | 135 |
| &nbsp;&nbsp;&nbsp;Food Products | 66 |  |  | 66 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 216 |  |  | 216 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 16 |  |  | 16 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 207 |  |  | 207 |
| &nbsp;&nbsp;&nbsp;Household Durables | 8 | 32 |  | 40 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 775 |  |  | 775 |
| &nbsp;&nbsp;&nbsp;Insurance | 27 |  |  | 27 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 231 |  |  | 231 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 463 |  |  | 463 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 112 |  |  | 112 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 88 |  |  | 88 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 318 |  |  | 318 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 263 |  |  | 263 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 282 |  |  | 282 |
| &nbsp;&nbsp;&nbsp;Software | 33 |  |  | 33 |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 197 |  |  | 197 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 289 |  |  | 289 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods |  | 280 |  | 280 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 629 |  |  | 629 |
| **Total Common Stocks** | **4866** | **312** | **—** | **5178** |
| **Investment Company** | 190 |  |  | 190 |
| **Warrants** |  |  |  |  |
| **Call Options Purchased** |  | 3 |  | 3 |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 182 |  |  | 182 |
| **Total Assets** | $**5238** | $**315** | $**—** | $**5553** |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— |

---

† Includes a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**US Core Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $15431 | $— | $— | $15431 |
| &nbsp;&nbsp;&nbsp;Automobiles | 10283 |  |  | 10283 |
| &nbsp;&nbsp;&nbsp;Banks | 25728 |  |  | 25728 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 26817 |  |  | 26817 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 41198 |  |  | 41198 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 11529 |  |  | 11529 |
| &nbsp;&nbsp;&nbsp;Construction Materials | 7015 |  |  | 7015 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 11753 |  |  | 11753 |
| &nbsp;&nbsp;&nbsp;Entertainment | 18857 |  |  | 18857 |
| &nbsp;&nbsp;&nbsp;Financial Services | 13312 |  |  | 13312 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 4002 |  |  | 4002 |
| &nbsp;&nbsp;&nbsp;Household Durables | 5265 |  |  | 5265 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 10328 |  |  | 10328 |
| &nbsp;&nbsp;&nbsp;Insurance | 24239 |  |  | 24239 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 30999 |  |  | 30999 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 8505 |  |  | 8505 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 4589 |  |  | 4589 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 14812 |  |  | 14812 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 48841 |  |  | 48841 |
| &nbsp;&nbsp;&nbsp;Software | 41619 |  |  | 41619 |
| &nbsp;&nbsp;&nbsp;Specialized REITs |  | 342 |  | 342 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 17263 |  |  | 17263 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 28509 |  |  | 28509 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 8167 |  |  | 8167 |
| **Total Common Stocks** | **429061** | **342** | **—** | **429403** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 3580 |  |  | 3580 |
| **Total Assets** | $**432641** | $**342** | $**—** | $**432983** |

---

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Vitality Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets:** |  |  |  |  |
| **Common Stocks** | $1838<sup>(1)</sup> | $— | $— | $1838 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 224 |  |  | 224 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 24 |  | 24 |
| **Total Short-Term Investments** | **224** | **24** | **—** | **248** |
| **Total Assets** | $**2062** | $**24** | $**—** | $**2086** |

---

(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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MORGAN STANLEY INSTITUTIONAL FUND INC

- **b. Investment Company Act file number:** 811-05624

- **c. CIK number of Registrant:** 0000836487

- **d. LEI of Registrant:** 54930067DYRSUSGS4E97

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1585 Broadway

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-869-6397

**Item A.2. Information about the Series.**

- **a. Name of Series:** International Resilience Portfolio

- **b. EDGAR series identifier (if any):** S000076842

- **c. LEI of Series:** 549300JTD6X5QRDVC203

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2158995.13

**Total Liabilities:** $10638.70

**Net Assets:** $2148356.43

**Cash Not Reported:** $21862.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236929 | -2.80%               | 1.04%                | 0.16%                |
| Class ID C000236930 | -2.89%               | 1.05%                | 0.16%                |
| Class ID C000236927 | -2.88%               | 1.04%                | 0.24%                |
| Class ID C000236928 | -2.85%               | 0.90%                | 0.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6166.06                | $-55129.64                                 |
| Month 2  | $15066.46                | $5836.50                                   |
| Month 3  | $-13197.53               | $17739.46                                  |

### Schedule of Portfolio Investments

| Name                                      | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Universal Music Group NV                  | Universal Music Group NV                                                     | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |      1574 | NS      | $45484.60     | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                                  | Kone Oyj                                                                     | CUSIP: 000000000<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |       995 | NS      | $67868.09     | 3.16%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal SA                                | L'Oreal SA                                                                   | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |       179 | NS      | $77773.21     | 3.62%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                           | ASML Holding NV                                                              | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |        91 | NS      | $88742.02     | 4.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Rightmove PLC                             | Rightmove PLC                                                                | CUSIP: 000000000<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |      4932 | NS      | $47099.79     | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                    | SAP SE                                                                       | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |       452 | NS      | $121030.84    | 5.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA                       | Amadeus IT Group SA                                                          | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |       824 | NS      | $65499.54     | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc              | Thermo Fisher Scientific Inc                                                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |        97 | NS      | $47046.94     | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Canada         | Constellation Software Inc/Canada                                            | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |        15 | NS      | $40719.77     | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                  | Visa Inc                                                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       188 | NS      | $64179.44     | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC                | CONSTELLATION SOFTWARE INC                                                   | CUSIP: 000000000<br>LEI: 549300B6PYHMCTDWQV29 | N/A              | DE               |  | CA        |        31 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Procter & Gamble Co/The                   | Procter & Gamble Co/The                                                      | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       315 | NS      | $48399.75     | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                  | RELX PLC                                                                     | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |      2262 | NS      | $108075.65    | 5.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        |     27621 | NS      | $27620.89     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyence Corp                              | Keyence Corp                                                                 | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       200 | NS      | $74512.12     | 3.47%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC           | London Stock Exchange Group PLC                                              | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |       605 | NS      | $69383.24     | 3.23%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV A/S                                   | DSV A/S                                                                      | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |       232 | NS      | $46346.76     | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                            | Atlas Copco AB                                                               | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |      3541 | NS      | $60048.21     | 2.80%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                           | AstraZeneca PLC                                                              | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |       349 | NS      | $53467.15     | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                   | IMCD NV                                                                      | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |       386 | NS      | $40007.92     | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                | Legrand SA                                                                   | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |       421 | NS      | $69953.85     | 3.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                              | Experian PLC                                                                 | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |      1013 | NS      | $50880.10     | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Diploma PLC                               | Diploma PLC                                                                  | CUSIP: 000000000<br>LEI: 2138008OGI7VYG8FGR19 | Long             | EC               | CORP              | GB        |       757 | NS      | $54183.15     | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                 | QIAGEN NV                                                                    | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      1282 | NS      | $57181.70     | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                   | Aon PLC                                                                      | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       117 | NS      | $41719.86     | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                              | Capgemini SE                                                                 | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |       299 | NS      | $43617.36     | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                                | Hexagon AB                                                                   | CUSIP: 000000000<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |      4954 | NS      | $59116.83     | 2.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                | Haleon PLC                                                                   | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |     23801 | NS      | $107108.72    | 4.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE                      | Dassault Systemes SE                                                         | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |       943 | NS      | $31723.48     | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd                                    | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      2416 | NS      | $104945.76    | 4.88%             |  |  |  | No            |                  2 | On Loan: No      |
| BayCurrent Inc                            | BayCurrent Inc                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       600 | NS      | $35260.18     | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                 | Safran SA                                                                    | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |       308 | NS      | $109299.67    | 5.09%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group PLC         | InterContinental Hotels Group PLC                                            | CUSIP: 000000000<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |       328 | NS      | $39658.58     | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                 | Halma PLC                                                                    | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |      1650 | NS      | $76808.67     | 3.58%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-21

**Name of Applicant:** MORGAN STANLEY INSTITUTIONAL FUND INC

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer