# EDGAR Filing Document

**Accession Number:** 0000836487
**File Stem:** 0001410368-26-054369
**Filing Date:** 2026-5
**Character Count:** 293789
**Document Hash:** 7c6d495ece446d67e80ed5e13951c4f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-054369.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-054369

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261030718

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER INSTITUTIONAL FUND INC
- **DATE OF NAME CHANGE:** 19990329

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY INSTITUTIONAL FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### EMERGING MARKETS PORTFOLIO (Series ID: S000002826)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007746 | CLASS I      | MGEMX           |
| C000007747 | CLASS A      | MMKBX           |
| C000113803 | Class L      | MSELX           |
| C000126912 | Class R6     | MMMPX           |
| C000155890 | Class C      | MSEPX           |
| C000198815 | Class IR     | MRGEX           |

## Nport-Ex

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Advantage Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (91.3%)** | **Common Stocks (91.3%)** | **Common Stocks (91.3%)** |
| **Aerospace & Defense (1.0%)** |  |  |
| TransDigm Group, Inc. | 1821 | $2110 |
| **Automobiles (6.9%)** |  |  |
| Tesla, Inc. (a) | 39756 | 14779 |
| **Biotechnology (5.2%)** |  |  |
| Biogen, Inc. (a) | 7175 | 1316 |
| Roivant Sciences Ltd. (a) | 354670 | 9824 |
|  |  | 11140 |
| **Capital Markets (2.4%)** |  |  |
| Coinbase Global, Inc., Class A (a) | 10195 | 1780 |
| MSCI, Inc. | 6055 | 3264 |
|  |  | 5044 |
| **Commercial Services & Supplies (3.0%)** |  |  |
| Copart, Inc. (a) | 99075 | 3289 |
| Rollins, Inc. | 60173 | 3214 |
|  |  | 6503 |
| **Entertainment (8.8%)** |  |  |
| ROBLOX Corp., Class A (a) | 174350 | 9861 |
| Spotify Technology SA (Sweden) (a) | 18214 | 8832 |
|  |  | 18693 |
| **Financial Services (5.4%)** |  |  |
| Adyen NV (Netherlands) (a) | 3173 | 3176 |
| Affirm Holdings, Inc. (a) | 71317 | 3268 |
| Federal National Mortgage Association (a) | 695826 | 5051 |
|  |  | 11495 |
| **Health Care Equipment & Supplies (5.2%)** |  |  |
| Medline, Inc., Class A (a) | 247181 | 10999 |
| **Hotels, Restaurants & Leisure (6.9%)** |  |  |
| Airbnb, Inc., Class A (a) | 43776 | 5528 |
| DoorDash, Inc., Class A (a) | 61895 | 9294 |
|  |  | 14822 |
| **Information Technology Services (21.7%)** |  |  |
| Cloudflare, Inc., Class A (a) | 135429 | 27944 |
| Shopify, Inc., Class A (Canada) (a) | 96244 | 11417 |
| Snowflake, Inc., Class A (a) | 46187 | 6966 |
|  |  | 46327 |
| **Pharmaceuticals (7.3%)** |  |  |
| Royalty Pharma PLC, Class A | 323696 | 15528 |
| **Professional Services (1.5%)** |  |  |
| Verisk Analytics, Inc. | 17073 | 3240 |
| **Software (13.5%)** |  |  |
| AppLovin Corp., Class A (a) | 28369 | 11291 |
| Crowdstrike Holdings, Inc., Class A (a) | 12515 | 4886 |
| Samsara, Inc., Class A (a) | 163180 | 5171 |
| Strategy, Inc., Class A (a) | 59929 | 7479 |
|  |  | 28827 |
| **Trading Companies & Distributors (2.5%)** |  |  |
| Core & Main, Inc., Class A (a) | 106231 | 5248 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $151,257)** |  | 194755 |
| **Investment Company (1.7%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $3,678)** | 95064 | 3652 |
| **Short-Term Investment (7.1%)** |  |  |
| **Investment Company (7.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (b) **(Cost $15,079)** | 15078679 | 15079 |
| **Total Investments Excluding Purchased Options (100.1%) (Cost $170,014)** |  | 213486 |
| **Total Purchased Options Outstanding (0.1%) (Cost $1,046)** |  | 203 |
| **Total Investments (100.2%) (Cost $171,060) (c)(d)(e)** |  | 213689 |
| Liabilities in Excess of Other Assets (–0.2%) |  | (426) |
| **Net Assets (100.0%)** |  | $213263 |

---

---

| | |
|:---|:---|
| (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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Fund. |
| (c) | The approximate fair value and percentage of net assets, $3,176,000 and 1.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements. |
| (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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (e) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $57,206,000 and the aggregate gross unrealized depreciation is approximately $14,577,000, resulting in net unrealized appreciation of approximately $42,629,000. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report – March 31, 2026 (unaudited)<br> Consolidated Portfolio of Investments (cont'd)<br> Advantage Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| Barclays Bank PLC | USD/CNH | CNH 7.20 | Feb–27 | 87791084 | $87791 | $140 | $231 | $(91) |
| Standard Chartered Bank | USD/CNH | CNH 7.32 | Dec–26 | 77727392 | 77727 | 59 | 220 | (161) |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 69614829 | 69615 | 4 | 228 | (224) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 48501000 | 48501 |  | 202 | (202) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 34024139 | 34024 |  | 165 | (165) |
|  |  |  |  |  |  | $203 | $1046 | $(843) |

---

---

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

---

---

| | |
|:---|:---|
| **Portfolio Composition**<br>**Classification** |<br>**Percentage of<br> Total Investments** |
| Information Technology Services | 21.7% |
| Software | 13.5 |
| Other\* | 12.2 |
| Entertainment | 8.7 |
| Pharmaceuticals | 7.3 |
| Investment Company | 7.1 |
| Hotels, Restaurants & Leisure | 6.9 |
| Automobiles | 6.9 |
| Financial Services | 5.4 |
| Biotechnology | 5.2 |
| Health Care Equipment & Supplies | 5.1 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Asia Opportunity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (100.4%)** |  |  |
| **China (35.1%)** |  |  |
| Baidu, Inc. ADR (a) | 39001 | $4345 |
| China Resources Mixc Lifestyle Services Ltd. (b) | 292800 | 1769 |
| Full Truck Alliance Co. Ltd. ADR | 214106 | 1777 |
| Greentown Service Group Co. Ltd. (b) | 526000 | 289 |
| Kuaishou Technology (b) | 308900 | 1820 |
| Kweichow Moutai Co. Ltd., Class A | 14194 | 2989 |
| Meituan, Class B (a)(b) | 334320 | 3648 |
| PDD Holdings, Inc. ADR (a) | 22394 | 2288 |
| Pony AI, Inc. ADR (a) | 80462 | 760 |
| Pony AI, Inc., Class A (a)(b) | 168800 | 1497 |
| Tencent Holdings Ltd. (b) | 47500 | 2996 |
| Trip.com Group Ltd. ADR (a) | 93783 | 4669 |
| WeRide, Inc. ADR (a)(c) | 128652 | 1041 |
| WeRide, Inc., Class A (a)(b)(c) | 334700 | 880 |
|  |  | 30768 |
| **Hong Kong (1.4%)** |  |  |
| AIA Group Ltd. | 110300 | 1226 |
| **India (20.8%)** |  |  |
| Eternal Ltd. (a) | 1305501 | 3212 |
| HDFC Bank Ltd. | 320644 | 2512 |
| ICICI Bank Ltd. ADR | 155693 | 4032 |
| Indian Hotels Co. Ltd. | 88193 | 537 |
| MakeMyTrip Ltd. (a) | 43607 | 1626 |
| Niva Bupa Health Insurance Co. Ltd. (a) | 530568 | 396 |
| Tata Capital Ltd. (a) | 886831 | 2888 |
| Titan Co. Ltd. | 70920 | 2979 |
|  |  | 18182 |
| **Korea, Republic of (27.3%)** |  |  |
| Coupang, Inc. (a) | 221244 | 4177 |
| KakaoBank Corp. | 229744 | 3743 |
| NAVER Corp. | 9121 | 1242 |
| Samsung Electronics Co. Ltd. | 57027 | 6670 |
| SK Hynix, Inc. | 13698 | 7772 |
| Webtoon Entertainment, Inc. (a)(c) | 35765 | 329 |
|  |  | 23933 |
| **Singapore (2.4%)** |  |  |
| Grab Holdings Ltd., Class A (a) | 563760 | 2063 |
| **Taiwan (13.4%)** |  |  |
| MediaTek, Inc. | 53000 | 2542 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 159000 | 9196 |
|  |  | 11738 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $72,785)** |  | 87910 |
| **Short-Term Investments (0.9%)** |  |  |
| **Investment Company (0.4%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (d) **(Cost $334)** | 333525 | 334 |
| **Securities held as Collateral on Loaned Securities (0.5%)** |  |  |
| **Investment Company (0.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (d) | 292137 | 292 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Repurchase Agreements (0.2%)** |  |  |
| Merrill Lynch & Co., Inc., (3.59%, dated 3/31/26, due 4/1/26; proceeds $45; fully collateralized by U.S. Government obligations; 0.00% - 1.00% due 11/15/27 - 7/31/28; valued at $46) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | 45 |
| Merrill Lynch & Co., Inc., (3.66%, dated 3/31/26, due 4/1/26; proceeds $93; fully collateralized by U.S. Government obligations; 0.75% - 2.88% due 2/15/45 - 11/15/47; valued at $94) | 93 | 93 |
|  |  | 138 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $430)** |  | 430 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $764)** |  | 764 |
| **Total Investments (101.3%) (Cost $73,549) including $500 of Securities Loaned (e)(f)(g)** |  | 88674 |
| Liabilities in Excess of Other Assets (–1.3%) |  | (1098) |
| **Net Assets (100.0%)** |  | $87576 |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report - March 31, 2026 (unaudited)<br> Consolidated Portfolio of Investments (cont'd)<br> Asia Opportunity Portfolio

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

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2026, were approximately $500,000 and $497,000, respectively. The Fund received cash collateral of approximately $430,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - as reported in the Portfolio of Investments. The remaining collateral of approximately $67,000 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. |
| (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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The approximate fair value and percentage of net assets, $60,803,000 and 69.4%, 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (g) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $26,581,000 and the aggregate gross unrealized depreciation is approximately $11,456,000, resulting in net unrealized appreciation of approximately $15,125,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\*\* | 23.6% |
| Semiconductors & Semiconductor Equipment | 22.1 |
| Hotels, Restaurants & Leisure | 15.5 |
| Interactive Media & Services | 12.2 |
| Banks | 11.7 |
| Tech Hardware, Storage & Peripherals | 7.6 |
| Broadline Retail | 7.3 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2026.

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Developing Opportunity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (96.2%)** |  |  |
| **Brazil (4.8%)** |  |  |
| NU Holdings Ltd., Class A (a) | 172827 | $2484 |
| **China (29.6%)** |  |  |
| Baidu, Inc. ADR (a) | 19514 | 2175 |
| China Resources Mixc Lifestyle Services Ltd. (b) | 165400 | 999 |
| Full Truck Alliance Co. Ltd. ADR | 94550 | 785 |
| Kuaishou Technology (b) | 120500 | 710 |
| Kweichow Moutai Co. Ltd., Class A | 6289 | 1324 |
| Meituan, Class B (a)(b) | 193180 | 2108 |
| PDD Holdings, Inc. ADR (a) | 9112 | 931 |
| Pony AI, Inc. ADR (a) | 40786 | 385 |
| Pony AI, Inc., Class A (a)(b) | 112000 | 994 |
| Tencent Holdings Ltd. (b) | 21800 | 1375 |
| Trip.com Group Ltd. ADR (a) | 47969 | 2388 |
| WeRide, Inc. ADR (a) | 46191 | 374 |
| WeRide, Inc., Class A (a)(b) | 247700 | 651 |
|  |  | 15199 |
| **India (18.8%)** |  |  |
| Eternal Ltd. (a) | 769791 | 1894 |
| HDFC Bank Ltd. | 153230 | 1200 |
| ICICI Bank Ltd. ADR | 81487 | 2110 |
| Indian Hotels Co. Ltd. | 48918 | 298 |
| MakeMyTrip Ltd. (a) | 25628 | 956 |
| Niva Bupa Health Insurance Co. Ltd. (a) | 281711 | 210 |
| Tata Capital Ltd. (a) | 482070 | 1570 |
| Titan Co. Ltd. | 33893 | 1424 |
|  |  | 9662 |
| **Korea, Republic of (23.6%)** |  |  |
| Coupang, Inc. (a) | 115795 | 2186 |
| KakaoBank Corp. | 89348 | 1456 |
| NAVER Corp. | 5129 | 698 |
| Samsung Electronics Co. Ltd. | 31699 | 3708 |
| SK Hynix, Inc. | 6906 | 3918 |
| Webtoon Entertainment, Inc. (a) | 19236 | 177 |
|  |  | 12143 |
| **Poland (1.0%)** |  |  |
| Allegro.eu SA (a) | 74436 | 534 |
| **Singapore (1.9%)** |  |  |
| Grab Holdings Ltd., Class A (a) | 265555 | 972 |
| **Taiwan (11.3%)** |  |  |
| MediaTek, Inc. | 28000 | 1343 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 77000 | 4453 |
|  |  | 5796 |
| **United States (5.2%)** |  |  |
| MercadoLibre, Inc. (a) | 1547 | 2675 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $42,883)** |  | 49465 |
| **Short-Term Investment (3.8%)** |  |  |
| **Investment Company (3.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (c) **(Cost $1,954)** | 1954386 | 1954 |
| **Total Investments (100.0%) (Cost $44,837) (d)(e)(f)** |  | 51419 |
| Liabilities in Excess of Other Assets (–0.0%) |  | (1) |
| **Net Assets (100.0%)** |  | $51418 |

---

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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund. |
| (d) | The approximate fair value and percentage of net assets, $30,867,000 and 60.0%, 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (f) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $9,967,000 and the aggregate gross unrealized depreciation is approximately $3,385,000, resulting in net unrealized appreciation of approximately $6,582,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 22.6% |
| Semiconductors & Semiconductor Equipment | 18.9 |
| Hotels, Restaurants & Leisure | 15.0 |
| Banks | 14.0 |
| Broadline Retail | 12.3 |
| Interactive Media & Services | 10.0 |
| Tech Hardware, Storage & Peripherals | 7.2 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Emerging Markets ex China Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (98.4%)** |  |  |
| **Brazil (7.0%)** |  |  |
| Banco BTG Pactual SA (Units) (a) | 5798 | $63 |
| Itau Unibanco Holding SA (Preference) | 16983 | 143 |
| Motiva Infraestrutura de Mobilidade SA | 26972 | 82 |
| Rede D'Or Sao Luiz SA | 19496 | 147 |
| Telefonica Brasil SA | 7475 | 59 |
| Vale SA | 4833 | 77 |
| WEG SA | 13911 | 137 |
|  |  | 708 |
| **Chile (0.5%)** |  |  |
| Banco de Chile | 260116 | 47 |
| **Czech Republic (0.7%)** |  |  |
| Komercni Banka AS | 1448 | 74 |
| **Egypt (0.9%)** |  |  |
| Commercial International Bank - Egypt (CIB) | 38673 | 86 |
| **India (19.7%)** |  |  |
| 360 ONE WAM Ltd. | 4331 | 44 |
| Axis Bank Ltd. | 2435 | 30 |
| Bajaj Auto Ltd. | 687 | 64 |
| Bajaj Finance Ltd. | 8910 | 76 |
| CG Power & Industrial Solutions Ltd. | 9236 | 64 |
| Colgate-Palmolive India Ltd. | 834 | 16 |
| Grasim Industries Ltd. | 3659 | 99 |
| HDFC Asset Management Co. Ltd. | 1694 | 40 |
| HDFC Bank Ltd. | 20520 | 161 |
| Hindalco Industries Ltd. | 6292 | 59 |
| Hitachi Energy India Ltd. | 356 | 92 |
| ICICI Bank Ltd. | 14170 | 182 |
| IDFC First Bank Ltd. | 99782 | 62 |
| Infosys Ltd. | 2162 | 29 |
| Infosys Ltd. ADR | 3149 | 43 |
| Larsen & Toubro Ltd. | 1468 | 55 |
| Lodha Developers Ltd. | 5091 | 37 |
| Mahindra & Mahindra Ltd. | 5707 | 179 |
| MakeMyTrip Ltd. (b) | 365 | 14 |
| Max Healthcare Institute Ltd. | 9017 | 92 |
| Pidilite Industries Ltd. | 3716 | 50 |
| Reliance Industries Ltd. | 12768 | 184 |
| Samvardhana Motherson International Ltd. | 38178 | 43 |
| Shriram Finance Ltd. | 6882 | 64 |
| State Bank of India | 13310 | 139 |
| Swiggy Ltd. (b) | 12801 | 35 |
| United Breweries Ltd. | 1566 | 26 |
|  |  | 1979 |
| **Indonesia (0.6%)** |  |  |
| Bank Syariah Indonesia Tbk. PT | 220000 | 27 |
| Cisarua Mountain Dairy Tbk. PT | 121100 | 31 |
|  |  | 58 |
| **Kazakhstan (1.0%)** |  |  |
| NAC Kazatomprom JSC GDR | 1256 | 99 |
| **Korea, Republic of (18.4%)** |  |  |
| HYBE Co. Ltd. (b) | 111 | 22 |
| Hyundai Motor Co. | 396 | 122 |
| KB Financial Group, Inc. | 2004 | 197 |
| Kia Corp. | 692 | 68 |
| KT&G Corp. | 473 | 51 |
| NAVER Corp. | 434 | 59 |
| Samsung Electronics Co. Ltd. | 10230 | 1197 |
| SK Hynix, Inc. | 242 | 137 |
|  |  | 1853 |
| **Malaysia (0.2%)** |  |  |
| Malayan Banking Bhd. | 8500 | 24 |
| **Mexico (3.5%)** |  |  |
| America Movil SAB de CV ADR | 2664 | 68 |
| Grupo Financiero Banorte SAB de CV Series O | 12071 | 134 |
| Prologis Property Mexico SA de CV REIT | 16965 | 74 |
| Wal-Mart de Mexico SAB de CV | 22529 | 73 |
|  |  | 349 |
| **Peru (1.6%)** |  |  |
| Credicorp Ltd. | 473 | 160 |
| **Philippines (0.4%)** |  |  |
| Bank of the Philippine Islands | 24680 | 41 |
| **Poland (4.0%)** |  |  |
| Allegro.eu SA (b) | 8122 | 58 |
| Budimex SA | 358 | 65 |
| Grupa Kety SA | 635 | 169 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 4740 | 112 |
|  |  | 404 |
| **South Africa (4.2%)** |  |  |
| AVI Ltd. | 14619 | 90 |
| Capitec Bank Holdings Ltd. | 877 | 215 |
| OUTsurance Group Ltd. | 21371 | 88 |
| Standard Bank Group Ltd. | 1412 | 26 |
|  |  | 419 |
| **Sweden (0.8%)** |  |  |
| Medicover AB | 4244 | 85 |
| **Taiwan (32.5%)** |  |  |
| Airtac International Group | 1000 | 32 |
| Alchip Technologies Ltd. | 1000 | 82 |
| ASE Technology Holding Co. Ltd. | 21000 | 231 |
| Delta Electronics, Inc. | 6000 | 270 |
| Hon Hai Precision Industry Co. Ltd. | 26000 | 159 |
| MediaTek, Inc. | 3000 | 144 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 37000 | 2140 |
| Unimicron Technology Corp. | 8338 | 122 |
| Wiwynn Corp. | 845 | 91 |
|  |  | 3271 |
| **United Kingdom (2.1%)** |  |  |
| Antofagasta PLC | 4708 | 211 |
| **United States (0.3%)** |  |  |
| MercadoLibre, Inc. (b) | 19 | 33 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $5,759)** |  | 9901 |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report - March 31, 2026 (unaudited)<br> Portfolio of Investments (cont'd)<br> Emerging Markets ex China Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Short-Term Investment (1.4%)** |  |  |
| **Investment Company (1.4%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 3.57% (c) **(Cost $139)** | 138850 | $139 |
| **Total Investments (99.8%) (Cost $5,898) (d)(e)(f)** |  | 10040 |
| Other Assets in Excess of Liabilities (0.2%) |  | 22 |
| **Net Assets (100.0%)** |  | $10062 |

---

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 three months ended March 31, 2026, 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, $8,594,000 and 85.4%, 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (f) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,324,000 and the aggregate gross unrealized depreciation is approximately $182,000, resulting in net unrealized appreciation of approximately $4,142,000. |
| ADR | American Depositary Receipt. |
| GDR | Global Depositary Receipt. |
| JSC | Joint Stock Company. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 30.8% |
| Semiconductors & Semiconductor Equipment | 27.2 |
| Banks | 18.5 |
| Tech Hardware, Storage & Peripherals | 12.8 |
| Electronic Equipment, Instruments & Components | 5.5 |
| 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.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Emerging Markets Leaders Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (98.3%)** |  |  |
| **Brazil (15.4%)** |  |  |
| Banco BTG Pactual SA (Units) (a) | 408354 | $4438 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 45786 | 1399 |
| Localiza Rent a Car SA | 497628 | 4513 |
| Raia Drogasil SA | 506815 | 2302 |
| Vale SA ADR | 225587 | 3589 |
|  |  | 16241 |
| **China (10.9%)** |  |  |
| Contemporary Amperex Technology Co. Ltd., Class A | 47400 | 2804 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 288600 | 2332 |
| NAURA Technology Group Co. Ltd., Class A | 33500 | 2203 |
| Tencent Holdings Ltd. (b) | 65600 | 4138 |
|  |  | 11477 |
| **India (23.5%)** |  |  |
| AU Small Finance Bank Ltd. | 98008 | 878 |
| Bharti Airtel Ltd. | 190378 | 3618 |
| Cholamandalam Investment & Finance Co. Ltd. | 176940 | 2558 |
| Divi's Laboratories Ltd. | 44769 | 2829 |
| Eternal Ltd. (c) | 1113134 | 2739 |
| Global Health Ltd. | 86798 | 886 |
| ICICI Bank Ltd. | 270816 | 3476 |
| KEI Industries Ltd. | 74752 | 3205 |
| Mahindra & Mahindra Ltd. | 22562 | 708 |
| Samvardhana Motherson International Ltd. | 1809234 | 2031 |
| Varun Beverages Ltd. | 472571 | 1933 |
|  |  | 24861 |
| **Korea, Republic of (4.7%)** |  |  |
| Hyundai Motor Co. | 7022 | 2163 |
| SK Hynix, Inc. | 4980 | 2826 |
|  |  | 4989 |
| **Mexico (5.3%)** |  |  |
| Grupo Financiero Banorte SAB de CV Series O | 501869 | 5557 |
| **Peru (2.8%)** |  |  |
| Credicorp Ltd. | 8562 | 2904 |
| **Poland (2.3%)** |  |  |
| Budimex SA | 13563 | 2438 |
| **Singapore (3.1%)** |  |  |
| Sea Ltd. ADR (c) | 39873 | 3302 |
| **South Africa (7.5%)** |  |  |
| OUTsurance Group Ltd. | 658658 | 2708 |
| Standard Bank Group Ltd. | 146648 | 2656 |
| Vodacom Group Ltd. | 297379 | 2547 |
|  |  | 7911 |
| **Taiwan (19.4%)** |  |  |
| Delta Electronics, Inc. | 72000 | 3246 |
| E Ink Holdings, Inc. | 372000 | 1623 |
| eMemory Technology, Inc. | 19000 | 1618 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 242000 | 13996 |
|  |  | 20483 |
| **United States (3.4%)** |  |  |
| MercadoLibre, Inc. (c) | 2099 | 3629 |
| **Total Investments (98.3%) (Cost $91,841) (d)(e)(f)** |  | 103792 |
| Other Assets in Excess of Liabilities (1.7%) |  | 1814 |
| **Net Assets (100.0%)** |  | $105606 |

---

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 approximate fair value and percentage of net assets, $84,811,000 and 80.3%, 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. |
| (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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (f) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $22,545,000 and the aggregate gross unrealized depreciation is approximately $10,594,000, resulting in net unrealized appreciation of approximately $11,951,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 46.9% |
| Semiconductors & Semiconductor Equipment | 19.8 |
| Banks | 14.9 |
| Broadline Retail | 6.7 |
| Wireless Telecommunication Services | 5.9 |
| Electrical Equipment | 5.8 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Emerging Markets Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.9%)** |  |  |
| **Brazil (6.5%)** |  |  |
| Banco BTG Pactual SA (Units) (a) | 38886 | $423 |
| Itau Unibanco Holding SA (Preference) | 196001 | 1645 |
| Motiva Infraestrutura de Mobilidade SA | 379240 | 1158 |
| Rede D'Or Sao Luiz SA | 162607 | 1223 |
| Telefonica Brasil SA | 102749 | 818 |
| Vale SA | 57725 | 919 |
| WEG SA | 224913 | 2215 |
|  |  | 8401 |
| **Chile (0.8%)** |  |  |
| Banco de Chile | 5424235 | 985 |
| **China (18.3%)** |  |  |
| Alibaba Group Holding Ltd. (b) | 266100 | 4171 |
| Bank of Jiangsu Co. Ltd., Class A | 492300 | 779 |
| BYD Co. Ltd., H Shares (b) | 35400 | 484 |
| China Construction Bank Corp., H Shares (b) | 2176120 | 2348 |
| China International Capital Corp. Ltd., Class H (b) | 189600 | 421 |
| China Merchants Bank Co. Ltd., H Shares (b) | 252500 | 1604 |
| China Resources Mixc Lifestyle Services Ltd. (b) | 122200 | 738 |
| Contemporary Amperex Technology Co. Ltd., Class A | 14900 | 882 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 110259 | 891 |
| NARI Technology Co. Ltd., Class A | 207800 | 788 |
| NAURA Technology Group Co. Ltd., Class A | 11995 | 789 |
| NetEase, Inc. (b) | 32800 | 733 |
| Ping An Insurance Group Co. of China Ltd., Class H (b) | 158000 | 1215 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 72900 | 714 |
| Tencent Holdings Ltd. (b) | 90000 | 5676 |
| Xiaomi Corp., Class B (b)(c) | 162200 | 670 |
| Zijin Mining Group Co. Ltd., H Shares (b) | 138000 | 621 |
|  |  | 23524 |
| **Czech Republic (0.9%)** |  |  |
| Komercni Banka AS | 21398 | 1092 |
| **India (15.3%)** |  |  |
| 360 ONE WAM Ltd. | 47519 | 480 |
| Avenue Supermarts Ltd. (c) | 11658 | 491 |
| Axis Bank Ltd. | 71328 | 883 |
| Bajaj Auto Ltd. | 7246 | 677 |
| Bajaj Finance Ltd. | 94066 | 805 |
| Colgate-Palmolive India Ltd. | 9570 | 181 |
| Grasim Industries Ltd. | 26669 | 724 |
| HDFC Asset Management Co. Ltd. | 29490 | 694 |
| HDFC Bank Ltd. | 620 | 5 |
| HDFC Bank Ltd. ADR | 51095 | 1271 |
| Hindalco Industries Ltd. | 50243 | 475 |
| Hitachi Energy India Ltd. | 4544 | 1175 |
| ICICI Bank Ltd. | 105309 | 1352 |
| ICICI Bank Ltd. ADR | 8364 | 216 |
| IDFC First Bank Ltd. | 1085955 | 680 |
| Infosys Ltd. ADR (d) | 45270 | 611 |
| Larsen & Toubro Ltd. | 17066 | 634 |
| Lodha Developers Ltd. | 65425 | 473 |
| Mahindra & Mahindra Ltd. | 38539 | 1209 |
| MakeMyTrip Ltd. (c) | 5389 | 201 |
| Max Healthcare Institute Ltd. | 76589 | 786 |
| Pidilite Industries Ltd. | 43164 | 587 |
| Reliance Industries Ltd. | 123539 | 1777 |
| Samvardhana Motherson International Ltd. | 430399 | 483 |
| Shriram Finance Ltd. | 74344 | 692 |
| State Bank of India | 136964 | 1428 |
| Swiggy Ltd. (c) | 76864 | 213 |
| United Breweries Ltd. | 26900 | 440 |
|  |  | 19643 |
| **Indonesia (0.3%)** |  |  |
| Cisarua Mountain Dairy Tbk. PT | 1593300 | 407 |
| **Korea, Republic of (16.6%)** |  |  |
| HYBE Co. Ltd. (c) | 1560 | 316 |
| Hyundai Motor Co. | 5453 | 1680 |
| KB Financial Group, Inc. | 14070 | 1381 |
| Kia Corp. | 8727 | 862 |
| KT&G Corp. | 6529 | 702 |
| NAVER Corp. | 5920 | 806 |
| Samsung Electronics Co. Ltd. | 105634 | 12355 |
| SK Hynix, Inc. | 5548 | 3148 |
|  |  | 21250 |
| **Malaysia (0.8%)** |  |  |
| CIMB Group Holdings Bhd. | 172500 | 324 |
| Malayan Banking Bhd. | 268400 | 755 |
|  |  | 1079 |
| **Mexico (3.4%)** |  |  |
| America Movil SAB de CV ADR | 28228 | 719 |
| Grupo Financiero Banorte SAB de CV Series O | 182544 | 2022 |
| Prologis Property Mexico SA de CV REIT | 232963 | 1017 |
| Wal-Mart de Mexico SAB de CV | 201065 | 656 |
|  |  | 4414 |
| **Peru (1.2%)** |  |  |
| Credicorp Ltd. | 4373 | 1483 |
| **Poland (2.7%)** |  |  |
| Allegro.eu SA (c) | 163071 | 1170 |
| Budimex SA | 4432 | 797 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 65368 | 1546 |
|  |  | 3513 |
| **Saudi Arabia (0.6%)** |  |  |
| Alinma Bank | 96438 | 747 |
| **South Africa (4.7%)** |  |  |
| AVI Ltd. | 164587 | 1010 |
| Capitec Bank Holdings Ltd. | 7308 | 1796 |
| OUTsurance Group Ltd. (d) | 325474 | 1338 |
| Standard Bank Group Ltd. | 68882 | 1248 |
| Vodacom Group Ltd. | 73450 | 629 |
|  |  | 6021 |
| **Taiwan (25.8%)** |  |  |
| Airtac International Group | 18448 | 588 |
| Alchip Technologies Ltd. | 9000 | 734 |
| ASE Technology Holding Co. Ltd. | 118000 | 1299 |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report - March 31, 2026 (unaudited)<br> Portfolio of Investments (cont'd)<br> Emerging Markets Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Taiwan (cont'd)** |  |  |
| Chailease Holding Co. Ltd. | 142000 | $492 |
| Delta Electronics, Inc. | 65000 | 2931 |
| Hon Hai Precision Industry Co. Ltd. | 259000 | 1583 |
| MediaTek, Inc. | 39000 | 1871 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 366205 | 21179 |
| Unimicron Technology Corp. | 78000 | 1141 |
| Wiwynn Corp. | 11722 | 1261 |
|  |  | 33079 |
| **United Kingdom (1.5%)** |  |  |
| Antofagasta PLC | 44167 | 1981 |
| **United States (0.5%)** |  |  |
| MercadoLibre, Inc. (c) | 369 | 638 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $74,990)** |  | 128257 |
| **Short-Term Investments (0.9%)** |  |  |
| **Investment Company (0.6%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.57% (e) **(Cost $807)** | 807287 | 807 |
| **Securities held as Collateral on Loaned Securities (0.3%)** |  |  |
| **Investment Company (0.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 3.57% (e) **(Cost $345)** | 345359 | 345 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $1,152)** |  | 1152 |
| **Total Investments (100.8%) (Cost $76,142) including $1,680 of Securities Loaned (f)(g)(h)** |  | 129409 |
| Liabilities in Excess of Other Assets (–0.8%) |  | (968) |
| **Net Assets (100.0%)** |  | $128441 |

---

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

---

| | |
|:---|:---|
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | Non-income producing security. |
| (d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2026, were approximately $1,680,000 and $1,755,000, respectively. The Fund received cash collateral of approximately $345,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $1,410,000 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. |
| (e) | 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, 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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The approximate fair value and percentage of net assets, $119,423,000 and 93.0%, 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. |
| (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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (h) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $55,247,000 and the aggregate gross unrealized depreciation is approximately $1,980,000, resulting in net unrealized appreciation of approximately $53,267,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\*\* | 41.6% |
| Semiconductors & Semiconductor Equipment | 22.5 |
| Banks | 19.8 |
| Tech Hardware, Storage & Peripherals | 11.1 |
| Interactive Media & Services | 5.0 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2026.

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Global Concentrated Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.2%)** |  |  |
| **Canada (1.9%)** |  |  |
| Shopify, Inc., Class A (a) | 58229 | $6907 |
| **China (3.7%)** |  |  |
| Tencent Holdings Ltd. ADR | 214575 | 13565 |
| **Italy (2.3%)** |  |  |
| Ferrari NV (NYSE) | 24933 | 8439 |
| **Japan (6.0%)** |  |  |
| Mizuho Financial Group, Inc. ADR | 2750350 | 21838 |
| **Spain (5.6%)** |  |  |
| Banco Santander SA ADR | 1788078 | 20169 |
| **Taiwan (8.6%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 92351 | 31210 |
| **United Kingdom (9.6%)** |  |  |
| Rolls-Royce Holdings PLC ADR | 1497285 | 23088 |
| Standard Chartered PLC | 565241 | 11780 |
|  |  | 34868 |
| **United States (61.5%)** |  |  |
| Alphabet, Inc., Class A | 100242 | 28826 |
| Ameriprise Financial, Inc. | 28686 | 12748 |
| Cboe Global Markets, Inc. | 63417 | 17825 |
| CBRE Group, Inc., Class A (a) | 125373 | 16983 |
| Costco Wholesale Corp. | 7493 | 7466 |
| CRH PLC | 138178 | 14525 |
| Eli Lilly & Co. | 25261 | 23234 |
| JPMorgan Chase & Co. | 64746 | 19046 |
| LPL Financial Holdings, Inc. | 30942 | 9308 |
| Mastercard, Inc., Class A | 12742 | 6367 |
| Microsoft Corp. | 52307 | 19362 |
| NVIDIA Corp. | 235340 | 41043 |
| United Rentals, Inc. | 8891 | 6478 |
|  |  | 223211 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $322,215)** |  | 360207 |
| **Short-Term Investment (0.8%)** |  |  |
| **Investment Company (0.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (b) **(Cost $3,027)** | 3026762 | 3027 |
| **Total Investments (100.0%) (Cost $325,242) (c)(d)(e)** |  | 363234 |
| Liabilities in Excess of Other Assets (–0.0%) |  | (39) |
| **Net Assets (100.0%)** |  | $363195 |

---

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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund. |
| (c) | The approximate fair value and percentage of net assets, $11,780,000 and 3.2%, 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (e) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $57,595,000 and the aggregate gross unrealized depreciation is approximately $19,603,000, resulting in net unrealized appreciation of approximately $37,992,000. |
| ADR | American Depositary Receipt. |
| NYSE | New York Stock Exchange. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Banks | 20.0% |
| Semiconductors & Semiconductor Equipment | 19.9 |
| Other\* | 19.3 |
| Interactive Media & Services | 11.7 |
| Capital Markets | 11.0 |
| Pharmaceuticals | 6.4 |
| Aerospace & Defense | 6.4 |
| Software | 5.3 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Global Core Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.4%)** |  |  |
| **Canada (1.6%)** |  |  |
| Agnico Eagle Mines Ltd. | 2593 | $526 |
| Shopify, Inc., Class A (a) | 2642 | 314 |
|  |  | 840 |
| **China (3.4%)** |  |  |
| NetEase, Inc. ADR | 908 | 102 |
| Tencent Holdings Ltd. ADR | 26590 | 1681 |
|  |  | 1783 |
| **France (0.4%)** |  |  |
| Hermes International SCA ADR | 454 | 86 |
| LVMH Moet Hennessy Louis Vuitton SE | 215 | 117 |
|  |  | 203 |
| **Italy (2.4%)** |  |  |
| Ferrari NV (NYSE) | 3774 | 1277 |
| **Japan (5.9%)** |  |  |
| Mizuho Financial Group, Inc. ADR | 134063 | 1064 |
| Sumitomo Mitsui Financial Group, Inc. ADR | 105241 | 2079 |
|  |  | 3143 |
| **Spain (5.3%)** |  |  |
| Banco Santander SA ADR | 248398 | 2802 |
| **Taiwan (6.9%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 10754 | 3634 |
| **United Kingdom (3.9%)** |  |  |
| Rolls-Royce Holdings PLC ADR | 113990 | 1758 |
| Standard Chartered PLC | 15842 | 330 |
|  |  | 2088 |
| **United States (69.6%)** |  |  |
| Alphabet, Inc., Class A | 15149 | 4356 |
| Amazon.com, Inc. (a) | 9113 | 1898 |
| Ameriprise Financial, Inc. | 3006 | 1336 |
| Apple, Inc. | 12740 | 3233 |
| Cboe Global Markets, Inc. | 6528 | 1835 |
| CBRE Group, Inc., Class A (a) | 10518 | 1425 |
| Chevron Corp. | 4781 | 989 |
| Costco Wholesale Corp. | 306 | 305 |
| CRH PLC | 21052 | 2213 |
| Eli Lilly & Co. | 1333 | 1226 |
| Evercore, Inc., Class A | 1815 | 542 |
| General Electric Co. | 5237 | 1486 |
| Goldman Sachs Group, Inc. | 497 | 420 |
| JPMorgan Chase & Co. | 9434 | 2775 |
| Linde PLC | 324 | 161 |
| LPL Financial Holdings, Inc. | 2109 | 634 |
| Mastercard, Inc., Class A | 1502 | 751 |
| MercadoLibre, Inc. (a) | 63 | 109 |
| Microsoft Corp. | 4309 | 1595 |
| Millrose Properties, Inc. REIT | 912 | 26 |
| Netflix, Inc. (a) | 8669 | 834 |
| NVIDIA Corp. | 22076 | 3850 |
| Progressive Corp. | 1818 | 360 |
| Tesla, Inc. (a) | 1895 | 704 |
| TJX Cos., Inc. | 14826 | 2368 |
| Toll Brothers, Inc. | 1042 | 142 |
| United Rentals, Inc. | 1067 | 777 |
| Valero Energy Corp. | 1625 | 402 |
|  |  | 36752 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $39,051)** |  | 52522 |
| **Short-Term Investment (0.5%)** |  |  |
| **Investment Company (0.5%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (b) **(Cost $283)** | 282604 | 283 |
| **Total Investments (99.9%) (Cost $39,334) (c)(d)(e)** |  | 52805 |
| Other Assets in Excess of Liabilities (0.1%) |  | 27 |
| **Net Assets (100.0%)** |  | $52832 |

---

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 three months ended March 31, 2026, 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, $448,000 and 0.8%, 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. |
| (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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (e) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $14,396,000 and the aggregate gross unrealized depreciation is approximately $925,000, resulting in net unrealized appreciation of approximately $13,471,000. |
| ADR | American Depositary Receipt. |
| NYSE | New York Stock Exchange. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 36.0% |
| Banks | 17.1 |
| Semiconductors & Semiconductor Equipment | 14.2 |
| Interactive Media & Services | 11.4 |
| Capital Markets | 9.0 |
| Aerospace & Defense | 6.2 |
| Tech Hardware, Storage & Peripherals | 6.1 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Global Endurance Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (98.4%)** |  |  |
| **Canada (4.9%)** |  |  |
| Colliers International Group, Inc. | 2575 | $275 |
| Constellation Software, Inc. | 276 | 485 |
|  |  | 760 |
| **Cayman Islands (2.1%)** |  |  |
| Belite Bio, Inc. ADR (a) | 2053 | 327 |
| **France (1.1%)** |  |  |
| Remy Cointreau SA | 3737 | 162 |
| **United Kingdom (7.9%)** |  |  |
| Victoria PLC (a) | 3647784 | 1226 |
| **United States (82.4%)** |  |  |
| Appian Corp., Class A (a) | 26978 | 650 |
| Arbutus Biopharma Corp. (a) | 148088 | 666 |
| Calumet, Inc. (a) | 20157 | 724 |
| Cooper Cos., Inc. (a) | 4964 | 355 |
| Copart, Inc. (a) | 11794 | 392 |
| Core & Main, Inc., Class A (a) | 5033 | 249 |
| Corpay, Inc. (a) | 1105 | 322 |
| DraftKings, Inc., Class A (a) | 17423 | 377 |
| EchoStar Corp., Class A (a) | 3081 | 361 |
| Fastly, Inc., Class A (a) | 11113 | 323 |
| Floor & Decor Holdings, Inc., Class A (a) | 11521 | 585 |
| Guidewire Software, Inc. (a) | 1261 | 189 |
| HCA Healthcare, Inc. | 810 | 383 |
| Immunovant, Inc. (a) | 29165 | 724 |
| Insmed, Inc. (a) | 2191 | 358 |
| New York Times Co., Class A | 1984 | 166 |
| QXO, Inc. (a) | 42928 | 834 |
| Roivant Sciences Ltd. (a) | 48998 | 1357 |
| Royalty Pharma PLC, Class A | 10303 | 494 |
| Smurfit Westrock PLC | 4502 | 179 |
| Somnigroup International, Inc. | 5048 | 373 |
| Sotera Health Co. (a) | 23287 | 334 |
| TD SYNNEX Corp. | 1288 | 217 |
| Teleflex, Inc. | 6670 | 798 |
| Trade Desk, Inc., Class A (a) | 8153 | 185 |
| TransDigm Group, Inc. | 231 | 268 |
| Urban Outfitters, Inc. (a) | 6774 | 429 |
| USA TODAY Co., Inc. (a) | 36172 | 255 |
| Veeva Systems, Inc., Class A (a) | 1328 | 233 |
|  |  | 12780 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $20,012)** |  | 15255 |
| **Short-Term Investment (1.9%)** |  |  |
| **Investment Company (1.9%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (b) **(Cost $298)** | 298266 | 298 |
| **Total Investments (100.3%) (Cost $20,310) (c)(d)(e)** |  | 15553 |
| Liabilities in Excess of Other Assets (–0.3%) |  | (41) |
| **Net Assets (100.0%)** |  | $15512 |

---

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 three months ended March 31, 2026, 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, $1,388,000 and 8.9%, 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. |
| (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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (e) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,654,000 and the aggregate gross unrealized depreciation is approximately $7,411,000, resulting in net unrealized depreciation of approximately $4,757,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 28.8% |
| Biotechnology | 20.0 |
| Household Durables | 10.3 |
| Software | 8.5 |
| Health Care Equipment & Supplies | 7.4 |
| Trading Companies & Distributors | 7.0 |
| Specialty Retail | 6.5 |
| Media | 6.2 |
| Pharmaceuticals | 5.3 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Global Franchise Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (98.9%)** |  |  |
| **France (4.4%)** |  |  |
| L'Oreal SA | 147102 | $60060 |
| **Germany (2.7%)** |  |  |
| SAP SE | 217555 | 37089 |
| **Italy (3.2%)** |  |  |
| Ferrari NV (Euronext NV) | 64259 | 21803 |
| Ferrari NV (NYSE) | 64307 | 21765 |
|  |  | 43568 |
| **Taiwan (4.3%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1010000 | 58413 |
| **United Kingdom (9.6%)** |  |  |
| Experian PLC | 1101945 | 38121 |
| Haleon PLC | 9396210 | 46502 |
| RELX PLC (Euronext NV) | 192515 | 6412 |
| RELX PLC (LSE) | 1255255 | 41125 |
|  |  | 132160 |
| **United States (74.7%)** |  |  |
| Abbott Laboratories | 147770 | 15171 |
| Alphabet, Inc., Class A | 249376 | 71711 |
| Amazon.com, Inc. (a) | 194232 | 40453 |
| Aon PLC, Class A | 171771 | 55444 |
| Arthur J Gallagher & Co. | 73606 | 15942 |
| AutoZone, Inc. (a) | 11225 | 37916 |
| Booking Holdings, Inc. | 5179 | 21805 |
| Cencora, Inc. | 85958 | 27003 |
| CME Group, Inc. | 148315 | 43805 |
| Coca-Cola Co. | 932085 | 70885 |
| Equifax, Inc. | 68662 | 12364 |
| Intercontinental Exchange, Inc. | 348530 | 54817 |
| Microsoft Corp. | 196284 | 72658 |
| MSCI, Inc. | 50565 | 27255 |
| Netflix, Inc. (a) | 677403 | 65132 |
| Otis Worldwide Corp. | 441645 | 34042 |
| Philip Morris International, Inc. | 159239 | 26329 |
| Procter & Gamble Co. | 319488 | 46147 |
| S&P Global, Inc. | 106099 | 45128 |
| STERIS PLC | 163022 | 36049 |
| Synopsys, Inc. (a) | 92404 | 36636 |
| Thermo Fisher Scientific, Inc. | 72579 | 35675 |
| Uber Technologies, Inc. (a) | 478245 | 34400 |
| Visa, Inc., Class A | 209764 | 63399 |
| Zoetis, Inc. | 298428 | 35277 |
|  |  | 1025443 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $1,164,402)** |  | 1356733 |
| **Short-Term Investment (1.3%)** |  |  |
| **Investment Company (1.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (b) **(Cost $18,289)** | 18288666 | 18289 |
| **Total Investments (100.2%) (Cost $1,182,691) (c)(d)(e)** |  | 1375022 |
| Liabilities in Excess of Other Assets (–0.2%) |  | (3014) |
| **Net Assets (100.0%)** |  | $1372008 |

---

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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $11,000 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (d) | The approximate fair value and percentage of net assets, $309,525,000 and 22.6%, 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) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $255,871,000 and the aggregate gross unrealized depreciation is approximately $63,540,000, resulting in net unrealized appreciation of approximately $192,331,000. |
| Euronext NV | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |
| NYSE | New York Stock Exchange. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 48.2% |
| Capital Markets | 12.5 |
| Software | 10.7 |
| Professional Services | 7.1 |
| Pharmaceuticals | 6.0 |
| Interactive Media & Services | 5.2 |
| Insurance | 5.2 |
| Beverages | 5.1 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Global Insight Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (92.4%)** |  |  |
| **Brazil (0.5%)** |  |  |
| NU Holdings Ltd., Class A (a) | 18954 | $272 |
| **Canada (4.6%)** |  |  |
| Shopify, Inc., Class A (a) | 20275 | 2405 |
| **Israel (0.1%)** |  |  |
| Oddity Tech Ltd., Class A (a) | 5500 | 74 |
| **Korea, Republic of (0.5%)** |  |  |
| Coupang, Inc. (a) | 14660 | 277 |
| **Netherlands (2.5%)** |  |  |
| Adyen NV (a) | 1287 | 1288 |
| **Singapore (0.5%)** |  |  |
| Sea Ltd. ADR (a) | 2983 | 247 |
| **Sweden (5.6%)** |  |  |
| Spotify Technology SA (a) | 6029 | 2923 |
| **United Kingdom (0.0%)‡** |  |  |
| Victoria PLC (a) | 70649 | 24 |
| **United States (78.1%)** |  |  |
| Affirm Holdings, Inc. (a) | 51663 | 2367 |
| Agilon health, Inc. (a) | 7211 | 57 |
| AppLovin Corp., Class A (a) | 5365 | 2135 |
| Arbutus Biopharma Corp. (a) | 164594 | 741 |
| Aurora Innovation, Inc. (a) | 278560 | 1148 |
| BitMine Immersion Technologies, Inc. | 34061 | 674 |
| Cloudflare, Inc., Class A (a) | 35249 | 7273 |
| Federal National Mortgage Association (a) | 168391 | 1223 |
| Immunovant, Inc. (a) | 7693 | 191 |
| IonQ, Inc. (a) | 42036 | 1212 |
| MercadoLibre, Inc. (a) | 1425 | 2464 |
| Opendoor Technologies, Inc. (a) | 313902 | 1469 |
| ProKidney Corp. (a) | 55698 | 100 |
| QXO, Inc. (a) | 146729 | 2850 |
| ROBLOX Corp., Class A (a) | 28415 | 1607 |
| Roivant Sciences Ltd. (a) | 133331 | 3693 |
| Royalty Pharma PLC, Class A | 91309 | 4380 |
| Snowflake, Inc., Class A (a) | 8034 | 1212 |
| Strategy, Inc., Class A (a) | 10500 | 1310 |
| Tesla, Inc. (a) | 11207 | 4166 |
| Twenty One Capital, Inc., Class A (a)(b) | 60699 | 388 |
| XOMA Royalty Corp. (a) | 11348 | 356 |
|  |  | 41016 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $39,749)** |  | 48526 |
| **Preferred Stock (0.0%)‡** |  |  |
| **United States (0.0%)‡** |  |  |
| Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $73; acquired 6/17/14) | 6374 | 14 |
| **Investment Company (2.0%)** |  |  |
| **United States (2.0%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $1,040)** | 26879 | 1033 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Warrants** | |
| **Warrants (0.0%)‡** | **Warrants (0.0%)‡** | **Warrants (0.0%)‡** |
| **United States (0.0%)‡** |  |  |
| Opendoor Technologies, Inc. expires 11/20/26 (a) **(Cost $—)** | 16920 | 6 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investments (4.5%)** | **Short-Term Investments (4.5%)** | **Short-Term Investments (4.5%)** |
| **Investment Company (3.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (e) **(Cost $2,001)** | 2001313 | 2001 |
| **Securities held as Collateral on Loaned Securities (0.7%)** |  |  |
| **Investment Company (0.5%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (e) | 268157 | 268 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Repurchase Agreements (0.2%)** |  |  |
| Merrill Lynch & Co., Inc., (3.59%, dated 3/31/26, due 4/1/26; proceeds $42; fully collateralized by U.S. Government obligations; 0.00% - 1.00% due 11/15/27 - 7/31/28; valued at $43) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | 42 |
| Merrill Lynch & Co., Inc., (3.66%, dated 3/31/26, due 4/1/26; proceeds $85; fully collateralized by U.S. Government obligations; 0.75% - 2.88% due 2/15/45 - 11/15/47; valued at $86) | 85 | 85 |
|  |  | 127 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $395)** |  | 395 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $2,396)** |  | 2396 |
| **Total Investments Excluding Purchased Options (98.9%) (Cost $43,258)** |  | 51975 |
| **Total Purchased Options Outstanding (0.1%) (Cost $305)** |  | 53 |
| **Total Investments (99.0%) (Cost $43,563) including $388 of Securities Loaned (f)(g)(h)** |  | 52028 |
| Other Assets in Excess of Liabilities (1.0%) |  | 500 |
| **Net Assets (100.0%)** |  | $52528 |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report — March 31, 2026 (unaudited)<br> Consolidated Portfolio of Investments (cont'd)<br> Global Insight Portfolio

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

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2026, were approximately $388,000 and $395,000, respectively. The Fund received cash collateral of approximately $395,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - 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. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at March 31, 2026 amounts to approximately $14,000 and represents 0.0% of net assets. |
| (d) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (e) | 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 three months ended March 31, 2026, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The approximate fair value and percentage of net assets, $1,312,000 and 2.5%, 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (h) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $16,271,000 and the aggregate gross unrealized depreciation is approximately $7,806,000, resulting in net unrealized appreciation of approximately $8,465,000. |
| ADR | American Depositary Receipt. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report — March 31, 2026 (unaudited)<br> Consolidated Portfolio of Investments (cont'd)<br> Global Insight Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| Barclays Bank PLC | USD/CNH | CNH 7.20 | Feb–27 | 21363581 | $21364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $(23) |
| Standard Chartered Bank | USD/CNH | CNH 7.32 | Dec–26 | 23308767 | 23309 | 18 | 66 | (48) |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 21170064 | 21170 | 1 | 69 | (68) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 15064889 | 15065 |  | 63 | (63) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 10380713 | 10381 |  | 50 | (50) |
|  |  |  |  |  |  | $53 | $305 | $(252) |

---

---

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

---

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Information Technology Services | 20.9% |
| Other\*\* | 13.4 |
| Software | 10.1 |
| Biotechnology | 9.8 |
| Financial Services | 9.5 |
| Entertainment | 8.7 |
| Pharmaceuticals | 8.4 |
| Automobiles | 8.0 |
| Broadline Retail | 5.7 |
| Trading Companies & Distributors | 5.5 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2026.

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Global Opportunity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.9%)** |  |  |
| **Brazil (2.5%)** |  |  |
| NU Holdings Ltd., Class A (a) | 4568152 | $65644 |
| **Canada (1.4%)** |  |  |
| Shopify, Inc., Class A (a) | 322370 | 38239 |
| **China (5.2%)** |  |  |
| Baidu, Inc. ADR (a) | 406587 | 45302 |
| Meituan, Class B (a)(b) | 4579400 | 49971 |
| Trip.com Group Ltd. ADR (a) | 891545 | 44390 |
|  |  | 139663 |
| **Denmark (3.5%)** |  |  |
| DSV AS | 385473 | 93095 |
| **France (6.5%)** |  |  |
| Hermes International SCA | 36538 | 69216 |
| LVMH Moet Hennessy Louis Vuitton SE | 69645 | 38071 |
| Schneider Electric SE | 248855 | 67784 |
|  |  | 175071 |
| **India (5.1%)** |  |  |
| HDFC Bank Ltd. | 7082480 | 55477 |
| ICICI Bank Ltd. ADR | 3183337 | 82449 |
|  |  | 137926 |
| **Italy (2.9%)** |  |  |
| Moncler SpA | 1288900 | 77603 |
| **Japan (1.6%)** |  |  |
| Keyence Corp. | 123800 | 44061 |
| **Korea, Republic of (9.2%)** |  |  |
| Coupang, Inc. (a) | 3733989 | 70498 |
| KakaoBank Corp. | 611700 | 9967 |
| Samsung Electronics Co. Ltd. | 614916 | 71921 |
| SK Hynix, Inc. | 164836 | 93522 |
|  |  | 245908 |
| **Netherlands (5.7%)** |  |  |
| ASML Holding NV | 115766 | 153941 |
| **Singapore (0.5%)** |  |  |
| Grab Holdings Ltd., Class A (a) | 3788404 | 13866 |
| **Sweden (5.6%)** |  |  |
| Spotify Technology SA (a) | 310199 | 150419 |
| **Switzerland (1.5%)** |  |  |
| On Holding AG, Class A (a) | 1158675 | 39418 |
| **Taiwan (8.3%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3830000 | 221506 |
| **United States (40.4%)** |  |  |
| Airbnb, Inc., Class A (a) | 428181 | 54071 |
| Amazon.com, Inc. (a) | 357454 | 74447 |
| Block, Inc., Class A (a) | 936804 | 56377 |
| Crowdstrike Holdings, Inc., Class A (a) | 98515 | 38461 |
| DoorDash, Inc., Class A (a) | 662100 | 99414 |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 463108 | 39373 |
| Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15) | 6530 |  |
| Mastercard, Inc., Class A | 130337 | 65124 |
| MercadoLibre, Inc. (a) | 67286 | 116339 |
| Meta Platforms, Inc., Class A | 315691 | 180617 |
| ServiceNow, Inc. (a) | 340350 | 35584 |
| TKO Group Holdings, Inc. | 323410 | 65216 |
| Uber Technologies, Inc. (a) | 2111039 | 151847 |
| Visa, Inc., Class A | 222553 | 67264 |
| Walt Disney Co. | 407207 | 39247 |
|  |  | 1083381 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $1,568,591)** |  | 2679741 |
| **Short-Term Investment (0.8%)** |  |  |
| **Investment Company (0.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (e) **(Cost $22,011)** | 22011414 | 22011 |
| **Total Investments (100.7%) (Cost $1,590,602) (f)(g)** |  | 2701752 |
| Liabilities in Excess of Other Assets (–0.7%) |  | (18000) |
| **Net Assets (100.0%)** |  | $2683752 |

---

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 March 31, 2026 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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $20,000 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The approximate fair value and percentage of net assets, $1,046,135,000 and 39.0%, 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. |
| (g) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,200,451,000 and the aggregate gross unrealized depreciation is approximately $89,301,000, resulting in net unrealized appreciation of approximately $1,111,150,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Semiconductors & Semiconductor Equipment | 17.4% |
| Other\* | 15.1 |
| Entertainment | 10.9 |
| Broadline Retail | 9.7 |
| Hotels, Restaurants & Leisure | 9.2 |
| Interactive Media & Services | 8.4 |
| Textiles, Apparel & Luxury Goods | 8.3 |
| Banks | 7.9 |
| Financial Services | 7.0 |
| Ground Transportation | 6.1 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Global Permanence Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (94.2%)** |  |  |
| **Brazil (1.0%)** |  |  |
| NU Holdings Ltd., Class A (a) | 3283 | $47 |
| **Canada (8.7%)** |  |  |
| Cameco Corp. | 192 | 21 |
| Canadian National Railway Co. | 1982 | 204 |
| Colliers International Group, Inc. | 97 | 10 |
| Constellation Software, Inc. | 26 | 46 |
| FirstService Corp. | 79 | 11 |
| Shopify, Inc., Class A (a) | 1028 | 122 |
|  |  | 414 |
| **France (10.5%)** |  |  |
| Airbus SE | 361 | 68 |
| EssilorLuxottica SA | 198 | 46 |
| Eurofins Scientific SE | 2834 | 207 |
| Hermes International SCA | 12 | 23 |
| L'Oreal SA | 113 | 46 |
| LVMH Moet Hennessy Louis Vuitton SE | 83 | 45 |
| Remy Cointreau SA | 542 | 23 |
| Safran SA | 133 | 44 |
|  |  | 502 |
| **Germany (0.9%)** |  |  |
| Birkenstock Holding PLC (a) | 1225 | 44 |
| **India (0.5%)** |  |  |
| HDFC Bank Ltd. ADR | 917 | 23 |
| **Israel (0.5%)** |  |  |
| Oddity Tech Ltd., Class A (a) | 1719 | 23 |
| **Italy (0.5%)** |  |  |
| Brunello Cucinelli SpA | 264 | 23 |
| **Korea, Republic of (1.1%)** |  |  |
| Coupang, Inc. (a) | 2772 | 52 |
| **Mexico (0.5%)** |  |  |
| Alsea SAB de CV | 8100 | 26 |
| **Netherlands (1.4%)** |  |  |
| Adyen NV (a) | 68 | 68 |
| **Sweden (5.1%)** |  |  |
| Spotify Technology SA (a) | 499 | 242 |
| **Switzerland (1.0%)** |  |  |
| On Holding AG, Class A (a) | 1379 | 47 |
| **United Kingdom (2.6%)** |  |  |
| Babcock International Group PLC | 2580 | 40 |
| Domino's Pizza Group PLC | 9633 | 22 |
| Rentokil Initial PLC | 7626 | 48 |
| Victoria PLC (a) | 36235 | 12 |
|  |  | 122 |
| **United States (59.9%)** |  |  |
| Celsius Holdings, Inc. (a) | 1316 | 47 |
| Cloudflare, Inc., Class A (a) | 3099 | 639 |
| Copart, Inc. (a) | 2076 | 69 |
| Core & Main, Inc., Class A (a) | 3190 | 158 |
| DoorDash, Inc., Class A (a) | 294 | 44 |
| Federal National Mortgage Association (a) | 15014 | 109 |
| Landbridge Co. LLC, Class A | 746 | 52 |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 1428 | 121 |
| Medline, Inc., Class A (a) | 4078 | 181 |
| MercadoLibre, Inc. (a) | 125 | 216 |
| MSCI, Inc. | 131 | 71 |
| QXO, Inc. (a) | 12370 | 240 |
| Rollins, Inc. | 1286 | 69 |
| Royal Gold, Inc. | 214 | 54 |
| Royalty Pharma PLC, Class A | 7501 | 360 |
| Smurfit Westrock PLC | 522 | 21 |
| Strategy, Inc., Class A (a) | 940 | 117 |
| Tesla, Inc. (a) | 301 | 112 |
| Texas Pacific Land Corp. | 9 | 4 |
| TransDigm Group, Inc. | 39 | 45 |
| Verisk Analytics, Inc. | 380 | 72 |
| Waste Connections, Inc. | 280 | 46 |
|  |  | 2847 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $4,245)** |  | 4480 |
| **Investment Company (1.7%)** |  |  |
| **United States (1.7%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $81)** | 2101 | 81 |

---

---

| | |
|:---|:---|
|  | **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 (3.3%)** | **Short-Term Investment (3.3%)** | **Short-Term Investment (3.3%)** |
| **Investment Company (3.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (c) **(Cost $156)** | 156107 | 156 |
| **Total Investments Excluding Purchased Options (99.2%) (Cost $4,482)** |  | 4717 |
| **Total Purchased Options Outstanding (0.1%) (Cost $21)** |  | 4 |
| **Total Investments (99.3%) (Cost $4,503) (d)(e)(f)** |  | 4721 |
| Other Assets in Excess of Liabilities (0.7%) |  | 35 |
| **Net Assets (100.0%)** |  | $4756 |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report - March 31, 2026 (unaudited)<br> Consolidated Portfolio of Investments (cont'd)<br> Global Permanence Portfolio

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 three months ended March 31, 2026, 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, $715,000 and 15.0%, 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (f) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $807,000 and the aggregate gross unrealized depreciation is approximately $589,000, resulting in net unrealized appreciation of approximately $218,000. |
| ADR | American Depositary Receipt. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report - March 31, 2026 (unaudited)<br> Consolidated Portfolio of Investments (cont'd)<br> Global Permanence Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| Barclays Bank PLC | USD/CNH | CNH 7.20 | Feb–27 | 1832010 | $1832 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $(1) |
| Standard Chartered Bank | USD/CNH | CNH 7.32 | Dec–26 | 1662432 | 1662 | 1 | 5 | (4) |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 1314625 | 1315 |  | 5 | (5) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 918403 | 918 |  | 4 | (4) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 656354 | 656 |  | 3 | (3) |
|  |  |  |  |  |  | $4 | $21 | $(17) |

---

---

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

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 54.5% |
| Information Technology Services | 16.1 |
| Trading Companies & Distributors | 8.4 |
| Entertainment | 7.7 |
| Pharmaceuticals | 7.6 |
| Broadline Retail | 5.7 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Global Stars Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (98.1%)** |  |  |
| **Canada (2.8%)** |  |  |
| Shopify, Inc., Class A (a) | 5510 | $654 |
| **China (8.4%)** |  |  |
| Alibaba Group Holding Ltd. (b) | 28000 | 439 |
| Eastroc Beverage Group Co. Ltd., Class A | 14500 | 432 |
| NAURA Technology Group Co. Ltd., Class A | 9600 | 632 |
| Tencent Holdings Ltd. (b) | 7200 | 454 |
|  |  | 1957 |
| **Denmark (3.6%)** |  |  |
| DSV AS | 3419 | 826 |
| **France (1.1%)** |  |  |
| L'Oreal SA | 603 | 246 |
| **Germany (0.8%)** |  |  |
| SAP SE | 1033 | 176 |
| **Netherlands (3.6%)** |  |  |
| ASML Holding NV | 621 | 826 |
| **Switzerland (4.5%)** |  |  |
| On Holding AG, Class A (a) | 17766 | 604 |
| Sportradar Group AG, Class A (a) | 26285 | 440 |
|  |  | 1044 |
| **Taiwan (7.2%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 29000 | 1677 |
| **United Kingdom (10.4%)** |  |  |
| Diploma PLC | 11689 | 933 |
| Halma PLC | 14073 | 718 |
| RELX PLC (LSE) | 6977 | 229 |
| Rentokil Initial PLC | 85062 | 528 |
|  |  | 2408 |
| **United States (55.7%)** |  |  |
| Alphabet, Inc., Class A | 2983 | 858 |
| Amazon.com, Inc. (a) | 2951 | 615 |
| Booking Holdings, Inc. | 148 | 623 |
| Broadcom, Inc. | 1477 | 457 |
| Cencora, Inc. | 2182 | 686 |
| General Electric Co. | 808 | 229 |
| Intercontinental Exchange, Inc. | 4682 | 736 |
| McKesson Corp. | 462 | 400 |
| MercadoLibre, Inc. (a) | 296 | 512 |
| Meta Platforms, Inc., Class A | 1036 | 593 |
| Microsoft Corp. | 2027 | 750 |
| Monster Beverage Corp. (a) | 6215 | 450 |
| Netflix, Inc. (a) | 8446 | 812 |
| Robinhood Markets, Inc., Class A (a) | 3352 | 232 |
| ServiceNow, Inc. (a) | 7109 | 743 |
| Synopsys, Inc. (a) | 1395 | 553 |
| Tradeweb Markets, Inc., Class A | 7479 | 880 |
| U.S. Foods Holding Corp. (a) | 5790 | 534 |
| Uber Technologies, Inc. (a) | 12102 | 871 |
| Visa, Inc., Class A | 3191 | 964 |
| Waste Management, Inc. | 1780 | 409 |
|  |  | 12907 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $20,488)** |  | 22721 |

---

---

| | |
|:---|:---|
|  | **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 (0.8%)** |  |  |
| **Investment Company (0.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (d) **(Cost $175)** | 175181 | 175 |
| **Total Investments (98.9%) (Cost $20,663) (e)(f)(g)** |  | 22896 |
| Other Assets in Excess of Liabilities (1.1%) |  | 260 |
| **Net Assets (100.0%)** |  | $23156 |

---

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 three months ended March 31, 2026, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The approximate fair value and percentage of net assets, $8,116,000 and 35.0%, 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. |
| (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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (g) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,614,000 and the aggregate gross unrealized depreciation is approximately $1,381,000, resulting in net unrealized appreciation of approximately $2,233,000. |
| LSE | London Stock Exchange. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 51.5% |
| Semiconductors & Semiconductor Equipment | 15.6 |
| Software | 9.7 |
| Interactive Media & Services | 8.4 |
| Capital Markets | 8.0 |
| Broadline Retail | 6.8 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (87.7%)** |  |  |
| **Automobiles (9.5%)** |  |  |
| Tesla, Inc. (a) | 838014 | $311532 |
| **Biotechnology (4.6%)** |  |  |
| Roivant Sciences Ltd. (a) | 5462307 | 151306 |
| **Broadline Retail (1.6%)** |  |  |
| MercadoLibre, Inc. (a) | 30303 | 52394 |
| **Capital Markets (0.4%)** |  |  |
| Coinbase Global, Inc., Class A (a) | 82760 | 14451 |
| **Electronic Equipment, Instruments & Components (0.0%)** |  |  |
| Magic Leap, Inc., Class A (a)(b)(c) (acquisition cost — $18,812; acquired 12/22/15) | 38705 |  |
| **Entertainment (6.4%)** |  |  |
| ROBLOX Corp., Class A (a) | 2690576 | 152179 |
| Spotify Technology SA (Sweden) (a) | 120038 | 58208 |
|  |  | 210387 |
| **Financial Services (6.9%)** |  |  |
| Affirm Holdings, Inc. (a) | 3269461 | 149807 |
| Federal National Mortgage Association (a) | 10736145 | 77944 |
|  |  | 227751 |
| **Health Care Equipment & Supplies (3.8%)** |  |  |
| Medline, Inc., Class A (a) | 2843642 | 126542 |
| **Hotels, Restaurants & Leisure (3.4%)** |  |  |
| DoorDash, Inc., Class A (a) | 743088 | 111575 |
| **Information Technology Services (19.6%)** |  |  |
| Cloudflare, Inc., Class A (a) | 2239056 | 462007 |
| Shopify, Inc., Class A (Canada) (a) | 1140899 | 135333 |
| Snowflake, Inc., Class A (a) | 308750 | 46566 |
|  |  | 643906 |
| **Pharmaceuticals (7.6%)** |  |  |
| Royalty Pharma PLC, Class A | 5210200 | 249933 |
| **Real Estate Management & Development (0.6%)** |  |  |
| Opendoor Technologies, Inc. (a) | 4538385 | 21240 |
| **Software (15.5%)** |  |  |
| AppLovin Corp., Class A (a) | 462671 | 184143 |
| Aurora Innovation, Inc. (a) | 24453467 | 100748 |
| BitMine Immersion Technologies, Inc. | 1312368 | 25959 |
| Circle Internet Group, Inc. (a) | 345590 | 32973 |
| Palantir Technologies, Inc., Class A (a) | 343819 | 50294 |
| Strategy, Inc., Class A (a) | 915548 | 114260 |
|  |  | 508377 |
| **Tech Hardware, Storage & Peripherals (2.3%)** |  |  |
| IonQ, Inc. (a) | 2584196 | 74502 |
| **Trading Companies & Distributors (5.5%)** |  |  |
| QXO, Inc. (a) | 9331506 | 181218 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $1,966,405)** |  | 2885114 |
| **Preferred Stocks (7.6%)** |  |  |
| **Financial Services (0.7%)** |  |  |
| Stripe, Inc., Series I (a)(b)(c) (acquisition cost — $12,876; acquired 3/17/23) | 639525 | 23599 |
| **Software (6.9%)** |  |  |
| Databricks, Inc., Series H (a)(b)(c) (acquisition cost — $102,163; acquired 8/31/21) | 1390269 | 225863 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (Cost $115,039)** |  | 249462 |
| **Investment Company (2.1%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $70,128)** | 1812344 | 69630 |
| **Short-Term Investment (2.8%)** |  |  |
| **Investment Company (2.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (d) **(Cost $93,083)** | 93083387 | 93083 |
| **Total Investments Excluding Purchased Options (100.2%) (Cost $2,244,655)** |  | 3297289 |
| **Total Purchased Options Outstanding (0.1%) (Cost $19,733)** |  | 3402 |
| **Total Investments (100.3%) (Cost $2,264,388) (e)(f)** |  | 3300691 |
| Liabilities in Excess of Other Assets (–0.3%) |  | (10257) |
| **Net Assets (100.0%)** |  | $3290434 |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report - March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

---

| | |
|:---|:---|
| (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 March 31, 2026 amounts to approximately $249,462,000 and represents 7.6% 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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $28,000 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (f) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,226,493,000 and the aggregate gross unrealized depreciation is approximately $190,190,000, resulting in net unrealized appreciation of approximately $1,036,303,000. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report - March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| Barclays Bank PLC | USD/CNH | CNH 7.20 | Feb–27 | 1376011076 | $1376011 | $2198 | $3615 | $(1417) |
| Standard Chartered Bank | USD/CNH | CNH 7.32 | Dec–26 | 1486960610 | 1486961 | 1115 | 4208 | (3093) |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 1426154945 | 1426155 | 87 | 4666 | (4579) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 987167835 | 987168 | 1 | 4109 | (4108) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 645084851 | 645085 | 1 | 3135 | (3134) |
|  |  |  |  |  |  | $3402 | $19733 | $(16331) |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Software | 22.3% |
| Other\* | 21.6 |
| Information Technology Services | 19.5 |
| Automobiles | 9.5 |
| Financial Services | 7.6 |
| Pharmaceuticals | 7.6 |
| Entertainment | 6.4 |
| Trading Companies & Distributors | 5.5 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Inception Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (93.2%)** | **Common Stocks (93.2%)** | **Common Stocks (93.2%)** |
| **Aerospace & Defense (0.6%)** |  |  |
| York Space Systems, Inc. (a) | 60676 | $1345 |
| **Biotechnology (23.8%)** |  |  |
| Arbutus Biopharma Corp. (a) | 2030784 | 9139 |
| Beam Therapeutics, Inc. (a) | 36109 | 861 |
| GRAIL, Inc. (a) | 124996 | 6460 |
| Immunovant, Inc. (a) | 254687 | 6326 |
| Newamsterdam Pharma Co. NV (a) | 15312 | 490 |
| ProKidney Corp. (a)(b) | 292440 | 523 |
| Recursion Pharmaceuticals, Inc., Class A (a)(b) | 76329 | 234 |
| Roivant Sciences Ltd. (a) | 580737 | 16086 |
| uniQure NV (a) | 41255 | 675 |
| Vaxcyte, Inc. (a) | 11915 | 692 |
| X4 Pharmaceuticals, Inc. (a) | 2333406 | 9637 |
| XOMA Royalty Corp. (a) | 174751 | 5482 |
|  |  | 56605 |
| **Broadline Retail (1.6%)** |  |  |
| Etsy, Inc. (a) | 50086 | 2504 |
| Global-e Online Ltd. (Israel) (a) | 38776 | 1196 |
|  |  | 3700 |
| **Capital Markets (1.3%)** |  |  |
| Gemini Space Station, Inc., Class A (a)(b) | 283155 | 1252 |
| Twenty One Capital, Inc., Class A (a)(b) | 306879 | 1964 |
|  |  | 3216 |
| **Energy Equipment & Services (1.0%)** |  |  |
| WaterBridge Infrastructure LLC, Class A | 91852 | 2461 |
| **Financial Services (2.4%)** |  |  |
| Federal National Mortgage Association (a) | 782445 | 5681 |
| **Health Care Equipment & Supplies (1.2%)** |  |  |
| Inspire Medical Systems, Inc. (a) | 6479 | 334 |
| Strive, Inc., Class A (a)(b) | 248014 | 2485 |
|  |  | 2819 |
| **Health Care Providers & Services (4.0%)** |  |  |
| Agilon health, Inc. (a) | 171749 | 1359 |
| HealthEquity, Inc. (a) | 97262 | 8128 |
|  |  | 9487 |
| **Health Care Technology (1.6%)** |  |  |
| Doximity, Inc., Class A (a) | 154332 | 3596 |
| Schrodinger, Inc. (a) | 29802 | 338 |
|  |  | 3934 |
| **Hotels, Restaurants & Leisure (6.0%)** |  |  |
| Black Rock Coffee Bar, Inc., Class A (a) | 389044 | 5026 |
| Cheesecake Factory, Inc. | 64265 | 3519 |
| Vail Resorts, Inc. (b) | 45785 | 5875 |
|  |  | 14420 |
| **Household Durables (0.2%)** |  |  |
| Victoria PLC (United Kingdom) (a) | 1397193 | 469 |
| **Information Technology Services (8.7%)** |  |  |
| Cloudflare, Inc., Class A (a) | 100144 | 20664 |
| **Life Sciences Tools & Services (2.1%)** |  |  |
| 10X Genomics, Inc., Class A (a) | 36107 | 766 |
| MaxCyte, Inc. (a) | 347433 | 244 |
| Oxford Nanopore Technologies PLC (United Kingdom) (a) | 2359379 | 3491 |
| Standard BioTools, Inc. (a) | 654866 | 602 |
|  |  | 5103 |
| **Oil, Gas & Consumable Fuels (0.6%)** |  |  |
| Calumet, Inc. (a) | 39272 | 1410 |
| **Passenger Airlines (0.9%)** |  |  |
| Joby Aviation, Inc. (a) | 268826 | 2220 |
| **Personal Care Products (2.6%)** |  |  |
| Oddity Tech Ltd., Class A (Israel) (a) | 460149 | 6157 |
| **Pharmaceuticals (1.8%)** |  |  |
| AtaiBeckley, Inc. (a) | 798854 | 2828 |
| Nektar Therapeutics (a) | 8982 | 646 |
| Structure Therapeutics, Inc. ADR (China) (a) | 16316 | 787 |
|  |  | 4261 |
| **Real Estate Management & Development (11.9%)** |  |  |
| Landbridge Co. LLC, Class A | 119013 | 8218 |
| Opendoor Technologies, Inc. (a) | 4307484 | 20159 |
|  |  | 28377 |
| **Software (11.0%)** |  |  |
| Appian Corp., Class A (a) | 252906 | 6098 |
| Aurora Innovation, Inc. (a) | 2748642 | 11324 |
| BitMine Immersion Technologies, Inc. | 350353 | 6930 |
| Via Transportation, Inc., Class A (a)(b) | 123921 | 1859 |
|  |  | 26211 |
| **Tech Hardware, Storage & Peripherals (6.4%)** |  |  |
| Infleqtion, Inc. (a)(c) | 538590 | 5283 |
| IonQ, Inc. (a) | 347855 | 10029 |
|  |  | 15312 |
| **Trading Companies & Distributors (3.5%)** |  |  |
| QXO, Inc. (a) | 430901 | 8368 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $273,533)** |  | 222220 |
| **Preferred Stocks (2.2%)** |  |  |
| **Health Care Technology (1.1%)** |  |  |
| Included Health, Inc., Series B (a)(c)(d) (acquisition cost — $3,362; acquired 7/3/14) | 3269139 | 2681 |
| **Software (1.1%)** |  |  |
| Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $13,476; acquired 6/17/14) | 1179743 | 2619 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (Cost $16,838)** |  | 5300 |
| **Investment Company (2.8%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $6,636)** | 171506 | 6589 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Warrants** | |
| **Warrants (0.0%)‡** | | |
| **Life Sciences Tools & Services (0.0%)‡** |  |  |
| SomaLogic, Inc. expires 8/31/26 (a)(c)(d) | 61142 |  |
| **Real Estate Management & Development (0.0%)‡** |  |  |
| Opendoor Technologies, Inc. expires 11/20/26 (a) | 107517 | 39 |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report - March 31, 2026 (unaudited)<br> Consolidated Portfolio of Investments (cont'd)<br> Inception Portfolio

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Warrants** | **Value<br> (000)** |
| **Specialty Retail (0.0%)‡** |  |  |
| Bed Bath & Beyond, Inc. expires 10/7/26 (a) | 4442 | $2 |
| &nbsp;&nbsp;&nbsp;**Total Warrants (Cost $203)** |  | 41 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investments (4.3%)** |  |  |
| **Investment Company (1.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (e) **(Cost $4,281)** | 4281433 | 4281 |
| **Securities held as Collateral on Loaned Securities (2.5%)** |  |  |
| **Investment Company (1.7%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (e) | 3994255 | 3994 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Repurchase Agreements (0.8%)** |  |  |
| Merrill Lynch & Co., Inc., (3.59%, dated 3/31/26, due 4/1/26; proceeds $621; fully collateralized by U.S. Government obligations; 0.00% - 1.00% due 11/15/27 - 7/31/28; valued at $633) | 621 | 621 |
| Merrill Lynch & Co., Inc., (3.66%, dated 3/31/26, due 4/1/26; proceeds $1,262; fully collateralized by U.S. Government obligations; 0.75% - 2.88% due 2/15/45 - 11/15/47; valued at $1,287) | 1262 | 1262 |
|  |  | 1883 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $5,877)** |  | 5877 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $10,158)** |  | 10158 |
| **Total Investments Excluding Purchased Options (102.5%) (Cost $307,368)** |  | 244308 |
| **Total Purchased Options Outstanding (0.1%) (Cost $1,587)** |  | 266 |
| **Total Investments (102.6%) (Cost $308,955) including $6,192 of Securities Loaned (f)(g)(h)** |  | 244574 |
| Liabilities in Excess of Other Assets (–2.6%) |  | (6247) |
| **Net Assets (100.0%)** |  | $238327 |

---

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (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 March 31, 2026, were approximately $6,192,000 and $6,106,000, respectively. The Fund received cash collateral of approximately $5,877,000, 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 $229,000 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) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at March 31, 2026 amounts to approximately $10,583,000 and represents 4.4% 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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The approximate fair value and percentage of net assets, $9,243,000 and 3.9%, 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. |
| (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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (h) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $26,814,000 and the aggregate gross unrealized depreciation is approximately $91,195,000, resulting in net unrealized depreciation of approximately $64,381,000. |
| ADR | American Depositary Receipt. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report - March 31, 2026 (unaudited)<br> Consolidated Portfolio of Investments (cont'd)<br> Inception Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| Barclays Bank PLC | USD/CNH | CNH 7.20 | Feb–27 | 106338629 | $106339 | $170 | $280 | $(110) |
| Standard Chartered Bank | USD/CNH | CNH 7.32 | Dec–26 | 118965851 | 118966 | 89 | 337 | (248) |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 109043071 | 109043 | 7 | 357 | (350) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 81897594 | 81898 |  | 341 | (341) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 56144765 | 56145 |  | 272 | (272) |
|  |  |  |  |  |  | $266 | $1587 | $(1321) |

---

---

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

---

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\*\* | 31.2% |
| Biotechnology | 23.7 |
| Software | 12.1 |
| Real Estate Management & Development | 11.9 |
| Information Technology Services | 8.7 |
| Tech Hardware, Storage & Peripherals | 6.4 |
| Hotels, Restaurants & Leisure | 6.0 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2026.

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

International Advantage Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.9%)** |  |  |
| **Brazil (2.1%)** |  |  |
| NU Holdings Ltd., Class A (a) | 3114381 | $44754 |
| **Canada (3.9%)** |  |  |
| Brookfield Corp. | 1374447 | 55624 |
| Shopify, Inc., Class A (a) | 229821 | 27261 |
|  |  | 82885 |
| **Denmark (7.0%)** |  |  |
| DSV AS | 620814 | 149932 |
| **France (22.0%)** |  |  |
| EssilorLuxottica SA | 188994 | 44040 |
| Hermes International SCA | 79280 | 150184 |
| L'Oreal SA | 250726 | 102369 |
| LVMH Moet Hennessy Louis Vuitton SE | 123911 | 67736 |
| Schneider Electric SE | 380804 | 103724 |
|  |  | 468053 |
| **Germany (3.0%)** |  |  |
| Birkenstock Holding PLC (a) | 868103 | 31104 |
| SAP SE ADR | 188843 | 32332 |
|  |  | 63436 |
| **Hong Kong (1.7%)** |  |  |
| AIA Group Ltd. | 3325300 | 36949 |
| **India (7.8%)** |  |  |
| HDFC Bank Ltd. | 6784319 | 53142 |
| ICICI Bank Ltd. ADR | 2500575 | 64765 |
| Tata Capital Ltd. (a) | 7372823 | 24013 |
| Titan Co. Ltd. | 601614 | 25269 |
|  |  | 167189 |
| **Italy (6.3%)** |  |  |
| Moncler SpA | 2223494 | 133873 |
| **Japan (9.1%)** |  |  |
| Asics Corp. | 1722700 | 46315 |
| Keyence Corp. | 308400 | 109762 |
| Sanrio Co. Ltd. | 6054500 | 37642 |
|  |  | 193719 |
| **Netherlands (8.3%)** |  |  |
| Adyen NV (a) | 22837 | 22856 |
| ASML Holding NV | 116659 | 155128 |
|  |  | 177984 |
| **Sweden (5.9%)** |  |  |
| Spotify Technology SA (a) | 258619 | 125407 |
| **Switzerland (5.4%)** |  |  |
| Cie Financiere Richemont SA, Class A (Registered) | 176362 | 31140 |
| On Holding AG, Class A (a) | 940957 | 32011 |
| Straumann Holding AG (Registered) | 494649 | 51752 |
|  |  | 114903 |
| **Taiwan (10.0%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3685000 | 213120 |
| **United Kingdom (0.7%)** |  |  |
| Rightmove PLC | 2693851 | 15412 |
| **United States (6.7%)** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 752178 | 63950 |
| MercadoLibre, Inc. (a) | 45155 | 78074 |
|  |  | 142024 |
| **Total Investments (99.9%) (Cost $1,419,885) (b)(c)(d)** |  | 2129640 |
| Other Assets in Excess of Liabilities (0.1%) |  | 1238 |
| **Net Assets (100.0%)** |  | $2130878 |

---

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

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | The approximate fair value and percentage of net assets, $1,574,358,000 and 73.9%, 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. |
| (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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (d) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $794,652,000 and the aggregate gross unrealized depreciation is approximately $84,897,000, resulting in net unrealized appreciation of approximately $709,755,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 29.7% |
| Textiles, Apparel & Luxury Goods | 24.3 |
| Semiconductors & Semiconductor Equipment | 17.3 |
| Entertainment | 8.9 |
| Banks | 7.6 |
| Air Freight & Logistics | 7.0 |
| Electronic Equipment, Instruments & Components | 5.2 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

International Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (95.9%)** |  |  |
| **China (3.2%)** |  |  |
| ANTA Sports Products Ltd. (a) | 307800 | $3009 |
| Tencent Holdings Ltd. (a) | 100700 | 6351 |
|  |  | 9360 |
| **Denmark (4.5%)** |  |  |
| DSV AS | 30998 | 7486 |
| Tryg AS | 228922 | 5468 |
|  |  | 12954 |
| **Finland (3.4%)** |  |  |
| Kone OYJ, Class B | 85944 | 5487 |
| Nordea Bank Abp | 243010 | 4184 |
|  |  | 9671 |
| **France (8.8%)** |  |  |
| Legrand SA | 47149 | 7325 |
| L'Oreal SA | 25200 | 10289 |
| Safran SA | 23749 | 7771 |
|  |  | 25385 |
| **Germany (10.4%)** |  |  |
| Deutsche Boerse AG | 39845 | 11673 |
| Infineon Technologies AG | 158727 | 7201 |
| Qiagen NV | 113266 | 4588 |
| SAP SE | 38679 | 6594 |
|  |  | 30056 |
| **Italy (8.2%)** |  |  |
| Davide Campari-Milano NV | 654732 | 4678 |
| Ferrari NV (Euronext NV) | 18849 | 6395 |
| FinecoBank Banca Fineco SpA | 271501 | 6041 |
| Moncler SpA | 108019 | 6504 |
|  |  | 23618 |
| **Japan (8.1%)** |  |  |
| Keyence Corp. | 26900 | 9574 |
| MonotaRO Co. Ltd. | 444800 | 4821 |
| SMC Corp. | 16300 | 6411 |
| Sony Group Corp. | 116900 | 2437 |
|  |  | 23243 |
| **Korea, Republic of (1.0%)** |  |  |
| Samsung Electronics Co. Ltd. | 23990 | 2806 |
| **Netherlands (6.7%)** |  |  |
| ASML Holding NV | 7349 | 9773 |
| EXOR NV | 53866 | 4123 |
| IMCD NV | 52100 | 5452 |
|  |  | 19348 |
| **Spain (1.9%)** |  |  |
| Amadeus IT Group SA | 97574 | 5579 |
| **Sweden (2.1%)** |  |  |
| Atlas Copco AB, Class A | 351192 | 6197 |
| **Taiwan (4.1%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 206881 | 11965 |
| **United Kingdom (33.5%)** |  |  |
| Anglo American PLC | 67816 | 2912 |
| AstraZeneca PLC | 43574 | 8520 |
| Diploma PLC | 107026 | 8545 |
| Experian PLC | 192459 | 6658 |
| Haleon PLC | 1616353 | 7999 |
| Halma PLC | 156350 | 7979 |
| Hiscox Ltd. | 128684 | 2598 |
| InterContinental Hotels Group PLC | 47923 | 6320 |
| London Stock Exchange Group PLC | 85228 | 10064 |
| NatWest Group PLC | 1048075 | 7764 |
| RELX PLC (Euronext NV) | 8774 | 292 |
| RELX PLC (LSE) (LSE) | 121674 | 3986 |
| Rentokil Initial PLC | 598421 | 3714 |
| Rightmove PLC | 721966 | 4131 |
| Shell PLC | 218724 | 10130 |
| St. James's Place PLC | 321162 | 5068 |
|  |  | 96680 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $214,740)** |  | 276862 |

---

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (1.4%)** | **Short-Term Investment (1.4%)** | **Short-Term Investment (1.4%)** |
| **Investment Company (1.4%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (d) **(Cost $4,032)** | 4032192 | 4032 |
| **Total Investments (97.3%) (Cost $218,772) (e)(f)(g)** |  | 280894 |
| Other Assets in Excess of Liabilities (2.7%) |  | 7886 |
| **Net Assets (100.0%)** |  | $288780 |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report - March 31, 2026 (unaudited)<br> Portfolio of Investments (cont'd)<br> International Equity Portfolio

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) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (c) | Non-income producing security. |
| (d) | The 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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The approximate fair value and percentage of net assets, $276,862,000 and 95.9%, 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (g) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $68,389,000 and the aggregate gross unrealized depreciation is approximately $6,267,000, resulting in net unrealized appreciation of approximately $62,122,000. |
| Euronext NV | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 48.4% |
| Semiconductors & Semiconductor Equipment | 10.4 |
| Capital Markets | 9.6 |
| Trading Companies & Distributors | 6.6 |
| Machinery | 6.5 |
| Banks | 6.4 |
| Electronic Equipment, Instruments & Components | 6.2 |
| Pharmaceuticals | 5.9 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

International Opportunity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.2%)** |  |  |
| **Brazil (4.3%)** |  |  |
| NU Holdings Ltd., Class A (a) | 1859469 | $26721 |
| **Canada (1.6%)** |  |  |
| Shopify, Inc., Class A (a) | 84519 | 10026 |
| **China (11.6%)** |  |  |
| Baidu, Inc. ADR (a) | 190936 | 21274 |
| Meituan, Class B (a)(b) | 1455820 | 15886 |
| Pony AI, Inc., Class A (a)(b)(c) | 898700 | 7972 |
| Tencent Holdings Ltd. (b) | 108200 | 6825 |
| Trip.com Group Ltd. ADR (a) | 280494 | 13966 |
| WeRide, Inc., Class A (a)(b)(c) | 2186200 | 5746 |
|  |  | 71669 |
| **Denmark (4.2%)** |  |  |
| DSV AS | 107472 | 25955 |
| **France (8.2%)** |  |  |
| Hermes International SCA | 10305 | 19521 |
| LVMH Moet Hennessy Louis Vuitton SE | 18776 | 10264 |
| Schneider Electric SE | 77705 | 21165 |
|  |  | 50950 |
| **Germany (2.0%)** |  |  |
| Birkenstock Holding PLC (a) | 232309 | 8324 |
| SAP SE ADR | 22642 | 3876 |
|  |  | 12200 |
| **India (10.0%)** |  |  |
| Eternal Ltd. (a) | 3102035 | 7632 |
| HDFC Bank Ltd. | 1771944 | 13880 |
| ICICI Bank Ltd. ADR | 699687 | 18122 |
| MakeMyTrip Ltd. (a) | 139290 | 5194 |
| Tata Capital Ltd. (a) | 3291851 | 10721 |
| Titan Co. Ltd. | 159094 | 6682 |
|  |  | 62231 |
| **Italy (3.2%)** |  |  |
| Moncler SpA | 333276 | 20066 |
| **Japan (10.6%)** |  |  |
| Asics Corp. | 795000 | 21374 |
| Keyence Corp. | 47500 | 16905 |
| Sanrio Co. Ltd. (c) | 4387000 | 27275 |
|  |  | 65554 |
| **Korea, Republic of (14.1%)** |  |  |
| Coupang, Inc. (a) | 992555 | 18739 |
| KakaoBank Corp. | 653517 | 10649 |
| Samsung Electronics Co. Ltd. | 200606 | 23463 |
| SK Hynix, Inc. | 60881 | 34542 |
|  |  | 87393 |
| **Netherlands (5.8%)** |  |  |
| Adyen NV (a) | 7601 | 7607 |
| ASML Holding NV | 21245 | 28251 |
|  |  | 35858 |
| **Singapore (0.9%)** |  |  |
| Grab Holdings Ltd., Class A (a) | 1477225 | 5407 |
| **Sweden (5.8%)** |  |  |
| Spotify Technology SA (a) | 74293 | 36025 |
| **Switzerland (2.3%)** |  |  |
| On Holding AG, Class A (a) | 412994 | 14050 |
| **Taiwan (7.0%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 748000 | 43260 |
| **United States (7.6%)** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 198083 | 16841 |
| MercadoLibre, Inc. (a) | 17449 | 30170 |
|  |  | 47011 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $457,802)** |  | 614376 |
| **Short-Term Investments (1.6%)** |  |  |
| **Investment Company (1.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (d) **(Cost $7,753)** | 7753076 | 7753 |
| **Securities held as Collateral on Loaned Securities (0.3%)** |  |  |
| **Investment Company (0.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (d) | 1352723 | 1353 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Repurchase Agreements (0.1%)** |  |  |
| Merrill Lynch & Co., Inc., (3.59%, dated 3/31/26, due 4/1/26; proceeds $210; fully collateralized by U.S. Government obligations; 0.00% - 1.00% due 11/15/27 - 7/31/28; valued at $215) | $210 | 210 |
| Merrill Lynch & Co., Inc., (3.66%, dated 3/31/26, due 4/1/26; proceeds $427; fully collateralized by U.S. Government obligations; 0.75% - 2.88% due 2/15/45 - 11/15/47; valued at $436) | 427 | 427 |
|  |  | 637 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $1,990)** |  | 1990 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $9,743)** |  | 9743 |
| **Total Investments (100.8%) (Cost $467,545) including $17,386 of Securities Loaned (e)(f)(g)** |  | 624119 |
| Liabilities in Excess of Other Assets (–0.8%) |  | (5198) |
| **Net Assets (100.0%)** |  | $618921 |

---

Morgan Stanley Institutional Fund, Inc.<br> First Quarter Report - March 31, 2026 (unaudited)<br> Consolidated Portfolio of Investments (cont'd)<br> International Opportunity Portfolio

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

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2026, were approximately $17,386,000 and $18,477,000, respectively. The Fund received cash collateral of approximately $1,990,000, 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 $16,487,000 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. |
| (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 three months ended March 31, 2026, 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, $385,641,000 and 62.3%, 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. |
| (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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (g) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $207,045,000 and the aggregate gross unrealized depreciation is approximately $50,471,000, resulting in net unrealized appreciation of approximately $156,574,000. |
| ADR | American Depositary Receipt. |

---

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\*\* | 32.4% |
| Semiconductors & Semiconductor Equipment | 17.0 |
| Textiles, Apparel & Luxury Goods | 16.1 |
| Banks | 11.2 |
| Entertainment | 8.5 |
| Broadline Retail | 7.9 |
| Hotels, Restaurants & Leisure | 6.9 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2026.

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

International Resilience Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (95.4%)** |  |  |
| **China (2.2%)** |  |  |
| Tencent Holdings Ltd. (a) | 700 | $44 |
| **Denmark (3.0%)** |  |  |
| DSV AS | 256 | 62 |
| **Finland (3.1%)** |  |  |
| Kone OYJ, Class B | 986 | 63 |
| **France (12.0%)** |  |  |
| Legrand SA | 449 | 70 |
| L'Oreal SA | 196 | 80 |
| Safran SA | 295 | 96 |
|  |  | 246 |
| **Germany (8.8%)** |  |  |
| Deutsche Boerse AG | 312 | 91 |
| Qiagen NV | 1054 | 43 |
| SAP SE | 272 | 46 |
|  |  | 180 |
| **Italy (3.5%)** |  |  |
| Ferrari NV (Euronext NV) | 211 | 72 |
| **Japan (5.7%)** |  |  |
| Keyence Corp. | 200 | 71 |
| MonotaRO Co. Ltd. | 4100 | 45 |
|  |  | 116 |
| **Netherlands (6.6%)** |  |  |
| ASML Holding NV | 67 | 89 |
| IMCD NV | 432 | 45 |
|  |  | 134 |
| **Spain (2.3%)** |  |  |
| Amadeus IT Group SA | 817 | 47 |
| **Sweden (3.0%)** |  |  |
| Atlas Copco AB, Class A | 3511 | 62 |
| **Taiwan (6.8%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2416 | 140 |
| **United Kingdom (28.0%)** |  |  |
| AstraZeneca PLC | 306 | 60 |
| Diploma PLC | 906 | 72 |
| Experian PLC | 1823 | 63 |
| Haleon PLC | 15041 | 75 |
| Halma PLC | 1535 | 78 |
| InterContinental Hotels Group PLC | 447 | 59 |
| London Stock Exchange Group PLC | 641 | 76 |
| RELX PLC (LSE) | 1625 | 53 |
| Rightmove PLC | 6605 | 38 |
|  |  | 574 |
| **United States (10.4%)** |  |  |
| Alphabet, Inc., Class A | 163 | 47 |
| Aon PLC, Class A | 169 | 54 |
| Netflix, Inc. (b) | 581 | 56 |
| Visa, Inc., Class A | 186 | 56 |
|  |  | 213 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $1,708)** |  | 1953 |

---

---

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

---

---

| | | |
|:---|:---|:---|
|  | **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, 3.52% (d) **(Cost $25)** | 25318 | 25 |
| **Total Investments (96.6%) (Cost $1,733) (e)(f)(g)** |  | 1978 |
| Other Assets in Excess of Liabilities (3.4%) |  | 69 |
| **Net Assets (100.0%)** |  | $2047 |

---

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 three months ended March 31, 2026, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The approximate fair value and percentage of net assets, $1,740,000 and 85.0%, 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. |
| (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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions. |
| (g) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $345,000 and the aggregate gross unrealized depreciation is approximately $100,000, resulting in net unrealized appreciation of approximately $245,000. |
| Euronext NV | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 33.4% |
| Semiconductors & Semiconductor Equipment | 11.6 |
| Capital Markets | 8.4 |
| Trading Companies & Distributors | 8.2 |
| Electronic Equipment, Instruments & Components | 7.5 |
| Pharmaceuticals | 6.8 |
| Interactive Media & Services | 6.5 |
| Machinery | 6.3 |
| Professional Services | 5.9 |
| Hotels, Restaurants & Leisure | 5.4 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Passport Overseas Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (92.8%)** |  |  |
| **Australia (2.6%)** |  |  |
| BHP Group Ltd. | 63208 | $2287 |
| Perseus Mining Ltd. | 656183 | 2404 |
|  |  | 4691 |
| **Canada (7.6%)** |  |  |
| Agnico Eagle Mines Ltd. | 18826 | 3821 |
| Canadian Imperial Bank of Commerce | 33610 | 3185 |
| Royal Bank of Canada | 20065 | 3244 |
| Suncor Energy, Inc. | 47726 | 3157 |
|  |  | 13407 |
| **China (4.7%)** |  |  |
| Alibaba Group Holding Ltd. ADR | 5550 | 696 |
| Hesai Group ADR (a) | 42432 | 811 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H (a)(b)(c) | 96200 | 801 |
| NAURA Technology Group Co. Ltd., Class A | 25800 | 1697 |
| TBEA Co. Ltd. | 279500 | 1093 |
| Tencent Holdings Ltd. (b) | 38400 | 2422 |
| Wuxi Biologics Cayman, Inc. (a)(b) | 183000 | 787 |
|  |  | 8307 |
| **Denmark (0.3%)** |  |  |
| Novo Nordisk AS, Class B | 15457 | 566 |
| **France (7.8%)** |  |  |
| Air Liquide SA | 8531 | 1763 |
| Airbus SE | 15792 | 2986 |
| BNP Paribas SA | 5567 | 530 |
| L'Oreal SA | 2965 | 1211 |
| Sanofi SA | 19701 | 1903 |
| Schneider Electric SE | 8257 | 2249 |
| SCOR SE | 58420 | 2088 |
| Thales SA | 3891 | 1141 |
|  |  | 13871 |
| **Germany (6.1%)** |  |  |
| Nemetschek SE | 10938 | 819 |
| Rheinmetall AG | 2012 | 3394 |
| SAP SE | 12375 | 2110 |
| Siemens AG (Registered) | 12911 | 3145 |
| Siemens Energy AG | 8350 | 1440 |
|  |  | 10908 |
| **Hungary (1.7%)** |  |  |
| OTP Bank Nyrt | 28835 | 3092 |
| **India (6.2%)** |  |  |
| Apollo Hospitals Enterprise Ltd. | 18435 | 1456 |
| Grasim Industries Ltd. | 48144 | 1306 |
| HDFC Bank Ltd. ADR | 52453 | 1305 |
| ICICI Bank Ltd. | 168630 | 2165 |
| Reliance Industries Ltd. | 82156 | 1182 |
| Shriram Finance Ltd. | 213763 | 1989 |
| State Bank of India | 145889 | 1522 |
|  |  | 10925 |
| **Ireland (2.8%)** |  |  |
| AIB Group PLC | 461383 | 4925 |
| **Israel (0.2%)** |  |  |
| CyberArk Software Ltd. (a) | 6700 | 302 |
| **Japan (11.0%)** |  |  |
| Advantest Corp. | 4200 | 580 |
| Kansai Electric Power Co., Inc. | 84400 | 1403 |
| Keyence Corp. | 4900 | 1744 |
| Komatsu Ltd. | 15700 | 625 |
| Mitsubishi Corp. | 81100 | 2782 |
| Mitsui & Co. Ltd. | 62300 | 2408 |
| Mizuho Financial Group, Inc. | 116700 | 4725 |
| Sony Group Corp. | 146465 | 3053 |
| Sumitomo Mitsui Trust Group, Inc. | 30400 | 968 |
| USS Co. Ltd. | 111700 | 1175 |
|  |  | 19463 |
| **Kazakhstan (2.5%)** |  |  |
| Halyk Savings Bank of Kazakhstan JSC GDR | 72934 | 2277 |
| NAC Kazatomprom JSC GDR | 27193 | 2147 |
|  |  | 4424 |
| **Korea, Republic of (7.8%)** |  |  |
| Hanwha Aerospace Co. Ltd. | 2387 | 2035 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 3123 | 724 |
| Kia Corp. | 13393 | 1322 |
| Samsung Electronics Co. Ltd. | 82811 | 9686 |
|  |  | 13767 |
| **Mexico (0.6%)** |  |  |
| Grupo Financiero Banorte SAB de CV Series O | 93500 | 1035 |
| **Netherlands (2.6%)** |  |  |
| ASML Holding NV | 2976 | 3957 |
| Wolters Kluwer NV | 8554 | 639 |
|  |  | 4596 |
| **Norway (2.5%)** |  |  |
| Var Energi ASA | 864676 | 4452 |
| **Singapore (0.5%)** |  |  |
| Sea Ltd. ADR (a) | 10314 | 854 |
| **Slovenia (2.0%)** |  |  |
| Nova Ljubljanska Banka DD GDR | 74073 | 3639 |
| **Spain (3.4%)** |  |  |
| CaixaBank SA | 411029 | 4928 |
| Iberdrola SA | 51201 | 1172 |
|  |  | 6100 |
| **Switzerland (2.8%)** |  |  |
| Novartis AG (Registered) | 21272 | 3265 |
| Roche Holding AG | 4488 | 1791 |
|  |  | 5056 |
| **Taiwan (5.6%)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 173000 | 10005 |
| **United Kingdom (7.4%)** |  |  |
| AstraZeneca PLC | 22494 | 4398 |
| BAE Systems PLC | 52061 | 1526 |
| Fresnillo PLC | 18156 | 805 |
| Shell PLC | 81138 | 3758 |
| Unilever PLC | 49944 | 2742 |
|  |  | 13229 |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (4.1%)** |  |  |
| Linde PLC | 4266 | $2115 |
| MercadoLibre, Inc. (a) | 1578 | 2728 |
| Palo Alto Networks, Inc. (a) | 14743 | 2364 |
|  |  | 7207 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $99,111)** |  | 164821 |
| **Preferred Stock (0.7%)** |  |  |
| **United States (0.7%)** |  |  |
| Neurogenesis, Inc., Series A (a)(d)(e) (acquisition cost — $1,250; acquired 12/16/21) | 32692 | 1250 |
| **Short-Term Investment (5.2%)** |  |  |
| **Investment Company (5.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (f) **(Cost $9,214)** | 9213948 | 9214 |
| **Total Investments (98.7%) (Cost $109,575) including $712 of Securities Loaned (g)(h)(i)** |  | 175285 |
| Other Assets in Excess of Liabilities (1.3%) |  | 2271 |
| **Net Assets (100.0%)** |  | $177556 |

---

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

(a) Non-income producing security.

(b) Security trades on the Hong Kong exchange.

(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2026, were approximately $712,000 and $762,000, respectively. The Fund received non-cash collateral of approximately $762,000 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.

(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 March 31, 2026 amounts to approximately $1,250,000 and represents 0.7% 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. 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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund.

(g) The approximate fair value and percentage of net assets, $139,204,000 and 78.4%, 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.

(h) 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions.

(i) At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $68,949,000 and the aggregate gross unrealized depreciation is approximately $2,927,000, resulting in net unrealized appreciation of approximately $66,022,000.

ADR American Depositary Receipt. <br> GDR Global Depositary Receipt. <br> JSC Joint Stock Company.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

**Foreign Currency Forward Exchange Contract:**

The Fund had the following foreign currency forward exchange contract open at March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Depreciation<br> (000)** |
| Bank of America NA | $2323 | AUD | 3296 | 6/17/26 | $(51) |

---

**Futures Contracts:**

The Fund had the following futures contracts open at March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  | | |  |  |
| &nbsp;&nbsp;&nbsp;Hang Seng Index (Hong Kong) | 22 | Apr-26 | HKD | 1 | $3473 | $(73) |
| &nbsp;&nbsp;&nbsp;SFE S&P ASX Share Price Index (Australia) | 16 | Jun-26 | AUD |  | 2349 | (44) |
| **Short:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Eurex Euro Stoxx Banks Index (Germany) | 257 | Jun-26 | EUR | (13) | (3470) | 55 |
| &nbsp;&nbsp;&nbsp;KFE KOSPI 200 Index (Korea, Republic of) | 36 | Jun-26 | KRW | (9000) | (4403) | 425 |
|  |  |  |  |  |  | $363 |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| ASX | Australian Securities Exchange. |
| KFE | Korean Futures Exchange. |
| SFE | Sydney Futures Exchange. |
| AUD | Australian Dollar |
| EUR | Euro |
| HKD | Hong Kong Dollar |
| KRW | South Korean Won |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Other\* | 31.2 | % |
| Banks | 21.4 |  |
| Semiconductors & Semiconductor Equipment | 9.3 |  |
| Oil, Gas & Consumable Fuels | 8.4 |  |
| Pharmaceuticals | 7.3 |  |
| Aerospace & Defense | 6.3 |  |
| Tech Hardware, Storage & Peripherals | 5.5 |  |
| Metals & Mining | 5.3 |  |
| Investment Company | 5.3 |  |
| Total Investments | 100.0 | %\*\* |

---

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

\*\* Does not include open futures contracts with a value of approximately $13,695,000 and total unrealized appreciation of approximately $363,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $51,000.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Permanence Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (90.3%)** |  |  |
| **Aerospace & Defense (2.5%)** |  |  |
| Axon Enterprise, Inc. (a) | 5 | $2 |
| HEICO Corp., Class A | 15 | 3 |
| TransDigm Group, Inc. | 78 | 91 |
|  |  | 96 |
| **Automobiles (2.4%)** |  |  |
| Tesla, Inc. (a) | 244 | 91 |
| **Beverages (1.0%)** |  |  |
| Celsius Holdings, Inc. (a) | 1067 | 38 |
| **Capital Markets (4.2%)** |  |  |
| Intercontinental Exchange, Inc. | 65 | 10 |
| MSCI, Inc. | 241 | 130 |
| S&P Global, Inc. | 45 | 19 |
|  |  | 159 |
| **Chemicals (0.2%)** |  |  |
| Ecolab, Inc. | 13 | 3 |
| Sherwin-Williams Co. | 18 | 6 |
|  |  | 9 |
| **Commercial Services & Supplies (6.9%)** |  |  |
| Cintas Corp. | 16 | 3 |
| Copart, Inc. (a) | 4000 | 133 |
| Rollins, Inc. | 2401 | 128 |
|  |  | 264 |
| **Construction Materials (0.1%)** |  |  |
| Martin Marietta Materials, Inc. | 6 | 3 |
| **Consumer Staples Distribution & Retail (0.3%)** |  |  |
| Costco Wholesale Corp. | 4 | 4 |
| Performance Food Group Co. (a) | 109 | 9 |
|  |  | 13 |
| **Containers & Packaging (0.4%)** |  |  |
| Smurfit Westrock PLC | 418 | 17 |
| **Distributors (0.3%)** |  |  |
| Pool Corp. | 64 | 13 |
| **Diversified Consumer Services (0.3%)** |  |  |
| Service Corp. International | 121 | 10 |
| **Entertainment (6.2%)** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 695 | 59 |
| Netflix, Inc. (a) | 40 | 4 |
| Sphere Entertainment Co. (a) | 104 | 12 |
| Spotify Technology SA (Sweden) (a) | 316 | 153 |
| Walt Disney Co. | 94 | 9 |
|  |  | 237 |
| **Financial Services (2.3%)** |  |  |
| Federal National Mortgage Association (a) | 12160 | 88 |
| **Food Products (0.3%)** |  |  |
| Hershey Co. | 27 | 6 |
| McCormick & Co., Inc. | 101 | 5 |
|  |  | 11 |
| **Ground Transportation (1.6%)** |  |  |
| Old Dominion Freight Line, Inc. | 21 | 4 |
| Union Pacific Corp. | 233 | 57 |
|  |  | 61 |
| **Health Care Equipment & Supplies (5.3%)** |  |  |
| IDEXX Laboratories, Inc. (a) | 6 | 4 |
| Intuitive Surgical, Inc. (a) | 20 | 9 |
| Medline, Inc., Class A (a) | 4254 | 189 |
|  |  | 202 |
| **Health Care Technology (0.5%)** |  |  |
| Veeva Systems, Inc., Class A (a) | 106 | 19 |
| **Hotels, Restaurants & Leisure (5.2%)** |  |  |
| Airbnb, Inc., Class A (a) | 299 | 38 |
| Domino's Pizza, Inc. | 47 | 17 |
| DoorDash, Inc., Class A (a) | 563 | 84 |
| McDonald's Corp. | 12 | 4 |
| Starbucks Corp. | 60 | 5 |
| Vail Resorts, Inc. | 410 | 53 |
|  |  | 201 |
| **Household Durables (0.5%)** |  |  |
| NVR, Inc. (a) | 1 | 7 |
| Victoria PLC (United Kingdom) (a) | 33430 | 11 |
|  |  | 18 |
| **Information Technology Services (15.6%)** |  |  |
| Cloudflare, Inc., Class A (a) | 2551 | 526 |
| Gartner, Inc. (a) | 63 | 10 |
| Shopify, Inc., Class A (Canada) (a) | 513 | 61 |
|  |  | 597 |
| **Insurance (0.2%)** |  |  |
| Brown & Brown, Inc. | 145 | 9 |
| **Life Sciences Tools & Services (0.3%)** |  |  |
| Danaher Corp. | 30 | 6 |
| Thermo Fisher Scientific, Inc. | 12 | 6 |
|  |  | 12 |
| **Machinery (0.1%)** |  |  |
| Deere & Co. | 7 | 4 |
| **Metals & Mining (1.5%)** |  |  |
| MP Materials Corp. (a) | 318 | 15 |
| Royal Gold, Inc. | 160 | 41 |
|  |  | 56 |
| **Oil, Gas & Consumable Fuels (0.1%)** |  |  |
| Texas Pacific Land Corp. | 7 | 3 |
| **Personal Care Products (0.5%)** |  |  |
| Oddity Tech Ltd., Class A (Israel) (a) | 1462 | 19 |
| **Pharmaceuticals (8.6%)** |  |  |
| Eli Lilly & Co. | 4 | 4 |
| Royalty Pharma PLC, Class A | 6628 | 318 |
| Zoetis, Inc. | 78 | 9 |
|  |  | 331 |
| **Professional Services (3.4%)** |  |  |
| Verisk Analytics, Inc. | 698 | 132 |
| **Real Estate Management & Development (1.2%)** |  |  |
| CoStar Group, Inc. (a) | 84 | 4 |
| Landbridge Co. LLC, Class A | 612 | 42 |
|  |  | 46 |
| **Software (5.2%)** |  |  |
| Constellation Software, Inc. (Canada) | 21 | 37 |
| Crowdstrike Holdings, Inc., Class A (a) | 86 | 34 |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Software (cont'd)** |  |  |
| Fair Isaac Corp. (a) | 7 | $7 |
| Procore Technologies, Inc. (a) | 172 | 10 |
| Salesforce, Inc. | 50 | 9 |
| Strategy, Inc., Class A (a) | 742 | 93 |
| Workday, Inc., Class A (a) | 71 | 9 |
|  |  | 199 |
| **Specialized REITs (1.4%)** |  |  |
| American Tower Corp. REIT | 307 | 53 |
| **Specialty Retail (0.5%)** |  |  |
| AutoZone, Inc. (a) | 1 | 3 |
| Floor & Decor Holdings, Inc., Class A (a) | 102 | 5 |
| Home Depot, Inc. | 18 | 6 |
| Tractor Supply Co. | 122 | 6 |
|  |  | 20 |
| **Trading Companies & Distributors (11.2%)** |  |  |
| Core & Main, Inc., Class A (a) | 3411 | 169 |
| Fastenal Co. | 79 | 4 |
| QXO, Inc. (a) | 12588 | 244 |
| Watsco, Inc. | 36 | 13 |
|  |  | 430 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $3,168)** |  | 3461 |
| **Investment Company (2.0%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $76)** | 1969 | 76 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** |  |
| **Software (0.0%)** |  |
| Constellation Software, Inc. expires 3/31/40 (a)(b) **(Cost $—)** | 58 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (5.3%)** |  |  |
| **Investment Company (5.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (c) **(Cost $202)** | 202101 | 202 |
| **Total Investments Excluding Purchased Options (97.6%) (Cost $3,446)** |  | 3739 |
| **Total Purchased Options Outstanding (0.1%) (Cost $26)** |  | 5 |
| **Total Investments (97.7%) (Cost $3,472) (d)(e)** |  | 3744 |
| Other Assets in Excess of Liabilities (2.3%) |  | 87 |
| **Net Assets (100.0%)** |  | $3831 |

---

(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 three months ended March 31, 2026, 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, $11,000 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.

(e) At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $673,000 and the aggregate gross unrealized depreciation is approximately $401,000, resulting in net unrealized appreciation of approximately $272,000.

ETF Exchange Traded Fund. <br> REIT Real Estate Investment Trust.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| Barclays Bank PLC | USD/CNH | CNH 7.20 | Feb–27 | 2176356 | $2176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Standard Chartered Bank | USD/CNH | CNH 7.32 | Dec–26 | 1948401 | 1948 | 1 | 5 | (4) |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 1699931 | 1700 |  | 6 | (6) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 1197750 | 1198 |  | 5 | (5) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 859760 | 860 |  | 4 | (4) |
|  |  |  |  |  |  | $5 | $26 | $(21) |

---

---

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

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 28.7% |
| Information Technology Services | 16.0 |
| Trading Companies & Distributors | 11.5 |
| Pharmaceuticals | 8.9 |
| Commercial Services & Supplies | 7.1 |
| Entertainment | 6.3 |
| Health Care Equipment & Supplies | 5.4 |
| Investment Company | 5.4 |
| Hotels, Restaurants & Leisure | 5.4 |
| Software | 5.3 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

US Core Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (99.8%)** |  |  |
| **Aerospace & Defense (4.9%)** |  |  |
| General Electric Co. | 65481 | $18581 |
| **Automobiles (1.6%)** |  |  |
| Tesla, Inc. (a) | 16396 | 6095 |
| **Banks (6.9%)** |  |  |
| JPMorgan Chase & Co. | 80183 | 23587 |
| Popular, Inc. | 20109 | 2698 |
|  |  | 26285 |
| **Broadline Retail (5.3%)** |  |  |
| Amazon.com, Inc. (a) | 97830 | 20375 |
| **Capital Markets (12.3%)** |  |  |
| Ameriprise Financial, Inc. | 20861 | 9271 |
| Cboe Global Markets, Inc. | 63864 | 17950 |
| Evercore, Inc., Class A | 22531 | 6726 |
| Goldman Sachs Group, Inc. | 8984 | 7600 |
| LPL Financial Holdings, Inc. | 17584 | 5290 |
|  |  | 46837 |
| **Commercial Services & Supplies (0.8%)** |  |  |
| Waste Management, Inc. | 13055 | 3000 |
| **Construction Materials (1.5%)** |  |  |
| CRH PLC | 56079 | 5895 |
| **Consumer Staples Distribution & Retail (2.3%)** |  |  |
| Costco Wholesale Corp. | 8669 | 8638 |
| **Electronic Equipment, Instruments & Components (1.6%)** |  |  |
| Amphenol Corp., Class A | 49742 | 6285 |
| **Entertainment (1.6%)** |  |  |
| Netflix, Inc. (a) | 63833 | 6137 |
| **Financial Services (2.4%)** |  |  |
| Mastercard, Inc., Class A | 18229 | 9108 |
| **Household Durables (0.7%)** |  |  |
| Toll Brothers, Inc. | 19220 | 2623 |
| **Information Technology Services (2.1%)** |  |  |
| Shopify, Inc., Class A (Canada) (a) | 67497 | 8006 |
| **Insurance (0.6%)** |  |  |
| Progressive Corp. | 10810 | 2143 |
| **Interactive Media & Services (11.0%)** |  |  |
| Alphabet, Inc., Class A | 145465 | 41830 |
| **Oil, Gas & Consumable Fuels (3.9%)** |  |  |
| Chevron Corp. | 32416 | 6707 |
| Valero Energy Corp. | 32427 | 8012 |
|  |  | 14719 |
| **Pharmaceuticals (4.2%)** |  |  |
| Eli Lilly & Co. | 17477 | 16075 |
| **Real Estate Management & Development (2.9%)** |  |  |
| CBRE Group, Inc., Class A (a) | 81364 | 11022 |
| **Semiconductors & Semiconductor Equipment (11.7%)** |  |  |
| NVIDIA Corp. | 256126 | 44668 |
| **Software (5.4%)** |  |  |
| Microsoft Corp. | 55722 | 20627 |
| **Specialized REITs (0.1%)** |  |  |
| Millrose Properties, Inc. REIT | 10164 | 285 |
| **Specialty Retail (5.1%)** |  |  |
| TJX Cos., Inc. | 88511 | 14135 |
| Ulta Beauty, Inc. (a) | 10311 | 5390 |
|  |  | 19525 |
| **Tech Hardware, Storage & Peripherals (9.6%)** |  |  |
| Apple, Inc. | 143983 | 36541 |
| **Trading Companies & Distributors (1.3%)** |  |  |
| United Rentals, Inc. | 6658 | 4851 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $247,758)** |  | 380151 |
| **Short-Term Investment (0.5%)** |  |  |
| **Investment Company (0.5%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (b) **(Cost $1,954)** | 1953776 | 1954 |
| **Total Investments (100.3%) (Cost $249,712) (c)(d)** |  | 382105 |
| Liabilities in Excess of Other Assets (–0.3%) |  | (1191) |
| **Net Assets (100.0%)** |  | $380914 |

---

(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 three months ended March 31, 2026, advisory fees paid were reduced by approximately $1,000 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions.

(d) At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $136,653,000 and the aggregate gross unrealized depreciation is approximately $4,260,000, resulting in net unrealized appreciation of approximately $132,393,000.

REIT Real Estate Investment Trust.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 32.9% |
| Capital Markets | 12.2 |
| Semiconductors & Semiconductor Equipment | 11.7 |
| Interactive Media & Services | 10.9 |
| Tech Hardware, Storage & Peripherals | 9.6 |
| Banks | 6.9 |
| Software | 5.4 |
| Broadline Retail | 5.3 |
| Specialty Retail | 5.1 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Vitality Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (94.6%)** |  |  |
| **Biotechnology (30.2%)** |  |  |
| Alnylam Pharmaceuticals, Inc. (a) | 175 | $58 |
| Argenx SE ADR (Belgium) (a) | 235 | 172 |
| Ascendis Pharma AS ADR (Denmark) (a) | 512 | 117 |
| Beam Therapeutics, Inc. (a) | 1602 | 38 |
| Kymera Therapeutics, Inc. (a) | 534 | 45 |
| Newamsterdam Pharma Co. NV (a)(b) | 2383 | 76 |
| Ultragenyx Pharmaceutical, Inc. (a) | 758 | 16 |
| uniQure NV (a) | 746 | 12 |
| Vaxcyte, Inc. (a) | 952 | 55 |
| Vertex Pharmaceuticals, Inc. (a) | 128 | 57 |
|  |  | 646 |
| **Health Care Equipment & Supplies (14.8%)** |  |  |
| Align Technology, Inc. (a) | 521 | 89 |
| Ceribell, Inc. (a) | 3915 | 72 |
| Dexcom, Inc. (a) | 677 | 42 |
| Inspire Medical Systems, Inc. (a) | 1030 | 53 |
| Intuitive Surgical, Inc. (a) | 132 | 61 |
|  |  | 317 |
| **Health Care Providers & Services (4.9%)** |  |  |
| Guardant Health, Inc. (a) | 631 | 58 |
| UnitedHealth Group, Inc. | 172 | 47 |
|  |  | 105 |
| **Health Care Technology (5.9%)** |  |  |
| Doximity, Inc., Class A (a) | 2688 | 63 |
| Schrodinger, Inc. (a) | 2552 | 29 |
| Veeva Systems, Inc., Class A (a) | 190 | 33 |
|  |  | 125 |
| **Life Sciences Tools & Services (15.1%)** |  |  |
| 10X Genomics, Inc., Class A (a) | 3801 | 81 |
| Illumina, Inc. (a) | 437 | 54 |
| MaxCyte, Inc. (a) | 49461 | 35 |
| Tempus AI, Inc. (a) | 577 | 26 |
| Thermo Fisher Scientific, Inc. | 186 | 91 |
| West Pharmaceutical Services, Inc. | 146 | 36 |
|  |  | 323 |
| **Pharmaceuticals (23.7%)** |  |  |
| AtaiBeckley, Inc. (a) | 9857 | 35 |
| Eli Lilly & Co. | 181 | 166 |
| Enliven Therapeutics, Inc. (a) | 2126 | 83 |
| Nektar Therapeutics (a) | 1412 | 102 |
| Structure Therapeutics, Inc. ADR (China) (a) | 1489 | 72 |
| Zoetis, Inc. | 411 | 49 |
|  |  | 507 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $2,140)** |  | 2023 |
| **Short-Term Investment (1.6%)** |  |  |
| **Investment Company (1.6%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (c) **(Cost $33)** | 32707 | 33 |
| **Total Investments (96.2%) (Cost $2,173) including $76 of Securities Loaned (d)(e)** |  | 2056 |
| Other Assets in Excess of Liabilities (3.8%) |  | 82 |
| **Net Assets (100.0%)** |  | $2138 |

---

(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 March 31, 2026, were approximately $76,000 and $71,000, respectively. The Fund received non-cash collateral of approximately $71,000 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. 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 three months ended March 31, 2026, 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 three months ended March 31, 2026, the Fund did not engage in any cross-trade transactions.

(e) At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $509,000 and the aggregate gross unrealized depreciation is approximately $626,000, resulting in net unrealized depreciation of approximately $117,000.

ADR American Depositary Receipt.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Biotechnology | 31.4% |
| Pharmaceuticals | 24.7 |
| Life Sciences Tools & Services | 15.7 |
| Health Care Equipment & Supplies | 15.4 |
| Health Care Technology | 6.1 |
| Health Care Providers & Services | 5.1 |
| Other\* | 1.6 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 is fulfilled and shares are registered; and (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value 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.

First Quarter Report — March 31, 2026 (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:

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

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

● 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.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $2110 | $— | $— | $2110 |
| &nbsp;&nbsp;&nbsp;Automobiles | 14779 |  |  | 14779 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 11140 |  |  | 11140 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 5044 |  |  | 5044 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 6503 |  |  | 6503 |
| &nbsp;&nbsp;&nbsp;Entertainment | 18693 |  |  | 18693 |
| &nbsp;&nbsp;&nbsp;Financial Services | 8319 | 3176 |  | 11495 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 10999 |  |  | 10999 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 14822 |  |  | 14822 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 46327 |  |  | 46327 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 15528 |  |  | 15528 |
| &nbsp;&nbsp;&nbsp;Professional Services | 3240 |  |  | 3240 |
| &nbsp;&nbsp;&nbsp;Software | 28827 |  |  | 28827 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 5248 |  |  | 5248 |
| **Total Common Stocks** | **191579** | **3176** | **—** | **194755** |
| **Investment Company** | 3652 |  |  | 3652 |
| **Call Options Purchased** |  | 203 |  | 203 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 15079 |  |  | 15079 |
| **Total Assets** | $**210310** | $**3379** | $**—** | $**213689** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Automobile Components | $1041 | $880 | $— | $1921 |
| &nbsp;&nbsp;&nbsp;Banks | 4032 | 6255 |  | 10287 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 2989 |  | 2989 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 6465 |  |  | 6465 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 2888 |  | 2888 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 3840 |  |  | 3840 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 6295 | 7397 |  | 13692 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 1622 |  | 1622 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 4674 | 6058 |  | 10732 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 2058 |  | 2058 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 19510 |  | 19510 |
| &nbsp;&nbsp;&nbsp;Software | 760 | 1497 |  | 2257 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 6670 |  | 6670 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods |  | 2979 |  | 2979 |
| **Total Common Stocks** | **27107** | **60803** | **—** | **87910** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 626 |  |  | 626 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 138 |  | 138 |
| **Total Short-Term Investments** | **626** | **138** | **—** | **764** |
| **Total Assets** | $**27733** | $**60941** | $**—** | $**88674** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Automobile Components | $374 | $651 | $— | $1025 |
| &nbsp;&nbsp;&nbsp;Banks | 4594 | 2656 |  | 7250 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 1324 |  | 1324 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 5792 | 534 |  | 6326 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 1570 |  | 1570 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 1757 |  |  | 1757 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 3344 | 4300 |  | 7644 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 210 |  | 210 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 2352 | 2783 |  | 5135 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 999 |  | 999 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 9714 |  | 9714 |
| &nbsp;&nbsp;&nbsp;Software | 385 | 994 |  | 1379 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 3708 |  | 3708 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods |  | 1424 |  | 1424 |
| **Total Common Stocks** | **18598** | **30867** | **—** | **49465** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 1954 |  |  | 1954 |
| **Total Assets** | $**20552** | $**30867** | $**—** | $**51419** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Automobile Components | $— | $43 | $— | $43 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 433 |  | 433 |
| &nbsp;&nbsp;&nbsp;Banks | 294 | 1566 |  | 1860 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 33 | 58 |  | 91 |
| &nbsp;&nbsp;&nbsp;Capital Markets |  | 147 |  | 147 |
| &nbsp;&nbsp;&nbsp;Chemicals |  | 50 |  | 50 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering |  | 120 |  | 120 |
| &nbsp;&nbsp;&nbsp;Construction Materials |  | 99 |  | 99 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 140 |  | 140 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 73 |  |  | 73 |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services |  | 59 |  | 59 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 293 |  | 293 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 551 |  | 551 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 22 |  | 22 |
| &nbsp;&nbsp;&nbsp;Food Products |  | 121 |  | 121 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 324 |  | 324 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 14 | 35 |  | 49 |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 74 |  |  | 74 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 43 | 29 |  | 72 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 88 |  | 88 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 59 |  | 59 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 32 |  | 32 |
| &nbsp;&nbsp;&nbsp;Metals & Mining |  | 516 |  | 516 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels |  | 283 |  | 283 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 37 |  | 37 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 2734 |  | 2734 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 1288 |  | 1288 |
| &nbsp;&nbsp;&nbsp;Tobacco |  | 51 |  | 51 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 82 |  | 82 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 68 |  |  | 68 |
| **Total Common Stocks** | **599** | **9302** | **—** | **9901** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 139 |  |  | 139 |
| **Total Assets** | $**738** | $**9302** | $**—** | $**10040** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Automobile Components | $— | $2031 | $— | $2031 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 2871 |  | 2871 |
| &nbsp;&nbsp;&nbsp;Banks | 8461 | 7010 |  | 15471 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 1933 |  | 1933 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 6931 |  |  | 6931 |
| &nbsp;&nbsp;&nbsp;Capital Markets |  | 4438 |  | 4438 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering |  | 2438 |  | 2438 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 2558 |  | 2558 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail |  | 2302 |  | 2302 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 6009 |  | 6009 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 4869 |  | 4869 |
| &nbsp;&nbsp;&nbsp;Ground Transportation |  | 4513 |  | 4513 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 886 |  | 886 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure |  | 2739 |  | 2739 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 2708 |  | 2708 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 4138 |  | 4138 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  | 2829 |  | 2829 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 3589 |  |  | 3589 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 2332 |  | 2332 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 20643 |  | 20643 |
| &nbsp;&nbsp;&nbsp;Water Utilities |  | 1399 |  | 1399 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services |  | 6165 |  | 6165 |
| **Total Assets** | $**18981** | $**84811** | $**—** | $**103792** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Automobile Components | $— | $483 | $— | $483 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 4912 |  | 4912 |
| &nbsp;&nbsp;&nbsp;Banks | 4992 | 20598 |  | 25590 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 440 |  | 440 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 638 | 5341 |  | 5979 |
| &nbsp;&nbsp;&nbsp;Capital Markets |  | 2018 |  | 2018 |
| &nbsp;&nbsp;&nbsp;Chemicals |  | 587 |  | 587 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering |  | 1431 |  | 1431 |
| &nbsp;&nbsp;&nbsp;Construction Materials |  | 724 |  | 724 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 1497 |  | 1497 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 656 | 491 |  | 1147 |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services |  | 818 |  | 818 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 5060 |  | 5060 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 5655 |  | 5655 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 1049 |  | 1049 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 492 |  | 492 |
| &nbsp;&nbsp;&nbsp;Food Products |  | 1417 |  | 1417 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 2009 |  | 2009 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 201 | 213 |  | 414 |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 1017 |  |  | 1017 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 611 |  |  | 611 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 2553 |  | 2553 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 6482 |  | 6482 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 1302 |  | 1302 |
| &nbsp;&nbsp;&nbsp;Metals & Mining |  | 3996 |  | 3996 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels |  | 1777 |  | 1777 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 181 |  | 181 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 891 |  | 891 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 1211 |  | 1211 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 29020 |  | 29020 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 14286 |  | 14286 |
| &nbsp;&nbsp;&nbsp;Tobacco |  | 702 |  | 702 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 1158 |  | 1158 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 719 | 629 |  | 1348 |
| **Total Common Stocks** | **8834** | **119423** | **—** | **128257** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 1152 |  |  | 1152 |
| **Total Assets** | $**9986** | $**119423** | $**—** | $**129409** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $23088 | $— | $— | $23088 |
| &nbsp;&nbsp;&nbsp;Automobiles | 8439 |  |  | 8439 |
| &nbsp;&nbsp;&nbsp;Banks | 61053 | 11780 |  | 72833 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 39881 |  |  | 39881 |
| &nbsp;&nbsp;&nbsp;Construction Materials | 14525 |  |  | 14525 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 7466 |  |  | 7466 |
| &nbsp;&nbsp;&nbsp;Financial Services | 6367 |  |  | 6367 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 6907 |  |  | 6907 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 42391 |  |  | 42391 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 23234 |  |  | 23234 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 16983 |  |  | 16983 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 72253 |  |  | 72253 |
| &nbsp;&nbsp;&nbsp;Software | 19362 |  |  | 19362 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 6478 |  |  | 6478 |
| **Total Common Stocks** | **348427** | **11780** | **—** | **360207** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 3027 |  |  | 3027 |
| **Total Assets** | $**351454** | $**11780** | $**—** | $**363234** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $3244 | $— | $— | $3244 |
| &nbsp;&nbsp;&nbsp;Automobiles | 1981 |  |  | 1981 |
| &nbsp;&nbsp;&nbsp;Banks | 8720 | 330 |  | 9050 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 2007 |  |  | 2007 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 4767 |  |  | 4767 |
| &nbsp;&nbsp;&nbsp;Chemicals | 161 |  |  | 161 |
| &nbsp;&nbsp;&nbsp;Construction Materials | 2213 |  |  | 2213 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 305 |  |  | 305 |
| &nbsp;&nbsp;&nbsp;Entertainment | 936 |  |  | 936 |
| &nbsp;&nbsp;&nbsp;Financial Services | 751 |  |  | 751 |
| &nbsp;&nbsp;&nbsp;Household Durables | 142 |  |  | 142 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 314 |  |  | 314 |
| &nbsp;&nbsp;&nbsp;Insurance | 360 |  |  | 360 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 6037 |  |  | 6037 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 526 |  |  | 526 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 1391 |  |  | 1391 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 1226 |  |  | 1226 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 1425 |  |  | 1425 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 7484 |  |  | 7484 |
| &nbsp;&nbsp;&nbsp;Software | 1595 |  |  | 1595 |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 26 |  |  | 26 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 2368 |  |  | 2368 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 3233 |  |  | 3233 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 86 | 117 |  | 203 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 777 |  |  | 777 |
| **Total Common Stocks** | **52075** | **447** | **—** | **52522** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 283 |  |  | 283 |
| **Total Assets** | $**52358** | $**447** | $**—** | $**52805** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $268 | $— | $— | $268 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 162 |  | 162 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 3105 |  |  | 3105 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 392 |  |  | 392 |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 179 |  |  | 179 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 217 |  |  | 217 |
| &nbsp;&nbsp;&nbsp;Financial Services | 322 |  |  | 322 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 1153 |  |  | 1153 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 383 |  |  | 383 |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 233 |  |  | 233 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 377 |  |  | 377 |
| &nbsp;&nbsp;&nbsp;Household Durables | 373 | 1226 |  | 1599 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 323 |  |  | 323 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 334 |  |  | 334 |
| &nbsp;&nbsp;&nbsp;Media | 967 |  |  | 967 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 724 |  |  | 724 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 821 |  |  | 821 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 275 |  |  | 275 |
| &nbsp;&nbsp;&nbsp;Software | 1324 |  |  | 1324 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 1014 |  |  | 1014 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 1083 |  |  | 1083 |
| **Total Common Stocks** | **13867** | **1388** | **—** | **15255** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 298 |  |  | 298 |
| **Total Assets** | $**14165** | $**1388** | $**—** | $**15553** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Automobiles | $21765 | $21803 | $— | $43568 |
| &nbsp;&nbsp;&nbsp;Beverages | 70885 |  |  | 70885 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 40453 |  |  | 40453 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 171005 |  |  | 171005 |
| &nbsp;&nbsp;&nbsp;Entertainment | 65132 |  |  | 65132 |
| &nbsp;&nbsp;&nbsp;Financial Services | 63399 |  |  | 63399 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 34400 |  |  | 34400 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 51220 |  |  | 51220 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 27003 |  |  | 27003 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 21805 |  |  | 21805 |
| &nbsp;&nbsp;&nbsp;Household Products | 46147 |  |  | 46147 |
| &nbsp;&nbsp;&nbsp;Insurance | 71386 |  |  | 71386 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 71711 |  |  | 71711 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 35675 |  |  | 35675 |
| &nbsp;&nbsp;&nbsp;Machinery | 34042 |  |  | 34042 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 60060 |  | 60060 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 35277 | 46502 |  | 81779 |
| &nbsp;&nbsp;&nbsp;Professional Services | 12364 | 85658 |  | 98022 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 58413 |  | 58413 |
| &nbsp;&nbsp;&nbsp;Software | 109294 | 37089 |  | 146383 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 37916 |  |  | 37916 |
| &nbsp;&nbsp;&nbsp;Tobacco | 26329 |  |  | 26329 |
| **Total Common Stocks** | **1047208** | **309525** | **—** | **1356733** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 18289 |  |  | 18289 |
| **Total Assets** | $**1065497** | $**309525** | $**—** | $**1375022** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Automobiles | $4166 | $— | $— | $4166 |
| &nbsp;&nbsp;&nbsp;Banks | 272 |  |  | 272 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 5081 |  |  | 5081 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 2988 |  |  | 2988 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 388 |  |  | 388 |
| &nbsp;&nbsp;&nbsp;Entertainment | 4530 |  |  | 4530 |
| &nbsp;&nbsp;&nbsp;Financial Services | 3590 | 1288 |  | 4878 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 57 |  |  | 57 |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 24 |  | 24 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 10890 |  |  | 10890 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 74 |  |  | 74 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 4380 |  |  | 4380 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 1469 |  |  | 1469 |
| &nbsp;&nbsp;&nbsp;Software | 5267 |  |  | 5267 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 1212 |  |  | 1212 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 2850 |  |  | 2850 |
| **Total Common Stocks** | **47214** | **1312** | **—** | **48526** |
| **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** |
| &nbsp;&nbsp;&nbsp;Software |  |  | 14 | 14 |
| **Investment Company** | 1033 |  |  | 1033 |
| **Warrants** | 6 |  |  | 6 |
| **Call Options Purchased** |  | 53 |  | 53 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 2269 |  |  | 2269 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 127 |  | 127 |
| **Total Short-Term Investments** | **2269** | **127** | **—** | **2396** |
| **Total Assets** | $**50522** | $**1492** | $**14** | $**52028** |

---

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** | $20 |
| &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) | (6) |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $14 |
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026 | $(6) |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2026. 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 March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> March 31, 2026<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stock | $14 | Market Transaction Method | Precedent Transaction | $2.14 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 18.5% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 2.6x | Increase |
|  |  |  | Discount for Lack of Marketability | 8.0% | 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.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | $— | $93095 | $— |  | $93095 |  |
| &nbsp;&nbsp;&nbsp;Banks | 148093 | 65444 |  |  | 213537 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 261284 |  |  |  | 261284 |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 67784 |  |  | 67784 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 44061 |  | † | 44061 | † |
| &nbsp;&nbsp;&nbsp;Entertainment | 294255 |  |  |  | 294255 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 188765 |  |  |  | 188765 |  |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 165713 |  |  |  | 165713 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 197875 | 49971 |  |  | 247846 |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 38239 |  |  |  | 38239 |  |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 225919 |  |  |  | 225919 |  |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 468969 |  |  | 468969 |  |
| &nbsp;&nbsp;&nbsp;Software | 74045 |  |  |  | 74045 |  |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 71921 |  |  | 71921 |  |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 39418 | 184890 |  |  | 224308 |  |
| **Total Common Stocks** | **1633606** | **1046135** | **—** | **†** | **2679741** | **†** |
| **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 | 22011 |  |  |  | 22011 |  |
| **Total Assets** | $**1655617** | $**1046135** | $**—** | **†** | $**2701752** | **†** |

---

† Includes
a security valued at zero.

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

---

| | |
|:---|:---|
|  | **Common<br> Stock<br> (000)** |
| **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 March 31, 2026 | $— |

---

† Includes
a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $45 | $152 | $— |  | $197 |  |
| &nbsp;&nbsp;&nbsp;Automobiles | 112 |  |  |  | 112 |  |
| &nbsp;&nbsp;&nbsp;Banks | 70 |  |  |  | 70 |  |
| &nbsp;&nbsp;&nbsp;Beverages | 47 | 23 |  |  | 70 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 268 |  |  |  | 268 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 71 |  |  |  | 71 |  |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 184 | 48 |  |  | 232 |  |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 21 |  |  |  | 21 |  |
| &nbsp;&nbsp;&nbsp;Entertainment | 363 |  |  |  | 363 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 109 | 68 |  |  | 177 |  |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 204 |  |  |  | 204 |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 181 | 46 |  |  | 227 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 70 | 22 |  |  | 92 |  |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 12 |  |  | 12 |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 761 |  |  |  | 761 |  |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  | 207 |  |  | 207 |  |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 54 |  |  |  | 54 |  |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 25 |  |  |  | 25 |  |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 23 | 46 |  |  | 69 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 360 |  |  |  | 360 |  |
| &nbsp;&nbsp;&nbsp;Professional Services | 72 |  |  |  | 72 |  |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 73 |  |  |  | 73 |  |
| &nbsp;&nbsp;&nbsp;Software | 163 |  |  |  | 163 |  |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 91 | 91 |  |  | 182 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 398 |  |  |  | 398 |  |
| **Total Common Stocks** | **3765** | **715** | **—** |  | **4480** |  |
| **Investment Company** | 81 |  |  |  | 81 |  |
| **Warrants** |  |  |  | † |  | † |
| **Call Options Purchased** |  | 4 |  |  | 4 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 156 |  |  |  | 156 |  |
| **Total Assets** | $**4002** | $**719** | $**—** | **†** | $**4721** | **†** |

---

† Includes
a security valued at zero.

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

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **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 March 31, 2026 | $— |

---

† Includes
a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $229 | $— | $— |  | $229 |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics |  | 826 |  |  | 826 |  |
| &nbsp;&nbsp;&nbsp;Beverages | 450 | 432 |  |  | 882 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 1127 | 439 |  |  | 1566 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 1848 |  |  |  | 1848 |  |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 409 | 528 |  |  | 937 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 534 |  |  |  | 534 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 718 |  |  | 718 |  |
| &nbsp;&nbsp;&nbsp;Entertainment | 812 |  |  |  | 812 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 964 |  |  |  | 964 |  |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 871 |  |  |  | 871 |  |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 1086 |  |  |  | 1086 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 1063 |  |  |  | 1063 |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 654 |  |  |  | 654 |  |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 1451 | 454 |  |  | 1905 |  |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 246 |  |  | 246 |  |
| &nbsp;&nbsp;&nbsp;Professional Services |  | 229 |  |  | 229 |  |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 457 | 3135 |  |  | 3592 |  |
| &nbsp;&nbsp;&nbsp;Software | 2046 | 176 |  |  | 2222 |  |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 604 |  |  |  | 604 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 933 |  |  | 933 |  |
| **Total Common Stocks** | **14605** | **8116** | **—** |  | **22721** |  |
| **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 | 175 |  |  |  | 175 |  |
| **Total Assets** | $**14780** | $**8116** | $**—** | **†** | $**22896** | **†** |

---

† Includes
a security valued at zero.

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

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **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 March 31, 2026 | $— |

---

† Includes
a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles | $311532 | $— | $— |  | $311532 |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 151306 |  |  |  | 151306 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 52394 |  |  |  | 52394 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 14451 |  |  |  | 14451 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  |  |  | † |  | † |
| &nbsp;&nbsp;&nbsp;Entertainment | 210387 |  |  |  | 210387 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 227751 |  |  |  | 227751 |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 126542 |  |  |  | 126542 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 111575 |  |  |  | 111575 |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 643906 |  |  |  | 643906 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 249933 |  |  |  | 249933 |  |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 21240 |  |  |  | 21240 |  |
| &nbsp;&nbsp;&nbsp;Software | 508377 |  |  |  | 508377 |  |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 74502 |  |  |  | 74502 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 181218 |  |  |  | 181218 |  |
| **Total Common Stocks** | **2885114** | **—** | **—** | **†** | **2885114** | **†** |
| **Preferred Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial Services |  |  | 23599 |  | 23599 |  |
| &nbsp;&nbsp;&nbsp;Software |  |  | 225863 |  | 225863 |  |
| **Total Preferred Stocks** | **—** | **—** | **249462** |  | **249462** |  |
| **Investment Company** | 69630 |  |  |  | 69630 |  |
| **Call Options Purchased** |  | 3402 |  |  | 3402 |  |
| **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 | 93083 |  |  |  | 93083 |  |
| **Total Assets** | $**3047827** | $**3402** | $**249462** | **†** | $**3300691** | **†** |

---

† Includes
a security valued at zero.

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

---

| | | |
|:---|:---|:---|
|  | **Common<br> Stock<br> (000)** | **Preferred<br> Stocks<br> (000)** |
| **Beginning Balance** | $— | $278048 |
| &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) |  | (28586) |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $— | $249462 |
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026 | $— | $(28586) |

---

† Includes
a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2026. 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 March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> March 31, 2026<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Range/<br> Weighted Average** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stocks | $249462 | Market Transaction Method | Precedent Transaction | $41.42-$190.00/$177.31 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 10.5%-16.0%/11.8% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 1.0x-15.5x/16.8x | Increase |
|  |  |  | Discount for Lack of Marketability | 16.0%-18.0%/17.8% | 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.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $1345 | $— | $— | $1345 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 56605 |  |  | 56605 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 3700 |  |  | 3700 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 3216 |  |  | 3216 |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 2461 |  |  | 2461 |
| &nbsp;&nbsp;&nbsp;Financial Services | 5681 |  |  | 5681 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 2819 |  |  | 2819 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 9487 |  |  | 9487 |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 3934 |  |  | 3934 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 14420 |  |  | 14420 |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 469 |  | 469 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 20664 |  |  | 20664 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 1612 | 3491 |  | 5103 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 1410 |  |  | 1410 |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 2220 |  |  | 2220 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 6157 |  |  | 6157 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 4261 |  |  | 4261 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 28377 |  |  | 28377 |
| &nbsp;&nbsp;&nbsp;Software | 26211 |  |  | 26211 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 10029 | 5283 |  | 15312 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 8368 |  |  | 8368 |
| **Total Common Stocks** | **212977** | **9243** | **—** | **222220** |
| **Preferred Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care Technology |  |  | 2681 | 2681 |
| &nbsp;&nbsp;&nbsp;Software |  |  | 2619 | 2619 |
| **Total Preferred Stocks** | **—** | **—** | **5300** | **5300** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (unaudited)

Notes to the Portfolio of Investments (cont'd)

**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)** |  |
| **Investment Company** | $6589 | $— | $— |  | $6589 |  |
| **Warrants** | 41 |  |  | † | 41 | † |
| **Call Options Purchased** |  | 266 |  |  | 266 |  |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 8275 |  |  |  | 8275 |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1883 |  |  | 1883 |  |
| **Total Short-Term Investments** | **8275** | **1883** | **—** |  | **10158** |  |
| **Total Assets** | $**227882** | $**11392** | $**5300** | **†** | $**244574** | **†** |

---

† Includes
a security valued at zero.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Preferred<br> Stocks<br> (000)** | **Warrants<br> (000)** | **Derivative<br> Contract —<br> PIPE<br> (000)** |
| **Beginning Balance** | $6976 | $— | $1420 |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  | (1420) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (1676) |  |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |  |
| **Ending Balance** | $5300 | $— | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026 | $(1676) | $— | $— |

---

† Includes
a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2026. 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 March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> March 31, 2026<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 | $5300 | Market Transaction Method | Precedent Transaction | $2.14 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 18.0%-20.0%/18.8% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 0.5x-32.8x/1.6x | Increase |
|  |  |  | Discount for Lack of Marketability | 8.0%-22.0%/15.1% | Decrease |
|  |  | Comparable Transactions | Enterprise Value/Revenue | 1.3x | Increase |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | $— | $149932 | $— | $149932 |
| &nbsp;&nbsp;&nbsp;Banks | 109519 | 53142 |  | 162661 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 78074 |  |  | 78074 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 55624 |  |  | 55624 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 24013 |  | 24013 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 103724 |  | 103724 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 109762 |  | 109762 |
| &nbsp;&nbsp;&nbsp;Entertainment | 189357 |  |  | 189357 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 22856 |  | 22856 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  | 95792 |  | 95792 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 27261 |  |  | 27261 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 36949 |  | 36949 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 15412 |  | 15412 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 102369 |  | 102369 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 368248 |  | 368248 |
| &nbsp;&nbsp;&nbsp;Software | 32332 |  |  | 32332 |
| &nbsp;&nbsp;&nbsp;Specialty Retail |  | 37642 |  | 37642 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 63115 | 454517 |  | 517632 |
| **Total Assets** | $**555282** | $**1574358** | $**—** | $**2129640** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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 | $— | $7771 | $— | $7771 |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics |  | 7486 |  | 7486 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 6395 |  | 6395 |
| &nbsp;&nbsp;&nbsp;Banks |  | 17989 |  | 17989 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 4678 |  | 4678 |
| &nbsp;&nbsp;&nbsp;Capital Markets |  | 26805 |  | 26805 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies |  | 3714 |  | 3714 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 7325 |  | 7325 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 17553 |  | 17553 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 4123 |  | 4123 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure |  | 11899 |  | 11899 |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 2437 |  | 2437 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 8066 |  | 8066 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 10482 |  | 10482 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  | 4588 |  | 4588 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 18095 |  | 18095 |
| &nbsp;&nbsp;&nbsp;Metals & Mining |  | 2912 |  | 2912 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels |  | 10130 |  | 10130 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 10289 |  | 10289 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 16519 |  | 16519 |
| &nbsp;&nbsp;&nbsp;Professional Services |  | 10936 |  | 10936 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 28939 |  | 28939 |
| &nbsp;&nbsp;&nbsp;Software |  | 6594 |  | 6594 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 2806 |  | 2806 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods |  | 9513 |  | 9513 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 18818 |  | 18818 |
| **Total Common Stocks** | **—** | **276862** | **—** | **276862** |
| **Warrants** |  |  |  |  |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 4032 |  |  | 4032 |
| **Total Assets** | $**4032** | $**276862** | $**—** | $**280894** |

---

† Includes
a security valued at zero.

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

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **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 March 31, 2026 | $— |

---

† Includes
a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | $— | $25955 | $— | $25955 |
| &nbsp;&nbsp;&nbsp;Automobile Components |  | 5746 |  | 5746 |
| &nbsp;&nbsp;&nbsp;Banks | 44843 | 24529 |  | 69372 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 48909 |  |  | 48909 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 10721 |  | 10721 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 21165 |  | 21165 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 16905 |  | 16905 |
| &nbsp;&nbsp;&nbsp;Entertainment | 52866 |  |  | 52866 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 7607 |  | 7607 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 5407 |  |  | 5407 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 19160 | 23518 |  | 42678 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 10026 |  |  | 10026 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 21274 | 6825 |  | 28099 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 106053 |  | 106053 |
| &nbsp;&nbsp;&nbsp;Software | 3876 | 7972 |  | 11848 |
| &nbsp;&nbsp;&nbsp;Specialty Retail |  | 27275 |  | 27275 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 23463 |  | 23463 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 22374 | 77907 |  | 100281 |
| **Total Common Stocks** | **228735** | **385641** | **—** | **614376** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 9106 |  |  | 9106 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 637 |  | 637 |
| **Total Short-Term Investments** | **9106** | **637** | **—** | **9743** |
| **Total Assets** | $**237841** | $**386278** | $**—** | $**624119** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $— | $96 | $— |  | $96 |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics |  | 62 |  |  | 62 |  |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 72 |  |  | 72 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets |  | 167 |  |  | 167 |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 70 |  |  | 70 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 149 |  |  | 149 |  |
| &nbsp;&nbsp;&nbsp;Entertainment | 56 |  |  |  | 56 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 56 |  |  |  | 56 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure |  | 106 |  |  | 106 |  |
| &nbsp;&nbsp;&nbsp;Insurance | 54 |  |  |  | 54 |  |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 47 | 82 |  |  | 129 |  |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  | 43 |  |  | 43 |  |
| &nbsp;&nbsp;&nbsp;Machinery |  | 125 |  |  | 125 |  |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 80 |  |  | 80 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 135 |  |  | 135 |  |
| &nbsp;&nbsp;&nbsp;Professional Services |  | 116 |  |  | 116 |  |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 229 |  |  | 229 |  |
| &nbsp;&nbsp;&nbsp;Software |  | 46 |  |  | 46 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 162 |  |  | 162 |  |
| **Total Common Stocks** | **213** | **1740** | **—** |  | **1953** |  |
| **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 | 25 |  |  |  | 25 |  |
| **Total Assets** | $**238** | $**1740** | $**—** | **†** | $**1978** | **†** |

---

† Includes
a security valued at zero.

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

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **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 March 31, 2026 | $— |

---

† Includes
a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $— | $11082 | $— | $11082 |
| &nbsp;&nbsp;&nbsp;Automobile Components | 811 |  |  | 811 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 1322 |  | 1322 |
| &nbsp;&nbsp;&nbsp;Banks | 8769 | 28771 |  | 37540 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 4278 |  |  | 4278 |
| &nbsp;&nbsp;&nbsp;Chemicals | 2115 | 1763 |  | 3878 |
| &nbsp;&nbsp;&nbsp;Construction Materials |  | 1306 |  | 1306 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 1989 |  | 1989 |
| &nbsp;&nbsp;&nbsp;Electric Utilities |  | 2575 |  | 2575 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 4782 |  | 4782 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 1744 |  | 1744 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 1456 |  | 1456 |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 3053 |  | 3053 |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates |  | 3145 |  | 3145 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 302 |  |  | 302 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 2088 |  | 2088 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 2422 |  | 2422 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  | 787 |  | 787 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 1349 |  | 1349 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 3821 | 5496 |  | 9317 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 3157 | 11539 |  | 14696 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 3953 |  | 3953 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 12724 |  | 12724 |
| &nbsp;&nbsp;&nbsp;Professional Services |  | 639 |  | 639 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 16239 |  | 16239 |
| &nbsp;&nbsp;&nbsp;Software | 2364 | 2929 |  | 5293 |
| &nbsp;&nbsp;&nbsp;Specialty Retail |  | 1175 |  | 1175 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 9686 |  | 9686 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 5190 |  | 5190 |
| **Total Common Stocks** | **25617** | **139204** | **—** | **164821** |
| **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** |
| &nbsp;&nbsp;&nbsp;Biotechnology |  |  | 1250 | 1250 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 9214 |  |  | 9214 |
| **Futures Contracts** | 480 |  |  | 480 |
| **Total Assets** | **35311** | **139204** | **1250** | **175765** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (unaudited)

Notes to the Portfolio of Investments (cont'd)

**Passport Overseas Equity Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |  |
| **Foreign Currency Forward Exchange Contract** | $— | $(51) | $— | $(51) |
| **Futures Contracts** | (117) |  |  | (117) |
| **Total Liabilities** | **(117)** | **(51)** | **—** | **(168)** |
| **Total** | $**35194** | $**139153** | $**1250** | $**175597** |

---

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) | (125) |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $1250 |
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026 | $(125) |

---

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 March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> March 31, 2026<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stock | $1250 | Market Transaction Method | Precedent Transaction | $38.24 | Increase |

---

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

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $95 | $— | $— | $95 |
| &nbsp;&nbsp;&nbsp;Automobiles | 91 |  |  | 91 |
| &nbsp;&nbsp;&nbsp;Beverages | 38 |  |  | 38 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 159 |  |  | 159 |
| &nbsp;&nbsp;&nbsp;Chemicals | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 264 |  |  | 264 |
| &nbsp;&nbsp;&nbsp;Construction Materials | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 13 |  |  | 13 |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 17 |  |  | 17 |
| &nbsp;&nbsp;&nbsp;Distributors | 13 |  |  | 13 |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;Entertainment | 237 |  |  | 237 |
| &nbsp;&nbsp;&nbsp;Financial Services | 88 |  |  | 88 |
| &nbsp;&nbsp;&nbsp;Food Products | 11 |  |  | 11 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 61 |  |  | 61 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 201 |  |  | 201 |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 19 |  |  | 19 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 202 |  |  | 202 |
| &nbsp;&nbsp;&nbsp;Household Durables | 7 | 11 |  | 18 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 597 |  |  | 597 |
| &nbsp;&nbsp;&nbsp;Insurance | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 12 |  |  | 12 |
| &nbsp;&nbsp;&nbsp;Machinery | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 56 |  |  | 56 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 20 |  |  | 20 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 331 |  |  | 331 |
| &nbsp;&nbsp;&nbsp;Professional Services | 132 |  |  | 132 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 45 |  |  | 45 |
| &nbsp;&nbsp;&nbsp;Software | 199 |  |  | 199 |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 53 |  |  | 53 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 20 |  |  | 20 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 430 |  |  | 430 |
| **Total Common Stocks** | **3450** | **11** | **—** | **3461** |

---

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (unaudited)

Notes to the Portfolio of Investments (cont'd)

**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)** |  |
| **Investment Company** | $76 | $— | $— |  | $76 |  |
| **Warrants** |  |  |  | † |  | † |
| **Call Options Purchased** |  | 5 |  |  | 5 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 202 |  |  |  | 202 |  |
| **Total Assets** | $**3728** | $**16** | $**—** | **†** | $**3744** | **†** |

---

† Includes
a security valued at zero.

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

---

| | |
|:---|:---|
|  | **Warrants<br> (000)** |
| **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 March 31, 2026 | $— |

---

† Includes
a security valued at zero.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $380151<sup>(1)</sup> | $— | $— | $380151 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 1954 |  |  | 1954 |
| **Total Assets** | $**382105** | $**—** | $**—** | $**382105** |

---

(1) The level classification by
 major category of investments is the same as the category presentation in the Portfolio of Investments.

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2026 (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 March 31, 2026:

**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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $2023<sup>(1)</sup> | $— | $— | $2023 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 33 |  |  | 33 |
| **Total Assets** | $**2056** | $**—** | $**—** | $**2056** |

---

(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:** EMERGING MARKETS PORTFOLIO

- **b. EDGAR series identifier (if any):** S000002826

- **c. LEI of Series:** 549300QR1Z0OHC3VT079

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $130954843.23

**Total Liabilities:** $2758865.49

**Net Assets:** $128195977.74

**Cash Not Reported:** $734808.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007746 | 8.33%                | 8.09%                | -11.50%              |
| Class ID C000007747 | 8.26%                | 8.05%                | -11.54%              |
| Class ID C000113803 | 8.18%                | 8.08%                | -11.63%              |
| Class ID C000126912 | 8.35%                | 8.10%                | -11.52%              |
| Class ID C000155890 | 8.15%                | 8.05%                | -11.59%              |
| Class ID C000198815 | 8.35%                | 8.10%                | -11.52%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5568646.53              | $4964126.00                                |
| Month 2  | $1037746.46              | $9247720.96                                |
| Month 3  | $850917.62               | $-18533653.37                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Antofagasta PLC                             | Antofagasta PLC                                                     | CUSIP: 000000000<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |     44167 | NS      | $1980645.72   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| America Movil SAB de CV                     | America Movil SAB de CV                                             | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     28228 | NS      | $719249.44    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Chile                              | Banco de Chile                                                      | CUSIP: 000000000<br>LEI: 8B4EZFY8IHJC44TT2K84 | Long             | EC               | CORP              | CL        |   5424235 | NS      | $985520.25    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                     | Vale SA                                                             | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     57725 | NS      | $919169.09    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV          | Grupo Financiero Banorte SAB de CV                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    182544 | NS      | $2021295.67   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                      | WEG SA                                                              | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |    224913 | NS      | $2214892.73   | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                               | HDFC Bank Ltd                                                       | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     51095 | NS      | $1271243.60   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Budimex SA                                  | Budimex SA                                                          | CUSIP: 000000000<br>LEI: 25940093SDJZW2C1V355 | Long             | EC               | CORP              | PL        |      4432 | NS      | $796829.94    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                              | ICICI Bank Ltd                                                      | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      8364 | NS      | $216627.60    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Komercni Banka AS                           | Komercni Banka AS                                                   | CUSIP: 000000000<br>LEI: IYKCAVNFR8QGF00HV840 | Long             | EC               | CORP              | CZ        |     21398 | NS      | $1091733.08   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                 | Infosys Ltd                                                         | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     45270 | NS      | $611597.70    | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Morgan Stanley & Co. LLC                    | Morgan Stanley Institutional Liquidity Funds - Government Portfolio | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    807287 | NS      | $807287.41    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                    | Morgan Stanley Institutional Liquidity Funds - Government Portfolio | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    345359 | NS      | $345358.75    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                            | MercadoLibre Inc                                                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       369 | NS      | $638008.38    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AVI Ltd                                     | AVI Ltd                                                             | CUSIP: 000000000<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |    164587 | NS      | $1010337.38   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| CIMB Group Holdings Bhd                     | CIMB Group Holdings Bhd                                             | CUSIP: 000000000<br>LEI: 549300FYDN5UD7USZW18 | Long             | EC               | CORP              | MY        |    172500 | NS      | $323578.26    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                     | Reliance Industries Ltd                                             | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |    123539 | NS      | $1776683.92   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                     | Mahindra & Mahindra Ltd                                             | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |     38539 | NS      | $1208835.68   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Unimicron Technology Corp                   | Unimicron Technology Corp                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     78000 | NS      | $1141324.42   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Colgate-Palmolive India Ltd                 | Colgate-Palmolive India Ltd                                         | CUSIP: 000000000<br>LEI: 335800YWKI47DGFKWB26 | Long             | EC               | CORP              | IN        |      9570 | NS      | $181291.43    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp                                   | KT&G Corp                                                           | CUSIP: 000000000<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |      6529 | NS      | $702080.87    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc                       | Delta Electronics Inc                                               | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     65000 | NS      | $2930872.45   | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                | MediaTek Inc                                                        | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     39000 | NS      | $1870640.33   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd           | Hon Hai Precision Industry Co Ltd                                   | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    259000 | NS      | $1583205.85   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                   | Capitec Bank Holdings Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      7308 | NS      | $1795532.71   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                                | SK hynix Inc                                                        | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      5548 | NS      | $3147739.68   | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co                            | Hyundai Motor Co                                                    | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |      5453 | NS      | $1679853.08   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp                                    | Kia Corp                                                            | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |      8727 | NS      | $861625.22    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                  | BYD Co Ltd                                                          | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     35400 | NS      | $483965.06    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Malayan Banking Bhd                         | Malayan Banking Bhd                                                 | CUSIP: 000000000<br>LEI: 5493004OT3TOY404V310 | Long             | EC               | CORP              | MY        |    268400 | NS      | $755459.89    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp                                  | NAVER Corp                                                          | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |      5920 | NS      | $805998.72    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd                   | Zijin Mining Group Co Ltd                                           | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |    138000 | NS      | $620792.29    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Samvardhana Motherson International Ltd     | Samvardhana Motherson International Ltd                             | CUSIP: 000000000<br>LEI: 335800C7BQ19CKG8GH63 | Long             | EC               | CORP              | IN        |    430399 | NS      | $483058.82    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                  | Samsung Electronics Co Ltd                                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    105634 | NS      | $12355089.25  | 9.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd   | Taiwan Semiconductor Manufacturing Co Ltd                           | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    366205 | NS      | $21179292.18  | 16.52%            |  |  |  | No            |                  2 | On Loan: No      |
| Avenue Supermarts Ltd                       | Avenue Supermarts Ltd                                               | CUSIP: 000000000<br>LEI: 335800B2ZPJKOU2ZM776 | Long             | EC               | CORP              | IN        |     11658 | NS      | $490723.37    | 0.38%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Airtac International Group                  | Airtac International Group                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     18448 | NS      | $587577.13    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Prologis Property Mexico SA de CV           | Prologis Property Mexico SA de CV                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | MX        |    232963 | NS      | $1016962.85   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Bank Ltd                               | Axis Bank Ltd                                                       | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |     71328 | NS      | $883412.72    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| State Bank of India                         | State Bank of India                                                 | CUSIP: 000000000<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |    136964 | NS      | $1428419.80   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Grasim Industries Ltd                       | Grasim Industries Ltd                                               | CUSIP: 000000000<br>LEI: 335800WLY7FOIT3ERV21 | Long             | EC               | CORP              | IN        |     26669 | NS      | $723721.74    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd               | ASE Technology Holding Co Ltd                                       | CUSIP: 000000000<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |    118000 | NS      | $1298726.61   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Asset Management Co Ltd                | HDFC Asset Management Co Ltd                                        | CUSIP: 000000000<br>LEI: 3358002FLK8AK8WSEP31 | Long             | EC               | CORP              | IN        |     29490 | NS      | $693643.22    | 0.54%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hitachi Energy India Ltd                    | Hitachi Energy India Ltd                                            | CUSIP: 000000000<br>LEI: 549300ASJQYQLII9F213 | Long             | EC               | CORP              | IN        |      4544 | NS      | $1175115.23   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| HYBE Co Ltd                                 | HYBE Co Ltd                                                         | CUSIP: 000000000<br>LEI: 988400NYDQI538IJ3K23 | Long             | EC               | CORP              | KR        |      1560 | NS      | $316256.77    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Lodha Developers Ltd                        | Lodha Developers Ltd                                                | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |     65425 | NS      | $472926.92    | 0.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| 360 ONE WAM Ltd                             | 360 ONE WAM Ltd                                                     | CUSIP: 000000000<br>LEI: 335800DDYMCDBO5OLL32 | Long             | EC               | CORP              | IN        |     47519 | NS      | $480060.01    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiggy Ltd                                  | Swiggy Ltd                                                          | CUSIP: 000000000<br>LEI: 335800R11DC3QR7KH186 | Long             | EC               | CORP              | IN        |     76864 | NS      | $213286.35    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Motiva Infraestrutura de Mobilidade SA      | Motiva Infraestrutura de Mobilidade SA                              | CUSIP: 000000000<br>LEI: 254900H4EUL83CCQ6781 | Long             | EC               | CORP              | BR        |    379240 | NS      | $1157520.85   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                         | Larsen & Toubro Ltd                                                 | CUSIP: 000000000<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |     17066 | NS      | $634474.91    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd     | Ping An Insurance Group Co of China Ltd                             | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    158000 | NS      | $1214895.39   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Bank Group Ltd                     | Standard Bank Group Ltd                                             | CUSIP: 000000000<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |     68882 | NS      | $1247434.45   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                    | Itau Unibanco Holding SA                                            | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    196001 | NS      | $1645245.23   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA | Powszechna Kasa Oszczednosci Bank Polski SA                         | CUSIP: 000000000<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |     65368 | NS      | $1546213.94   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindalco Industries Ltd                     | Hindalco Industries Ltd                                             | CUSIP: 000000000<br>LEI: 335800KXLE5NO5B4GF90 | Long             | EC               | CORP              | IN        |     50243 | NS      | $475121.24    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Pidilite Industries Ltd                     | Pidilite Industries Ltd                                             | CUSIP: 000000000<br>LEI: 335800APXGEBZ349GN74 | Long             | EC               | CORP              | IN        |     43164 | NS      | $586696.67    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                | China Construction Bank Corp                                        | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   2176120 | NS      | $2348498.39   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| United Breweries Ltd                        | United Breweries Ltd                                                | CUSIP: 000000000<br>LEI: 335800ADAMN6EW1GCZ31 | Long             | EC               | CORP              | IN        |     26900 | NS      | $439696.16    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                 | China Merchants Bank Co Ltd                                         | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |    252500 | NS      | $1604441.55   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd                              | Bajaj Auto Ltd                                                      | CUSIP: 000000000<br>LEI: 335800DLAO5NCNN8G863 | Long             | EC               | CORP              | IN        |      7246 | NS      | $676989.78    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Alinma Bank                                 | Alinma Bank                                                         | CUSIP: 000000000<br>LEI: 558600HPAUTN6XSVBK93 | Long             | EC               | CORP              | SA        |     96438 | NS      | $746803.50    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                      | KB Financial Group Inc                                              | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     14070 | NS      | $1381258.27   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Alchip Technologies Ltd                     | Alchip Technologies Ltd                                             | CUSIP: 000000000<br>LEI: 529900HKE9RIY07SLX84 | Long             | EC               | CORP              | KY        |      9000 | NS      | $733965.15    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Chailease Holding Co Ltd                    | Chailease Holding Co Ltd                                            | CUSIP: 000000000<br>LEI: 529900L76E6T0JCM3J27 | Long             | EC               | CORP              | KY        |    142000 | NS      | $492091.56    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodacom Group Ltd                           | Vodacom Group Ltd                                                   | CUSIP: 000000000<br>LEI: 37890012A8DC24B8D663 | Long             | EC               | CORP              | ZA        |     73450 | NS      | $629135.44    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Brasil SA                        | Telefonica Brasil SA                                                | CUSIP: 000000000<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |    102749 | NS      | $817850.18    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd         | Shenzhen Inovance Technology Co Ltd                                 | CUSIP: 000000000<br>LEI: 836800KA53998FUTIA85 | Long             | EC               | CORP              | CN        |     72900 | NS      | $714160.43    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd               | NAURA Technology Group Co Ltd                                       | CUSIP: 000000000<br>LEI: 300300JI5I0B95GO5C39 | Long             | EC               | CORP              | CN        |     11995 | NS      | $788830.33    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corp                                 | Wiwynn Corp                                                         | CUSIP: 000000000<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     11722 | NS      | $1261356.46   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                 | Xiaomi Corp                                                         | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    162200 | NS      | $669992.90    | 0.52%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd      | Contemporary Amperex Technology Co Ltd                              | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     14900 | NS      | $881574.25    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                               | HDFC Bank Ltd                                                       | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |       620 | NS      | $4856.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                   | Alibaba Group Holding Ltd                                           | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    266100 | NS      | $4170980.40   | 3.25%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                 | NetEase Inc                                                         | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     32800 | NS      | $732909.51    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd                | Max Healthcare Institute Ltd                                        | CUSIP: 000000000<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |     76589 | NS      | $785865.95    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                               | Allegro.eu SA                                                       | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |    163071 | NS      | $1170517.50   | 0.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tencent Holdings Ltd                        | Tencent Holdings Ltd                                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     90000 | NS      | $5676510.41   | 4.43%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Mixc Lifestyle Services Ltd | China Resources Mixc Lifestyle Services Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    122200 | NS      | $738392.41    | 0.58%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Cisarua Mountain Dairy PT TBK               | Cisarua Mountain Dairy PT TBK                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   1593300 | NS      | $406700.52    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| OUTsurance Group Ltd                        | OUTsurance Group Ltd                                                | CUSIP: 000000000<br>LEI: 984500AC307E8L2D9X52 | Long             | EC               | CORP              | ZA        |    325474 | NS      | $1338184.11   | 1.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Rede D'Or Sao Luiz SA                       | Rede D'Or Sao Luiz SA                                               | CUSIP: 000000000<br>LEI: 9269004BEA774D836A73 | Long             | EC               | CORP              | BR        |    162607 | NS      | $1223354.88   | 0.95%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Jiangsu Hengrui Pharmaceuticals Co Ltd      | Jiangsu Hengrui Pharmaceuticals Co Ltd                              | CUSIP: 000000000<br>LEI: 2549003BT1XS3SE3E448 | Long             | EC               | CORP              | CN        |    110259 | NS      | $890993.14    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| NARI Technology Co Ltd                      | NARI Technology Co Ltd                                              | CUSIP: 000000000<br>LEI: 3003006IGH1W58MAQM05 | Long             | EC               | CORP              | CN        |    207800 | NS      | $787978.31    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Shriram Finance Ltd                         | Shriram Finance Ltd                                                 | CUSIP: 000000000<br>LEI: 335800TM2YO24B76XL26 | Long             | EC               | CORP              | IN        |     74344 | NS      | $691683.58    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                              | ICICI Bank Ltd                                                      | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    105309 | NS      | $1351878.09   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd                           | Bajaj Finance Ltd                                                   | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |     94066 | NS      | $804892.48    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                | Wal-Mart de Mexico SAB de CV                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    201065 | NS      | $655595.53    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Jiangsu Co Ltd                      | Bank of Jiangsu Co Ltd                                              | CUSIP: 000000000<br>LEI: 300300C1086832000046 | Long             | EC               | CORP              | CN        |    492300 | NS      | $778686.02    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| IDFC First Bank Ltd                         | IDFC First Bank Ltd                                                 | CUSIP: 000000000<br>LEI: 335800SBNAPYVT1D2K13 | Long             | EC               | CORP              | IN        |   1085955 | NS      | $679698.41    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| China International Capital Corp Ltd        | China International Capital Corp Ltd                                | CUSIP: 000000000<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |    189600 | NS      | $420942.22    | 0.33%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Banco BTG Pactual SA                        | Banco BTG Pactual SA                                                | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |     38886 | NS      | $422578.44    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                               | Credicorp Ltd                                                       | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      4373 | NS      | $1483234.14   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd                              | MakeMyTrip Ltd                                                      | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |      5389 | NS      | $200955.81    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-28

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

**Signature:** James F. Kirchner

**Name of Signer:** James F. Kirchner

**Title:** Principal Financial Officer