# EDGAR Filing Document

**Accession Number:** 0001011378
**File Stem:** 0001410368-26-054411
**Filing Date:** 2026-5
**Character Count:** 270658
**Document Hash:** 107046baf148e4e2ee8a44638ed91abf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-054411.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-054411

**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 VARIABLE INSURANCE FUND INC.
- **CENTRAL INDEX KEY:** 0001011378

**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:** 811-07607
- **FILM NUMBER:** 261030778

**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:** UNIVERSAL INSTITUTIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 20020322

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY UNIVERSAL FUNDS INC
- **DATE OF NAME CHANGE:** 19960328

## Series and Classes Contracts Data

### Discovery Portfolio (Series ID: S000004167)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011740 | Class II     | MMGTX           |
| C000011741 | Class I      | MMGPX           |

## Nport-Ex

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (86.8%)** | **Common Stocks (86.8%)** | **Common Stocks (86.8%)** |
| **Biotechnology (10.3%)** | **Biotechnology (10.3%)** | **Biotechnology (10.3%)** |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc. (a) | 36248 | $900 |
| &nbsp;&nbsp;&nbsp;ProKidney Corp. (a) | 170911 | 306 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. (a) | 602891 | 16700 |
|  |  | 17906 |
| **Capital Markets (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Twenty One Capital, Inc., Class A (a)(b) | 248207 | 1588 |
| **Entertainment (4.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (a) | 142989 | 8087 |
| **Financial Services (6.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a) | 171522 | 7859 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association (a) | 565571 | 4106 |
|  |  | 11965 |
| **Health Care Providers & Services (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Agilon health, Inc. (a) | 50783 | 401 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. (a) | 30331 | 2535 |
|  |  | 2936 |
| **Hotels, Restaurants & Leisure (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A (a) | 17208 | 372 |
| **Information Technology Services (15.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (a) | 118186 | 24386 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. (a) | 10776 | 2638 |
|  |  | 27024 |
| **Machinery (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc. (a) | 55450 | 2950 |
| **Media (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A (a) | 32566 | 739 |
| **Passenger Airlines (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc. (a) | 189921 | 1569 |
| **Personal Care Products (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Oddity Tech Ltd., Class A (Israel) (a) | 176507 | 2362 |
| **Pharmaceuticals (8.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Belite Bio, Inc. ADR (Cayman Islands) (a) | 2474 | 395 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 302133 | 14493 |
|  |  | 14888 |
| **Real Estate Management & Development (4.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Landbridge Co. LLC, Class A | 35714 | 2466 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. (a) | 1290757 | 6041 |
|  |  | 8507 |
| **Software (14.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc. (a) | 1943141 | 8006 |
| &nbsp;&nbsp;&nbsp;BitMine Immersion Technologies, Inc. | 114660 | 2268 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc. (a) | 45584 | 4349 |
| &nbsp;&nbsp;&nbsp;Figma, Inc., Class A (a) | 144716 | 3059 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (a) | 55430 | 1757 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A (a) | 34743 | 4336 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc., Class A (a) | 5847 | 470 |
|  |  | 24245 |
| **Specialty Retail (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A (a) | 69197 | 1868 |
| **Tech Hardware, Storage & Peripherals (3.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;IonQ, Inc. (a) | 207202 | 5974 |
| **Trading Companies & Distributors (10.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A (a) | 86565 | 4276 |
| &nbsp;&nbsp;&nbsp;QXO, Inc. (a) | 672322 | 13057 |
|  |  | 17333 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $146,896)** |  | 150313 |
| **Preferred Stocks (4.3%)** |  |  |
| **Software (4.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21) | 36279 | 5894 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $709; acquired 9/15/23) | 9645 | 1567 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (Cost $3,375)** |  | 7461 |
| **Investment Company (2.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF (a) **(Cost $4,064)** | 105046 | 4036 |
|  | **No. of** |  |
|  | **Warrants** |  |
| **Warrants (0.0%)‡** |  |  |
| **Real Estate Management & Development (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. expires 11/20/26 (a) **(Cost $—)** | 33606 | 12 |
|  | **Shares** |  |
| **Short-Term Investments (7.4%)** |  |  |
| **Investment Company (6.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class, 3.52% (e) **(Cost $11,596)** | 11595698 | 11596 |
| **Securities held as Collateral on Loaned Securities (0.7%)** |  |  |
| **Investment Company (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, (e) | 893079 | 893 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Repurchase Agreements (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Merrill Lynch & Co., Inc., (3.59%, dated 3/31/26, due 4/1/26; proceeds $139; fully collateralized by U.S. Government obligations; 0.00% - 1.00% due 11/15/27 - 7/31/28; valued at $142) | $139 | $139 |
| &nbsp;&nbsp;&nbsp;Merrill Lynch & Co., Inc., (3.66%, dated 3/31/26, due 4/1/26; proceeds $282; fully collateralized by U.S. Government obligations; 0.75% - 2.88% due 2/15/45 - 11/15/47; valued at $288) | 282 | 282 |
|  |  | 421 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $1,314)** |  | 1314 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $12,910)** |  | 12910 |
| **Total Investments Excluding Purchased Options (100.9%) (Cost $167,245)** |  | 174732 |
| **Total Purchased Options Outstanding (0.1%) (Cost $988)** |  | 174 |
| **Total Investments (101.0%) (Cost $168,233) including $1,294 of Securities Loaned (f)(g)** |  | 174906 |
| Liabilities in Excess of Other Assets (–1.0%) |  | (1758) |
| **Net Assets (100.0%)** |  | $173148 |

---

---

| | |
|:---|:---|
| ‡ | 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 $1,294,000 and $1,314,000, respectively. The Fund received cash collateral of approximately $1,314,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (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 $7,461,000 and represents 4.3% 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 $5,000 relating to the Fund's investment in the Liquidity Fund. |
| (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 $42,607,000 and the aggregate gross unrealized depreciation is approximately $35,934,000, resulting in net unrealized appreciation of approximately $6,673,000. |
| ADR | American Depositary Receipt. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery 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 | 71600469 | $71600 | $115 | $188 | $(73) |
| Standard Chartered Bank | USD/CNH | CNH 7.32 | Dec–26 | 72958841 | 72959 | 55 | 207 | (152) |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 69521536 | 69522 | 4 | 228 | (224) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 50125188 | 50125 |  | 208 | (208) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 32277816 | 32278 |  | 157 | (157) |
|  |  |  |  |  |  | $174 | $988 | $(814) |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |

---

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\*\* | 23.6% |
| Software | 18.3 |
| Information Technology Services | 15.6 |
| Biotechnology | 10.3 |
| Trading Companies & Distributors | 10.0 |
| Pharmaceuticals | 8.6 |
| Financial Services | 6.9 |
| Investment Company | 6.7 |
| 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 Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Fixed Income Securities (96.4%)** |  |  |
| **Albania (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albania Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/23/31 | 100 | $112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/14/35 | 500 | 567 |
|  |  | 679 |
| **Angola (4.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azule Energy Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 1/23/30 (a) | $866 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 1/22/33 (a) | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonangol Finance Ltd., 10.00%, 1/29/31 | 313 | 312 |
|  |  | 1392 |
| &nbsp;&nbsp;&nbsp;**Sovereign (3.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angolan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/26/29 | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 4/14/32 | 250 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 11/26/49 | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24%, 1/15/31 | 544 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 3/31/33 - 5/8/48 | 820 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 10/15/35 - 3/31/37 | 1867 | 1867 |
|  |  | 3925 |
|  |  | 5317 |
| **Argentina (4.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Macro SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 6/23/29 (a) | 342 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresa Distribuidora de Electricidad de Mendoza SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 7/28/31 (a)(b) | 450 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generacion Mediterranea SA/Central Termica Roca SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 11/1/31 (a)(c)(d) | 284 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRSA Inversiones y Representaciones SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 3/31/35 (a) | 212 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Energy Argentina SAU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 6/10/33 (a) | 185 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YPF SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/17/34 (a) | 118 | 120 |
|  |  | 1508 |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia De Neuquen, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tranche B Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month SOFR + 7.30%, 11.09%, 5/28/27 (e) | 147 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMOS SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1st Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.50%, 9.09%, 7/8/30 (e) | 437 | 440 |
|  |  | 588 |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 7/9/30 (b) | 432 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 7/9/29 | 140 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/9/41 (b) | 200 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 7/9/35 (b) | 1200 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/9/38 (b) | 200 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Santa Fe, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10%, 12/11/34 | 187 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia de Cordoba, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.60%, 2/3/35 (a) | 22 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 7/2/32 (a) | 638 | 653 |
|  |  | 2490 |
|  |  | 4586 |
| **Armenia (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardshinbank CJSC Via Dilijan Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 1/22/31 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Armenia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/12/35 | 200 | 204 |
|  |  | 401 |
| **Azerbaijan (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Azerbaijan International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/1/32 | 230 | 212 |
| **Bahamas (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Bahamas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 EUR Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month EURIBOR + 6.85%, 8.97%, 11/24/28 (e) | 743 | 881 |
| **Benin (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benin Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/22/35 | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 1/19/52 | 196 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 2/13/38 | $400 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 1/23/41 | 274 | 271 |
|  |  | 1063 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Bosnia and Herzegovina (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Srpska International Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/2/31 (f) | 200 | 232 |
| **Brazil (5.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (5.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azul Secured Finance LLP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 2/15/31 (a) | $240 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/31/30 | 955 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.06%, 1/23/81 | 404 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Oil Services Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/7/29 (a) | 550 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN Inova Ventures, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/28/28 | 200 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldorado International. Finance GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 12/1/32 (a) | 360 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORESEA Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/15/30 | 145 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Luxembourg SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 2/11/36 (a) | 361 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gol Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38%, 6/6/30 (a) | 574 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 10/2/29 (a) | 560 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHI Group SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 7/22/29 (a) | 846 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OI SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% Cash, 6.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.50%, 6/30/27 (a)(c)(d)(g) | 331 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 1/17/35 | 200 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 7/8/32 (a) | 200 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 2/25/37 | 600 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samarco Mineracao SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% Cash, 9.00% PIK, | 952 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 6/30/31 (c)(d)(g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unigel Luxembourg SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.50% Cash, 15.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.50%, 12/31/27 (g) | 23 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yinson Boronia Production BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 7/31/42 (a) | 194 | 212 |
|  |  | 6143 |
| **Bulgaria (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulgaria Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/5/37 | 190 | 184 |
| **Chile (3.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (3.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 7/27/33 | 2320 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/25/50 | 800 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/5/36 | 800 | 792 |
|  |  | 3346 |
| **China (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 9/15/32 | 80 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 6/1/31 | 123 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/1/26 | 95 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KWG Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 8/30/24 (c)(d) | 450 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longfor Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 9/16/29 | 509 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shimao Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% Cash, 3.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/21/32 - 1/21/34 (a)(c)(d)(g) | 537 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% Cash, 6.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 7/21/31 (a)(c)(d)(g) | 744 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunac China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 6/23/26 - 6/23/28 (a) | 741 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Times China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 3/30/27 (a) | 766 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% Cash, 4.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/30/29 (a)(g) | 143 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% Cash, 4.20% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 9/30/32 (a)(g) | 534 | 17 |
|  |  | 1014 |
| **Colombia (2.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABRA Global Finance, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% Cash, 8.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00%, 10/22/29 (a)(g) | 291 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avianca Midco 2 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 12/1/28 (a) | 255 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 1/28/31 (a) | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 2/14/30 (a) | 202 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Davivienda SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 yr. CMT + 5.10%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 4/22/31 (h) | 305 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Occidente SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 8/13/34 | 329 | 368 |
|  |  | 1535 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 4/15/31 | $390 | $333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 5/15/51 | 360 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/7/36 | 1050 | 1075 |
|  |  | 1628 |
|  |  | 3163 |
| **Costa Rica (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costa Rica Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 4/3/34 | 800 | 845 |
| **Dominican Republic (2.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/30/30 | 600 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 9/23/32 | 1480 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 1/21/41 | 500 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/22/33 | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 1/27/45 | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 4/30/44 (a) | 400 | 418 |
|  |  | 3174 |
| **Ecuador (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecuador Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/31/30 | 360 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/31/40 (b) | 300 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 7/31/35 (b) | 648 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 1/29/34 (a) | 300 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 1/29/39 (a) | 300 | 295 |
|  |  | 1697 |
| **Egypt (3.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (3.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 4/16/30 | 400 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 2/16/31 | $200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 4/11/31 | 900 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 9/30/33 | $200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90%, 2/21/48 | 400 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 1/31/47 | 400 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 9/30/51 | 1434 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 5/29/50 | 261 | 231 |
|  |  | 3950 |
| **El Salvador (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Salvador Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 6/15/35 | 140 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 4/10/32 | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 4/17/30 | 150 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65%, 11/21/54 (a) | 165 | 176 |
|  |  | 777 |
| **Ethiopia (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethiopia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 12/11/24 (c)(d) | 1332 | 1365 |
| **Gabon (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabon Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 2/6/31 | 409 | 343 |
| **Georgia (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Georgia JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/16/29 (h) | 490 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBC Bank JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 7/30/29 (h) | 528 | 562 |
|  |  | 1074 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 1/28/31 | 487 | 468 |
|  |  | 1542 |
| **Ghana (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tullow Oil PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 5/15/26 | 341 | 320 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ghana Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/3/26 | 26 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/3/29 - 7/3/35 (b) | 844 | 744 |
|  |  | 769 |
|  |  | 1089 |
| **Greece (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus Bank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/15/32 (h) | 200 | 219 |
| **Guatemala (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Subordinated Trust 2 0, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 4/15/36 (a) | $200 | 200 |
| **Sovereign (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/7/33 | 500 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 4/24/32 | 400 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 2/6/37 | 300 | 314 |
|  |  | 1148 |
|  |  | 1348 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Guyana (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure International Finance Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 6/3/29 (a) | $153 | $154 |
| **Honduras (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honduras Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/27/34 | 240 | 270 |
| **Hungary (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 7/30/35 | 225 | 232 |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/16/29 | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 9/26/30 | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/16/34 - 3/26/36 | 1300 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/22/32 | 600 | 626 |
|  |  | 2605 |
|  |  | 2837 |
| **India (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of India, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 2/1/28 | 300 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/12/36 | 400 | 392 |
|  |  | 688 |
| **Iraq (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iraq International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 1/15/28 | 70 | 68 |
| **Ivory Coast (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivory Coast Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/30/37 | 699 | 719 |
| **Jamaica (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance Ltd./Difl U.S. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 8/1/32 (a) | 270 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCB Financial Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 7/31/30 (a) | 470 | 493 |
|  |  | 768 |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month SOFR + 5.25%, 8.92%, 8/6/32 (e) | 223 | 223 |
|  |  | 991 |
| **Jordan (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 7/7/30 | 707 | 697 |
| **Kazakhstan (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ForteBank JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 2/4/30 | 437 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 11/3/30 (h) | 410 | 406 |
|  |  | 844 |
| **Kenya (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Kenya Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/9/33 - 2/26/34 | 713 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 2/28/48 | 257 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.70%, 2/26/39 | 200 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 3/5/36 | 650 | 638 |
|  |  | 1696 |
| **Lebanon (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lebanon Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 4/14/20 (c)(d) | 1078 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/27/23 (c)(d) | 479 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/4/22 (c)(d) | 988 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 6/19/20 (c)(d) | 97 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 2/26/25 (c)(d) | 138 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/27/22 - 6/12/25 (c)(d) | 359 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/9/20 (c)(d) | 50 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 5/26/23 (c)(d) | 1903 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 11/27/26 (c)(d) | 139 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 4/22/24 - 2/26/30 (c)(d) | 534 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/29/27 (c)(d) | 161 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 3/23/27 - 5/25/29 (c)(d) | 1628 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/3/24 - 3/23/32 (c)(d) | 1053 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 11/2/35 (c)(d) | 80 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/23/37 (c)(d) | 267 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20%, 5/17/33 (c)(d) | 80 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 4/12/21 (c)(d) | 19 | 5 |
|  |  | 2168 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Malaysia (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petronas Capital Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 1/28/32 | $1200 | $1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 4/21/50 | 200 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 4/3/35 | 1000 | 1027 |
|  |  | 2274 |
| **Mexico (4.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Idesa SAPI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99%, 2/20/32 (c)(d) | 214 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00% Cash, 2.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 9/12/30 (c)(d)(g) | 539 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/15/31 (a) | 278 | 268 |
|  |  | 635 |
| &nbsp;&nbsp;&nbsp;**Sovereign (4.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 2/12/52 | 400 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 7/2/32 | 1290 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/7/36 | 540 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 1/28/31 | 590 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 6/15/35 | 500 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 2/16/32 | 840 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 9/21/47 | 453 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69%, 1/23/50 | 300 | 260 |
|  |  | 4594 |
|  |  | 5229 |
| **Mongolia (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golomt Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 5/20/27 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mongolian Mining Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44%, 4/3/30 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Bank JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.90%, 9/25/28 | 280 | 272 |
|  |  | 674 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mongolia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 3/9/32 (a) | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 2/25/30 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 6/5/29 | 200 | 209 |
|  |  | 609 |
|  |  | 1283 |
| **Montenegro (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montenegro Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 4/1/32 | 1080 | 1241 |
| **Morocco (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/32 | $500 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/50 (a) | 300 | 207 |
|  |  | 637 |
| **Nicaragua (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Renewable Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 12/3/29 | 250 | 259 |
| **Nigeria (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70%, 2/23/38 | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 2/16/32 | 330 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 3/24/29 | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.38%, 12/9/34 | 1223 | 1403 |
|  |  | 2247 |
| **Oman (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 3/8/27 | 600 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/1/29 | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/25/31 | 1120 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/17/48 | 440 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/28/32 | 400 | 446 |
|  |  | 2986 |
| **Pakistan (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veon Midco BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/25/27 | 239 | 227 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pakistan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 4/8/31 | 481 | 446 |
|  |  | 673 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Panama (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coral-U.S. Co-Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B7, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 3.25%, 6.92%, 1/31/32 (e) | $400 | $393 |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 9/17/32 (a)(h) | 205 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16%, 1/23/30 | 720 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 1/19/33 | 380 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, 2/23/38 | 710 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 2/14/35 | 790 | 822 |
|  |  | 2721 |
|  |  | 3114 |
| **Paraguay (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frigorifico Concepcion SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.50%, 9.17%, 12/8/26 (e) | 334 | 338 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paraguay Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/9/36 | 300 | 312 |
|  |  | 650 |
| **Peru (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auna SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 12/18/29 (a) | 493 | 512 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/15/34 | 1600 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 3/11/41 | 300 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/8/54 | 300 | 290 |
|  |  | 1885 |
|  |  | 2397 |
| **Philippines (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/5/35 | 1000 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/17/33 | 600 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/17/48 | 520 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 1/15/32 | 300 | 323 |
|  |  | 2383 |
| **Romania (3.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (3.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 7/13/30 | 98 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/14/33 | 79 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 1/28/50 | 49 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 4/3/49 | 266 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 5/30/37 | 248 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/24/35 | $1422 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 7/11/32 | 192 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/7/37 | 430 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/11/39 | 263 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 2/10/37 | $700 | 741 |
|  |  | 3811 |
| **Saudi Arabia (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riyad Sukuk Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21%, 7/14/35 | 270 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Awwal Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 9/4/35 | 280 | 274 |
|  |  | 543 |
| **Senegal (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golar LNG Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 9/19/29 | 200 | 204 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senegal Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/23/33 | 330 | 177 |
|  |  | 381 |
| **Serbia (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serbia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 9/23/36 | 270 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 12/1/30 | $200 | 173 |
|  |  | 410 |
| **South Africa (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 4/10/33 (f) | 240 | 239 |
| **Sri Lanka (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 1/15/30 (a)(b)(c)(d) | 265 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 3/15/33 (a)(b) | 120 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 6/15/35 - 2/15/38 (a)(b)(c)(d) | 466 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/28 (a)(c)(d) | 261 | 250 |
|  |  | 1006 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Suriname (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staatsolie Maatschappij Suriname NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.50%, 9.17%, 5/24/32 (e) | $181 | $183 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suriname Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70%, 11/6/30 (a) | 398 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/6/35 (a) | 1671 | 1724 |
|  |  | 2127 |
|  |  | 2310 |
| **Tanzania, United Republic Of (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan Tranche A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.31%, 7.96%, 9/13/28 (e) | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Tranche C Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.31%, 7.90%, 9/13/28 (e) | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania, 2024 Term Loan A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.45%, 9.46%, 2/27/31 (e) | 3700 | 3654 |
|  |  | 4234 |
| **Togo (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecobank Transnational, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13%, 10/15/29 (a) | 532 | 574 |
| **Trinidad And Tobago (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad & Tobago Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 1/14/31 | 200 | 202 |
| **Turkey (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akbank TAS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.37%, 3/14/29 (h) | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/10/36 | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Yenilenebilir Enerji AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 8/12/30 (a) | 200 | 195 |
|  |  | 642 |
| **Ukraine (2.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kernel Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/27/27 | 404 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHP Lux SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 7/28/29 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/19/29 | 200 | 180 |
|  |  | 773 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukraine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 2/1/30 (b)(c)(d) | 26 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/1/34 - 2/1/36 (b)(c)(d) | 640 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/32 (b)(c)(d) | 350 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/1/29 - 2/1/36 (b)(c)(d) | 2539 | 1414 |
|  |  | 1970 |
|  |  | 2743 |
| **Uruguay (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 6/18/50 | 550 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 2/14/37 | 900 | 920 |
|  |  | 1426 |
| **Uzbekistan (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbek Industrial & Construction Bank ATB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45%, 10/23/30 (h) | 280 | 281 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 2/28/32 | 660 | 690 |
|  |  | 971 |
| **Venezuela (5.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (5.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/20/27 (c)(d) | 403 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 4/12/27 (c)(d) | 968 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/28/22 - 11/15/26 (c)(d) | 3243 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 10/27/20 (c)(d) | 354 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 11/17/21 (c)(d) | 722 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 5/17/35 (c)(d) | 905 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 2/17/22 (c)(d) | 603 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venezuela Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/9/20 (c)(d) | 378 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/1/18 - 3/31/38 (c)(d) | 421 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 4/21/25 (c)(d) | 507 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/13/19 (c)(d) | 660 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 10/13/24 (c)(d) | 567 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 5/7/23 (c)(d) | 517 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 9/15/27 - 5/7/28 (c)(d) | 934 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 1/13/34 (c)(d) | 51 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75%, 10/21/26 (c)(d) | 241 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.95%, 8/5/31 (c)(d) | 312 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 8/23/22 (c)(d) | 793 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.63%, 8/15/18 (c)(d) | 135 | 70 |
|  |  | 5661 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Zambia (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 12/31/53 | $610 | $403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/30/33 (b)(c)(d) | 134 | 125 |
|  |  | 528 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $105,677)** |  | 105756 |
|  | **Shares** |  |
| **Common Stocks (0.0%)‡** |  |  |
| **China (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shimao Group Holdings Ltd. (i)(j) | 139087 | 3 |
| **Hong Kong (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Times China Holdings Ltd. (j) | 361121 | 4 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks **(Cost $63)** |  | 7 |
|  | **No. of<br> Warrants** |  |
| **Warrants (0.0%)‡** |  |  |
| **Venezuela (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Venezuela Government International Bond, Oil-Linked Payment Obligation expires 4/15/20 (e)(h)(j) **(Cost $—)** | 3750 | 8 |
|  | **Shares** |  |
| **Short-Term Investments (4.6%)** |  |  |
| **Investment Company (4.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (k) **(Cost $4,699)** | 4699381 | 4699 |
|  | **Face Amount<br> (000)** |  |
| **United States (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Security (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%, 6/16/26 (l)(m) **(Cost $308)** | $310 | 308 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $5,007)** |  | 5007 |
| **Total Investments (101.0%) (Cost $110,747) (n)(o)(p)(q)** |  | 110778 |
| Liabilities in Excess of Other Assets (-1.0%) |  | (1140) |
| **Net Assets (100.0%)** |  | $109638 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt 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) 144A security — Certain conditions for public
 sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(b) Multi-step — Coupon rate changes in predetermined
 increments to maturity. Rate disclosed is as of March 31, 2026. Maturity date disclosed is the ultimate maturity date.

(c) Issuer in bankruptcy.

(d) Non-income producing security; bond in default.

(e) Floating or variable rate securities: The rates disclosed
 are as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated
 in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate
 and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate
 a reference rate and spread in their description in the Portfolio of Investments.

(f) When-issued security.

(g) Income may be paid in additional securities and/or
 cash at the discretion of the issuer.

(h) Perpetual — One or more securities do not have
 a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate.
 Interest rates in effect are as of March 31, 2026.

(i) Security trades on the Hong Kong exchange.

(j) Non-income producing security.

(k) 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 $4,000 relating to the Fund's investment in the Liquidity
 Fund.

(l) Rate shown is the yield to maturity at March 31,
 2026.

(m) All or a portion of the security was pledged to cover
 margin requirements for swap agreements.

(n) Securities are available for collateral in connection
 with purchase of when-issued securities, open foreign currency forward exchange contracts, futures contracts and swap agreements.

(o) The approximate fair value and percentage of net assets,
 $6,000 and less than 0.05%, 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.

(p) At March 31, 2026, the Fund had unfunded loan
 commitments of $2,083,000, which could be extended at the option of the borrowers,pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Unfunded<br> Loan<br> Commitments<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation/<br> (Depreciation)<br> (000)** |
| Staatsolie Maatschappij Suriname NV | $1720 | $1720 | $0 |
| VMOS SA | 363 | 363 | 0 |
|  | $2083 | $2083 | $0 |

---

(q) 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
 $5,189,000 and the aggregate gross unrealized depreciation is approximately $5,341,000, resulting in net unrealized depreciation
 of approximately $152,000.

---

| | |
|:---|:---|
| CMT | Constant Maturity Treasury Note Rate. |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate. |
| JSC | Joint Stock Company. |
| PIK | Payment-in-Kind. |
| SOFR | Secured Overnight Financing Rate. |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following Foreign Currency Forward Exchange Contracts open at March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Bank of America NA | 200 | $230 | 4/10/26 | $(1) |
| Bank of America NA | $631 | 546 | 4/10/26 | (— |
| Bank of America NA | $230 | 200 | 4/2/26 | 1 |
| Barclays Bank PLC | $206 | 178 | 4/10/26 | (— |
| Citibank NA | $1210 | 1055 | 4/10/26 | 10 |
| Citibank NA | $47 | 41 | 4/10/26 |  |
| Goldman Sachs International | 630 | $734 | 4/10/26 | 6 |
| Goldman Sachs International | 1049 | $1223 | 4/10/26 | 9 |
| Goldman Sachs International | 635 | $740 | 4/10/26 | 6 |
| Goldman Sachs International | 924 | $1077 | 4/10/26 | 8 |
| Goldman Sachs International | 815 | $949 | 4/10/26 | 7 |
| Goldman Sachs International | 4 | $5 | 4/10/26 |  |
| Goldman Sachs International | 990 | $1154 | 4/10/26 | 9 |
| Goldman Sachs International | 3321 | $3870 | 4/10/26 | 30 |
| Goldman Sachs International | 342 | $398 | 4/10/26 | 3 |
| Goldman Sachs International | 205 | $239 | 4/10/26 | 2 |
| Goldman Sachs International | $49 | 42 | 4/10/26 | (— |
| Goldman Sachs International | $14 | 12 | 4/10/26 | (— |
| Goldman Sachs International | $186 | 160 | 4/10/26 | (2) |
| Goldman Sachs International | $253 | 217 | 4/10/26 | (2) |
| State Street Bank and Trust Co. | 400 | $466 | 4/10/26 | 4 |
| State Street Bank and Trust Co. | $177 | 153 | 4/10/26 | (— |
| UBS AG | 198 | $229 | 4/10/26 |  |
|  |  |  |  | $90 |

---

**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)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 29 | Jun-26 | $5800 | $6016 | $(43) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 13 | Jun-26 | 1300 | 1406 | (13) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 71 | Jun-26 | 7100 | 8060 | (146) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond (United States) | 50 | Jun-26 | 5000 | 5694 | (154) |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond (United States) | 78 | Jun-26 | 7800 | 9092 | (256) |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;German Euro-Bobl Index (Germany) | 21 | Jun-26 | (2100) | (2802) | 36 |
| &nbsp;&nbsp;&nbsp;German Euro-Bund Index (Germany) | 26 | Jun-26 | (2600) | (3768) | 81 |
| &nbsp;&nbsp;&nbsp;German Euro-Schatz Index (Germany) | 13 | Jun-26 | (1300) | (1589) | 14 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 103 | Jun-26 | $(10300) | (11438) | 127 |
|  |  |  |  |  | $(354) |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

**Credit Default Swap Agreements:**

The Fund had the following credit default swap agreements open at March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap**<br> **Counterparty**<br> **and Reference**<br> **Obligation** | **Credit**<br> **Rating of**<br> **Reference**<br> **Obligation†** | **Buy/Sell**<br> **Protection** | **Pay/**<br> **Received**<br> **Fixed**<br> **Rate** | **Payment**<br> **Frequency** | **Maturity**<br> **Date** | **Notional**<br> **Amount**<br> **(000)** | **Value**<br> **(000)** | **Upfront**<br> **Payment**<br> **Paid**<br> **(Received)**<br> **(000)** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br> **(000)** |
| Morgan Stanley & Co. LLC\* Egypt Government International Bonds | NR | Sell | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | Quarterly | 12/20/28 | $188 | $(11) | $(55) | $44 |
| Goldman Sachs International Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/26 | 261 | (1) | (12) | 11 |
| Goldman Sachs International Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 710 | (10) | (18) | 8 |
| JPMorgan Chase Bank NA Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 312 | (4) | (9) | 5 |
| Barclays Bank PLC Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 12/20/26 | 634 | (5) | (11) | 6 |
| Barclays Bank PLC Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 476 | (7) | (13) | 6 |
| Barclays Bank PLC Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 100 | (2) | (3) | 1 |
| Barclays Bank PLC Ecuador Government International Bonds | NR | Buy | 5.00 | Quarterly | 12/20/26 | 36 | (1) | (1) | (— |
| Morgan Stanley & Co. LLC\* Petrobras Global Finance BV | NR | Buy | 1.00 | Quarterly | 6/20/31 | 1985 | 43 | 44 | (1 |
|  |  |  |  |  |  |  | $2 | $(78) | $80 |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| † | Credit rating as issued by Standard & Poor's. |
| \* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. |
| NR | Not rated. |
| EUR | Euro |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Sovereign | 70.2 | % |
| Corporate Bonds | 19.1 |  |
| Senior Loan Interests | 6.2 |  |
| Other\* | 4.5 |  |
| 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 $49,865,000 and net unrealized depreciation of approximately $354,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $90,000. Also does not include open swap agreements with net unrealized appreciation of approximately $80,000.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments

Emerging Markets Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (100.2%)** |  |  |
| **Brazil (6.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual SA (Units) (a) | 53844 | $585 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA (Preference) | 282360 | 2370 |
| &nbsp;&nbsp;&nbsp;Motiva Infraestrutura de Mobilidade SA | 519988 | 1587 |
| &nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz SA | 234955 | 1768 |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil SA | 148469 | 1182 |
| &nbsp;&nbsp;&nbsp;Vale SA | 81677 | 1301 |
| &nbsp;&nbsp;&nbsp;WEG SA | 329961 | 3249 |
|  |  | 12042 |
| **Chile (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 7834777 | 1424 |
| **China (18.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (b) | 378700 | 5936 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu Co. Ltd., Class A | 706500 | 1117 |
| &nbsp;&nbsp;&nbsp;BYD Co. Ltd., H Shares (b) | 49600 | 678 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares (b) | 3094230 | 3339 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp. Ltd., Class H (b) | 279200 | 620 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd., H Shares (b) | 363500 | 2310 |
| &nbsp;&nbsp;&nbsp;China Resources Mixc Lifestyle Services Ltd. (b) | 177800 | 1074 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 21600 | 1278 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 157609 | 1274 |
| &nbsp;&nbsp;&nbsp;NARI Technology Co. Ltd., Class A | 301600 | 1144 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group Co. Ltd., Class A | 17120 | 1126 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. (b) | 47100 | 1052 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., Class H (b) | 229500 | 1765 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd., Class A | 104000 | 1019 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (b) | 130400 | 8225 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B (b)(c) | 230600 | 952 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd., H Shares (b) | 198000 | 891 |
|  |  | 33800 |
| **Czech Republic (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka AS | 30931 | 1578 |
| **India (15.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;360 ONE WAM Ltd. | 66684 | 674 |
| &nbsp;&nbsp;&nbsp;Avenue Supermarts Ltd. (c) | 16691 | 703 |
| &nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 102742 | 1272 |
| &nbsp;&nbsp;&nbsp;Bajaj Auto Ltd. | 10471 | 978 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance Ltd. | 135940 | 1163 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive India Ltd. | 13499 | 256 |
| &nbsp;&nbsp;&nbsp;Grasim Industries Ltd. | 37974 | 1030 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management Co. Ltd. | 42617 | 1002 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 87388 | 685 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 47400 | 1179 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries Ltd. | 70059 | 662 |
| &nbsp;&nbsp;&nbsp;Hitachi Energy India Ltd. | 6604 | 1708 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 173492 | 2227 |
| &nbsp;&nbsp;&nbsp;IDFC First Bank Ltd. | 1561894 | 978 |
| &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR (d) | 65826 | 889 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro Ltd. | 24543 | 912 |
| &nbsp;&nbsp;&nbsp;Lodha Developers Ltd. | 86822 | 628 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 55696 | 1747 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd. (c) | 7631 | 285 |
| &nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | 109781 | 1126 |
| &nbsp;&nbsp;&nbsp;Pidilite Industries Ltd. | 63211 | 859 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 178534 | 2568 |
| &nbsp;&nbsp;&nbsp;Samvardhana Motherson International Ltd. | 605478 | 680 |
| &nbsp;&nbsp;&nbsp;Shriram Finance Ltd. | 107617 | 1001 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 197935 | 2064 |
| &nbsp;&nbsp;&nbsp;Swiggy Ltd. (c) | 107616 | 299 |
| &nbsp;&nbsp;&nbsp;United Breweries Ltd. | 38898 | 636 |
|  |  | 28211 |
| **Indonesia (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cisarua Mountain Dairy Tbk. PT | 2313100 | 590 |
| **Korea, Republic of (16.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;HYBE Co. Ltd. (c) | 2222 | 450 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | 7824 | 2410 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 20174 | 1981 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | 12497 | 1234 |
| &nbsp;&nbsp;&nbsp;KT&G Corp. | 9415 | 1012 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | 8489 | 1156 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 157841 | 18461 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 6875 | 3901 |
|  |  | 30605 |
| **Malaysia (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd. | 245300 | 460 |
| &nbsp;&nbsp;&nbsp;Malayan Banking Bhd. | 389600 | 1097 |
|  |  | 1557 |
| **Mexico (3.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV ADR | 41172 | 1049 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV Series O | 257711 | 2854 |
| &nbsp;&nbsp;&nbsp;Prologis Property Mexico SA de CV REIT | 328954 | 1436 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 292972 | 955 |
|  |  | 6294 |
| **Peru (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp Ltd. | 6346 | 2152 |
| **Poland (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Allegro.eu SA (c) | 235762 | 1692 |
| &nbsp;&nbsp;&nbsp;Budimex SA | 6423 | 1155 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski SA | 93843 | 2220 |
|  |  | 5067 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Saudi Arabia (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alinma Bank | 139809 | $1083 |
| **South Africa (4.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;AVI Ltd. | 236576 | 1452 |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings Ltd. | 10378 | 2550 |
| &nbsp;&nbsp;&nbsp;OUTsurance Group Ltd. (d) | 474719 | 1952 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group Ltd. | 99963 | 1810 |
| &nbsp;&nbsp;&nbsp;Vodacom Group Ltd. | 107025 | 917 |
|  |  | 8681 |
| **Taiwan (25.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Airtac International Group | 26901 | 857 |
| &nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 14000 | 1142 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 170000 | 1871 |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co. Ltd. | 193980 | 672 |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | 76000 | 3427 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 366000 | 2237 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | 43000 | 2062 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 549000 | 31751 |
| &nbsp;&nbsp;&nbsp;Unimicron Technology Corp. | 117683 | 1722 |
| &nbsp;&nbsp;&nbsp;Wiwynn Corp. | 16242 | 1748 |
|  |  | 47489 |
| **United Kingdom (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 63619 | 2853 |
| **United States (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (c) | 540 | 934 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $106,614)** |  | 184360 |
| **Short-Term Investments (0.9%)** |  |  |
| **Investment Company (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 3.57% (e) **(Cost $1,382)** | 1382126 | 1382 |
| **Securities held as Collateral on Loaned Securities (0.1%)** |  |  |
| **Investment Company (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 3.57% (e) **(Cost $194)** | 194013 | 194 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $1,576)** |  | 1576 |
| **Total Investments (101.1%)(Cost $108,190) including $2,448 of Securities Loaned (f)(g)(h)** |  | 185936 |
| Liabilities in Excess of Other Assets (–1.1%) |  | (2034) |
| **Net Assets (100.0%)** |  | $183902 |

---

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 $2,448,000 and $2,557,000, respectively. The Fund received cash collateral of approximately $194,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - as reported in the Portfolio of Investments. The remaining collateral of approximately $2,363,000 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 $2,000 relating to the Fund's investment in the Liquidity Fund.

(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) The approximate fair value and percentage of net assets, $172,628,000 and 93.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(h) 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 $81,281,000 and the aggregate gross unrealized depreciation is approximately $3,535,000, resulting in net unrealized appreciation of approximately $77,746,000.

ADR American Depositary Receipt. <br> REIT Real Estate Investment Trust.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\*\* | 41.3% |
| Semiconductors & Semiconductor Equipment | 22.5 |
| Banks | 19.8 |
| Tech Hardware, Storage & Peripherals | 11.4 |
| 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 Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (45.8%)** |  |  |
| **Agency Fixed Rate Mortgages (3.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**United States (3.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 6/1/52 | $551 | $446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/1/52 | 87 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | 99 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 9/1/54 | 119 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/1/45 - 6/1/45 | 132 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April TBA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/1/56 (a) | 440 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/1/56 (a) | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/1/56 (a) | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/56 (a) | 110 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/51 | 247 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/1/52 | 331 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/1/51 | 335 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/41 - 1/1/46 | 133 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/1/41 - 11/1/44 | 47 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/41 - 3/1/41 | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/1/55 | 204 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/1/38 - 10/1/55 | 152 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/1/53 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June TBA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/56 (a) | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/44 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/20/49 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;**Total Agency Fixed Rate Mortgages (Cost $3,017)** |  | 2893 |
| **Asset-Backed Securities (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Ireland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Residential Loan Securitisation 2019-NPL1 DAC, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month EURIBOR + 3.25%,5.00%, 7/24/54 (b) | 28 | 33 |
| &nbsp;&nbsp;&nbsp;**United States (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Capital Holdco LP, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 11/22/49 (c) | $150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer II LLC, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18%, 9/27/55 (c) | 160 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 0.87%, 4.55%, 12/25/32 (b) | 67 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Class A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/48 (c) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.55%, 2.58%, 7/25/39 (b) | 40 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.75%, 5.42%, 10/17/41 (b)(c) | $200 | 200 |
|  |  | 713 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities (Cost $739)** |  | 746 |
| **Commercial Mortgage-Backed Securities (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Germany (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berg Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 1.05%, 3.08%, 4/22/33 (b) | 15 | 17 |
| &nbsp;&nbsp;&nbsp;**United States (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAMLL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 2.35%, 6.02%, 8/15/39 (b)(c) | $200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 3.00%, 6.67%, 5/15/39 (b)(c) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JW Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.62%, 5.29%, 6/15/39 (b)(c) | 100 | 100 |
|  |  | 401 |
| &nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities (Cost $418)** |  | 418 |
| **Corporate Bonds (7.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Australia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBN Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 5/5/31 (c) | 200 | 183 |
| &nbsp;&nbsp;&nbsp;**Canada (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/29/30 | 210 | 211 |
| &nbsp;&nbsp;&nbsp;**France (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXA SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/28/49 | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 6/11/26 | 225 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/1/33 | 100 | 120 |
|  |  | 493 |
| &nbsp;&nbsp;&nbsp;**Germany (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82%, 7/25/53 | 100 | 126 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Germany (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen International Finance NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 10Y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 3/30/27 | 200 | $229 |
|  |  | 355 |
| &nbsp;&nbsp;&nbsp;**Japan (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JT International Financial Services BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 4/11/34 | 100 | 112 |
| &nbsp;&nbsp;&nbsp;**Luxembourg (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Property Partners Europe Holdings SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 4/26/27 | 100 | 113 |
| &nbsp;&nbsp;&nbsp;**Netherlands (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliander NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/27/32 (d) | 100 | 116 |
| &nbsp;&nbsp;&nbsp;**Spain (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CaixaBank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/5/37 | 100 | 113 |
| &nbsp;&nbsp;&nbsp;**United Arab Emirates (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 3/31/36 (c) | $225 | 192 |
| &nbsp;&nbsp;&nbsp;**United Kingdom (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 8/15/27 | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 11/22/32 | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/12/28 | 100 | 128 |
|  |  | 365 |
| &nbsp;&nbsp;&nbsp;**United States (4.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 3/1/34 | $100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 12/4/26 | 100 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/15/53 | $75 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 6/6/36 | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 5/1/50 | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 5/1/29 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 5/19/34 | 90 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/42 | 25 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 5/1/47 | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, 1/25/33 | 275 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/15/33 | 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 1/31/60 | 50 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 1/15/36 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 6/1/28 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 3/23/32 | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/25/35 | $100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 3/16/56 (c) | 75 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 6/24/29 (c) | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 10/15/31 | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/34 | 175 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/15/28 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/1/27 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/29 - 6/14/30 | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic Global Holdings SCA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 7/2/31 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/15/55 | $50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 11/1/35 | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/15/34 (c) | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/1/34 | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 9/1/30 (c) | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 9/26/35 | 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 9/26/45 | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 5/19/63 | 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/20/34 | 125 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis Euro Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 1/5/29 | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/15/56 (c) | $100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 1/23/35 | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%, 6/12/34 | 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upjohn Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%, 6/23/32 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36%, 3/15/32 | $50 | 44 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 10/27/36 | 100 | $105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 8/15/56 | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/34 (c) | $25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 4/1/28 | 50 | 48 |
|  |  | 3453 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $5,754)** |  | 5706 |
| **Mortgages - Other (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**United Kingdom (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landmark Mortgage Securities No. 3 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 day GBP SONIA + 2.22%, 5.96%, 4/17/44 (b) | 45 | 57 |
| &nbsp;&nbsp;&nbsp;**United States (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 5/25/68 (c) | $121 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/25/55 (b)(c) | 99 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/25/57 | 67 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/25/58 | 71 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/25/58 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/25/58 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/25/45 | 12 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/25/46 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/25/47 | 31 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 5/25/45 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/25/45 | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/25/46 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/25/45 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/25/46 | 24 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCAT Trust, Class 2A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 1/25/54 (b)(c) | 71 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/25/56 (b)(c) | 77 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hundred Acre Wood Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/25/51 (b)(c) | 74 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/25/52 (b)(c) | 133 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/25/52 (b)(c) | 146 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 7/25/52 (b)(c) | 71 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRKCM 2023-AFC1 Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 2/25/58 (c) | 167 | 167 |
|  |  | 1135 |
| &nbsp;&nbsp;&nbsp;**Total Mortgages - Other (Cost $1,269)** |  | 1192 |
| **Sovereign (23.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Australia (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 5/21/32 | 150 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queensland Treasury Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/21/35 (c) | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Corp. of Victoria, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 9/17/35 | 420 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/20/41 | 280 | 118 |
|  |  | 529 |
| &nbsp;&nbsp;&nbsp;**Austria (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Austria Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 2/20/30 | 60 | 62 |
| &nbsp;&nbsp;&nbsp;**Belgium (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Belgium Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 6/22/50 | 60 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 6/22/43 | 100 | 107 |
|  |  | 150 |
| &nbsp;&nbsp;&nbsp;**Brazil (2.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil Letras do Tesouro Nacional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 1/1/29 | 16396 | 2228 |
| &nbsp;&nbsp;&nbsp;**Canada (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Investment Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/2/35 | 200 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/1/51 | 20 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 12/1/33 | 440 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/1/57 | 210 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Alberta Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 4/2/35 | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Ontario Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 7/3/35 | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/22/35 | 100 | 114 |
|  |  | 952 |
| &nbsp;&nbsp;&nbsp;**Chile (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 7/1/35 | 30 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 7/9/31 - 4/14/36 | 200 | 228 |
|  |  | 262 |
| &nbsp;&nbsp;&nbsp;**China (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%, 1/25/30 | 2640 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 11/25/34 | 2470 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 1/20/27 | 1200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 8/15/32 | 1300 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 11/15/32 | 3390 | 528 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **China (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/25/52 | 400 | $66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/21/29 | 3550 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 11/19/30 | 2510 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52%, 4/25/46 | 50 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53%, 10/18/51 | 200 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 9/14/50 | 300 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86%, 7/22/49 | 1260 | 231 |
|  |  | 2992 |
| &nbsp;&nbsp;&nbsp;**Czech Republic (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 3/13/31 | 1100 | 45 |
| &nbsp;&nbsp;&nbsp;**Denmark (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 11/15/27 | 580 | 87 |
| &nbsp;&nbsp;&nbsp;**Estonia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estonia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 1/17/34 | 60 | 68 |
| &nbsp;&nbsp;&nbsp;**France (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agence Francaise de Developpement EPIC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/31/34 | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;French Republic Government Bond OAT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/25/29 | 310 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 2/25/31 | 690 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SNCF Reseau, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 3/30/34 | 100 | 101 |
|  |  | 1300 |
| &nbsp;&nbsp;&nbsp;**Germany (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bundesobligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 10/15/27 | 1110 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 8/15/31 | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 2/15/29 | 240 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 8/15/54 | 320 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Rhine-Westphalia Germany, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 2/22/38 | 230 | 220 |
|  |  | 2174 |
| &nbsp;&nbsp;&nbsp;**Greece (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellenic Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 7/18/38 | 30 | 36 |
| &nbsp;&nbsp;&nbsp;**Hungary (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 8/21/30 | 8480 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/22/32 | $200 | 209 |
|  |  | 230 |
| &nbsp;&nbsp;&nbsp;**Indonesia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 3/15/34 | 1646000 | 106 |
| &nbsp;&nbsp;&nbsp;**Italy (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%, 2/15/29 | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/1/32 | 80 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 7/1/34 | 150 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/30 | 210 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 9/1/43 | 58 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/53 | 100 | 115 |
|  |  | 750 |
| &nbsp;&nbsp;&nbsp;**Japan (2.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Ten Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 3/20/34 | 18150 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 9/20/34 | 68150 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 6/20/34 | 16900 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 3/20/35 | 80000 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Thirty Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%, 6/20/46 | 29200 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 9/20/49 | 34000 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 12/20/51 | 22200 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Twenty Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 6/20/41 | 61050 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Two Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 12/1/27 | 94000 | 590 |
|  |  | 2195 |
| &nbsp;&nbsp;&nbsp;**Korea, Republic of (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 7/19/26 | $200 | 198 |
| &nbsp;&nbsp;&nbsp;**Lithuania (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithuania Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/3/31 | 240 | 280 |
| &nbsp;&nbsp;&nbsp;**Malaysia (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 7/15/32 | 390 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89%, 8/15/29 | 410 | 103 |
|  |  | 200 |
| &nbsp;&nbsp;&nbsp;**Mexico (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/3/27 | 1700 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/23/34 | 1000 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 5/31/29 | 800 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/19/29 | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 5/16/31 | 100 | 113 |
|  |  | 417 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| &nbsp;&nbsp;&nbsp;**Netherlands (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/15/30 | 180 | $185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 1/15/47 | 20 | 21 |
|  |  | 206 |
| &nbsp;&nbsp;&nbsp;**New Zealand (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 5/15/34 | 60 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/15/35 | 21 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Local Government Funding Agency Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 9/8/27 | 310 | 212 |
|  |  | 258 |
| &nbsp;&nbsp;&nbsp;**Norway (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 6/12/35 | 160 | 16 |
| &nbsp;&nbsp;&nbsp;**Poland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 4/25/32 | 200 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 1/15/31 | 60 | 68 |
|  |  | 112 |
| &nbsp;&nbsp;&nbsp;**Portugal (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal Obrigacoes do Tesouro OT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 6/12/54 | 30 | 32 |
| &nbsp;&nbsp;&nbsp;**Romania (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/10/30 | 70 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/7/45 (c) | 20 | 22 |
|  |  | 105 |
| &nbsp;&nbsp;&nbsp;**Saudi Arabia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 3/5/32 (c) | 160 | 180 |
| &nbsp;&nbsp;&nbsp;**Singapore (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 8/1/32 | 100 | 80 |
| &nbsp;&nbsp;&nbsp;**Slovakia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slovakia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 2/27/40 | 130 | 144 |
| &nbsp;&nbsp;&nbsp;**Spain (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 1/31/28 | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 10/31/48 | 40 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/31/34 | 410 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 5/31/29 | 160 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/31/54 | 20 | 22 |
|  |  | 780 |
| &nbsp;&nbsp;&nbsp;**Sweden (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 5/11/35 | 400 | 40 |
| &nbsp;&nbsp;&nbsp;**Switzerland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Confederation Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 6/23/35 | 110 | 137 |
| &nbsp;&nbsp;&nbsp;**Thailand (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%, 12/17/35 | 2560 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/17/31 | 3660 | 112 |
|  |  | 186 |
| &nbsp;&nbsp;&nbsp;**United Kingdom (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 10/22/50 | 320 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 7/31/33 | 130 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/22/53 | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 7/31/34 | 330 | 420 |
|  |  | 769 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign (Cost $19,058)** |  | 18306 |
| **Supranational (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp. Andina de Fomento, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/24/29 - 1/22/30 | $140 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 2/19/29 | 700 | 475 |
| &nbsp;&nbsp;&nbsp;**Total Supranational (Cost $603)** |  | 619 |
| **U.S. Treasury Securities (6.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**United States (6.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 5/15/40 | $620 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 8/15/45 | 325 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 7/15/35 | 3399 | 3383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 5/15/33 | 720 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/31/32 | 400 | 398 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Securities (Cost $5,325)** |  | 5182 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $36,183)** |  | 35062 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks (46.7%)** |  |  |
| **Australia (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | 1644 | 41 |
| &nbsp;&nbsp;&nbsp;APA Group | 750 | 5 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure Ltd. | 306 | 10 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Australia (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;ASX Ltd. | 110 | $4 |
| &nbsp;&nbsp;&nbsp;BHP Group Ltd. | 2798 | 101 |
| &nbsp;&nbsp;&nbsp;Brambles Ltd. | 753 | 12 |
| &nbsp;&nbsp;&nbsp;CAR Group Ltd. | 209 | 3 |
| &nbsp;&nbsp;&nbsp;Cochlear Ltd. | 36 | 4 |
| &nbsp;&nbsp;&nbsp;Coles Group Ltd. | 749 | 11 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | 912 | 107 |
| &nbsp;&nbsp;&nbsp;Computershare Ltd. | 289 | 6 |
| &nbsp;&nbsp;&nbsp;CSL Ltd. | 271 | 27 |
| &nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | 1129 | 10 |
| &nbsp;&nbsp;&nbsp;Fortescue Ltd. | 947 | 13 |
| &nbsp;&nbsp;&nbsp;Goodman Group REIT | 1052 | 19 |
| &nbsp;&nbsp;&nbsp;Insurance Australia Group Ltd. | 1295 | 7 |
| &nbsp;&nbsp;&nbsp;Lottery Corp. Ltd. | 1235 | 5 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths Ltd. (e) | 501 | 7 |
| &nbsp;&nbsp;&nbsp;Macquarie Group Ltd. | 198 | 28 |
| &nbsp;&nbsp;&nbsp;Medibank Pvt Ltd. | 1515 | 5 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 1691 | 49 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | 762 | 11 |
| &nbsp;&nbsp;&nbsp;Origin Energy Ltd. | 955 | 8 |
| &nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | 31 | 3 |
| &nbsp;&nbsp;&nbsp;Qantas Airways Ltd. | 408 | 2 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group Ltd. | 825 | 12 |
| &nbsp;&nbsp;&nbsp;REA Group Ltd. | 29 | 3 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Ltd. | 204 | 23 |
| &nbsp;&nbsp;&nbsp;Santos Ltd. | 1797 | 10 |
| &nbsp;&nbsp;&nbsp;Scentre Group REIT | 2892 | 7 |
| &nbsp;&nbsp;&nbsp;SGH Ltd. | 113 | 3 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare Ltd. | 2874 | 5 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | 259 | 4 |
| &nbsp;&nbsp;&nbsp;South32 Ltd. | 2492 | 7 |
| &nbsp;&nbsp;&nbsp;Stockland REIT | 1374 | 4 |
| &nbsp;&nbsp;&nbsp;Suncorp Group Ltd. | 595 | 7 |
| &nbsp;&nbsp;&nbsp;Telstra Group Ltd. | 2204 | 8 |
| &nbsp;&nbsp;&nbsp;Transurban Group (Units) | 1723 | 17 |
| &nbsp;&nbsp;&nbsp;Vicinity Ltd. REIT | 2216 | 4 |
| &nbsp;&nbsp;&nbsp;Washington H Soul Pattinson & Co. Ltd. | 188 | 5 |
| &nbsp;&nbsp;&nbsp;Wesfarmers Ltd. | 623 | 32 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 1881 | 52 |
| &nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | 110 | 3 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | 1046 | 25 |
| &nbsp;&nbsp;&nbsp;Woolworths Group Ltd. | 680 | 17 |
| &nbsp;&nbsp;&nbsp;Xero Ltd. (e) | 92 | 5 |
|  |  | 751 |
| **Austria (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;BAWAG Group AG | 36 | 6 |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | 143 | 15 |
| &nbsp;&nbsp;&nbsp;OMV AG | 70 | 5 |
| &nbsp;&nbsp;&nbsp;Raiffeisen Bank International AG | 62 | 3 |
| &nbsp;&nbsp;&nbsp;Verbund AG | 32 | 2 |
|  |  | 31 |
| **Belgium (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ageas SA | 76 | 6 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA | 503 | 35 |
| &nbsp;&nbsp;&nbsp;Argenx SE (e) | 31 | 23 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | 11 | 2 |
| &nbsp;&nbsp;&nbsp;Elia Group SA (e) | 22 | 3 |
| &nbsp;&nbsp;&nbsp;Financiere de Tubize SA | 10 | 2 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | 41 | 4 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | 117 | 14 |
| &nbsp;&nbsp;&nbsp;Sofina SA | 8 | 2 |
| &nbsp;&nbsp;&nbsp;Syensqo SA | 37 | 2 |
| &nbsp;&nbsp;&nbsp;UCB SA | 65 | 20 |
|  |  | 113 |
| **Canada (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 254 | 52 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | 211 | 9 |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 375 | 21 |
| &nbsp;&nbsp;&nbsp;AltaGas Ltd. | 151 | 5 |
| &nbsp;&nbsp;&nbsp;ARC Resources Ltd. | 296 | 6 |
| &nbsp;&nbsp;&nbsp;AtkinsRealis Group, Inc. | 88 | 6 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | 379 | 51 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 645 | 45 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 869 | 36 |
| &nbsp;&nbsp;&nbsp;BCE, Inc. | 37 | 1 |
| &nbsp;&nbsp;&nbsp;Bombardier, Inc., Class B (e) | 45 | 8 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., Class A | 218 | 10 |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. | 1109 | 45 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. | 73 | 3 |
| &nbsp;&nbsp;&nbsp;CAE, Inc. (e) | 157 | 4 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 225 | 24 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 486 | 46 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 266 | 27 |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 1057 | 52 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 458 | 36 |
| &nbsp;&nbsp;&nbsp;Canadian Tire Corp. Ltd., Class A | 25 | 3 |
| &nbsp;&nbsp;&nbsp;Canadian Utilities Ltd., Class A | 67 | 2 |
| &nbsp;&nbsp;&nbsp;CCL Industries, Inc., Class B | 72 | 5 |
| &nbsp;&nbsp;&nbsp;Celestica, Inc. (e) | 60 | 17 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 716 | 19 |
| &nbsp;&nbsp;&nbsp;CGI, Inc. | 100 | 7 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 11 | 19 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (e) | 45 | 3 |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. | 139 | 17 |
| &nbsp;&nbsp;&nbsp;Element Fleet Management Corp. | 211 | 5 |
| &nbsp;&nbsp;&nbsp;Emera, Inc. | 150 | 8 |
| &nbsp;&nbsp;&nbsp;Empire Co. Ltd., Class A | 63 | 2 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 1092 | 59 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 11 | 19 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. (e) | 369 | 9 |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | 21 | 3 |
| &nbsp;&nbsp;&nbsp;Fortis, Inc. | 253 | 14 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 99 | 25 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Canada (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;George Weston Ltd. | 88 | $6 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 124 | 5 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 93 | 5 |
| &nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc. | 142 | 7 |
| &nbsp;&nbsp;&nbsp;Hydro One Ltd. | 167 | 7 |
| &nbsp;&nbsp;&nbsp;iA Financial Corp., Inc. | 47 | 5 |
| &nbsp;&nbsp;&nbsp;IGM Financial, Inc. | 43 | 2 |
| &nbsp;&nbsp;&nbsp;Imperial Oil Ltd. | 88 | 12 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | 90 | 16 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines Ltd., Class A (e) | 403 | 3 |
| &nbsp;&nbsp;&nbsp;Keyera Corp. | 116 | 5 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 619 | 19 |
| &nbsp;&nbsp;&nbsp;Loblaw Cos. Ltd. | 306 | 14 |
| &nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 55 | 4 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 346 | 9 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | 140 | 8 |
| &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | 880 | 30 |
| &nbsp;&nbsp;&nbsp;Metro, Inc. | 103 | 7 |
| &nbsp;&nbsp;&nbsp;National Bank of Canada | 202 | 26 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 243 | 18 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. | 130 | 3 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 215 | 12 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 297 | 13 |
| &nbsp;&nbsp;&nbsp;Power Corp. of Canada | 283 | 14 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | 97 | 9 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | 155 | 12 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc., Class B | 185 | 7 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 735 | 119 |
| &nbsp;&nbsp;&nbsp;Saputo, Inc. | 124 | 4 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A (e) | 659 | 78 |
| &nbsp;&nbsp;&nbsp;Stantec, Inc. | 60 | 5 |
| &nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. | 285 | 18 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 611 | 40 |
| &nbsp;&nbsp;&nbsp;TC Energy Corp. | 520 | 33 |
| &nbsp;&nbsp;&nbsp;Teck Resources Ltd., Class B | 241 | 13 |
| &nbsp;&nbsp;&nbsp;TELUS Corp. | 259 | 3 |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. | 40 | 4 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | 84 | 8 |
| &nbsp;&nbsp;&nbsp;TMX Group Ltd. | 146 | 5 |
| &nbsp;&nbsp;&nbsp;Toromont Industries Ltd. | 41 | 6 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 883 | 82 |
| &nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | 185 | 9 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 230 | 30 |
| &nbsp;&nbsp;&nbsp;Whitecap Resources, Inc. | 615 | 7 |
| &nbsp;&nbsp;&nbsp;WSP Global, Inc. | 69 | 11 |
|  |  | 1476 |
| **China (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;China Common Rich Renewable Energy Investments Ltd. (e)(f) | 18000 |  |
| **Denmark (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;AP Moller - Maersk AS Series B | 4 | 10 |
| &nbsp;&nbsp;&nbsp;Carlsberg AS Series B | 47 | 6 |
| &nbsp;&nbsp;&nbsp;Coloplast AS Series B | 63 | 4 |
| &nbsp;&nbsp;&nbsp;Danske Bank AS | 329 | 16 |
| &nbsp;&nbsp;&nbsp;Demant AS (e) | 47 | 1 |
| &nbsp;&nbsp;&nbsp;DSV AS | 103 | 25 |
| &nbsp;&nbsp;&nbsp;Genmab AS (e) | 31 | 8 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk AS, Class B | 1638 | 60 |
| &nbsp;&nbsp;&nbsp;Novonesis Novozymes B Series B | 180 | 11 |
| &nbsp;&nbsp;&nbsp;Orsted AS (e) | 265 | 7 |
| &nbsp;&nbsp;&nbsp;Pandora AS | 40 | 3 |
| &nbsp;&nbsp;&nbsp;Rockwool AS, Class B | 48 | 1 |
| &nbsp;&nbsp;&nbsp;Tryg AS | 167 | 4 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems AS | 494 | 15 |
|  |  | 171 |
| **Finland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Elisa OYJ | 73 | 4 |
| &nbsp;&nbsp;&nbsp;Fortum OYJ | 226 | 6 |
| &nbsp;&nbsp;&nbsp;Kesko OYJ, Class B | 137 | 3 |
| &nbsp;&nbsp;&nbsp;Kone OYJ, Class B | 174 | 11 |
| &nbsp;&nbsp;&nbsp;Metso OYJ | 332 | 6 |
| &nbsp;&nbsp;&nbsp;Neste OYJ | 215 | 7 |
| &nbsp;&nbsp;&nbsp;Nokia OYJ | 2722 | 22 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 1548 | 27 |
| &nbsp;&nbsp;&nbsp;Orion OYJ, Class B | 55 | 4 |
| &nbsp;&nbsp;&nbsp;Sampo OYJ, Class A | 1211 | 13 |
| &nbsp;&nbsp;&nbsp;Stora Enso OYJ, Class R | 293 | 3 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ | 263 | 8 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | 255 | 9 |
|  |  | 123 |
| **France (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Accor SA | 93 | 4 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | 17 | 2 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | 289 | 60 |
| &nbsp;&nbsp;&nbsp;Airbus SE | 298 | 56 |
| &nbsp;&nbsp;&nbsp;Alstom SA (e) | 166 | 5 |
| &nbsp;&nbsp;&nbsp;Amundi SA | 31 | 3 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | 216 | 11 |
| &nbsp;&nbsp;&nbsp;AXA SA | 832 | 38 |
| &nbsp;&nbsp;&nbsp;Ayvens SA | 176 | 2 |
| &nbsp;&nbsp;&nbsp;BioMerieux | 21 | 2 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | 502 | 48 |
| &nbsp;&nbsp;&nbsp;Bollore SE | 356 | 2 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | 96 | 6 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | 171 | 5 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | 74 | 9 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | 293 | 5 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | 221 | 18 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 326 | 11 |
| &nbsp;&nbsp;&nbsp;Covivio SA REIT | 28 | 2 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | 530 | 10 |
| &nbsp;&nbsp;&nbsp;Danone SA | 324 | 26 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **France (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | 10 | $4 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | 336 | 7 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | 34 | 5 |
| &nbsp;&nbsp;&nbsp;Engie SA | 923 | 30 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 152 | 35 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | 60 | 4 |
| &nbsp;&nbsp;&nbsp;Euronext NV | 39 | 6 |
| &nbsp;&nbsp;&nbsp;Gecina SA REIT | 23 | 2 |
| &nbsp;&nbsp;&nbsp;Getlink SE | 146 | 3 |
| &nbsp;&nbsp;&nbsp;Hermes International SCA | 16 | 30 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | 19 | 4 |
| &nbsp;&nbsp;&nbsp;Kering SA | 38 | 12 |
| &nbsp;&nbsp;&nbsp;Klepierre SA REIT | 107 | 4 |
| &nbsp;&nbsp;&nbsp;Legrand SA | 131 | 20 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | 120 | 49 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 126 | 69 |
| &nbsp;&nbsp;&nbsp;Orange SA | 929 | 19 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 102 | 8 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | 114 | 9 |
| &nbsp;&nbsp;&nbsp;Renault SA | 97 | 3 |
| &nbsp;&nbsp;&nbsp;Rexel SA | 110 | 4 |
| &nbsp;&nbsp;&nbsp;Safran SA | 176 | 58 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 545 | 53 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | 15 | 3 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 275 | 75 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | 346 | 25 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | 44 | 2 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | 345 | 12 |
| &nbsp;&nbsp;&nbsp;Thales SA | 46 | 13 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 1020 | 94 |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield REIT | 61 | 7 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | 315 | 12 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 244 | 37 |
|  |  | 1043 |
| **Germany (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;adidas AG | 85 | 14 |
| &nbsp;&nbsp;&nbsp;Allianz SE (Registered) | 190 | 80 |
| &nbsp;&nbsp;&nbsp;BASF SE | 451 | 28 |
| &nbsp;&nbsp;&nbsp;Bayer AG (Registered) | 489 | 23 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 141 | 13 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference) | 27 | 2 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | 48 | 4 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | 61 | 4 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | 365 | 13 |
| &nbsp;&nbsp;&nbsp;Continental AG | 55 | 4 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | 31 | 2 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 230 | 11 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE (e) | 98 | 2 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG (Registered) | 905 | 27 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | 93 | 27 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG (Registered) | 300 | 3 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG (Registered) | 460 | 24 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG (Registered) | 1836 | 68 |
| &nbsp;&nbsp;&nbsp;Dr. Ing hc F Porsche AG (Preference) | 57 | 3 |
| &nbsp;&nbsp;&nbsp;E.ON SE | 1122 | 25 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | 128 | 2 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | 110 | 5 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | 213 | 11 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | 73 | 5 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE (Registered) | 30 | 9 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | 67 | 14 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | 52 | 4 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference) | 80 | 6 |
| &nbsp;&nbsp;&nbsp;Hensoldt AG | 31 | 3 |
| &nbsp;&nbsp;&nbsp;HOCHTIEF AG | 8 | 4 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | 652 | 30 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | 36 | 4 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | 38 | 2 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG (Registered) | 359 | 22 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 65 | 8 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 27 | 10 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 65 | 41 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | 29 | 2 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE (Preference) | 76 | 3 |
| &nbsp;&nbsp;&nbsp;Qiagen NV | 104 | 4 |
| &nbsp;&nbsp;&nbsp;Rational AG | 3 | 2 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | 23 | 39 |
| &nbsp;&nbsp;&nbsp;RWE AG | 314 | 21 |
| &nbsp;&nbsp;&nbsp;SAP SE | 520 | 89 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference) | 13 | 3 |
| &nbsp;&nbsp;&nbsp;Scout24 SE | 37 | 3 |
| &nbsp;&nbsp;&nbsp;Siemens AG (Registered) | 379 | 92 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG | 388 | 67 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG | 170 | 7 |
| &nbsp;&nbsp;&nbsp;Symrise AG | 67 | 6 |
| &nbsp;&nbsp;&nbsp;Talanx AG | 32 | 4 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG (Preference) | 103 | 11 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | 382 | 10 |
| &nbsp;&nbsp;&nbsp;Zalando SE (e) | 111 | 3 |
|  |  | 923 |
| **Hong Kong (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 5913 | 66 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings Ltd. | 2060 | 11 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | 1078 | 6 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | 1495 | 11 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings Ltd. | 353 | 3 |
| &nbsp;&nbsp;&nbsp;CLP Holdings Ltd. | 919 | 9 |
| &nbsp;&nbsp;&nbsp;Futu Holdings Ltd. ADR (e) | 32 | 4 |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 1103 | 5 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co. Ltd. | 823 | 3 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT Ltd. | 2112 | 3 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co. Ltd. | 6276 | 6 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Hong Kong (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 677 | $34 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings Ltd. | 609 | 5 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings Ltd. | 91 | 7 |
| &nbsp;&nbsp;&nbsp;Link REIT | 1519 | 7 |
| &nbsp;&nbsp;&nbsp;MTR Corp. Ltd. | 868 | 4 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings Ltd. | 775 | 6 |
| &nbsp;&nbsp;&nbsp;Sands China Ltd. | 1355 | 3 |
| &nbsp;&nbsp;&nbsp;Sino Land Co. Ltd. | 2048 | 3 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co. Ltd. | 745 | 3 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | 808 | 13 |
| &nbsp;&nbsp;&nbsp;Swire Pacific Ltd., Class A | 195 | 2 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | 817 | 11 |
| &nbsp;&nbsp;&nbsp;WH Group Ltd. | 4684 | 6 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings Ltd. | 599 | 2 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co. Ltd. | 934 | 3 |
|  |  | 236 |
| **Ireland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | 1070 | 11 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | 486 | 9 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | 81 | 6 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC | 77 | 7 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | 424 | 12 |
|  |  | 45 |
| **Israel (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Azrieli Group Ltd. | 21 | 3 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | 626 | 15 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | 742 | 17 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. (e) | 43 | 6 |
| &nbsp;&nbsp;&nbsp;CyberArk Software Ltd. (e) | 29 | 1 |
| &nbsp;&nbsp;&nbsp;Elbit Systems Ltd. | 14 | 12 |
| &nbsp;&nbsp;&nbsp;ICL Group Ltd. | 388 | 2 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank Ltd., Class A | 613 | 6 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank Ltd. | 78 | 6 |
| &nbsp;&nbsp;&nbsp;Monday.com Ltd. (e) | 22 | 2 |
| &nbsp;&nbsp;&nbsp;Nice Ltd. (e) | 31 | 3 |
| &nbsp;&nbsp;&nbsp;Nova Ltd. (e) | 15 | 7 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial Ltd. | 114 | 6 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR (e) | 574 | 17 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. (e) | 125 | 21 |
|  |  | 124 |
| **Italy (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banca Mediolanum SpA | 112 | 2 |
| &nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena SpA | 999 | 9 |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | 564 | 8 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | 737 | 10 |
| &nbsp;&nbsp;&nbsp;Buzzi SpA | 38 | 2 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV | 309 | 2 |
| &nbsp;&nbsp;&nbsp;Enel SpA | 4082 | 45 |
| &nbsp;&nbsp;&nbsp;Eni SpA | 1048 | 30 |
| &nbsp;&nbsp;&nbsp;Ferrari NV (Euronext NV) | 64 | 22 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | 305 | 7 |
| &nbsp;&nbsp;&nbsp;Generali | 426 | 17 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 6961 | 42 |
| &nbsp;&nbsp;&nbsp;Italgas SpA | 304 | 3 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | 201 | 14 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | 118 | 7 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA | 227 | 5 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | 141 | 17 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | 58 | 3 |
| &nbsp;&nbsp;&nbsp;Snam SpA | 1013 | 8 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | 1014 | 7 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA (e) | 8757 | 6 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | 191 | 6 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | 707 | 8 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | 695 | 50 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | 180 | 4 |
|  |  | 334 |
| **Netherlands (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA | 289 | 9 |
| &nbsp;&nbsp;&nbsp;Adyen NV (e) | 13 | 13 |
| &nbsp;&nbsp;&nbsp;Aegon Ltd. | 622 | 5 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | 84 | 11 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | 86 | 5 |
| &nbsp;&nbsp;&nbsp;ASM International NV | 24 | 18 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | 196 | 261 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | 78 | 5 |
| &nbsp;&nbsp;&nbsp;Basic-Fit NV (e) | 788 | 27 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | 37 | 8 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | 104 | 9 |
| &nbsp;&nbsp;&nbsp;CSG NV (e) | 100 | 3 |
| &nbsp;&nbsp;&nbsp;CVC Capital Partners PLC | 107 | 1 |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | 87 | 6 |
| &nbsp;&nbsp;&nbsp;EXOR NV | 47 | 4 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | 64 | 5 |
| &nbsp;&nbsp;&nbsp;Heineken NV | 143 | 11 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | 1449 | 38 |
| &nbsp;&nbsp;&nbsp;InPost SA (e) | 125 | 2 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | 86 | 3 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | 445 | 21 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 1908 | 11 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV | 388 | 11 |
| &nbsp;&nbsp;&nbsp;Magnum Ice Cream Co. NV (e) | 246 | 4 |
| &nbsp;&nbsp;&nbsp;Nebius Group NV, Class A (e) | 107 | 11 |
| &nbsp;&nbsp;&nbsp;NN Group NV | 130 | 10 |
| &nbsp;&nbsp;&nbsp;Prosus NV (e) | 646 | 30 |
| &nbsp;&nbsp;&nbsp;Randstad NV | 56 | 1 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | 554 | 11 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | 114 | 8 |
|  |  | 562 |
| **New Zealand (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Auckland International Airport Ltd. | 717 | 3 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **New Zealand (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Contact Energy Ltd. | 372 | $2 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp. Ltd. | 250 | 5 |
| &nbsp;&nbsp;&nbsp;Infratil Ltd. | 389 | 3 |
| &nbsp;&nbsp;&nbsp;Meridian Energy Ltd. | 557 | 2 |
|  |  | 15 |
| **Norway (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | 162 | 6 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | 434 | 14 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | 391 | 17 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | 98 | 3 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | 216 | 9 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | 232 | 5 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | 695 | 7 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | 344 | 4 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | 33 | 2 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | 305 | 5 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | 82 | 5 |
|  |  | 77 |
| **Portugal (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Comercial Portugues SA, Class R | 3693 | 4 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | 161 | 3 |
| &nbsp;&nbsp;&nbsp;EDP SA | 1586 | 8 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | 215 | 5 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | 143 | 3 |
|  |  | 23 |
| **Singapore (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | 2139 | 4 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust REIT (e) | 3347 | 6 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment Ltd. | 1278 | 3 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 1157 | 51 |
| &nbsp;&nbsp;&nbsp;Grab Holdings Ltd., Class A (e) | 1318 | 5 |
| &nbsp;&nbsp;&nbsp;Keppel Ltd. | 793 | 7 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | 1855 | 32 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR (e) | 212 | 18 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries Ltd. | 488 | 3 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines Ltd. | 857 | 4 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange Ltd. | 467 | 7 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering Ltd. | 850 | 7 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | 4078 | 16 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | 685 | 20 |
| &nbsp;&nbsp;&nbsp;Wilmar International Ltd. | 1060 | 3 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings Ltd. | 1416 | 4 |
|  |  | 190 |
| **South Africa (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Valterra Platinum Ltd. | 79 | 6 |
| **Spain (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Acciona SA | 12 | 3 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | 87 | 11 |
| &nbsp;&nbsp;&nbsp;Aena SME SA | 372 | 11 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA | 225 | 13 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 2830 | 61 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | 2490 | 9 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | 7296 | 82 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | 337 | 5 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | 1922 | 23 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA | 235 | 7 |
| &nbsp;&nbsp;&nbsp;Endesa SA | 158 | 7 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE | 254 | 16 |
| &nbsp;&nbsp;&nbsp;Grifols SA | 149 | 2 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | 3208 | 73 |
| &nbsp;&nbsp;&nbsp;Indra Sistemas SA | 39 | 2 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | 545 | 32 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA | 584 | 3 |
| &nbsp;&nbsp;&nbsp;Mapfre SA | 455 | 2 |
| &nbsp;&nbsp;&nbsp;Naturgy Energy Group SA | 133 | 4 |
| &nbsp;&nbsp;&nbsp;Redeia Corp. SA | 201 | 3 |
| &nbsp;&nbsp;&nbsp;Repsol SA | 564 | 16 |
| &nbsp;&nbsp;&nbsp;Telefonica SA | 1823 | 8 |
|  |  | 393 |
| **Sweden (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | 130 | 4 |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | 144 | 8 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | 494 | 18 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | 2106 | 35 |
| &nbsp;&nbsp;&nbsp;Beijer Ref AB | 203 | 3 |
| &nbsp;&nbsp;&nbsp;Boliden AB (e) | 138 | 7 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | 511 | 12 |
| &nbsp;&nbsp;&nbsp;EQT AB | 245 | 8 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | 299 | 8 |
| &nbsp;&nbsp;&nbsp;Evolution AB | 66 | 4 |
| &nbsp;&nbsp;&nbsp;Fastighets AB Balder, Class B (e) | 353 | 2 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | 241 | 5 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | 1029 | 10 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B | 35 | 1 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | 130 | 7 |
| &nbsp;&nbsp;&nbsp;Indutrade AB | 135 | 3 |
| &nbsp;&nbsp;&nbsp;Investment AB Latour, Class B | 73 | 2 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | 902 | 34 |
| &nbsp;&nbsp;&nbsp;L E Lundbergforetagen AB, Class B | 37 | 2 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | 115 | 3 |
| &nbsp;&nbsp;&nbsp;Nibe Industrier AB, Class B | 747 | 3 |
| &nbsp;&nbsp;&nbsp;Saab AB, Class B | 160 | 10 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | 109 | 2 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | 522 | 20 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | 243 | 4 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | 745 | 14 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | 167 | 5 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | 166 | 4 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Sweden (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA (e) | 78 | $38 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | 302 | 3 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | 716 | 9 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | 416 | 14 |
| &nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB (e) | 99 | 4 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | 270 | 6 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | 1392 | 16 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | 1167 | 6 |
| &nbsp;&nbsp;&nbsp;Trelleborg AB, Class B | 100 | 4 |
| &nbsp;&nbsp;&nbsp;Verisure PLC (e) | 127 | 1 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | 785 | 26 |
|  |  | 365 |
| **Switzerland (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;ABB Ltd. (Registered) | 779 | 63 |
| &nbsp;&nbsp;&nbsp;Alcon AG | 251 | 19 |
| &nbsp;&nbsp;&nbsp;Avolta AG (Registered) (e) | 44 | 3 |
| &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise (Registered) | 15 | 2 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG (Registered) | 2 | 3 |
| &nbsp;&nbsp;&nbsp;Belimo Holding AG (Registered) | 5 | 4 |
| &nbsp;&nbsp;&nbsp;BKW AG | 11 | 2 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A (Registered) | 270 | 48 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG (Registered) | 4 | 3 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG (e) | 92 | 18 |
| &nbsp;&nbsp;&nbsp;Geberit AG (Registered) | 17 | 11 |
| &nbsp;&nbsp;&nbsp;Givaudan SA (Registered) | 5 | 17 |
| &nbsp;&nbsp;&nbsp;Helvetia Baloise Holding AG (Registered) | 39 | 10 |
| &nbsp;&nbsp;&nbsp;Holcim AG (e) | 256 | 21 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | 103 | 7 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG (Registered) | 24 | 5 |
| &nbsp;&nbsp;&nbsp;Logitech International SA (Registered) | 76 | 7 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG (Registered) | 35 | 22 |
| &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 1281 | 126 |
| &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | 943 | 145 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | 11 | 12 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 365 | 146 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | 206 | 16 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | 20 | 7 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Registered) | 12 | 4 |
| &nbsp;&nbsp;&nbsp;SGS SA (Registered) | 82 | 9 |
| &nbsp;&nbsp;&nbsp;Sika AG (Registered) (e) | 76 | 13 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG (Registered) | 25 | 6 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG (Registered) | 56 | 6 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | 14 | 3 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG (Registered) | 14 | 15 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG (Registered) (e) | 40 | 7 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | 148 | 25 |
| &nbsp;&nbsp;&nbsp;Swisscom AG (Registered) | 13 | 11 |
| &nbsp;&nbsp;&nbsp;UBS Group AG (Registered) | 1543 | 60 |
| &nbsp;&nbsp;&nbsp;VAT Group AG | 14 | 9 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 73 | 52 |
|  |  | 937 |
| **United Kingdom (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;3i Group PLC | 539 | 18 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | 141 | 6 |
| &nbsp;&nbsp;&nbsp;Airtel Africa PLC | 505 | 2 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | 601 | 26 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 210 | 9 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | 172 | 4 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | 846 | 165 |
| &nbsp;&nbsp;&nbsp;Autotrader Group PLC | 456 | 3 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | 1653 | 13 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | 1600 | 47 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | 7503 | 39 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | 724 | 3 |
| &nbsp;&nbsp;&nbsp;BP PLC | 8629 | 68 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 1190 | 69 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | 3204 | 9 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | 174 | 5 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | 2506 | 7 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG (e) | 118 | 7 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | 921 | 26 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | 1205 | 22 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC | 103 | 6 |
| &nbsp;&nbsp;&nbsp;Entain PLC | 329 | 2 |
| &nbsp;&nbsp;&nbsp;Evraz PLC (e)(f) | 464 |  |
| &nbsp;&nbsp;&nbsp;Experian PLC | 495 | 17 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | 118 | 5 |
| &nbsp;&nbsp;&nbsp;Glencore PLC (e) | 5377 | 41 |
| &nbsp;&nbsp;&nbsp;GSK PLC | 2215 | 61 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | 4845 | 24 |
| &nbsp;&nbsp;&nbsp;Halma PLC | 206 | 11 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 9353 | 154 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | 409 | 17 |
| &nbsp;&nbsp;&nbsp;Informa PLC | 703 | 7 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | 79 | 10 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | 83 | 4 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | 926 | 4 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | 1323 | 1 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | 913 | 3 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC REIT | 380 | 3 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | 3081 | 10 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 31828 | 39 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | 246 | 29 |
| &nbsp;&nbsp;&nbsp;M&G PLC | 1242 | 5 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | 1100 | 5 |
| &nbsp;&nbsp;&nbsp;Melrose Industries PLC | 678 | 5 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | 2706 | 46 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | 4347 | 32 |
| &nbsp;&nbsp;&nbsp;Next PLC | 63 | 11 |
| &nbsp;&nbsp;&nbsp;Paragon Offshore PLC (e)(f) | 67 |  |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United Kingdom (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Pearson PLC | 307 | $4 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | 1381 | 19 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | 347 | 23 |
| &nbsp;&nbsp;&nbsp;RELX PLC (LSE) | 984 | 32 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | 1371 | 9 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | 610 | 57 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 4578 | 70 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | 513 | 6 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | 395 | 3 |
| &nbsp;&nbsp;&nbsp;Segro PLC REIT | 697 | 6 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | 147 | 6 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 3126 | 145 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | 441 | 7 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | 172 | 5 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | 40 | 4 |
| &nbsp;&nbsp;&nbsp;SSE PLC | 652 | 23 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | 1040 | 22 |
| &nbsp;&nbsp;&nbsp;Standard Life PLC | 383 | 3 |
| &nbsp;&nbsp;&nbsp;Sunbelt Rentals Holdings, Inc. | 227 | 15 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | 3414 | 21 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | 1186 | 65 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | 370 | 6 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 10086 | 15 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | 92 | 3 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A (e) | 363 | 4 |
|  |  | 1673 |
| **United States (34.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 235 | 34 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 758 | 78 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 752 | 164 |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 272 | 54 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. (e) | 182 | 44 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (e) | 723 | 147 |
| &nbsp;&nbsp;&nbsp;AECOM | 59 | 5 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (e) | 129 | 6 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 222 | 24 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 123 | 14 |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 97 | 28 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A (e) | 190 | 24 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 69 | 3 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 37 | 5 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 111 | 8 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 114 | 24 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (e) | 57 | 19 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 4672 | 1342 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 728 | 48 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (e) | 4189 | 872 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 200 | 8 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 117 | 13 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 230 | 30 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 261 | 79 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 29 | 4 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A REIT | 145 | 4 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 242 | 18 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. REIT | 200 | 35 |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 83 | 11 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 43 | 19 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 101 | 22 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 229 | 81 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 547 | 69 |
| &nbsp;&nbsp;&nbsp;Amrize Ltd. (e) | 217 | 12 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 216 | 69 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. REIT | 281 | 6 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | 88 | 28 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 208 | 23 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 6611 | 1678 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 349 | 119 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A (e) | 104 | 41 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC (e) | 98 | 7 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. (e) | 163 | 16 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 207 | 15 |
| &nbsp;&nbsp;&nbsp;ARES Management Corp., Class A | 102 | 11 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. (e) | 463 | 57 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 112 | 24 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc. (e) | 61 | 7 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 3066 | 89 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A (e) | 76 | 5 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 69 | 13 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc. (e) | 87 | 21 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 180 | 37 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. (e) | 7 | 24 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 63 | 10 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 34 | 6 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. (e) | 34 | 14 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 427 | 26 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 112 | 7 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3238 | 158 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 317 | 38 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 224 | 4 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 125 | 20 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | 70 | 2 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B (e) | 601 | 288 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 89 | 6 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. (e) | 63 | 12 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 67 | 64 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 337 | 39 |
| &nbsp;&nbsp;&nbsp;Block, Inc., Class A (e) | 210 | 13 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A (e) | 105 | 14 |
| &nbsp;&nbsp;&nbsp;Boeing Co. (e) | 345 | 69 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 14 | 59 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 54 | 4 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. (e) | 640 | 40 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 868 | 53 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1975 | 611 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 50 | $8 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 126 | 8 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 77 | 2 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. (e) | 49 | 4 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 61 | 8 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc. (e) | 28 | 9 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. REIT | 68 | 4 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. (e) | 119 | 33 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 297 | 54 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 103 | 22 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 19 | 6 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 109 | 5 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. | 477 | 12 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 329 | 19 |
| &nbsp;&nbsp;&nbsp;Carvana Co. (e) | 63 | 20 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 209 | 148 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc. (e) | 29 | 14 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 44 | 12 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A (e) | 134 | 18 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 58 | 7 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 79 | 25 |
| &nbsp;&nbsp;&nbsp;Centene Corp. (e) | 2144 | 70 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 283 | 12 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 97 | 6 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 69 | 9 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 52 | 9 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc. (e) | 210 | 16 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 778 | 73 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A (e) | 38 | 8 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 95 | 27 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 832 | 172 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. (e) | 601 | 19 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 164 | 53 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 105 | 10 |
| &nbsp;&nbsp;&nbsp;Ciena Corp. (e) | 61 | 24 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 611 | 163 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 69 | 11 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 156 | 26 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1709 | 133 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 851 | 97 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 202 | 12 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 53 | 5 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (e) | 142 | 29 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 156 | 46 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 129 | 10 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | 382 | 4 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 1764 | 134 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 215 | 13 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A (e) | 92 | 16 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 331 | 28 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 1596 | 46 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 16 | 22 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 536 | 71 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 155 | 18 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 64 | 10 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 135 | 38 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (e) | 87 | 6 |
| &nbsp;&nbsp;&nbsp;Copart, Inc. (e) | 398 | 13 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 135 | 3 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Inc., Class A (e) | 93 | 7 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 358 | 49 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc. (e) | 30 | 9 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 295 | 25 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. (e) | 187 | 8 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 191 | 190 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 328 | 12 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. (e) | 69 | 6 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 299 | 31 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A (e) | 115 | 45 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 184 | 15 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 816 | 34 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 61 | 33 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 1994 | 143 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 283 | 54 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 51 | 10 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A (e) | 140 | 17 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. (e) | 66 | 7 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 111 | 63 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 117 | 19 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 76 | 5 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 259 | 13 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc. (e) | 173 | 11 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 80 | 16 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 30 | 6 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 148 | 27 |
| &nbsp;&nbsp;&nbsp;Docusign, Inc. (e) | 90 | 4 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 94 | 11 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc. (e) | 86 | 9 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 374 | 23 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 14 | 5 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A (e) | 169 | 25 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 61 | 13 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 304 | 13 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 1154 | 158 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A (e) | 197 | 4 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., Class A (e) | 109 | 2 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 90 | 13 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 334 | 44 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 185 | 8 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc. (e) | 132 | 5 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 172 | 62 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 196 | 18 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A (e) | 63 | 7 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 111 | 30 |
| &nbsp;&nbsp;&nbsp;Edison International | 167 | 12 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. (e) | 254 | $20 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 104 | 21 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 559 | 164 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 348 | 320 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 20 | 15 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 252 | 33 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 66 | 8 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 193 | 22 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 233 | 34 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 264 | 17 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 54 | 10 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 42 | 41 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 136 | 5 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. REIT | 80 | 5 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 160 | 9 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 11 | 3 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 119 | 5 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 29 | 7 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 107 | 8 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 18 | 6 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 99 | 8 |
| &nbsp;&nbsp;&nbsp;Everpure, Inc., Class A (e) | 140 | 8 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 160 | 11 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 431 | 21 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 101 | 11 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 52 | 12 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 59 | 8 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 91 | 12 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 1824 | 309 |
| &nbsp;&nbsp;&nbsp;F5, Inc. (e) | 26 | 8 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. (e) | 10 | 11 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 495 | 23 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 97 | 35 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 87 | 20 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 112 | 5 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 229 | 11 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 416 | 19 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 4 | 8 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (e) | 46 | 9 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 237 | 12 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. (e) | 238 | 13 |
| &nbsp;&nbsp;&nbsp;Flex Ltd. (e) | 164 | 11 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC (e) | 88 | 9 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 1737 | 20 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc. (e) | 288 | 24 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 149 | 8 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 159 | 9 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 638 | 38 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. REIT | 123 | 5 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 72 | 17 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. (e) | 33 | 5 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 199 | 14 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 121 | 106 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 231 | 4 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 99 | 34 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 464 | 132 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 230 | 9 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 425 | 32 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 60 | 6 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 522 | 73 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 107 | 7 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A (e) | 60 | 5 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 143 | 121 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 72 | 6 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc. (e) | 115 | 7 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 370 | 14 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 123 | 17 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 71 | 34 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 297 | 5 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 52 | 12 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 64 | 13 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 557 | 13 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 105 | 32 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. (e) | 97 | 7 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 431 | 142 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 275 | 62 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 127 | 3 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 167 | 38 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 406 | 8 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 24 | 12 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc. (e) | 23 | 6 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 473 | 82 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 930 | 15 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | 19 | 3 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 34 | 6 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. (e) | 35 | 20 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 121 | 31 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. (e) | 65 | 8 |
| &nbsp;&nbsp;&nbsp;Incyte Corp. (e) | 71 | 7 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 176 | 14 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc. (e) | 93 | 15 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 86 | 23 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. (e) | 31 | 7 |
| &nbsp;&nbsp;&nbsp;Intel Corp. (e) | 1980 | 87 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 207 | 14 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 248 | 39 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 413 | 100 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 110 | 8 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 218 | 8 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 119 | 51 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (e) | 158 | 73 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 252 | 6 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc. (e) | 140 | 4 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. (e) | 72 | 12 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 129 | 13 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 47 | $5 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 48 | 13 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 31 | 5 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 53 | 7 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 33 | 7 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1032 | 252 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 285 | 37 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1242 | 365 |
| &nbsp;&nbsp;&nbsp;KB Home | 245 | 13 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 834 | 14 |
| &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc. | 561 | 15 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 433 | 9 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (e) | 76 | 21 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 144 | 14 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. REIT | 294 | 7 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 867 | 29 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 294 | 27 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 58 | 85 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 385 | 9 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 269 | 19 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 80 | 28 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 36 | 10 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 555 | 119 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 135 | 7 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 53 | 8 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 913 | 79 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 13 | 6 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc. (e) | 77 | 3 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C (e) | 87 | 7 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 202 | 100 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. (e) | 68 | 10 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 90 | 54 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 77 | 8 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 245 | 58 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 37 | 11 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. (e) | 48 | 7 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 110 | 9 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 72 | 15 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. (e) | 99 | 12 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 136 | 33 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. (e) | 6 | 11 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 103 | 34 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 214 | 37 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 27 | 16 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 372 | 37 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 92 | 6 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 373 | 186 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 109 | 6 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 307 | 95 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 54 | 47 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 555 | 48 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (e) | 20 | 35 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 1057 | 127 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 266 | 16 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 969 | 554 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 259 | 18 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. (e) | 9 | 11 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 240 | 16 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 492 | 166 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3137 | 1161 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 51 | 6 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. (e) | 482 | 64 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 550 | 32 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. (e) | 37 | 9 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 22 | 24 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp. (e) | 320 | 23 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 71 | 31 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 71 | 31 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 34 | 18 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 204 | 17 |
| &nbsp;&nbsp;&nbsp;Natera, Inc. (e) | 62 | 12 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 88 | 9 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. (e) | 1656 | 159 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. (e) | 43 | 6 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 467 | 51 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 164 | 4 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 893 | 83 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 535 | 28 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 203 | 9 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 24 | 6 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 98 | 28 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 87 | 12 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 58 | 40 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 87 | 13 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 101 | 17 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A (e) | 115 | 4 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 10897 | 1900 |
| &nbsp;&nbsp;&nbsp;NVR, Inc. (e) | 12 | 79 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 113 | 22 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 314 | 20 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc. (e) | 53 | 3 |
| &nbsp;&nbsp;&nbsp;Okta, Inc. (e) | 77 | 6 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 81 | 16 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 140 | 11 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. (e) | 184 | 11 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 277 | 25 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 776 | 114 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. (e) | 363 | 34 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 172 | 13 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 229 | 26 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 40 | 8 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A (e) | 997 | 146 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. (e) | 420 | 67 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 56 | 50 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 142 | $13 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 23 | 3 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 392 | 18 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 72 | 6 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 591 | 92 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 2452 | 69 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 956 | 17 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 676 | 112 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 177 | 32 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 71 | 6 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A (e) | 274 | 5 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 182 | 38 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 99 | 11 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 320 | 12 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 100 | 9 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1006 | 145 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 255 | 51 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 402 | 53 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 160 | 16 |
| &nbsp;&nbsp;&nbsp;PTC, Inc. (e) | 53 | 8 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 218 | 18 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 68 | 18 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 825 | 97 |
| &nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | 93 | 11 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 477 | 61 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 66 | 36 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 48 | 9 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 86 | 12 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 392 | 24 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A (e) | 46 | 6 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. REIT | 75 | 6 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 45 | 35 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 412 | 11 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 23 | 7 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 94 | 21 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 64 | 14 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A (e) | 349 | 5 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A (e) | 338 | 23 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (e) | 261 | 15 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A (e) | 392 | 6 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp. (e) | 210 | 13 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 50 | 18 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 126 | 7 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 47 | 17 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 142 | 31 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 115 | 32 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 176 | 8 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 56 | 6 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 577 | 111 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 135 | 57 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 425 | 79 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (e) | 155 | 5 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 46 | 8 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 93 | 36 |
| &nbsp;&nbsp;&nbsp;Sempra | 282 | 27 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. (e) | 461 | 48 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 103 | 33 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 141 | 26 |
| &nbsp;&nbsp;&nbsp;SLB Ltd. | 654 | 34 |
| &nbsp;&nbsp;&nbsp;Smurfit Westrock PLC | 226 | 9 |
| &nbsp;&nbsp;&nbsp;Snap, Inc., Class A (e) | 483 | 2 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 23 | 8 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A (e) | 148 | 22 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc. (e) | 566 | 9 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. (e) | 70 | 5 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 473 | 46 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 96 | 6 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 496 | 44 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 129 | 16 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 61 | 11 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 43 | 10 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A (e) | 118 | 15 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 149 | 49 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. REIT | 54 | 7 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. (e) | 232 | 5 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 174 | 12 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. (e) | 84 | 33 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 205 | 15 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 98 | 9 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. (e) | 81 | 16 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 94 | 13 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 93 | 23 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 201 | 24 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. (e) | 367 | 21 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 132 | 28 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. (e) | 21 | 13 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 74 | 22 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. (e) | 1259 | 468 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 404 | 78 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 25 | 12 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 78 | 7 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 166 | 82 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 481 | 77 |
| &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 218 | 46 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A (e) | 203 | 5 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 359 | 49 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp. (e) | 105 | 37 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 229 | 10 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A (e) | 194 | 4 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 50 | 6 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 97 | 40 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 25 | 29 |
| &nbsp;&nbsp;&nbsp;TransUnion | 85 | 6 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 97 | 28 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc. (e) | 323 | 15 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. (e) | 106 | $7 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 590 | 27 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A (e) | 67 | 8 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. (e) | 19 | 7 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 123 | 8 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 716 | 37 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. (e) | 854 | 61 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. REIT | 139 | 5 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. (e) | 20 | 10 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 260 | 63 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. (e) | 39 | 4 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 322 | 32 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 29 | 21 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. (e) | 19 | 11 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 855 | 231 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 24 | 4 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 136 | 34 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A (e) | 68 | 12 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 197 | 16 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 110 | 10 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 36 | 9 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 59 | 11 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1804 | 91 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. (e) | 108 | 48 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 166 | 42 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 458 | 13 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 740 | 224 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 151 | 23 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 58 | 16 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 132 | 9 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 1865 | 232 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 786 | 76 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. (e) | 1048 | 29 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 111 | 18 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 172 | 40 |
| &nbsp;&nbsp;&nbsp;Waters Corp. (e) | 44 | 13 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 15 | 5 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 139 | 16 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1488 | 118 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 289 | 57 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 31 | 8 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 150 | 41 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 75 | 19 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 316 | 8 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 531 | 39 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 55 | 10 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 43 | 13 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A (e) | 99 | 13 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. REIT | 94 | 6 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 19 | 21 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 257 | 20 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 109 | 13 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 119 | 19 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A (e) | 23 | 5 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C (e) | 75 | 3 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 87 | 8 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 190 | 22 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc., Class A (e) | 112 | 9 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. (e) | 52 | 7 |
|  |  | 26181 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $25,491)** |  | 35792 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Rights** | |
| **Rights (0.0%)‡** |  |  |
| **Italy (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA, expires 4/30/26 (e) | 6474 | —@ |
| **Singapore (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT, expires 4/15/26 (e) | 59 | —@ |
| **United States (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Abiomed, Inc., CVR expires 12/22/28 (e)(f)(g) | 14 | —@ |
| &nbsp;&nbsp;&nbsp;**Total Rights (Cost $—@)** |  | **—**@** |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** |  |
| **Canada (0.0%)** |  |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. expires 3/31/40 (e)(f) **(Cost $—)** | 16 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (5.2%)** |  |  |
| **Investment Company (5.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 3.57% (h) **<br> (Cost $3,975)** | 3974945 | 3975 |
| **Total Investments (97.7%) (Cost $65,649) (i)(j)(k)** |  | 74829 |
| Other Assets in Excess of Liabilities (2.3%) |  | 1787 |
| **Net Assets (100.0%)** |  | $76616 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist 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.

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| ‡ | Amount is less than 0.05%. |
| (a) | Security is subject to delayed delivery. |
| (b) | Floating or variable rate securities: The rates disclosed are as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments. |
| (c) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (d) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of March 31, 2026. |
| (e) | Non-income producing security. |
| (f) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (g) | Total market value of the restricted security amounts to less than $500, which represents less than 0.05% of the net assets of the Fund as of March 31, 2026. |
| (h) | 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 approximately $1,000 relating to the Fund's investment in the Liquidity Fund. |
| (i) | The approximate fair value and percentage of net assets, $7,971,000 and 10.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements. |
| (j) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (k) | 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 $13,212,000 and the aggregate gross unrealized depreciation is approximately $4,757,000, resulting in net unrealized appreciation of approximately $8,455,000. |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| CVA | Certificaten Van Aandelen. |
| CVR | Contingent Value Rights. |
| DAC | Designated Activity Company. |
| EURIBOR | Euro Interbank Offered Rate. |
| Euronext NV | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |
| MTN | Medium Term Note. |
| OAT | Obligations Assimilables du Trésor (French Treasury Obligation). |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |
| TBA | To Be Announced. |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following Foreign Currency Forward Exchange Contracts open at March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Australia & New Zealand Banking Group Ltd. | $39 | 52 | 6/17/26 | $(1) |
| Bank of America NA | 738 | $108 | 6/17/26 | (— |
| Bank of America NA | $5 | 15 | 6/17/26 | (— |
| Barclays Bank PLC | 16 | $2 | 6/17/26 | (— |
| Barclays Bank PLC | 2878 | $3332 | 6/17/26 | (6) |
| Barclays Bank PLC | 924 | $6 | 6/17/26 |  |
| Barclays Bank PLC | 299 | $77 | 6/18/26 | 2 |
| Barclays Bank PLC | 75 | $19 | 6/18/26 | 1 |
| Barclays Bank PLC | 7 | $1 | 6/17/26 | (— |
| Barclays Bank PLC | 1826 | $34 | 4/6/26 | (7) |
| Barclays Bank PLC | 4138 | $77 | 4/6/26 | (16) |
| Barclays Bank PLC | 17516 | $334 | 4/6/26 | (58) |
| Barclays Bank PLC | 2272 | $44 | 4/6/26 | (7) |
| Barclays Bank PLC | $1 | 2 | 6/17/26 | (— |
| Barclays Bank PLC | $— | 3 | 6/17/26 | (— |
| Barclays Bank PLC | $2 | 7 | 6/17/26 | (— |
| Barclays Bank PLC | $— |  | 6/17/26 | (— |
| Barclays Bank PLC | $28 | 122 | 6/17/26 | (— |
| Barclays Bank PLC | $75 | 685 | 6/17/26 | (2) |
| Barclays Bank PLC | $— |  | 6/17/26 | (— |
| Barclays Bank PLC | $297 | 17232 | 4/6/26 | 89 |
| BNP Paribas SA | 1650 | $1182 | 6/17/26 | 44 |
| BNP Paribas SA | 32 | $23 | 6/17/26 | 1 |
| BNP Paribas SA | 35 | $44 | 6/17/26 | 1 |
| BNP Paribas SA | 1074 | $157 | 6/17/26 | (— |
| BNP Paribas SA | 2678 | $1 | 6/17/26 | (— |
| BNP Paribas SA | 65 | $10 | 6/17/26 | (— |
| BNP Paribas SA | 6 | $8 | 6/17/26 |  |
| BNP Paribas SA | 6210 | $39 | 6/17/26 | (— |
| BNP Paribas SA | 1420 | $80 | 6/17/26 | 1 |
| BNP Paribas SA | 78 | $8 | 6/17/26 |  |
| BNP Paribas SA | 246 | $8 | 6/17/26 | (— |
| BNP Paribas SA | $54 | 42 | 6/17/26 | (1) |
| BNP Paribas SA | $15 | 13453 | 6/17/26 | (1) |
| BNP Paribas SA | $10 | 78 | 6/17/26 | (— |
| BNP Paribas SA | $73 | 11577 | 6/17/26 |  |
| BNP Paribas SA | $301 | 440506 | 6/17/26 | (12) |
| BNP Paribas SA | $— | 4 | 6/17/26 | (— |
| BNP Paribas SA | 11 | $1 | 6/17/26 |  |
| Citibank NA | 80 | $59 | 6/17/26 | 1 |
| Citibank NA | 64 | $74 | 6/17/26 | (— |
| Citibank NA | $8 | 168 | 6/17/26 |  |
| Citibank NA | $16 | 51 | 6/17/26 | (— |
| Citibank NA | $20 | 67 | 6/17/26 | (— |
| Deutsche Bank AG | $298 | 421 | 6/17/26 | (8) |
| Goldman Sachs International | 7 | $5 | 6/17/26 |  |
| Goldman Sachs International | 270 | $51 | 6/17/26 |  |
| Goldman Sachs International | 154 | $29 | 6/17/26 | (— |
| Goldman Sachs International | 49 | $62 | 6/17/26 | 1 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts (cont'd):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Goldman Sachs International | 6 | $1 | 6/17/26 | $(— |
| Goldman Sachs International | 280 | $325 | 4/28/26 | 1 |
| Goldman Sachs International | 285 | $329 | 4/28/26 | (1) |
| Goldman Sachs International | 686 | $791 | 6/17/26 | (4) |
| Goldman Sachs International | 34 | $46 | 6/17/26 |  |
| Goldman Sachs International | 44709 | $325 | 4/28/26 | 42 |
| Goldman Sachs International | 45762 | $328 | 4/28/26 | 39 |
| Goldman Sachs International | 142136 | $97 | 6/17/26 | 4 |
| Goldman Sachs International | 38 | $10 | 6/18/26 |  |
| Goldman Sachs International | 107296 | $3285 | 4/28/26 | 25 |
| Goldman Sachs International | 293 | $9 | 6/17/26 |  |
| Goldman Sachs International | 1943 | $35 | 4/6/26 | (8) |
| Goldman Sachs International | 49955 | $997 | 4/6/26 | (122) |
| Goldman Sachs International | 30175 | $506 | 1/25/27 | 1 |
| Goldman Sachs International | 28393 | $468 | 1/25/27 | (8) |
| Goldman Sachs International | $76 | 103 | 6/17/26 | (1) |
| Goldman Sachs International | $191 | 1309 | 6/17/26 | (— |
| Goldman Sachs International | $750 | 5126 | 6/17/26 | (4) |
| Goldman Sachs International | $657 | 565 | 4/28/26 | (4) |
| Goldman Sachs International | $15 | 259533 | 6/17/26 | (— |
| Goldman Sachs International | $659 | 90471 | 4/28/26 | (88) |
| Goldman Sachs International | $39 | 142 | 6/17/26 | (— |
| Goldman Sachs International | $1703 | 54034 | 4/28/26 | (61) |
| Goldman Sachs International | $1666 | 53262 | 4/28/26 | (48) |
| Goldman Sachs International | $320 | 18398 | 4/6/26 | 93 |
| Goldman Sachs International | $309 | 16846 | 4/6/26 | 68 |
| Goldman Sachs International | $379 | 21090 | 4/6/26 | 94 |
| Goldman Sachs International | $72 | 4084 | 4/6/26 | 19 |
| Goldman Sachs International | $968 | 58568 | 1/25/27 | 12 |
| HSBC Bank PLC | $463 | 400 | 6/17/26 | 1 |
| JPMorgan Chase Bank NA | 216 | $31 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | 154 | $24 | 6/17/26 |  |
| JPMorgan Chase Bank NA | 26 | $4 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | 48 | $56 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | 65 | $87 | 6/17/26 |  |
| JPMorgan Chase Bank NA | 28 | $16 | 6/17/26 |  |
| JPMorgan Chase Bank NA | 38 | $4 | 6/17/26 |  |
| JPMorgan Chase Bank NA | $265 | 358 | 6/17/26 | (7) |
| JPMorgan Chase Bank NA | $15 | 20 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | $19 | 60 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | $14 | 1281 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | $7 | 120 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | $10 | 36 | 6/17/26 |  |
| JPMorgan Chase Bank NA | $2 | 2 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | 29 | $2 | 6/17/26 |  |
| Royal Bank of Canada | 13 | $15 | 6/17/26 | (— |
| Royal Bank of Canada | $17 | 161 | 6/17/26 | (— |
| Standard Chartered Bank | 2026 | $64 | 6/17/26 | 2 |
| Standard Chartered Bank | $106 | 16689 | 6/17/26 | (— |
| UBS AG | 304 | $353 | 6/17/26 | (— |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts (cont'd):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| UBS AG | 130179 | $8 | 6/17/26 | $— |
| UBS AG | 6100 | $39 | 6/17/26 | (— |
| UBS AG | 22 | $2 | 6/17/26 | (— |
| UBS AG | 15 | $12 | 6/17/26 |  |
| UBS AG | $31 | 45 | 6/17/26 |  |
| UBS AG | $9 | 12 | 6/17/26 | (— |
| UBS AG | $114 | 91 | 6/17/26 |  |
| UBS AG | $1 | 419 | 6/17/26 |  |
| UBS AG | $— | 2 | 6/17/26 | (— |
| UBS AG | $6 | 10 | 6/17/26 | (— |
| UBS AG | $1 | 62 | 6/17/26 | (— |
| Westpac Banking Corp. | $116 | 790 | 6/17/26 | (— |
|  |  |  |  | $67 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**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)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro-Buxl 30 yr. Bond Index (Germany) | 1 | Jun-26 | 100 | $127 | $(3) |
| &nbsp;&nbsp;&nbsp;German Euro-Schatz Index (Germany) | 4 | Jun-26 | 400 | 489 | (5) |
| &nbsp;&nbsp;&nbsp;KFE 10 yr. Treasury Bond Index (Korea, Republic of) | 5 | Jun-26 | 500000 | 354 | (5) |
| &nbsp;&nbsp;&nbsp;Montreal Exchange 2 yr. Canadian Bond Index (Canada) | 1 | Jun-26 | 100 | 76 |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E Mini Index (United States) | 4 | Jun-26 | $— | 1314 | (37) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 20 | Jun-26 | 4000 | 4149 | (20) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 3 | Jun-26 | 300 | 325 | (1) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 39 | Jun-26 | 3900 | 4331 | 37 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond (United States) | 5 | Jun-26 | 500 | 569 | (15) |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond (United States) | 5 | Jun-26 | 500 | 583 | (19) |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Eurex MSCI Japan Index (United States) | 7 | Jun-26 | (— | (778) | 15 |
| &nbsp;&nbsp;&nbsp;Euro Stoxx 50 Index (Germany) | 5 | Jun-26 | (— | (318) | 12 |
| &nbsp;&nbsp;&nbsp;French Government Bond Index (Germany) | 1 | Jun-26 | (100) | (137) | 5 |
| &nbsp;&nbsp;&nbsp;FTSE 100 Index (United Kingdom) | 1 | Jun-26 | (— | (135) | 3 |
| &nbsp;&nbsp;&nbsp;German Euro-Bobl Index (Germany) | 13 | Jun-26 | (1300) | (1734) | 34 |
| &nbsp;&nbsp;&nbsp;German Euro-Bund Index (Germany) | 2 | Jun-26 | (200) | (290) | 8 |
| &nbsp;&nbsp;&nbsp;MSCI Canada Index (United States) | 12 | Jun-26 | $(— | (2097) | 71 |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Market Index (United States) | 2 | Jun-26 | (— | (145) | 4 |
| &nbsp;&nbsp;&nbsp;MSCI Europe Index (Germany) | 42 | Jun-26 | (4) | (1936) | 63 |
| &nbsp;&nbsp;&nbsp;MSCI USA Index (United States) | 7 | Jun-26 | $(— | (2100) | 95 |
| &nbsp;&nbsp;&nbsp;SFE 3 yr. Australian Bond Index (Australia) | 9 | Jun-26 | (900) | (644) | 2 |
| &nbsp;&nbsp;&nbsp;SFE 10 yr. Australian Bond Index (Australia) | 1 | Jun-26 | (100) | (74) |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 3 | Jun-26 | $(300) | (341) | 5 |
|  |  |  |  |  | $249 |

---

@ Value is less than $500.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Index** | **Pay/<br> Receive<br> Total Return<br> of Reference<br> Index** | **Floating Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Upfront<br> Payment<br> Paid<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Barclays Bank PLC | Bloomberg Global-Aggregate Total Return Index Value Hedged USD Index | Receive | SOFR - 0.22% | Quarterly | 9/30/26 | $11850 | $87 | $— | $87 |
| Barclays Bank PLC | Bloomberg Global-Aggregate Total Return Index Value Hedged USD Index | Receive | SOFR - 0.24% | Quarterly | 9/30/26 | 3227 | 29 |  | 29 |
| Barclays Bank PLC | Bloomberg Global-Aggregate Total Return Index Value Hedged USD Index | Receive | SOFR - 0.26% | Quarterly | 3/31/27 | 7570 | (1) |  | (1) |
| Barclays Bank PLC | Bloomberg U.S. MBS Index Total Return Value Unhedged USD Index | Pay | SOFR + 0.45% | Quarterly | 10/1/26 | 2236 | 12 |  | 12 |
| Barclays Bank PLC | Bloomberg US Mortgage-Backed Securities Total Return Index | Pay | SOFR + 0.53% | Quarterly | 10/1/26 | 2434 | (17) |  | (17) |
| BNP Paribas SA | Bloomberg US Mortgage-Backed Securities Total Return Index | Pay | SOFR + 3.77% | Quarterly | 9/20/26 | 1668 | 3 |  | 3 |
| BNP Paribas SA | BNP EU Utilities Index†† | Pay | SOFR + 0.02% | Quarterly | 8/6/26 | 766 | 24 |  | 24 |
| BNP Paribas SA | BNP EU Utilities Index†† | Pay | SOFR + 0.02% | Quarterly | 8/6/26 | 877 | (14) |  | (14) |
| BNP Paribas SA | iBoxx EUR Liquid High Yield Index | Pay | 3 Month EURIBOR + 2.04% | Quarterly | 9/20/26 | 721 | (20) |  | (20) |
| BNP Paribas SA | Japanese Bank Index | Pay | SOFR + 0.25% | Quarterly | 7/30/26 | $766 | (37) |  | (37) |
| BNP Paribas SA | MSCI Total Return Net USA Index | Pay | SOFR + 0.45% | Quarterly | 10/2/26 | 375 | (32) |  | (32) |
| BNP Paribas SA | MSCI Total Return Net USA Index | Pay | SOFR + 0.31% | Quarterly | 12/21/26 | 1907 | (84) |  | (84) |
| Goldman Sachs International | MSCI Emerging Markets Net Total Return Index | Pay | SOFR + 0.40% | Quarterly | 1/28/27 | 5773 | (453) |  | (453) |
| JPMorgan Chase Bank NA | AI Defense Index†† | Pay | SOFR + 0.45% | Quarterly | 12/21/26 | 2303 | (192) |  | (192) |
| JPMorgan Chase Bank NA | iBoxx USD Liquid High Yield Index | Pay | SOFR + 0.00% | Quarterly | 9/20/26 | 3372 | (53) |  | (53) |
| JPMorgan Chase Bank NA | J.P. Morgan EMBI Global Core Index | Pay | SOFR + 0.70% | Quarterly | 10/1/26 | 827 | (8) |  | (8) |
| JPMorgan Chase Bank NA | J.P. Morgan EMBI Global Core Index | Pay | SOFR + 0.83% | Quarterly | 10/1/26 | 3626 | (31) |  | (31) |
| JPMorgan Chase Bank NA | MSCI Daily Total Return Net Australia USD Index | Receive | SOFR + 0.23% | Quarterly | 6/22/26 | 888 | 46 |  | 46 |
| JPMorgan Chase Bank NA | S&P 1000 Total Return Index | Pay | SOFR + 0.20% | Quarterly | 6/23/26 | 625 | 8 |  | 8 |
| JPMorgan Chase Bank NA | S&P Reduced Tech Index | Receive | SOFR + 0.43% | Quarterly | 6/23/26 | 630 | 14 |  | 14 |
| JPMorgan Chase Bank NA | U.S. Policy Index†† | Pay | SOFR + 0.38% | Quarterly | 12/21/26 | 919 | (4) |  | (4) |
| JPMorgan Chase Bank NA | U.S. Regional Banks Index | Pay | SOFR - 0.05% | Quarterly | 12/21/26 | 503 | 22 |  | 22 |
| UBS AG | EU Banks Index†† | Pay | SOFR - 0.01% | Quarterly | 6/23/26 | 1167 | (36) |  | (36) |
| UBS AG | German Stimulus Index†† | Pay | SOFR + 0.30% | Quarterly | 6/23/26 | 1929 | (66) |  | (66) |
| UBS AG | MSCI Daily Total Return Net Australia USD Index | Receive | SOFR + 0.20% | Quarterly | 4/10/26 | 316 | (9) |  | (9) |
| UBS AG | MSCI Japan Net Total Return USD | Pay | SOFR + 0.30% | Quarterly | 2/10/27 | 2506 | (179) |  | (179) |
| UBS AG | MSCI Total Return Net Europe Index | Receive | SOFR + 0.13% | Quarterly | 6/23/26 | 2970 | 97 |  | 97 |
| UBS AG | MSCI Total Return Net Europe Index | Receive | SOFR + 0.13% | Quarterly | 6/23/26 | 699 | 23 |  | 23 |
| UBS AG | MSCI USA Index | Pay | SOFR + 0.78% | Quarterly | 10/23/26 | 3511 | (222) |  | (222) |
| UBS AG | MSCI World Net Total Return USD Index | Receive | SOFR + 0.22% | Quarterly | 6/23/26 | 1409 | 28 |  | 28 |
| UBS AG | MSCI World Net Total Return USD Index | Receive | SOFR + 0.16% | Quarterly | 4/10/26 | 431 | 24 |  | 24 |
|  |  |  |  |  |  |  | $(1041) | $— | $(1041) |

---

†† See tables below for details of the equity basket holdings underlying the swaps.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with BNP EU Utilities Index as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **BNP EU Utilities Index** |  |  |  |
| Acciona SA | 36 | $9 | 0.01% |
| BKW AG | 31 | 6 | 0.01 |
| Centrica PLC | 6855 | 19 | 0.03 |
| E.ON SE | 3265 | 71 | 0.09 |
| EDP Renovaveis SA | 459 | 7 | 0.01 |
| EDP SA | 4575 | 24 | 0.03 |
| Elia Group SA | 63 | 10 | 0.01 |
| Endesa SA | 463 | 19 | 0.03 |
| Enel SpA | 11836 | 128 | 0.17 |
| Engie SA | 2658 | 85 | 0.11 |
| Fortum OYJ | 653 | 16 | 0.02 |
| Iberdrola SA | 9360 | 213 | 0.28 |
| National Grid PLC | 7217 | 121 | 0.16 |
| Naturgy Energy Group SA | 353 | 11 | 0.01 |
| Orsted A/S | 769 | 19 | 0.02 |
| Redeia Corp SA | 588 | 10 | 0.01 |
| RWE AG | 919 | 61 | 0.08 |
| Severn Trent PLC | 395 | 16 | 0.02 |
| Snam SpA | 2928 | 22 | 0.03 |
| SSE PLC | 1755 | 60 | 0.08 |
| Terna-Rete Elettrica Naziona | 2045 | 23 | 0.03 |
| United Utilities Group PLC | 990 | 17 | 0.02 |
| Veolia Environnement | 917 | 35 | 0.05 |
| Verbund AG | 98 | 7 | 0.01 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with AI Defense Index as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **AI Defense Index** |  |  |  |
| Aerovironment, Inc. | 460 | $84 | 0.11% |
| BAE Systems PLC | 29325 | 853 | 1.11 |
| Bigbear.AI Holdings, Inc. | 22395 | 79 | 0.10 |
| Blacksky Technology, Inc. | 7407 | 186 | 0.24 |
| C3.AI, Inc. - Class A | 8452 | 71 | 0.09 |
| CACI International, Inc. - Class A | 290 | 158 | 0.21 |
| Chemring Group PLC | 18367 | 123 | 0.16 |
| Cohort PLC | 7578 | 122 | 0.16 |
| Droneshield Ltd. | 47233 | 124 | 0.16 |
| Elbit Systems Ltd. | 488 | 414 | 0.54 |
| Electro Optic Systems Holdings, Inc. | 21536 | 119 | 0.16 |
| Hensoldt AG | 1124 | 98 | 0.13 |
| Huntington Ingalls Industries, Inc. | 505 | 192 | 0.25 |
| IPG Photonics Corp. | 1833 | 210 | 0.27 |
| Karman Holdings, Inc. | 2047 | 164 | 0.21 |
| Kratos Defense & Security | 1586 | 112 | 0.15 |
| L3Harris Technologies, Inc. | 1876 | 647 | 0.85 |
| Leidos Holdings, Inc. | 1362 | 212 | 0.28 |
| Leonardo DRS, Inc. | 3234 | 144 | 0.19 |
| Leonardo SpA | 5900 | 395 | 0.52 |
| Lockheed Martin Corp. | 1736 | 1049 | 1.37 |
| Mercury Systems, Inc. | 1888 | 138 | 0.18 |
| Next Vision Stabilized Systems, Ltd. | 3095 | 300 | 0.39 |
| Nlight, Inc. | 4885 | 278 | 0.36 |
| Northrop Grumman Corp. | 1417 | 967 | 1.26 |
| Ondas, Inc. | 19159 | 173 | 0.23 |
| Palantir Technologies, Inc. - Class A | 3244 | 474 | 0.62 |
| Parsons Corp. | 1751 | 95 | 0.12 |
| Red Cat Holdings, Inc. | 14874 | 195 | 0.25 |
| Rheinmetall AG | 374 | 623 | 0.81 |
| RTX Corp. | 5185 | 1000 | 1.31 |
| Saab AB - Series B | 5657 | 368 | 0.48 |
| Science Applications International corp. | 1439 | 137 | 0.18 |
| Teledyne Technologies, Inc. | 488 | 295 | 0.39 |
| Thales SA | 1936 | 563 | 0.74 |
| TTM Technologies | 2587 | 252 | 0.33 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with U.S. Policy Index as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **U.S. Policy Index** |  |  |  |
| Air Products & Chemicals, Inc. | 1449 | $421 | 0.55% |
| ATS Corp. | 3792 | 107 | 0.14 |
| Carrier Global Corp. | 5810 | 327 | 0.43 |
| Caterpillar, Inc. | 1057 | 749 | 0.98 |
| Circle Internet Group, Inc. | 661 | 63 | 0.08 |
| Cognex Corp. | 2245 | 110 | 0.14 |
| Coinbase Global, Inc. - Class A | 353 | 62 | 0.08 |
| Cummins, Inc. | 819 | 441 | 0.58 |
| Donaldson Co., Inc. | 1229 | 104 | 0.14 |
| Dover Corp. | 942 | 196 | 0.26 |
| Eagle Materials, Inc. | 446 | 85 | 0.11 |
| Eaton Corp. PLC | 1331 | 476 | 0.62 |
| Emcor Group, Inc. | 279 | 206 | 0.27 |
| Emerson Electric Co. | 3556 | 466 | 0.61 |
| Fastenal Co. | 7019 | 326 | 0.43 |
| Fortive Corp. | 2205 | 122 | 0.16 |
| GE Vernova, Inc. | 420 | 367 | 0.48 |
| Honeywell International, Inc. | 2267 | 512 | 0.67 |
| Hubbell, Inc. | 351 | 172 | 0.22 |
| Ingersoll-Rand, Inc. | 2430 | 195 | 0.25 |
| Jacobs Solutions, Inc. | 723 | 92 | 0.12 |
| Johnson Controls Internation | 3917 | 513 | 0.67 |
| Kennametal, Inc. | 4871 | 176 | 0.23 |
| Lincoln Electric Holdings, Inc. | 420 | 105 | 0.14 |
| Linde PLC | 1028 | 510 | 0.67 |
| Martin Marietta Materials | 377 | 222 | 0.29 |
| Mirion Technologies, Inc. | 4791 | 89 | 0.12 |
| Nvent Electric PLC | 1039 | 123 | 0.16 |
| Parker Hannifin Corp. | 654 | 586 | 0.76 |
| Quanta Services, Inc. | 854 | 469 | 0.61 |
| Repligen Corp. | 745 | 88 | 0.11 |
| Rockwell Automation, Inc. | 675 | 242 | 0.32 |
| Sempra | 3618 | 352 | 0.46 |
| Solstice Adv Materials, Inc. | 575 | 44 | 0.06 |
| Terex Corp. | 2039 | 121 | 0.16 |
| Timken Co. | 1323 | 133 | 0.17 |
| Trane Technologies PLC | 1173 | 489 | 0.64 |
| United Rentals, Inc. | 411 | 300 | 0.39 |
| Vulcan Materials Co. | 782 | 213 | 0.28 |
| WW Grainger, Inc. | 317 | 346 | 0.45 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with EU Banks Index as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **EU Banks Index** |  |  |  |
| ABN AMRO Bank NV - CVA | 3707 | $116 | 0.15% |
| AIB Group PLC | 12940 | 135 | 0.18 |
| Alpha Bank SA | 32410 | 119 | 0.15 |
| Banca Generali SpA | 370 | 22 | 0.03 |
| Banca Monte Dei Paschi Siena | 14394 | 123 | 0.16 |
| Banco Bilbao Vizcaya Argenta | 36468 | 768 | 1.00 |
| Banco BPM SpA | 8115 | 111 | 0.14 |
| Banco Comercial Portugues - Class R | 57716 | 55 | 0.07 |
| Banco De Sabadell SA | 37237 | 131 | 0.17 |
| Banco Santander SA | 88469 | 969 | 1.26 |
| Bank Of Ireland Group PLC | 5458 | 97 | 0.13 |
| Bankinter SA | 4488 | 69 | 0.09 |
| Bawag Group AG | 472 | 71 | 0.09 |
| BNP Paribas | 13988 | 1307 | 1.71 |
| Bper Banca SpA | 8244 | 106 | 0.14 |
| Caixabank SA | 21940 | 257 | 0.34 |
| Commerzbank AG | 4975 | 177 | 0.23 |
| Credit Agricole SA | 16230 | 298 | 0.39 |
| Deutsche Bank AG - Registered | 13933 | 404 | 0.53 |
| Erste Group Bank AG | 1798 | 192 | 0.25 |
| Eurobank SA | 51076 | 201 | 0.26 |
| Finecobank SpA | 4223 | 92 | 0.12 |
| ING Groep NV | 18996 | 485 | 0.63 |
| Intesa Sanpaolo | 103164 | 614 | 0.80 |
| Kbc Ancora | 231 | 19 | 0.02 |
| Kbc Group NV | 1411 | 170 | 0.22 |
| National Bank of Greece | 12718 | 194 | 0.25 |
| Nordea Bank Abp | 21101 | 357 | 0.47 |
| Piraeus Bank SA | 17492 | 141 | 0.18 |
| Raiffeisen Bank International AG | 719 | 30 | 0.04 |
| Societe Generale SA | 9371 | 668 | 0.87 |
| Unicaja Banco SA | 7060 | 21 | 0.03 |
| Unicredit SpA | 9956 | 699 | 0.91 |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with German Stimulus Index as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **German Stimulus Index** |  |  |  |
| ABB Ltd. - Reg | 9864 | $779 | 1.02% |
| Alstom SA | 12110 | 339 | 0.44 |
| Atlas Copco AB - A Shares | 35728 | 613 | 0.80 |
| Bilfinger SE | 2433 | 275 | 0.36 |
| Buzzi SpA | 5543 | 276 | 0.36 |
| E.ON SE | 28389 | 621 | 0.81 |
| Gea Group AG | 4215 | 298 | 0.39 |
| Geberit AG - Reg | 532 | 354 | 0.46 |
| Georg Fischer AG - Reg | 3590 | 181 | 0.24 |
| Heidelberg Materials AG | 2335 | 481 | 0.63 |
| Holcim Ltd. | 6379 | 517 | 0.67 |
| Kingspan Group PLC | 3933 | 327 | 0.43 |
| Kion Group AG | 4299 | 221 | 0.29 |
| Knorr-Bremse AG | 3656 | 410 | 0.54 |
| Nordex SE | 10639 | 559 | 0.73 |
| Rockwool A/S - B Shares | 6933 | 189 | 0.25 |
| Siemens AG - Reg | 2649 | 629 | 0.82 |
| Siemens Energy AG | 6160 | 1011 | 1.32 |
| Spie SA | 5507 | 272 | 0.36 |
| Ssab AB - B Shares | 44818 | 346 | 0.45 |
| Thyssenkrupp AG | 21021 | 180 | 0.23 |
| Tkms Ag& Co KGaA | 1038 | 94 | 0.12 |
| United Internet AG - Reg | 8401 | 267 | 0.35 |
| Volvo AB - B Shares | 19660 | 632 | 0.83 |

---

---

| | |
|:---|:---|
| CVA | Certificaten Van Aandelen. |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate. |
| FTSE | Financial Times Stock Exchange. |
| KFE | Korean Futures Exchange. |
| MSCI | Morgan Stanley Capital International. |
| SFE | Sydney Futures Exchange. |
| SOFR | Secured Overnight Financing Rate. |
| EUR | Euro |
| GBP | British Pound |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CNY | Chinese Yuan Renminbi |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| MYR | Malaysian Ringgit |
| MXN | Mexican Peso |
| NZD | New Zealand Dollar |
| NOK | Norwegian Krone |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| SEK | Swedish Krona |
| CHF | Swiss Franc |
| THB | Thai Baht |
| KRW | South Korean Won |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Common Stocks | 47.8 | % |
| Sovereign | 24.5 |  |
| Other\* | 7.9 |  |
| Corporate Bonds | 7.6 |  |
| U.S. Treasury Securities | 6.9 |  |
| Short-Term Investment | 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 $23,046,000 and net unrealized appreciation of approximately $249,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $67,000. Also does not include open swap agreements with net unrealized depreciation of approximately $1,041.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2026 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (89.2%)** | **Common Stocks (89.2%)** | **Common Stocks (89.2%)** |
| **Automobiles (9.8%)** | **Automobiles (9.8%)** | **Automobiles (9.8%)** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. (a) | 135940 | $50536 |
| **Biotechnology (4.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. (a) | 856475 | 23724 |
| **Broadline Retail (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (a) | 4759 | 8228 |
| **Capital Markets (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A (a) | 12859 | 2245 |
| **Electronic Equipment, Instruments & Components (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Magic Leap, Inc., Class A (a)(b)(c) (acquisition cost — $1,526; acquired 12/22/15) | 3138 |  |
| **Entertainment (6.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (a) | 421538 | 23842 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA (Sweden) (a) | 19076 | 9250 |
|  |  | 33092 |
| **Financial Services (6.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a) | 512643 | 23489 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association (a) | 1679430 | 12193 |
|  |  | 35682 |
| **Health Care Equipment & Supplies (4.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Medline, Inc., Class A (a) | 459376 | 20442 |
| **Hotels, Restaurants & Leisure (3.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A (a) | 116348 | 17470 |
| **Information Technology Services (19.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (a) | 351050 | 72436 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A (Canada) (a) | 185073 | 21953 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A (a) | 48168 | 7265 |
|  |  | 101654 |
| **Pharmaceuticals (7.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 845182 | 40543 |
| **Real Estate Management & Development (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. (a) | 709252 | 3319 |
| **Software (15.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A (a) | 75053 | 29871 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc. (a) | 3919165 | 16147 |
| &nbsp;&nbsp;&nbsp;BitMine Immersion Technologies, Inc. | 196894 | 3895 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc. (a) | 54012 | 5153 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A (a) | 53724 | 7859 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A (a) | 148517 | 18535 |
|  |  | 81460 |
| **Tech Hardware, Storage & Peripherals (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;IonQ, Inc. (a) | 410746 | 11842 |
| **Trading Companies & Distributors (5.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;QXO, Inc. (a) | 1513727 | 29397 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $344,996)** |  | 459634 |
| **Preferred Stocks (5.0%)** |  |  |
| **Financial Services (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Stripe, Inc., Series I (a)(b)(c) (acquisition cost — $1,061; acquired 3/17/23) | 52681 | 1944 |
| **Software (4.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Databricks, Inc., Series H (a)(b)(c) (acquisition cost — $8,310; acquired 8/31/21) | 113088 | 18372 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc., Series I (a)(b)(c) (acquisition cost — $2,242; acquired 9/15/23) | 30506 | 4956 |
| &nbsp;&nbsp;&nbsp;Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $1,618; acquired 6/17/14) | 141612 | 315 |
|  |  | 23643 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (Cost $13,231)** |  | 25587 |
| **Investment Company (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF (a) **(Cost $10,616)** | 274353 | 10541 |
| **Short-Term Investment (4.0%)** |  |  |
| **Investment Company (4.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class, 3.52% (d)<br> **(Cost $20,435)** | 20435328 | 20435 |
| **Total Investments Excluding Purchased Options (100.2%) (Cost $389,278)** |  | 516197 |
| **Total Purchased Options Outstanding (0.1%) (Cost $3,267)** |  | 530 |
| **Total Investments (100.3%) (Cost $392,545) (e)(f)** |  | 516727 |
| Liabilities in Excess of Other Assets (–0.3%) |  | (1430) |
| **Net Assets (100.0%)** |  | $515297 |

---

Morgan Stanley Variable Insurance 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 $25,587,000 and represents 5.0% of net assets. |
| (c) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2026, advisory fees paid were reduced by approximately $6,000 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 $164,683,000 and the aggregate gross unrealized depreciation is approximately $40,501,000, resulting in net unrealized appreciation of approximately $124,182,000. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Variable Insurance 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 | 214380841 | $214381 | $343 | $563 | $(220) |
| Standard Chartered Bank | USD/CNH | CNH 7.32 | Dec–26 | 229095347 | 229095 | 172 | 649 | (477) |
| Standard Chartered Bank | USD/CNH | CNH 7.58 | Aug–26 | 245535660 | 245536 | 15 | 804 | (789) |
| Goldman Sachs & Co. LLC | USD/CNH | CNH 7.71 | May–26 | 169787952 | 169788 |  | 707 | (707) |
| Standard Chartered Bank | USD/CNH | CNH 7.90 | Apr–26 | 112218546 | 112219 |  | 544 | (544) |
|  |  |  |  |  |  | $530 | $3267 | $(2737) |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |

---

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 22.9% |
| Software | 20.4 |
| Information Technology Services | 19.7 |
| Automobiles | 9.8 |
| Pharmaceuticals | 7.8 |
| Financial Services | 7.3 |
| Entertainment | 6.4 |
| Trading Companies & Distributors | 5.7 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Variable Insurance 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) certain senior loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (4) 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; (5) 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; (6) 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; (7) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a reputable broker/dealer or valued by a pricing service/vendor; (8) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the 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; (9) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Directors have designated the Company's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company's valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Morgan Stanley Variable Insurance 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 Variable Insurance 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **Discovery** | **Discovery** | **Discovery** | **Discovery** | **Discovery** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $150313<sup>(1)</sup> | $— | $— | $150313 |
| **Preferred Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software |  |  | 7461 | 7461 |
| **Investment Company** | 4036 |  |  | 4036 |
| **Warrants** | 12 |  |  | 12 |
| **Call Options Purchased** |  | 174 |  | 174 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 12489 |  |  | 12489 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 421 |  | 421 |
| **Total Short-Term Investments** | **12489** | **421** | **—** | **12910** |
| **Total Assets** | $**166850** | $**595** | $**7461** | $**174906** |

---

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

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report — March 31, 2026 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | |
|:---|:---|
|  | **Preferred<br> Stocks<br> (000)** |
| **Beginning Balance** | $8448 |
| &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) | (987) |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $7461 |
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026 | $(987) |

---

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 Stocks | $7461 | Market Transaction Method | Precedent Transaction | $190.00 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 11.5% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 17.9x | Increase |
|  |  |  | Discount for Lack of Marketability | 18.0% | 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 Variable Insurance 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $21163 | $— | $21163 |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 77753 |  | 77753 |
| &nbsp;&nbsp;&nbsp;Senior Loan Interests |  | 6840 |  | 6840 |
| **Total Fixed Income Securities** | **—** | **105756** | **—** | **105756** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 7 |  | 7 |
| **Warrants** |  | 8 |  | 8 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 308 |  | 308 |
| &nbsp;&nbsp;&nbsp;Investment Company | 4699 |  |  | 4699 |
| **Total Short-Term Investments** | **4699** | **308** | **—** | **5007** |
| **Foreign Currency Forward Exchange Contracts** |  | 95 |  | 95 |
| **Futures Contracts** | 258 |  |  | 258 |
| **Credit Default Swap Agreements** |  | 81 |  | 81 |
| **Total Assets** | **4957** | **106255** | **—** | **111212** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contracts** |  | (5) |  | (5) |
| **Futures Contracts** | (612) |  |  | (612) |
| **Credit Default Swap Agreement** |  | (1) |  | (1) |
| **Total Liabilities** | **(612)** | **(6)** | **—** | **(618)** |
| **Total** | $**4345** | $**106249** | $**—** | $**110594** |

---

Morgan Stanley Variable Insurance 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **Emerging Markets Equity** | **Emerging Markets Equity** | **Emerging Markets Equity** | **Emerging Markets Equity** | **Emerging Markets Equity** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | $— | $680 | $— | $680 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 7047 |  | 7047 |
| &nbsp;&nbsp;&nbsp;Banks | 6185 | 30564 |  | 36749 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 636 |  | 636 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 934 | 7628 |  | 8562 |
| &nbsp;&nbsp;&nbsp;Capital Markets |  | 2881 |  | 2881 |
| &nbsp;&nbsp;&nbsp;Chemicals |  | 859 |  | 859 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering |  | 2067 |  | 2067 |
| &nbsp;&nbsp;&nbsp;Construction Materials |  | 1031 |  | 1031 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 2164 |  | 2164 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 955 | 703 |  | 1658 |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services |  | 1182 |  | 1182 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 7379 |  | 7379 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 7386 |  | 7386 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 1503 |  | 1503 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 672 |  | 672 |
| &nbsp;&nbsp;&nbsp;Food Products |  | 2043 |  | 2043 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 2894 |  | 2894 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 284 | 299 |  | 583 |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 1436 |  |  | 1436 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 889 |  |  | 889 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 3716 |  | 3716 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 9380 |  | 9380 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 1876 |  | 1876 |
| &nbsp;&nbsp;&nbsp;Metals & Mining |  | 5707 |  | 5707 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels |  | 2568 |  | 2568 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 256 |  | 256 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 1274 |  | 1274 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 1702 |  | 1702 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 41853 |  | 41853 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 21162 |  | 21162 |
| &nbsp;&nbsp;&nbsp;Tobacco |  | 1012 |  | 1012 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 1587 |  | 1587 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 1049 | 917 |  | 1966 |
| **Total Common Stocks** | **11732** | **172628** | **—** | **184360** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 1576 |  |  | 1576 |
| **Total Assets** | $**13308** | $**172628** | $**—** | $**185936** |

---

Morgan Stanley Variable Insurance 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |
| **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency Fixed Rate Mortgages | $— | $2893 | $— |  | $2893 |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 746 |  |  | 746 |  |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 418 |  |  | 418 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 5706 |  |  | 5706 |  |
| &nbsp;&nbsp;&nbsp;Mortgages - Other |  | 1192 |  |  | 1192 |  |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 18306 |  |  | 18306 |  |
| &nbsp;&nbsp;&nbsp;Supranational |  | 619 |  |  | 619 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 5182 |  |  | 5182 |  |
| **Total Fixed Income Securities** | **—** | **35062** | **—** |  | **35062** |  |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | 596 | 357 |  |  | 953 |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | 84 | 51 |  |  | 135 |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | 15 | 15 |  |  | 30 |  |
| &nbsp;&nbsp;&nbsp;Automobiles | 525 | 86 |  |  | 611 |  |
| &nbsp;&nbsp;&nbsp;Banks | 1304 | 1300 |  |  | 2604 |  |
| &nbsp;&nbsp;&nbsp;Beverages | 285 | 96 |  |  | 381 |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 483 | 64 |  |  | 547 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 963 | 73 |  |  | 1036 |  |
| &nbsp;&nbsp;&nbsp;Building Products | 123 | 62 |  |  | 185 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 802 | 274 |  |  | 1076 |  |
| &nbsp;&nbsp;&nbsp;Chemicals | 298 | 160 |  |  | 458 |  |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 154 | 26 |  |  | 180 |  |
| &nbsp;&nbsp;&nbsp;Communications Equipment | 253 | 38 |  |  | 291 |  |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | 100 | 84 |  |  | 184 |  |
| &nbsp;&nbsp;&nbsp;Construction Materials | 75 | 37 |  |  | 112 |  |
| &nbsp;&nbsp;&nbsp;Consumer Finance | 154 |  |  |  | 154 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 550 | 90 |  |  | 640 |  |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 51 |  |  |  | 51 |  |
| &nbsp;&nbsp;&nbsp;Distributors | 6 | 2 |  |  | 8 |  |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services |  | 4 |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;Diversified REITs | 6 | 15 |  |  | 21 |  |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 230 | 181 |  |  | 411 |  |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 429 | 211 |  |  | 640 |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 309 | 257 |  |  | 566 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 233 | 21 |  |  | 254 |  |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 74 | 6 |  | † | 80 | † |
| &nbsp;&nbsp;&nbsp;Entertainment | 371 | 13 |  |  | 384 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 822 | 90 |  |  | 912 |  |
| &nbsp;&nbsp;&nbsp;Food Products | 112 | 192 |  |  | 304 |  |
| &nbsp;&nbsp;&nbsp;Gas Utilities | 21 | 23 |  |  | 44 |  |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 283 | 4 |  |  | 287 |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 434 | 107 |  |  | 541 |  |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 1068 | 25 |  |  | 1093 |  |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 81 |  |  |  | 81 |  |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 12 | 3 |  |  | 15 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 457 | 116 |  |  | 573 |  |
| &nbsp;&nbsp;&nbsp;Household Durables | 664 | 3 |  |  | 667 |  |
| &nbsp;&nbsp;&nbsp;Household Products | 202 | 41 |  |  | 243 |  |
| &nbsp;&nbsp;&nbsp;Independent Power & Renewable Electricity Producers | 26 | 33 |  |  | 59 |  |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report — March 31, 2026 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **Common Stocks: (cont'd)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates | 96 | 129 |  |  | 225 |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 53 | 29 |  |  | 82 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 355 | 9 |  |  | 364 |
| &nbsp;&nbsp;&nbsp;Insurance | 550 | 497 |  |  | 1047 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 1909 | 12 |  |  | 1921 |
| &nbsp;&nbsp;&nbsp;Investment Company |  |  |  | † |  |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 202 | 36 |  |  | 238 |
| &nbsp;&nbsp;&nbsp;Machinery | 467 | 204 |  |  | 671 |
| &nbsp;&nbsp;&nbsp;Marine Transportation |  | 18 |  |  | 18 |
| &nbsp;&nbsp;&nbsp;Media | 43 | 16 |  |  | 59 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 345 | 347 |  | † | 692 |
| &nbsp;&nbsp;&nbsp;Mortgage Real Estate Investment | 6 |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 161 | 123 |  |  | 284 |
| &nbsp;&nbsp;&nbsp;Office REITs | 4 | 2 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 1208 | 430 |  |  | 1638 |
| &nbsp;&nbsp;&nbsp;Paper & Forest Products |  | 15 |  |  | 15 |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 9 | 24 |  |  | 33 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 22 | 118 |  |  | 140 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 868 | 752 |  |  | 1620 |
| &nbsp;&nbsp;&nbsp;Professional Services | 121 | 82 |  |  | 203 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 32 | 64 |  |  | 96 |
| &nbsp;&nbsp;&nbsp;Residential REITs | 59 |  |  |  | 59 |
| &nbsp;&nbsp;&nbsp;Retail REITs | 63 | 29 |  |  | 92 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 3615 | 357 |  |  | 3972 |
| &nbsp;&nbsp;&nbsp;Software | 2097 | 115 |  |  | 2212 |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 195 |  |  |  | 195 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 437 | 47 |  |  | 484 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 1821 | 7 |  |  | 1828 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 60 | 186 |  |  | 246 |
| &nbsp;&nbsp;&nbsp;Tobacco | 160 | 86 |  |  | 246 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 107 | 38 |  |  | 145 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 36 |  |  | 36 |
| &nbsp;&nbsp;&nbsp;Water Utilities | 16 | 12 |  |  | 28 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 53 | 23 |  |  | 76 |
| **Total Common Stocks** | **27789** | **8003** | **—** | **†** | **35792** |
| **Rights** |  |  |  | @ |  |
| **Warrants** |  |  |  | † |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 3975 |  |  |  | 3975 |
| **Foreign Currency Forward Exchange Contracts** |  | 542 |  |  | 542 |
| **Futures Contracts** | 354 |  |  |  | 354 |
| **Total Return Swap Agreements** |  | 417 |  |  | 417 |
| **Total Assets** | **32118** | **44024** | **—** | **@†** | **76142** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contracts** |  | (475) |  |  | (475) |
| **Futures Contracts** | (105) |  |  |  | (105) |
| **Total Return Swap Agreements** |  | (1458) |  |  | (1458 |
| **Total Liabilities** | **(105)** | **(1933)** | **—** |  | **(2038** |
| **Total** | $**32013** | $**42091** | $**—** | **@†** | $**74104** |

---

† Includes
one or more securities valued at zero.

---

| | |
|:---|:---|
| @ | Value is less than $500. |

---

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report — March 31, 2026 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Common<br> Stocks<br> (000)** | **Rights<br> (000)** | **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 one or more securities valued at zero.

Morgan Stanley Variable Insurance 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |
| **Growth** | **Growth** | **Growth** | **Growth** | **Growth** | **Growth** | **Growth** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles | $50536 | $— | $— |  | $50536 |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 23724 |  |  |  | 23724 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 8228 |  |  |  | 8228 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 2245 |  |  |  | 2245 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  |  |  | † |  | † |
| &nbsp;&nbsp;&nbsp;Entertainment | 33092 |  |  |  | 33092 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 35682 |  |  |  | 35682 |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 20442 |  |  |  | 20442 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 17470 |  |  |  | 17470 |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 101654 |  |  |  | 101654 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 40543 |  |  |  | 40543 |  |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 3319 |  |  |  | 3319 |  |
| &nbsp;&nbsp;&nbsp;Software | 81460 |  |  |  | 81460 |  |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 11842 |  |  |  | 11842 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 29397 |  |  |  | 29397 |  |
| **Total Common Stocks** | **459634** | **—** | **—** | **†** | **459634** | **†** |
| **Preferred Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial Services |  |  | 1944 |  | 1944 |  |
| &nbsp;&nbsp;&nbsp;Software |  |  | 23643 |  | 23643 |  |
| **Total Preferred Stocks** | **—** | **—** | **25587** |  | **25587** |  |
| **Investment Company** | 10541 |  |  |  | 10541 |  |
| **Call Options Purchased** |  | 530 |  |  | 530 |  |
| **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 | 20435 |  |  |  | 20435 |  |
| **Total Assets** | $**490610** | $**530** | $**25587** | **†** | $**516727** | **†** |

---

† Includes a security valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report — March 31, 2026 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
|  | **Common<br> Stock<br> (000)** | **Preferred<br> Stocks<br> (000)** |
| **Beginning Balance** | $— | $28701 |
| &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) |  | (3114) |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $— | $25587 |
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026 | $— | $(3114) |

---

† Includes a security valued at zero.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of 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 | $25587 | Market Transaction Method | Precedent Transaction | $2.14-$190.00/$177.50 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 10.5%-18.5%/11.9% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 1.0x-32.8x/16.9x | Increase |
|  |  |  | Discount for Lack of Marketability | 8.0%-18.0%/17.7% | 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.

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 VARIABLE INSURANCE FUND INC.

- **b. Investment Company Act file number:** 811-07607

- **c. CIK number of Registrant:** 0001011378

- **d. LEI of Registrant:** KRX6WCBD0RZHNUHCX346

- **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:** Discovery Portfolio

- **b. EDGAR series identifier (if any):** S000004167

- **c. LEI of Series:** 549300QSSGFYSBBOVW55

**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:** $174923330.30

**Total Liabilities:** $1674719.49

**Net Assets:** $173248610.81

**Amount of Assets Invested in Other Investment Companies:** $4030609.61

**Cash Not Reported:** $564.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000011740 | -5.44%               | -0.99%               | -4.98%               |
| Class ID C000011741 | -5.48%               | -1.01%               | -4.98%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1676018.35             | $-8896374.71                               |
| Month 2  | $-69983.72               | $-1770947.64                               |
| Month 3  | $1770139.10              | $-10553639.18                              |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** SEC_PORT

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Affirm Holdings Inc                                | Affirm Holdings Inc                                                          | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    171522 | NS      | $7859138.04   | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| agilon health Inc                                  | agilon health Inc                                                            | CUSIP: 00857U206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50783 | NS      | $401693.53    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurora Innovation Inc                              | Aurora Innovation Inc                                                        | CUSIP: 051774107<br>LEI: 984500AB2E0D9F7D9D76 | Long             | EC               | CORP              | US        |   1943141 | NS      | $8005740.92   | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Belite Bio Inc                                     | Belite Bio Inc                                                               | CUSIP: 07782B104<br>LEI: 984500BD54036BOEAE79 | Long             | EC               | CORP              | KY        |      2474 | NS      | $394454.56    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BitMine Immersion Technologies Inc                 | BitMine Immersion Technologies Inc                                           | CUSIP: 09175A206<br>LEI: 254900TGJJ1D9JNAQT27 | Long             | EC               | CORP              | US        |    114660 | NS      | $2267974.80   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                                          | Chewy Inc                                                                    | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |     69197 | NS      | $1868319.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group Inc                          | Circle Internet Group Inc                                                    | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |     45584 | NS      | $4349169.44   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                     | Cloudflare Inc                                                               | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    118186 | NS      | $24386499.24  | 14.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                                    | Core & Main Inc                                                              | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86565 | NS      | $4276311.00   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                                     | DraftKings Inc                                                               | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     17208 | NS      | $372036.96    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                              | CUSIP: 313586109<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EC               | USGSE             | US        |    561501 | NS      | $4076497.26   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Figma Inc                                          | Figma Inc                                                                    | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |    144716 | NS      | $3059296.24   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                                   | HealthEquity Inc                                                             | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     30331 | NS      | $2534761.67   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunovant Inc                                     | Immunovant Inc                                                               | CUSIP: 45258J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36248 | NS      | $900400.32    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                                           | IonQ Inc                                                                     | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |    207202 | NS      | $5973633.66   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Bitcoin Trust ETF                          | iShares Bitcoin Trust ETF                                                    | CUSIP: 46438F101<br>LEI: 529900HVFN08L8P4H851 | Long             | EC               | RF                | US        |    105046 | NS      | $4035867.32   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                                  | Landbridge Co LLC                                                            | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |     35714 | NS      | $2466051.70   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategy Inc                                       | Strategy Inc                                                                 | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |     34743 | NS      | $4335926.40   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                        | MongoDB Inc                                                                  | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     10776 | NS      | $2637641.52   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                          | Opendoor Technologies Inc                                                    | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |   1288264 | NS      | $6029075.52   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                          | Opendoor Technologies Inc                                                    | CUSIP: 683712129<br>LEI: 254900KX11YZ4HV5BQ47 | N/A              | DE               |  | US        |     11202 | NS      | $6799.61      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                          | Opendoor Technologies Inc                                                    | CUSIP: 683712137<br>LEI: 254900KX11YZ4HV5BQ47 | N/A              | DE               |  | US        |     11202 | NS      | $2755.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                          | Opendoor Technologies Inc                                                    | CUSIP: 683712145<br>LEI: 254900KX11YZ4HV5BQ47 | N/A              | DE               |  | US        |     11202 | NS      | $2636.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ProKidney Corp                                     | ProKidney Corp                                                               | CUSIP: 74291D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170911 | NS      | $305930.69    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                                        | ROBLOX Corp                                                                  | CUSIP: 771049103<br>LEI: 529900ANZDBDFU91SO19 | Long             | EC               | CORP              | US        |    142989 | NS      | $8087457.84   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                        | Samsara Inc                                                                  | CUSIP: 79589L106<br>LEI: 529900IE80DQBIFK3M88 | Long             | EC               | CORP              | US        |     55430 | NS      | $1756576.70   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Inc                                            | QXO Inc                                                                      | CUSIP: 82846H405<br>LEI: 549300HDXQWWCBOYXP31 | Long             | EC               | CORP              | US        |    672322 | NS      | $13056493.24  | 7.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Symbotic Inc                                       | Symbotic Inc                                                                 | CUSIP: 87151X101<br>LEI: 529900UN9QT55OG9I235 | Long             | EC               | CORP              | US        |     55450 | NS      | $2949940.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                                 | Trade Desk Inc/The                                                           | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     32566 | NS      | $738922.54    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Twenty One Capital Inc                             | Twenty One Capital Inc                                                       | CUSIP: 90138L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    248207 | NS      | $1588524.80   | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Morgan Stanley & Co. LLC                           | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        |    893079 | NS      | $893078.84    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DATABRICKS, INC. SERIES H PREFERRED SHARES         | DATABRICKS, INC. SERIES H PREFERRED SHARES                                   | CUSIP: 000000000<br>LEI: 984500FEDAC7FBD96273 | Long             | EP               | CORP              | US        |     36279 | NS      | $5893886.34   | 3.40%             |  |  |  | No            |                  3 | On Loan: No      |
| DATABRICKS, INC. SERIES I PREFERRED SHARES         | DATABRICKS, INC. SERIES I PREFERRED SHARES                                   | CUSIP: 000000000<br>LEI: 984500FEDAC7FBD96273 | Long             | EP               | CORP              | US        |      9645 | NS      | $1566926.70   | 0.90%             |  |  |  | No            |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC                           | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        |  11595698 | NS      | $11595697.56  | 6.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc                            | Zoom Communications Inc                                                      | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      5847 | NS      | $470040.33    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | MERRILL LYNCH TRI PARTY A REPO                                               | CUSIP: 000000000<br>LEI: 8NAV47T0Y26Q87Y0QP81 | Long             | RA               | CORP              | US        |    138897 | PA      | $138897.26    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | MERRILL LYNCH TRI PARTY   A REPO                                             | CUSIP: 000000000<br>LEI: 8NAV47T0Y26Q87Y0QP81 | Long             | RA               | CORP              | US        |    282025 | PA      | $282024.90    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | CNHP25303 USD CALL/CNH PUT                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |  32277817 | OU      | $32.28        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                            | CNHP33544 USD CALL/CNH PUT                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              |  | US        |  50125188 | OU      | $50.13        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | CNHP25302 USD CALL/CNH PUT                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |  69521536 | OU      | $4240.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | CNHP66560 USD CALL/CNH PUT                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |  72958841 | OU      | $54719.13     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                  | CNHP23613 USD CALL / CNH PUT                                                 | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |  71600469 | OU      | $114417.55    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Joby Aviation Inc                                  | Joby Aviation Inc                                                            | CUSIP: 000000000<br>LEI: 254900NMVFUM8FO88E56 | Long             | EC               | CORP              | US        |    189921 | NS      | $1568747.46   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd                               | Roivant Sciences Ltd                                                         | CUSIP: 000000000<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |    602891 | NS      | $16700080.70  | 9.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                                 | Royalty Pharma PLC                                                           | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |    302133 | NS      | $14493320.01  | 8.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd                                    | Oddity Tech Ltd                                                              | CUSIP: 000000000<br>LEI: 254900QH12XZS53G0V57 | Long             | EC               | CORP              | IL        |    176507 | NS      | $2361663.66   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** MORGAN STANLEY VARIABLE INSURANCE FUND INC.

**Signature:** James F. Kirchner

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

**Title:** Principal Financial Officer