# EDGAR Filing Document

**Accession Number:** 0001011378
**File Stem:** 0001104659-25-083805
**Filing Date:** 2025-8
**Character Count:** 666702
**Document Hash:** 5957a1ad16c22bf8a82660b8c45a57cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-083805.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001104659-25-083805

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07607
- **FILM NUMBER:** 251261086

**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           |

### Emerging Markets Debt Portfolio (Series ID: S000004174)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011751 | Class II     | MBDBX           |
| C000011752 | Class I      | MEMNX           |

### Emerging Markets Equity Portfolio (Series ID: S000004175)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011753 | Class II     | MSMBX           |
| C000011754 | Class I      | MEMEX           |

### Growth Portfolio (Series ID: S000004177)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011757 | Class I      | MEGIX           |
| C000011758 | Class II     | MEGTX           |

### Global Strategist Portfolio (Series ID: S000004181)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011764 | Class I      | MIMPX           |
| C000097939 | Class II     | MGTPX           |

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington** **, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-07607

**<u>Morgan Stanley Variable Insurance Fund, Inc.</u>**

(Exact Name of Registrant as Specified in Charter)

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

(Address of Principal Executive Offices)

John H. Gernon

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

(Name and Address of Agent for Services)

<u>(212) 762-1886</u>

(Registrant's Telephone Number)

<u>December 31</u>

Date of Fiscal Year End

<u>June 30, 2025</u>

Date of Reporting Period

**Item 1. Reports to Stockholders**

(a) **TABLE OF CONTENTS**

---

| |
|:---|
|  [Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio](#classname2cc1e875-e3ac-4342-b3fb-306324cc97a1)<br> **[I - MMGPX](#classname2cc1e875-e3ac-4342-b3fb-306324cc97a1)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio](#classname6f1bc5ce-7f19-403c-878c-6176885dc24f)<br> **[II - MMGTX](#classname6f1bc5ce-7f19-403c-878c-6176885dc24f)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio](#classname8cca13bc-536d-4381-8e8b-47115cad8ec7)<br> **[I - MEMEX](#classname8cca13bc-536d-4381-8e8b-47115cad8ec7)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio](#classname8f8b9078-e7e6-4c30-bb63-7e22220499ff)<br> **[II - MSMBX](#classname8f8b9078-e7e6-4c30-bb63-7e22220499ff)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio](#classnamed856ff19-6797-4e89-840b-b69639cb0dfb)<br> **[I - MIMPX](#classnamed856ff19-6797-4e89-840b-b69639cb0dfb)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio](#classname72da39b8-e7cf-43bc-ab1f-edd159238258)<br> **[II - MGTPX](#classname72da39b8-e7cf-43bc-ab1f-edd159238258)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio](#classnamed710d75f-71d6-464f-bb9c-e1fe0a4a0867)<br> **[I - MEGIX](#classnamed710d75f-71d6-464f-bb9c-e1fe0a4a0867)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio](#classnameac2210b9-2192-4b97-a0e6-75f6ee760f35)<br> **[II - MEGTX](#classnameac2210b9-2192-4b97-a0e6-75f6ee760f35)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio](#classnamee4177701-9e37-4d73-a127-59027effa8ab)<br> **[I - MEMNX](#classnamee4177701-9e37-4d73-a127-59027effa8ab)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio](#classname30d00534-5aed-4753-a1d1-0de8e4ba2b81)<br> **[II - MBDBX](#classname30d00534-5aed-4753-a1d1-0de8e4ba2b81)**  |

---

# Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio

# Class I MMGPX
![Image](tm2520112d1_tsrimg009.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $52 | 0.95%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect fees and expenses imposed by your insurance company. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $223823319 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 52% |

---

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

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2520112d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Real Estate | 2.4% |
| Consumer Staples | 4.2% |
| Health Care | 9.4% |
| Communication Services | 10.6% |
| Financials | 11.5% |
| Industrials | 12.2% |
| Consumer Discretionary | 12.4% |
| Information Technology | 36.5% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.9% |
| QXO, Inc. | 6.4% |
| Affirm Holdings, Inc. | 6.4% |
| MicroStrategy, Inc. | 6.2% |
| ROBLOX Corp. | 5.9% |
| Core & Main, Inc. | 5.1% |
| IonQ, Inc. | 5.0% |
| Royalty Pharma PLC | 4.8% |
| Trade Desk, Inc. | 4.7% |
| Snowflake, Inc. | 3.6% |
| Total | 61.0% |

---

---

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

---

## Additional Information
![QR Code](tm2520112d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by contacting your financial intermediary.

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# MMGPX -TSR-SAR

# Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio

# Class II MMGTX
![Image](tm2520112d1_tsrimg009.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class II | $58 | 1.05%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect fees and expenses imposed by your insurance company. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $223823319 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 52% |

---

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

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2520112d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Real Estate | 2.4% |
| Consumer Staples | 4.2% |
| Health Care | 9.4% |
| Communication Services | 10.6% |
| Financials | 11.5% |
| Industrials | 12.2% |
| Consumer Discretionary | 12.4% |
| Information Technology | 36.5% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.9% |
| QXO, Inc. | 6.4% |
| Affirm Holdings, Inc. | 6.4% |
| MicroStrategy, Inc. | 6.2% |
| ROBLOX Corp. | 5.9% |
| Core & Main, Inc. | 5.1% |
| IonQ, Inc. | 5.0% |
| Royalty Pharma PLC | 4.8% |
| Trade Desk, Inc. | 4.7% |
| Snowflake, Inc. | 3.6% |
| Total | 61.0% |

---

---

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

---

## Additional Information
![QR Code](tm2520112d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by contacting your financial intermediary.

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# MMGTX -TSR-SAR

# Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio

# Class I MEMEX
![Image](tm2520112d1_tsrimg009.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $66 | 1.25%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect fees and expenses imposed by your insurance company. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $162831213 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 14% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520112d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.1% |
| Saudi Arabia | 1.4% |
| Poland | 2.8% |
| South Africa | 3.3% |
| United States | 4.0% |
| Mexico | 4.9% |
| Brazil | 5.1% |
| Korea, Republic of | 8.2% |
| Taiwan | 20.0% |
| China | 21.9% |
| India | 24.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.4% |
| China Construction Bank Corp. | 2.5% |
| Alibaba Group Holding Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.2% |
| ICICI Bank Ltd. | 2.1% |
| BYD Co. Ltd. | 1.9% |
| HDFC Bank Ltd. | 1.9% |
| WEG SA | 1.6% |
| Total | 36.8% |

---

---

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

---

## Additional Information
![QR Code](tm2520112d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by contacting your financial intermediary.

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# MEMEX -TSR-SAR

# Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio

# Class II MSMBX
![Image](tm2520112d1_tsrimg009.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class II | $69 | 1.30%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect fees and expenses imposed by your insurance company. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $162831213 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 14% |

---

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

### Country Allocation (% of total investments)
![Group By Country Chart](tm2520112d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.1% |
| Saudi Arabia | 1.4% |
| Poland | 2.8% |
| South Africa | 3.3% |
| United States | 4.0% |
| Mexico | 4.9% |
| Brazil | 5.1% |
| Korea, Republic of | 8.2% |
| Taiwan | 20.0% |
| China | 21.9% |
| India | 24.3% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.4% |
| China Construction Bank Corp. | 2.5% |
| Alibaba Group Holding Ltd. | 2.4% |
| Reliance Industries Ltd. | 2.2% |
| ICICI Bank Ltd. | 2.1% |
| BYD Co. Ltd. | 1.9% |
| HDFC Bank Ltd. | 1.9% |
| WEG SA | 1.6% |
| Total | 36.8% |

---

---

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

---

## Additional Information
![QR Code](tm2520112d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by contacting your financial intermediary.

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# MSMBX -TSR-SAR

# Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio

# Class I MIMPX
![Image](tm2520112d1_tsrimg015.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $46 | 0.88%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect fees and expenses imposed by your insurance company. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $82264133 |
| # of Portfolio Holdings | 1393 |
| Portfolio Turnover Rate | 55% |

---

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

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2520112d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Commercial Mortgage-Backed Securities | 0.5% |
| Supranational | 0.7% |
| Asset-Backed Securities | 0.8% |
| Mortgages - Other | 1.5% |
| U.S. Treasury Securities | 3.6% |
| Agency Fixed Rate Mortgages | 4.0% |
| Corporate Bonds | 8.9% |
| Short-Term Investments | 15.7% |
| Sovereign | 18.7% |
| Common Stocks | 45.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

### Geographic Allocation (% of total investments)
![Group By Asset Type Chart](tm2520112d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Africa | 0.0%<sup>Footnote Reference†</sup> |
| South America | 0.5% |
| Multi National | 0.7% |
| Oceania | 2.4% |
| Asia | 8.4% |
| Europe | 18.2% |
| North America | 69.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

## Additional Information
![QR Code](tm2520112d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by contacting your financial intermediary.

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# MIMPX -TSR-SAR

# Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio

# Class II MGTPX
![Image](tm2520112d1_tsrimg015.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class II | $51 | 0.98%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect fees and expenses imposed by your insurance company. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $82264133 |
| # of Portfolio Holdings | 1393 |
| Portfolio Turnover Rate | 55% |

---

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

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2520112d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Commercial Mortgage-Backed Securities | 0.5% |
| Supranational | 0.7% |
| Asset-Backed Securities | 0.8% |
| Mortgages - Other | 1.5% |
| U.S. Treasury Securities | 3.6% |
| Agency Fixed Rate Mortgages | 4.0% |
| Corporate Bonds | 8.9% |
| Short-Term Investments | 15.7% |
| Sovereign | 18.7% |
| Common Stocks | 45.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

### Geographic Allocation (% of total investments)
![Group By Asset Type Chart](tm2520112d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Africa | 0.0%<sup>Footnote Reference†</sup> |
| South America | 0.5% |
| Multi National | 0.7% |
| Oceania | 2.4% |
| Asia | 8.4% |
| Europe | 18.2% |
| North America | 69.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

## Additional Information
![QR Code](tm2520112d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by contacting your financial intermediary.

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# MGTPX -TSR-SAR

# Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio

# Class I MEGIX
![Image](tm2520112d1_tsrimg009.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $32 | 0.56%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect fees and expenses imposed by your insurance company. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $783364568 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 48% |

---

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

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2520112d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.1% |
| Industrials | 4.9% |
| Health Care | 5.8% |
| Communication Services | 6.0% |
| Financials | 14.8% |
| Consumer Discretionary | 16.4% |
| Information Technology | 50.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| MicroStrategy, Inc. | 6.6% |
| Affirm Holdings, Inc. | 6.6% |
| ROBLOX Corp. | 5.9% |
| Tesla, Inc. | 5.7% |
| AppLovin Corp. | 5.3% |
| Shopify, Inc. | 4.9% |
| DoorDash, Inc. | 4.8% |
| MercadoLibre, Inc. | 4.8% |
| Snowflake, Inc. | 4.8% |
| Total | 61.8% |

---

---

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

---

## Additional Information
![QR Code](tm2520112d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by contacting your financial intermediary.

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# MEGIX -TSR-SAR

# Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio

# Class II MEGTX
![Image](tm2520112d1_tsrimg009.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class II | $46 | 0.81%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect fees and expenses imposed by your insurance company. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $783364568 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 48% |

---

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

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2520112d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.1% |
| Industrials | 4.9% |
| Health Care | 5.8% |
| Communication Services | 6.0% |
| Financials | 14.8% |
| Consumer Discretionary | 16.4% |
| Information Technology | 50.0% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.4% |
| MicroStrategy, Inc. | 6.6% |
| Affirm Holdings, Inc. | 6.6% |
| ROBLOX Corp. | 5.9% |
| Tesla, Inc. | 5.7% |
| AppLovin Corp. | 5.3% |
| Shopify, Inc. | 4.9% |
| DoorDash, Inc. | 4.8% |
| MercadoLibre, Inc. | 4.8% |
| Snowflake, Inc. | 4.8% |
| Total | 61.8% |

---

---

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

---

## Additional Information
![QR Code](tm2520112d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by contacting your financial intermediary.

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# MEGTX -TSR-SAR

# Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio

# Class I MEMNX
![Image](tm2520112d1_tsrimg015.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $56 | 1.10%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect fees and expenses imposed by your insurance company. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $103868068 |
| # of Portfolio Holdings | 284 |
| Portfolio Turnover Rate | 65% |

---

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

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2520112d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 2.3% |
| Short-Term Investments | 4.9% |
| Senior Loan Interests | 8.9% |
| Corporate Bonds | 28.3% |
| Sovereign | 55.6% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference \***</sup>
![Group By Asset Type Chart](tm2520112d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 3.5% |
| Not Rated | 6.8% |
| D | 2.5% |
| CC | 3.0% |
| CCC | 13.9% |
| B | 28.5% |
| BB | 22.7% |
| BBB | 14.4% |
| A | 2.4% |
| AA | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Security ratings disclosed with the exception for those labeled "not rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization ("NRSRO"). |

---

## Additional Information
![QR Code](tm2520112d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by contacting your financial intermediary.

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# MEMNX -TSR-SAR

# Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio

# Class II MBDBX
![Image](tm2520112d1_tsrimg015.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class II | $59 | 1.15%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect fees and expenses imposed by your insurance company. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $103868068 |
| # of Portfolio Holdings | 284 |
| Portfolio Turnover Rate | 65% |

---

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

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2520112d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 2.3% |
| Short-Term Investments | 4.9% |
| Senior Loan Interests | 8.9% |
| Corporate Bonds | 28.3% |
| Sovereign | 55.6% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference \***</sup>
![Group By Asset Type Chart](tm2520112d1_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 3.5% |
| Not Rated | 6.8% |
| D | 2.5% |
| CC | 3.0% |
| CCC | 13.9% |
| B | 28.5% |
| BB | 22.7% |
| BBB | 14.4% |
| A | 2.4% |
| AA | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Security ratings disclosed with the exception for those labeled "not rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization ("NRSRO"). |

---

## Additional Information
![QR Code](tm2520112d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by contacting your financial intermediary.

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# MBDBX -TSR-SAR
(b) Not applicable.

**Item 2. Code of Ethics**

Not required in this filing.

**Item 3. Audit Committee Financial Expert**

Not required in this filing.

**Item 4. Principal Accountant Fees and Services**

Not required in this filing.

**Item 5. Audit Committee of Listed Registrants**

Not applicable.

**Item 6. Schedule of Investments**

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form
N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](j25201122_aa001.jpg)

**Morgan Stanley Variable Insurance Fund, Inc.**

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (unaudited)

Discovery Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Table of Contents**

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsPortofInvestments-2) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsStmtofAstsandLiab-2) | 4 |
| [Consolidated Statement of Operations](#ConsStmtofOps-2) | 5 |
| [Consolidated Statements of Changes in Net Assets](#ConsStmtofCNA-2) | 6 |
| [Consolidated Financial Highlights](#ConsFinHighlights-2) | 7 |
| [Notes to Consolidated Financial Statements](#NotestoConsFinStmts-2) | 9 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| [Investment Advisory Agreement Approval](#InvstmtAdvisAgmtAprvl-2) | 21 |
| Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments

**Discovery Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (95.1%)** | **Common Stocks (95.1%)** | **Common Stocks (95.1%)** |
| **Automobiles (0.3%)** | **Automobiles (0.3%)** | **Automobiles (0.3%)** |
| Rivian Automotive, Inc., Class A (a) | 39858 | $548 |
| **Beverages (0.6%)** | **Beverages (0.6%)** | **Beverages (0.6%)** |
| Celsius Holdings, Inc. (a) | 26823 | 1244 |
| **Biotechnology (1.8%)** | **Biotechnology (1.8%)** | **Biotechnology (1.8%)** |
| Alnylam Pharmaceuticals, Inc. (a) | 1679 | 548 |
| Argenx SE ADR (Belgium) (a) | 835 | 460 |
| ProKidney Corp. (a) | 126796 | 75 |
| Roivant Sciences Ltd. (a) | 261218 | 2944 |
|  |  | 4027 |
| **Broadline Retail (3.6%)** | **Broadline Retail (3.6%)** | **Broadline Retail (3.6%)** |
| Global-e Online Ltd. (Israel) (a) | 242335 | 8128 |
| **Entertainment (5.9%)** | **Entertainment (5.9%)** | **Entertainment (5.9%)** |
| ROBLOX Corp., Class A (a) | 125839 | 13238 |
| **Financial Services (8.6%)** | **Financial Services (8.6%)** | **Financial Services (8.6%)** |
| Affirm Holdings, Inc. (a) | 207417 | 14341 |
| Federal National Mortgage Association (a) | 464779 | 4434 |
| Toast, Inc., Class A (a) | 12756 | 565 |
|  |  | 19340 |
| **Health Care Equipment & Supplies (0.5%)** | **Health Care Equipment & Supplies (0.5%)** | **Health Care Equipment & Supplies (0.5%)** |
| Dexcom, Inc. (a) | 12914 | 1127 |
| **Health Care Providers & Services (2.3%)** | **Health Care Providers & Services (2.3%)** | **Health Care Providers & Services (2.3%)** |
| Agilon Health, Inc. (a) | 1269583 | 2920 |
| HealthEquity, Inc. (a) | 21473 | 2250 |
|  |  | 5170 |
| **Information Technology Services (16.7%)** | **Information Technology Services (16.7%)** | **Information Technology Services (16.7%)** |
| Cloudflare, Inc., Class A (a) | 148753 | 29129 |
| Snowflake, Inc., Class A (a) | 36653 | 8202 |
|  |  | 37331 |
| **Leisure Products (1.0%)** | **Leisure Products (1.0%)** | **Leisure Products (1.0%)** |
| Peloton Interactive, Inc., Class A (a) | 312542 | 2169 |
| **Machinery (0.7%)** | **Machinery (0.7%)** | **Machinery (0.7%)** |
| Symbotic, Inc. (a)(b) | 41195 | 1600 |
| **Media (4.8%)** | **Media (4.8%)** | **Media (4.8%)** |
| Trade Desk, Inc., Class A (a) | 148479 | 10689 |
| **Personal Care Products (3.6%)** | **Personal Care Products (3.6%)** | **Personal Care Products (3.6%)** |
| Oddity Tech Ltd., Class A (Israel) (a) | 107758 | 8133 |
| **Pharmaceuticals (4.8%)** | **Pharmaceuticals (4.8%)** | **Pharmaceuticals (4.8%)** |
| Royalty Pharma PLC, Class A | 298360 | 10750 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Real Estate Management & Development (2.4%)** | **Real Estate Management & Development (2.4%)** | **Real Estate Management & Development (2.4%)** |
| Landbridge Co. LLC, Class A | 80480 | $5439 |
| **Software (13.2%)** | **Software (13.2%)** | **Software (13.2%)** |
| Aurora Innovation, Inc. (a) | 1527634 | 8005 |
| MicroStrategy, Inc., Class A (a) | 34472 | 13934 |
| Samsara, Inc., Class A (a) | 191126 | 7603 |
|  |  | 29542 |
| **Specialty Retail (7.6%)** | **Specialty Retail (7.6%)** | **Specialty Retail (7.6%)** |
| Carvana Co. (a) | 23643 | 7966 |
| Chewy, Inc., Class A (a) | 50819 | 2166 |
| Floor & Decor Holdings, Inc., Class A (a) | 91703 | 6966 |
|  |  | 17098 |
| **Tech Hardware, Storage & Peripherals (5.1%)** | **Tech Hardware, Storage & Peripherals (5.1%)** | **Tech Hardware, Storage & Peripherals (5.1%)** |
| IonQ, Inc. (a) | 264511 | 11366 |
| **Trading Companies & Distributors (11.6%)** | **Trading Companies & Distributors (11.6%)** | **Trading Companies & Distributors (11.6%)** |
| Core & Main, Inc., Class A (a) | 190274 | 11483 |
| QXO, Inc. (a) | 672322 | 14482 |
|  |  | 25965 |
| **Total Common Stocks (Cost $155,098)** | **Total Common Stocks (Cost $155,098)** | 212904 |
| **Preferred Stocks (1.7%)** | **Preferred Stocks (1.7%)** | **Preferred Stocks (1.7%)** |
| **Software (1.7%)** | **Software (1.7%)** | **Software (1.7%)** |
| Databricks, Inc., Series H (a)(c)(d) (acquisition <br>cost — $2,666;acquired 8/31/21) | 36279 | 2984 |
| Databricks, Inc., Series I (a)(c)(d) (acquisition <br>cost — $709; acquired 9/15/23) | 9645 | 793 |
| **Total Preferred Stocks (Cost $3,375)** | **Total Preferred Stocks (Cost $3,375)** | 3777 |
| **Investment Company (2.9%)** | **Investment Company (2.9%)** | **Investment Company (2.9%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $4,065)** | 105046 | 6430 |
| **Short-Term Investment (0.8%)** | **Short-Term Investment (0.8%)** | **Short-Term Investment (0.8%)** |
| **Investment Company (0.8%)** | **Investment Company (0.8%)** | **Investment Company (0.8%)** |
| Morgan Stanley Institutional Liquidity Funds — <br>Treasury Securities Portfolio — Institutional <br>Class, 4.09% (See Note H) **(Cost $1,791)** | 1790520 | 1791 |
| **Total Investments Excluding Purchased<br>Options (100.5%) (Cost $164,329)** |  | 224902 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $1,113)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $1,113)** | 206 |
| **Total Investments (100.6%) (Cost $165,442)<br>Including $1,600 of Securities Loaned (e)(f)** | **Total Investments (100.6%) (Cost $165,442)<br>Including $1,600 of Securities Loaned (e)(f)** | 225108 |
| **Liabilities in Excess of Other Assets (–0.6%)** | **Liabilities in Excess of Other Assets (–0.6%)** | (1285) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $223823 |

---

The Fund had the following Derivative Contract — PIPE open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br>Obligation** | **Notional<br>Amount** | **Settlement<br>Date** | **Unrealized<br>Depreciation<br>(000)** | **% of<br>Net<br>Assets** |
| **Cantor Equity Partners, Inc.** | Twenty One Capital, Inc. (a)(c)(d)(g)(h) | $4245234 | 12/31/25 | $(172) | (0.08)% |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Discovery Portfolio**

(a) Non-income producing security.

(b) All or a portion of this security was on loan at June 30, 2025.

(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at June 30, 2025 amounts to approximately $3,605,000 and represents 1.6% of net assets.

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

(e) Securities are available for collateral in connection with purchased options.

(f) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $72,784,000 and the aggregate gross unrealized depreciation is approximately $13,290,000, resulting in net unrealized appreciation of approximately $59,494,000.

(g) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.

(h) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 202,154 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

PIPE Private Investment in Public Equity.

SPAC Special Purpose Acquisition Company.

**Call Options Purchased:**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Depreciation<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 19572621 | $19573 | $2 |  | $81 | $(79) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 50125188 | 50125 | 105 |  | 208 | (103) |
| Standard Chartered Bank | USD/CNH CNH | 7.77 | Oct-25 | 40532709 | 40533 | 10 |  | 176 | (166) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 17858771 | 17859 |  | @ | 78 | (78) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 47784367 | 47784 | 46 |  | 197 | (151) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 32277816 | 32278 | 33 |  | 157 | (124) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 45434046 | 45434 | 10 |  | 216 | (206) |
|  |  |  |  |  |  | $206 |  | $1113 | $(907) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Other\* | 29.9 | % |
| Information Technology Services | 16.6 |  |
| Software | 14.8 |  |
| Trading Companies & Distributors | 11.5 |  |
| Financial Services | 8.6 |  |
| Specialty Retail | 7.6 |  |
| Entertainment | 5.9 |  |
| Tech Hardware, Storage & Peripherals | 5.1 |  |
| Total Investments | 100.0 | %\*\* |

---

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

\*\* Does not include an open PIPE contract with unrealized depreciation of approximately $172,000.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Discovery Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **June 30, 2025<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $163,651) | $223317 |
| Investment in Security of Affiliated Issuer, at Value (Cost $1,791) | 1791 |
| Total Investments in Securities, at Value (Cost $165,442) | 225108 |
| Foreign Currency, at Value (Cost $1) | 1 |
| Receivable for Investments Sold | 371 |
| Receivable from Affiliate | 14 |
| Receivable from Securities Lending Income | 2 |
| Receivable for Fund Shares Sold |  |
| Other Assets | 22 |
| Total Assets | 225518 |
| **Liabilities:** | **Liabilities:** |
| Due to Broker | 570 |
| Payable for Fund Shares Redeemed | 494 |
| Payable for Advisory Fees | 277 |
| Unrealized Depreciation on Derivative Contracts — PIPE | 172 |
| Payable for Professional Fees | 68 |
| Payable for Servicing Fees | 48 |
| Payable for Administration Fees | 14 |
| Payable for Distribution Fees — Class II Shares | 14 |
| Payable for Custodian Fees | 5 |
| Payable for Transfer Agency Fees |  |
| Other Liabilities | 33 |
| Total Liabilities | 1695 |
| **NET ASSETS** | $223823 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | 265024 |
| Total Accumulated Loss | (41201 |
| **Net Assets** | $223823 |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $48367 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 6,139,151 Outstanding <br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $7.88 |
| **CLASS II:** | **CLASS II:** |
| **Net Assets** | $175456 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 25,277,378 Outstanding <br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $6.94 |
| **<sup>(1)</sup> Including:** | **<sup>(1)</sup> Including:** |
| Securities on Loan, at Value: | $1600 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Discovery Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Six Months Ended<br>June 30, 2025<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers | $117 |
| Dividends from Security of Affiliated Issuer (Note H) | 82 |
| Income from Securities Loaned — Net | 17 |
| Total Investment Income | 216 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 734 |
| Distribution Fees — Class II Shares (Note E) | 193 |
| Servicing Fees (Note D) | 150 |
| Professional Fees | 95 |
| Administration Fees (Note C) | 78 |
| Custodian Fees (Note G) | 10 |
| Shareholder Reporting Fees | 10 |
| Transfer Agency Fees (Note F) | 7 |
| Directors' Fees and Expenses | 3 |
| Pricing Fees | 2 |
| Other Expenses | 14 |
| Total Expenses | 1296 |
| Waiver of Advisory Fees (Note B) | (174 |
| Waiver of Distribution Fees — Class II Shares (Note E) | (116 |
| Rebate from Morgan Stanley Affiliate (Note H) | (4 |
| Net Expenses | 1002 |
| **Net Investment Loss** | (786 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 12895 |
| Payment from the Adviser (Note B) | 286 |
| Foreign Currency Transaction | 8 |
| Net Realized Gain | 13189 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 27063 |
| Foreign Currency Translation |  |
| Derivative Contracts — PIPE | (172 |
| Net Change in Unrealized Appreciation (Depreciation) | 26891 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 40080 |
| **Net Increase in Net Assets Resulting from Operations** | $39294 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

**Discovery Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(786) | $(1215) |
| Net Realized Gain | 13189 | 27369 |
| Net Change in Unrealized Appreciation (Depreciation) | 26891 | 35211 |
| Net Increase in Net Assets Resulting from Operations | 39294 | 61365 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Class I: | Class I: | Class I: |
| Subscribed | 5852 | 7942 |
| Redeemed | (6155) | (10488) |
| Class II: | Class II: | Class II: |
| Subscribed | 3590 | 3386 |
| Redeemed | (15591) | (31044) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (12304) | (30204) |
| Total Increase in Net Assets | 26990 | 31161 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 196833 | 165672 |
| End of Period | $223823 | $196833 |
| **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** |
| Class I: | Class I: | Class I: |
| Shares Subscribed | 890 | 1573 |
| Shares Redeemed | (932) | (2061) |
| Net Decrease in Class I Shares Outstanding | (42) | (488) |
| Class II: | Class II: | Class II: |
| Shares Subscribed | 615 | 760 |
| Shares Redeemed | (2624) | (6818) |
| Net Decrease in Class II Shares Outstanding | (2009) | (6058) |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

Consolidated Financial Highlights

**Discovery Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $6.51 | $4.59 | $3.18 | $17.04 | $29.50 | $13.05 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.03) | (0.02) | (0.04) | (0.19) | (0.17) |
| Net Realized and Unrealized Gain (Loss) | 1.39 | 1.95 | 1.43 | (9.83) | (1.27) | 18.96 |
| Total from Investment Operations | 1.37 | 1.92 | 1.41 | (9.87) | (1.46) | 18.79 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (3.99) | (11.00) | (2.34) |
| **Net Asset Value, End of Period** | $7.88 | $6.51 | $4.59 | $3.18 | $17.04 | $29.50 |
| **Total Return<sup>(3)</sup>** | 21.04%<sup>(4)</sup> | 41.83% | 44.34%<sup>(5)</sup> | (62.96)% | (11.06)% | 152.30% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $48367 | $40239 | $30613 | $22330 | $56135 | $68299 |
| Ratio of Expenses Before Expense Limitation | 1.13%<sup>(6)</sup> | 1.16% | 1.16% | 1.15% | 1.06% | 1.08% |
| Ratio of Expenses After Expense Limitation | 0.95%<sup>(6)(7)</sup> | 0.94%<sup>(7)</sup> | 0.94%<sup>(7)</sup> | 0.94%<sup>(7)</sup> | 0.95%<sup>(7)</sup> | 0.95%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 0.95%<sup>(7)</sup> | N/A |
| Ratio of Net Investment Loss | (0.73)%<sup>(6)(7)</sup> | (0.64)%<sup>(7)</sup> | (0.56)%<sup>(7)</sup> | (0.68)%<sup>(7)</sup> | (0.78)%<sup>(7)</sup> | (0.86)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(8)</sup> | 0.01% | 0.01% | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 52%<sup>(4)</sup> | 64% | 60% | 49% | 95% | 112% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period. Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(4) Not annualized.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

Consolidated Financial Highlights

**Discovery Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $5.74 | $4.05 | $2.81 | $16.04 | $28.41 | $12.63 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.03) | (0.02) | (0.04) | (0.20) | (0.18) |
| Net Realized and Unrealized Gain (Loss) | 1.22 | 1.72 | 1.26 | (9.20) | (1.17) | 18.30 |
| Total from Investment Operations | 1.20 | 1.69 | 1.24 | (9.24) | (1.37) | 18.12 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (3.99) | (11.00) | (2.34) |
| **Net Asset Value, End of Period** | $6.94 | $5.74 | $4.05 | $2.81 | $16.04 | $28.41 |
| **Total Return<sup>(3)</sup>** | 20.91%<sup>(4)</sup> | 41.73% | 44.13%<sup>(5)</sup> | (62.97)% | (11.19)% | 152.04% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $175456 | $156594 | $135059 | $99597 | $267182 | $332541 |
| Ratio of Expenses Before Expense Limitation | 1.38%<sup>(6)</sup> | 1.41% | 1.41% | 1.40% | 1.31% | 1.33% |
| Ratio of Expenses After Expense Limitation | 1.05%<sup>(6)(7)</sup> | 1.04%<sup>(7)</sup> | 1.04%<sup>(7)</sup> | 1.04%<sup>(7)</sup> | 1.05%<sup>(7)</sup> | 1.05%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expenses | N/A | N/A | N/A | N/A | 1.05%<sup>(7)</sup> | N/A |
| Ratio of Net Investment Loss | (0.83)%<sup>(6)(7)</sup> | (0.74)%<sup>(7)</sup> | (0.66)%<sup>(7)</sup> | (0.78)%<sup>(7)</sup> | (0.88)%<sup>(7)</sup> | (0.96)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(8)</sup> | 0.01% | 0.01% | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 52%<sup>(4)</sup> | 64% | 60% | 49% | 95% | 112% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period. Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(4) Not annualized.

(5) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class II shares.

(6) Annualized.

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements

Morgan Stanley Variable Insurance Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of five separate active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these consolidated financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the consolidated financial statements were issued.

The accompanying consolidated financial statements relates to the Discovery Portfolio. The Fund seeks long-term capital growth by investing primarily in common stocks and other equity securities. The Fund has issued two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, VIF Discovery Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of June 30, 2025, the

Subsidiary represented approximately $6,428,000 or approximately 2.87% of the total net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) 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

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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; (4) 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"), 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; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (6) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Directors have designated the Company's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies

previously approved by the Directors. Under procedures approved by the Directors, the Company's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company's valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

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

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

measurement in its entirety requires judgment and considers factors specific to each security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $212904<br><sup>(1)</sup> | $— | $— | $212904 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Software |  |  | 3777 | 3777 |
| **Investment Company** | 6430 |  |  | 6430 |
| **Call Options Purchased** |  | 206 |  | 206 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 1791 |  |  | 1791 |
| **Total Assets** | **221125** | **206** | **3777** | **225108** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Derivative <br>Contract — PIPE** |  |  | (172) | (172) |
| **Total** | $**221125** | $**206** | $**3605** | $**224936** |

---

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

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

---

| | | |
|:---|:---|:---|
| | **Preferred<br>Stocks<br>(000)** | **Derivative<br>Contract — <br>PIPE<br>(000)** |
| **Beginning Balance** | $4248 | $— |
| Purchases |  |  |
| Sales |  |  |
| PIPE transactions |  | (172) |
| Transfers in |  |  |
| Transfers out |  |  |
| Corporate actions |  |  |
| Change in unrealized appreciation <br>(depreciation) | (471) |  |
| Realized gains (losses) |  |  |
| **Ending Balance** | $3777 | $(172) |
| Net change in unrealized appreciation <br>(depreciation) from investments still held <br>as of June 30, 2025 | $(471) | $— |

---

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 June 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value at<br>June 30, 2025<br>(000)** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Amount\*** | **Amount\*** | **Impact to<br>Valuation from an<br>Increase in Input\*\*** |
| Preferred Stocks | $3777 | Discounted Cash<br>Flow | Weighted Average<br>Cost of Capital | 15.0 | % | <br>Decrease |
|  |  |  | Perpetual Growth<br>Rate | 3.5 | % | <br>Increase |
|  |  | Market Comparable<br>Companies | Enterprise<br>Value/Revenue | 14.8 | x | <br>Increase |
|  |  |  | Discount for<br>Lack of Marketability | 15.0 | % | <br>Decrease |
| PIPE | $(172) | Market Implied | Discount for<br>Lack of Marketability<br>and Transaction<br>Risk | 27.5 | % | <br>Decrease |

---

\* Amount is indicative of the weighted average.

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

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Options:** With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency ex-change risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to the Fund, minus the

premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

**Private Investment in Public Equity:** The Fund may acquire equity securities of an issuer that are issued through a private investment in public equity transaction, including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company's securities. The Fund's PIPE investment represents an unfunded subscription agreement in a private investment in public equity.

At June 30, 2025, the Fund's derivative contract PIPE position is reflected as a Derivative Contract — PIPE in the Consolidated Portfolio of Investments.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated<br>Statement of Assets<br>and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | Currency Risk | $206<br> (a) |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

for the six months ended June 30, 2025 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(325)(a) |

---

(a) Amounts are included in Realized Gain on Investments Sold in the Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(637)(a) |
| Equity Risk | Derivative Contracts — PIPE | (172) |
| Total |  | $(809) |

---

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

At June 30, 2025, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities Presented in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the<br>Consolidated Statement of Assets and Liabilities** |
| **Derivatives** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| Purchased Options | $206<br> (a) | $— |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms

and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented<br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received(b)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman <br>Sachs & <br>Co. LLC | $115 | $— | $— | $115 |
| JPMorgan <br>Chase <br>Bank NA | 48 |  | (48) | 0 |
| Standard <br>Chartered <br>Bank | 43 |  | (43) | 0 |
| Total | $206 | $— | $(91) | $115 |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received may be more than the amount shown here due to overcollateralization.

For the six months ended June 30, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 209437000 |
| **Derivative Contracts — PIPE:** | **Derivative Contracts — PIPE:** |
| Average monthly notional amount | $4245000 |

---

**5. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of <br>Assets and Liabilities** |
| **Gross Asset <br>Amount<br>Presented <br>in the <br>Statement of<br>Assets and <br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less <br>than $0)<br>(000)** |
| $1600<br> (a) | $— | $(1565)(b)(c) | $35 |

---

(a) Represents market value of loaned securities at period end.

(b) The Fund received non-cash collateral of approximately $1,565,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Consolidated Portfolio of Investments.

(c) The Fund did not maintain 100% collateral coverage at June 30, 2025. This was corrected on the next business day.

**6. Restricted Securities:** The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to

value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Consolidated Portfolio of Investments.

**7. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**8. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**9. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually . Net realized capital gains, if any, are distributed at least annually.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

**10. Segment Reporting:** During the reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07)*, which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees :** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $500<br>million** | **Next $500<br>million** | **Over $1<br>billion** |
| 0.75% | 0.70% | 0.65% |

---

For the six months ended June 30, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effectiverate of 0.57% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.95% for Class I shares and 1.05% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2025, approximately $174,000 of advisory fees were waived pursuant to this arrangement.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

The Adviser made a payment to the Fund of $285,505 related to a class action suit involving the Fund's past holdings which is included in "Payment from the Adviser" in the Consolidated Statement of Operations.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Servicing Fees:** The Company accrues daily and pays quarterly a servicing fee of up to 0.17% of the average daily value of shares of the Fund held in an insurance company's account. Certain insurance companies have entered into a servicing agreement with the Company to provide administrative and other contract-owner related services on behalf of the Fund.

**E. Distribution Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.15% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the six months ended June 30, 2025, this waiver amounted to approximately $116,000.

**F. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

For the six months ended June 30, 2025, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to less than $500.

**G. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**H. Security Transactions and Transactions with Affiliates:** For the six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $100,240,000 and $106,126,000, respectively. For the six months ended June 30, 2025, purchases and sales of long-term U.S. Government securities were approximately $3,406,000 and $0, respectively.

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 six months ended June 30, 2025, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $6711 | $37062 | $41982 | $82 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>June 30,<br>2025<br>(000)** |
| Liquidity Fund | $— | $— | $1791 |

---

During the year ended June 30, 2025, the Fund incurred approximately $5,000 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator

and Distributor, for portfolio transactions executed on behalf of the Fund.

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 six months ended June 30, 2025, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**I. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes.There were no distributions paid during fiscal years 2024 and 2023.

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $1 | $(1) |

---

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $954 | $— |

---

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $35,822,000 and $77,300,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately$23,449,000.

**J. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended June 30, 2025, the Fund did not have any borrowings under the Facility.

**K. Other:** At June 30, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 71.4%.

**L. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Special Purpose Acquisition Companies:** The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. The Fund may acquire an interest in a SPAC in an IPO or a secondary market transaction.

Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may negatively affect the Fund's performance. Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

Other risks of investing in SPACs include that a significant portion of the monies raised by the SPAC may be expended during the search for a target transaction; an attractive transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may dissolve and be required to return any remaining monies to shareholders, causing the Fund to incur the opportunity cost of missed investment opportunities the Fund otherwise could have benefited from; a transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased

or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. In addition, a SPAC target company may have limited operating experience, a smaller size, limited product lines, markets, distribution channels and financial and managerial resources. Investing in the securities of smaller companies involves greater risk, and portfolio price volatility.

**Private Investment in Public Equity:** The Fund may acquire equity securities of an issuer that are issued through a PIPE transaction, including on a when-issued basis. The Fund will generally earmark an amount of cash or high quality securities equal (on a daily mark to market basis) to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, including through a SPAC, typically at a discount to the market price of the company's securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of the Fund's investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and the Fund cannot freely trade the securities. Generally, such restrictions cause the PIPEs to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates),

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval

**Nature, Extent and Quality of Services**

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser and Administrator together are referred to as the "Adviser" and the advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

**Performance, Fees and Expenses of the Fund**

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one- and five-year periods but below its peer group average for the three-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's contractual management fee was higher than but close to its peer group average and the actual management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

**Economies of Scale**

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which includes breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

**Profitability of the Adviser and Affiliates**

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval (cont'd)

and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

**Other Benefits of the Relationship**

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

**Resources of the Adviser and Historical Relationship Between the Fund and the Adviser**

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

**Other Factors and Current Trends**

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

**General Conclusion**

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

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------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.**

MMGTX-NCSR 6.30.25

------

![](j25201123_aa001.jpg)

**Morgan Stanley Variable Insurance Fund, Inc.**

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (unaudited)

Emerging Markets Debt Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Table of Contents**

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-3) | 2 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-3) | 11 |
| [Statement of Operations](#StatementofOperations-3) | 12 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-3) | 13 |
| [Financial Highlights](#FinancialHighlights-3) | 14 |
| [Notes to Financial Statements](#NotestoFinancialStatements-3) | 16 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| [Investment Advisory Agreement Approval](#InvestmentAdvisoryAgreementApproval-3) | 26 |
| Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Portfolio of Investments

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Fixed Income Securities (92.6%)** | **Fixed Income Securities (92.6%)** | **Fixed Income Securities (92.6%)** |
| **Albania (0.9%)** | **Albania (0.9%)** | **Albania (0.9%)** |
| **Sovereign (0.9%)** | **Sovereign (0.9%)** | **Sovereign (0.9%)** |
| Albania Government International Bond,<br>3.50%, 11/23/31 | 100 | $115 |
| 4.75%, 2/14/35 | 690 | 813 |
|  |  | 928 |
| **Angola (1.2%)** | **Angola (1.2%)** | **Angola (1.2%)** |
| **Corporate Bond (0.6%)** | **Corporate Bond (0.6%)** | **Corporate Bond (0.6%)** |
| Azule Energy Finance PLC,<br>8.13%, 1/23/30 (a) | $666 | 661 |
| **Sovereign (0.6%)** | **Sovereign (0.6%)** | **Sovereign (0.6%)** |
| Angolan Government International Bond,<br>8.75%, 4/14/32 | 250 | 221 |
| 9.13%, 11/26/49 | 304 | 236 |
| 9.38%, 5/8/48 | 226 | 180 |
|  |  | 637 |
|  |  | 1298 |
| **Argentina (3.1%)** | **Argentina (3.1%)** | **Argentina (3.1%)** |
| **Corporate Bonds (1.2%)** | **Corporate Bonds (1.2%)** | **Corporate Bonds (1.2%)** |
| Banco Macro SA,<br>8.00%, 6/23/29 (a) | 342 | 342 |
| Generacion Mediterranea SA/Central <br>Termica Roca SA,<br>11.00%, 11/1/31 (a)(b)(c) | 284 | 165 |
| IRSA Inversiones y Representaciones SA,<br>8.00%, 3/31/35 (a) | 296 | 292 |
| YPF SA,<br>8.25%, 1/17/34 (a) | 435 | 436 |
|  |  | 1235 |
| **Senior Loan Interests (0.6%)**  | **Senior Loan Interests (0.6%)**  | **Senior Loan Interests (0.6%)**  |
| Provincia De Neuquen,<br>Term Loan,<br>1 Month SOFR + 7.30%, <br>11.74%, 5/28/27 (d) | 234 | 237 |
| Telecom Argentina SA,<br>Term Loan,<br>3 Month SOFR + 5.00%, <br>9.33%, 2/23/29 (d) | 397 | 391 |
|  |  | 628 |
| **Sovereign (1.3%)** | **Sovereign (1.3%)** | **Sovereign (1.3%)** |
| Argentine Republic Government <br>International Bond,<br>0.75%, 7/9/30 (e) | 352 | 282 |
| 1.00%, 7/9/29 | 180 | 151 |
| 3.50%, 7/9/41 (e) | 250 | 155 |
| 4.13%, 7/9/35 (e) | 300 | 203 |
| 5.00%, 1/9/38 (e) | 300 | 215 |
| Provincia de Cordoba,<br>9.75%, 7/2/32 (a)(f) | 343 | 344 |
|  |  | 1350 |
|  |  | 3213 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Armenia (0.2%)** | **Armenia (0.2%)** | **Armenia (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Republic of Armenia International Bond,<br>6.75%, 3/12/35 | $200 | $195 |
| **Azerbaijan (0.2%)** | **Azerbaijan (0.2%)** | **Azerbaijan (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Republic of Azerbaijan International Bond,<br>3.50%, 9/1/32 | 230 | 206 |
| **Bahamas (2.1%)** | **Bahamas (2.1%)** | **Bahamas (2.1%)** |
| **Senior Loan Interests (1.0%)** | **Senior Loan Interests (1.0%)** | **Senior Loan Interests (1.0%)** |
| Commonwealth of Bahamas,<br>Term Loan,<br>6 Month EURIBOR + 6.85%, <br>8.89%, 11/24/28 (d) | 866 | 1022 |
| **Sovereign (1.1%)** | **Sovereign (1.1%)** | **Sovereign (1.1%)** |
| Bahamas Government International Bond,<br>6.63%, 5/15/33 | $124 | 113 |
| 8.25%, 6/24/36 (a) | 455 | 463 |
| 8.95%, 10/15/32 | 508 | 545 |
|  |  | 1121 |
|  |  | 2143 |
| **Benin (1.7%)** | **Benin (1.7%)** | **Benin (1.7%)** |
| **Sovereign (1.7%)** | **Sovereign (1.7%)** | **Sovereign (1.7%)** |
| Benin Government International Bond,<br>4.95%, 1/22/35 | 607 | 612 |
| 6.88%, 1/19/52 | 746 | 735 |
| 7.96%, 2/13/38 | $200 | 190 |
| 8.38%, 1/23/41 | 274 | 264 |
|  |  | 1801 |
| **Brazil (4.6%)** | **Brazil (4.6%)** | **Brazil (4.6%)** |
| **Corporate Bonds (4.6%)** | **Corporate Bonds (4.6%)** | **Corporate Bonds (4.6%)** |
| Braskem Netherlands Finance BV,<br>4.50%, 1/31/30 | 222 | 172 |
| Constellation Oil Services Holding SA,<br>9.38%, 11/7/29 (a) | 550 | 560 |
| FORESEA Holding SA,<br>7.50%, 6/15/30 | 685 | 651 |
| Gol Finance, Inc.,<br>14.38%, 6/6/30 (a) | 574 | 554 |
| MV24 Capital BV,<br>6.75%, 6/1/34 | 211 | 205 |
| OHI Group SA,<br>13.00%, 7/22/29 (a) | 890 | 928 |
| OI SA,<br>10.00% Cash, 13.50% PIK, <br>23.50%, 6/30/27 (a)(g) | 310 | 202 |
| Raizen Fuels Finance SA,<br>6.25%, 7/8/32 (a)(f) | 200 | 199 |
| Samarco Mineracao SA,<br>0.00% Cash, 9.00% PIK, <br>9.00%, 6/30/31 (b)(c)(g) | 1091 | 1073 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Corporate Bonds (cont'd)** | **Corporate Bonds (cont'd)** | **Corporate Bonds (cont'd)** |
| Unigel Luxembourg SA,<br>13.50% Cash, 15.00% PIK, <br>28.50%, 12/31/27 (g) | $23 | 19 |
| Yinson Boronia Production BV,<br>8.95%, 7/31/42 (a) | 198 | 211 |
|  |  | 4774 |
| **Bulgaria (0.2%)** | **Bulgaria (0.2%)** | **Bulgaria (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Bulgaria Government International Bond,<br>5.00%, 3/5/37 | 190 | 186 |
| **Cameroon (2.0%)** | **Cameroon (2.0%)** | **Cameroon (2.0%)** |
| **Corporate Bond (0.4%)** | **Corporate Bond (0.4%)** | **Corporate Bond (0.4%)** |
| Golar LNG Ltd.,<br>7.75%, 9/19/29 | 400 | 403 |
| **Sovereign (1.6%)** | **Sovereign (1.6%)** | **Sovereign (1.6%)** |
| Republic of Cameroon International Bond,<br>5.95%, 7/7/32 | 473 | 438 |
| 9.50%, 7/31/31 | $1344 | 1256 |
|  |  | 1694 |
|  |  | 2097 |
| **Chile (1.4%)** | **Chile (1.4%)** | **Chile (1.4%)** |
| **Sovereign (1.4%)** | **Sovereign (1.4%)** | **Sovereign (1.4%)** |
| Chile Government International Bond,<br>2.55%, 7/27/33 | 1000 | 844 |
| 3.50%, 1/25/50 | 800 | 571 |
|  |  | 1415 |
| **China (1.3%)** | **China (1.3%)** | **China (1.3%)** |
| **Corporate Bonds (1.3%)** | **Corporate Bonds (1.3%)** | **Corporate Bonds (1.3%)** |
| Alibaba Group Holding Ltd.,<br>0.50%, 6/1/31 | 123 | 157 |
| China Oil & Gas Group Ltd.,<br>4.70%, 6/30/26 | 790 | 776 |
| H World Group Ltd.,<br>3.00%, 5/1/26 | 95 | 101 |
| KWG Group Holdings Ltd.,<br>7.88%, 8/30/24 (b)(c) | 450 | 29 |
| PDD Holdings, Inc.,<br>0.00%, 12/1/25 | 97 | 95 |
| Shimao Group Holdings Ltd.,<br>5.60%, 7/15/26 (b)(c) | 1218 | 67 |
| Sunac China Holdings Ltd.,<br>0.00% Cash, 1.00% PIK, <br>1.00%, 9/30/32 (b)(c) | 85 | 9 |
| 5.00% Cash, 6.00% PIK, <br>11.00%, 9/30/26 (b)(c) | 72 | 9 |
| 5.25% Cash, 6.25% PIK, <br>11.50%, 9/30/27 (b)(c) | 72 | 9 |
| 5.50% Cash, 6.50% PIK, <br>12.00%, 9/30/27 (b)(c) | 145 | 18 |
| 5.75% Cash, 6.75% PIK, <br>12.50%, 9/30/28 (b)(c) | 218 | 27 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| 6.00% Cash, 7.00% PIK, <br>13.00%, 9/30/29 (b)(c) | $219 | $| 27 |
| 6.25% Cash, 7.25% PIK, <br>13.50%, 9/30/30 (b)(c) | 103 |  | 13 |
| Times China Holdings Ltd.,<br>5.55%, 6/4/24 (b)(c) | 1376 |  | 48 |
| 6.75%, 7/16/23 (b)(c) | 280 |  | 10 |
|  |  |  | 1395 |
| **Colombia (2.7%)** | **Colombia (2.7%)** | **Colombia (2.7%)** | **Colombia (2.7%)** |
| **Corporate Bonds (2.7%)** | **Corporate Bonds (2.7%)** | **Corporate Bonds (2.7%)** | **Corporate Bonds (2.7%)** |
| ABRA Global Finance,<br>6.00% Cash, 8.00% PIK, <br>14.00%, 10/22/29 (a)(g) | 594 |  | 452 |
| Avianca Midco 2 PLC,<br>9.00%, 12/1/28 (a) | 684 |  | 649 |
| 9.63%, 2/14/30 (a) | 202 |  | 187 |
| Banco Davivienda SA,<br>6.65%, 4/22/31 (h) | 208 |  | 185 |
| 8.13%, 7/2/35 (a)(f) | 402 |  | 404 |
| Banco de Occidente SA,<br>10.88%, 8/13/34 | 430 |  | 478 |
| Bancolombia SA,<br>8.63%, 12/24/34 | 288 |  | 303 |
| Canacol Energy Ltd.,<br>5.75%, 11/24/28 | 500 |  | 173 |
|  |  |  | 2831 |
| **Costa Rica (0.5%)** | **Costa Rica (0.5%)** | **Costa Rica (0.5%)** | **Costa Rica (0.5%)** |
| **Sovereign (0.5%)** | **Sovereign (0.5%)** | **Sovereign (0.5%)** | **Sovereign (0.5%)** |
| Costa Rica Government International Bond,<br>6.55%, 4/3/34 | 520 |  | 544 |
| **Dominican Republic (1.9%)** | **Dominican Republic (1.9%)** | **Dominican Republic (1.9%)** | **Dominican Republic (1.9%)** |
| **Sovereign (1.9%)** | **Sovereign (1.9%)** | **Sovereign (1.9%)** | **Sovereign (1.9%)** |
| Dominican Republic International Bond,<br>4.50%, 1/30/30 | 300 |  | 286 |
| 4.88%, 9/23/32 | 1000 |  | 926 |
| 5.30%, 1/21/41 | 200 |  | 173 |
| 6.85%, 1/27/45 | 200 |  | 198 |
| 7.45%, 4/30/44 | 200 |  | 209 |
| 7.45%, 4/30/44 (a) | 200 |  | 210 |
|  |  |  | 2002 |
| **Ecuador (0.9%)** | **Ecuador (0.9%)** | **Ecuador (0.9%)** | **Ecuador (0.9%)** |
| **Sovereign (0.9%)** | **Sovereign (0.9%)** | **Sovereign (0.9%)** | **Sovereign (0.9%)** |
| Ecuador Government International Bond,<br>0.00%, 7/31/30 | 400 |  | 290 |
| 5.50%, 7/31/35 (e) | 100 |  | 73 |
| 6.90%, 7/31/30 (e) | 660 |  | 575 |
|  |  |  | 938 |
| **Egypt (3.4%)** | **Egypt (3.4%)** | **Egypt (3.4%)** | **Egypt (3.4%)** |
| **Sovereign (3.4%)** | **Sovereign (3.4%)** | **Sovereign (3.4%)** | **Sovereign (3.4%)** |
| Egypt Government International Bond,<br>5.63%, 4/16/30 | 200 |  | 218 |
| 6.38%, 4/11/31 | 900 |  | 985 |
| 7.30%, 9/30/33 | $221 |  | 197 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Sovereign (cont'd)** | **Sovereign (cont'd)** | **Sovereign (cont'd)** | **Sovereign (cont'd)** |
| 7.63%, 5/29/32 | $| 200 | 185 |
| 7.90%, 2/21/48 |  | 400 | 308 |
| 8.50%, 1/31/47 |  | 1256 | 1021 |
| 8.63%, 2/4/30 |  | 353 | 357 |
| 9.45%, 2/4/33 |  | 251 | 254 |
|  |  |  | 3525 |
| **El Salvador (0.7%)** | **El Salvador (0.7%)** | **El Salvador (0.7%)** | **El Salvador (0.7%)** |
| **Sovereign (0.7%)** | **Sovereign (0.7%)** | **Sovereign (0.7%)** | **Sovereign (0.7%)** |
| El Salvador Government International Bond,<br>7.65%, 6/15/35 |  | 140 | 136 |
| 8.25%, 4/10/32 |  | 300 | 305 |
| 9.25%, 4/17/30 |  | 150 | 159 |
| 9.65%, 11/21/54 (a) |  | 165 | 170 |
|  |  |  | 770 |
| **Ethiopia (1.8%)** | **Ethiopia (1.8%)** | **Ethiopia (1.8%)** | **Ethiopia (1.8%)** |
| **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** |
| Ethiopia International Bond,<br>6.63%, 12/11/24 (b)(c) |  | 2042 | 1881 |
| **Gabon (0.2%)** | **Gabon (0.2%)** | **Gabon (0.2%)** | **Gabon (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Gabon Government International Bond,<br>6.63%, 2/6/31 |  | 200 | 160 |
| **Georgia (1.0%)** | **Georgia (1.0%)** | **Georgia (1.0%)** | **Georgia (1.0%)** |
| **Corporate Bonds (1.0%)** | **Corporate Bonds (1.0%)** | **Corporate Bonds (1.0%)** | **Corporate Bonds (1.0%)** |
| Bank of Georgia JSC,<br>9.50%, 7/16/29 (h) |  | 490 | 488 |
| TBC Bank JSC,<br>10.25%, 7/30/29 (h) |  | 528 | 529 |
|  |  |  | 1017 |
| **Ghana (2.1%)** | **Ghana (2.1%)** | **Ghana (2.1%)** | **Ghana (2.1%)** |
| **Corporate Bonds (0.9%)** | **Corporate Bonds (0.9%)** | **Corporate Bonds (0.9%)** | **Corporate Bonds (0.9%)** |
| Kosmos Energy Ltd.,<br>7.50%, 3/1/28 |  | 473 | 390 |
| 8.75%, 10/1/31 |  | 400 | 297 |
| Tullow Oil PLC,<br>10.25%, 5/15/26 |  | 341 | 297 |
|  |  |  | 984 |
| **Sovereign (1.2%)** | **Sovereign (1.2%)** | **Sovereign (1.2%)** | **Sovereign (1.2%)** |
| Ghana Government International Bond,<br>0.00%, 1/3/30 (b)(c) |  | 28 | 23 |
| 1.50%, 1/3/37 (b)(c) |  | 138 | 64 |
| 5.00%, 7/3/29 - 7/3/35 (b)(c)(e) |  | 1446 | 1145 |
|  |  |  | 1232 |
|  |  |  | 2216 |
| **Greece (0.6%)** | **Greece (0.6%)** | **Greece (0.6%)** | **Greece (0.6%)** |
| **Corporate Bond (0.6%)** | **Corporate Bond (0.6%)** | **Corporate Bond (0.6%)** | **Corporate Bond (0.6%)** |
| Alpha Services & Holdings SA,<br>7.50%, 6/10/30 (h) | EUR | 483 | 606 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Guatemala (0.9%)** | **Guatemala (0.9%)** | **Guatemala (0.9%)** |
| **Sovereign (0.9%)** | **Sovereign (0.9%)** | **Sovereign (0.9%)** |
| Guatemala Government Bond,<br>3.70%, 10/7/33 | $300 | $254 |
| 5.38%, 4/24/32 | 400 | 392 |
| 6.55%, 2/6/37 | 300 | 303 |
|  |  | 949 |
| **Guyana (0.2%)** | **Guyana (0.2%)** | **Guyana (0.2%)** |
| **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** |
| Secure International Finance Co., Inc.,<br>10.00%, 6/3/29 (a) | 188 | 189 |
| **Honduras (1.1%)** | **Honduras (1.1%)** | **Honduras (1.1%)** |
| **Sovereign (1.1%)** | **Sovereign (1.1%)** | **Sovereign (1.1%)** |
| Honduras Government International Bond,<br>8.63%, 11/27/34 (a) | 200 | 210 |
| 8.63%, 11/27/34 | 908 | 954 |
|  |  | 1164 |
| **Hong Kong (0.8%)** | **Hong Kong (0.8%)** | **Hong Kong (0.8%)** |
| **Corporate Bonds (0.8%)** | **Corporate Bonds (0.8%)** | **Corporate Bonds (0.8%)** |
| CAS Capital No. 1 Ltd.,<br>4.00%, 7/12/26 (h) | 400 | 396 |
| Yuexiu Co. Ltd. REIT MTN,<br>2.65%, 2/2/26 | 500 | 487 |
|  |  | 883 |
| **Hungary (2.0%)** | **Hungary (2.0%)** | **Hungary (2.0%)** |
| **Corporate Bonds (1.0%)** | **Corporate Bonds (1.0%)** | **Corporate Bonds (1.0%)** |
| MBH Bank Nyrt,<br>5.25%, 1/29/30 | 230 | 273 |
| 6.88%, 11/8/35 | 200 | 244 |
| OTP Bank Nyrt,<br>7.30%, 7/30/35 | $225 | 230 |
| 8.75%, 5/15/33 | 254 | 272 |
|  |  | 1019 |
| **Sovereign (1.0%)** | **Sovereign (1.0%)** | **Sovereign (1.0%)** |
| Hungary Government International Bond,<br>5.50%, 3/26/36 | 400 | 387 |
| 6.25%, 9/22/32 | 600 | 627 |
|  |  | 1014 |
|  |  | 2033 |
| **India (1.5%)** | **India (1.5%)** | **India (1.5%)** |
| **Corporate Bonds (1.5%)** | **Corporate Bonds (1.5%)** | **Corporate Bonds (1.5%)** |
| HDFC Bank Ltd.,<br>3.70%, 8/25/26 (h) | 363 | 352 |
| Piramal Finance Ltd.,<br>7.80%, 1/29/28 | 370 | 372 |
| Vedanta Resources Finance II PLC,<br>9.85%, 4/24/33 (a) | 200 | 201 |
| 10.25%, 6/3/28 (a) | 280 | 291 |
| 11.25%, 12/3/31 (a) | 280 | 294 |
|  |  | 1510 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Iraq (0.1%)** | **Iraq (0.1%)** | **Iraq (0.1%)** |
| **Sovereign (0.1%)** | **Sovereign (0.1%)** | **Sovereign (0.1%)** |
| Iraq International Bond,<br>5.80%, 1/15/28 | $105 | $104 |
| **Ivory Coast (0.5%)** | **Ivory Coast (0.5%)** | **Ivory Coast (0.5%)** |
| **Sovereign (0.5%)** | **Sovereign (0.5%)** | **Sovereign (0.5%)** |
| Ivory Coast Government International Bond,<br>8.08%, 4/1/36 | 493 | 476 |
| **Jamaica (1.1%)** | **Jamaica (1.1%)** | **Jamaica (1.1%)** |
| **Corporate Bond (0.6%)** | **Corporate Bond (0.6%)** | **Corporate Bond (0.6%)** |
| Digicel Intermediate Holdings Ltd./Digicel <br>International Finance Ltd./Difl U.S.,<br>9.00% Cash, 1.50% PIK, <br>10.50%, 5/25/27 (g) | 606 | 612 |
| **Senior Loan Interests (0.5%)** | **Senior Loan Interests (0.5%)** | **Senior Loan Interests (0.5%)** |
| Digicel International Finance Ltd.,<br>Term Loan,<br>3 Month SOFR + 5.25%, <br>9.53% Cash, 2.25% PIK,<br>11.78%, 5/25/27 (d)(g) | 586 | 586 |
|  |  | 1198 |
| **Jordan (0.7%)** | **Jordan (0.7%)** | **Jordan (0.7%)** |
| **Sovereign (0.7%)** | **Sovereign (0.7%)** | **Sovereign (0.7%)** |
| Jordan Government International Bond,<br>5.85%, 7/7/30 | 707 | 682 |
| **Kazakhstan (1.2%)** | **Kazakhstan (1.2%)** | **Kazakhstan (1.2%)** |
| **Corporate Bonds (1.2%)** | **Corporate Bonds (1.2%)** | **Corporate Bonds (1.2%)** |
| ForteBank JSC,<br>7.75%, 2/4/30 (a) | 690 | 688 |
| Kaspi.KZ JSC,<br>6.25%, 3/26/30 | 550 | 555 |
|  |  | 1243 |
| **Kenya (0.6%)** | **Kenya (0.6%)** | **Kenya (0.6%)** |
| **Sovereign (0.6%)** | **Sovereign (0.6%)** | **Sovereign (0.6%)** |
| Republic of Kenya Government <br>International Bond,<br>8.25%, 2/28/48 | 257 | 209 |
| 9.50%, 3/5/36 | 450 | 425 |
|  |  | 634 |
| **Kuwait (0.3%)** | **Kuwait (0.3%)** | **Kuwait (0.3%)** |
| **Sovereign (0.3%)** | **Sovereign (0.3%)** | **Sovereign (0.3%)** |
| Kuwait International Government Bond,<br>3.50%, 3/20/27 | 300 | 296 |
| **Lebanon (1.2%)** | **Lebanon (1.2%)** | **Lebanon (1.2%)** |
| **Sovereign (1.2%)** | **Sovereign (1.2%)** | **Sovereign (1.2%)** |
| Lebanon Government International Bond,<br>5.80%, 4/14/20 (b)(c) | 737 | 139 |
| 6.00%, 1/27/23 (b)(c) | 436 | 82 |
| 6.10%, 10/4/22 (b)(c) | 769 | 145 |
| 6.15%, 6/19/49 (b)(c) | 15 | 3 |
| 6.20%, 2/26/25 (b)(c) | 98 | 19 |
| 6.25%, 5/27/22 - 6/12/25 (b)(c) | 270 | 50 |
| 6.38%, 3/9/20 (b)(c) | 50 | 9 |
| 6.40%, 5/26/23 (b)(c) | 1839 | 348 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| 6.60%, 11/27/26 (b)(c) | $7 | $| 1 |
| 6.65%, 4/22/24 - 11/3/28 (b)(c) | 353 |  | 66 |
| 6.85%, 3/23/27 - 5/25/29 (b)(c) | 1380 |  | 261 |
| 7.00%, 3/20/28 - 3/23/32 (b)(c) | 491 |  | 93 |
| 7.25%, 3/23/37 (b)(c) | 106 |  | 20 |
|  |  |  | 1236 |
| **Malaysia (0.8%)** | **Malaysia (0.8%)** | **Malaysia (0.8%)** | **Malaysia (0.8%)** |
| **Corporate Bonds (0.8%)** | **Corporate Bonds (0.8%)** | **Corporate Bonds (0.8%)** | **Corporate Bonds (0.8%)** |
| Petronas Capital Ltd.,<br>2.48%, 1/28/32 | 800 |  | 697 |
| 4.55%, 4/21/50 | 200 |  | 170 |
|  |  |  | 867 |
| **Mexico (4.0%)** | **Mexico (4.0%)** | **Mexico (4.0%)** | **Mexico (4.0%)** |
| **Corporate Bonds (2.3%)** | **Corporate Bonds (2.3%)** | **Corporate Bonds (2.3%)** | **Corporate Bonds (2.3%)** |
| Banco Mercantil del Norte SA,<br>8.38%, 5/20/31 (a)(h) | 530 |  | 537 |
| BBVA Mexico SA Institucion De Banca <br>Multiple Grupo Financiero BBVA Mexico,<br>5.13%, 1/18/33 | 265 |  | 255 |
| 8.45%, 6/29/38 | 336 |  | 356 |
| Fideicomiso Irrevocable de Administracion <br>y Fuente de Pago Numero CIB/4323,<br>11.00% Cash, 2.00% PIK, <br>13.00%, 9/12/30 (g) | 539 |  | 437 |
| Grupo Aeromexico SAB de CV,<br>8.63%, 11/15/31 (a) | 538 |  | 515 |
| Total Play Telecomunicaciones SA de CV,<br>11.13%, 12/31/32 (a) | 321 |  | 305 |
|  |  |  | 2405 |
| **Sovereign (1.7%)** | **Sovereign (1.7%)** | **Sovereign (1.7%)** | **Sovereign (1.7%)** |
| Petroleos Mexicanos,<br>4.50%, 1/23/26 | 219 |  | 216 |
| 6.75%, 9/21/47 | 453 |  | 328 |
| 6.84%, 1/23/30 | 1069 |  | 1034 |
| 6.88%, 8/4/26 | 132 |  | 132 |
|  |  |  | 1710 |
|  |  |  | 4115 |
| **Mongolia (0.4%)** | **Mongolia (0.4%)** | **Mongolia (0.4%)** | **Mongolia (0.4%)** |
| **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** |
| Golomt Bank,<br>11.00%, 5/20/27 | 200 |  | 204 |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Mongolia Government International Bond,<br>7.88%, 6/5/29 | 200 |  | 208 |
|  |  |  | 412 |
| **Montenegro (1.6%)** | **Montenegro (1.6%)** | **Montenegro (1.6%)** | **Montenegro (1.6%)** |
| **Sovereign (1.6%)** | **Sovereign (1.6%)** | **Sovereign (1.6%)** | **Sovereign (1.6%)** |
| Montenegro Government International <br>Bond,<br>4.88%, 4/1/32 | 1285 |  | 1501 |
| 7.25%, 3/12/31 | $200 |  | 208 |
|  |  |  | 1709 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Morocco (0.6%)** | **Morocco (0.6%)** | **Morocco (0.6%)** |
| **Sovereign (0.6%)** | **Sovereign (0.6%)** | **Sovereign (0.6%)** |
| Morocco Government International Bond,<br>3.00%, 12/15/32 | $500 | $424 |
| 4.00%, 12/15/50 (a) | 300 | 205 |
|  |  | 629 |
| **Nicaragua (0.2%)** | **Nicaragua (0.2%)** | **Nicaragua (0.2%)** |
| **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** |
| Polaris Renewable Energy, Inc.,<br>9.50%, 12/3/29 | 250 | 260 |
| **Nigeria (1.9%)** | **Nigeria (1.9%)** | **Nigeria (1.9%)** |
| **Corporate Bond (0.5%)** | **Corporate Bond (0.5%)** | **Corporate Bond (0.5%)** |
| Access Bank PLC,<br>6.13%, 9/21/26 | 483 | 477 |
| **Sovereign (1.4%)** | **Sovereign (1.4%)** | **Sovereign (1.4%)** |
| Nigeria Government International Bond,<br>7.70%, 2/23/38 | 200 | 174 |
| 10.38%, 12/9/34 | 1223 | 1289 |
|  |  | 1463 |
|  |  | 1940 |
| **Oman (1.9%)** | **Oman (1.9%)** | **Oman (1.9%)** |
| **Sovereign (1.9%)** | **Sovereign (1.9%)** | **Sovereign (1.9%)** |
| Oman Government International Bond,<br>5.38%, 3/8/27 | 200 | 202 |
| 6.00%, 8/1/29 | 300 | 315 |
| 6.25%, 1/25/31 | 500 | 532 |
| 6.75%, 1/17/48 | 440 | 455 |
| 7.38%, 10/28/32 | 400 | 454 |
|  |  | 1958 |
| **Pakistan (0.7%)** | **Pakistan (0.7%)** | **Pakistan (0.7%)** |
| **Sovereign (0.7%)** | **Sovereign (0.7%)** | **Sovereign (0.7%)** |
| Pakistan Government International Bond,<br>6.88%, 12/5/27 | 267 | 253 |
| 7.38%, 4/8/31 | 481 | 428 |
|  |  | 681 |
| **Paraguay (0.8%)** | **Paraguay (0.8%)** | **Paraguay (0.8%)** |
| **Corporate Bond (0.1%)** | **Corporate Bond (0.1%)** | **Corporate Bond (0.1%)** |
| Frigorifico Concepcion SA,<br>7.70%, 7/21/28 | 204 | 159 |
| **Senior Loan Interests (0.7%)** | **Senior Loan Interests (0.7%)** | **Senior Loan Interests (0.7%)** |
| Frigorifico Concepcion SA,<br>Term Loan,<br>3 Month SOFR + 5.50%, <br>9.79%, 12/8/26 (d) | 669 | 679 |
|  |  | 838 |
| **Peru (1.5%)** | **Peru (1.5%)** | **Peru (1.5%)** |
| **Corporate Bonds (1.2%)** | **Corporate Bonds (1.2%)** | **Corporate Bonds (1.2%)** |
| Auna SA,<br>10.00%, 12/18/29 (a) | 493 | 517 |
| Camposol SA,<br>6.00%, 2/3/27 | 157 | 154 |
| Peru LNG Srl,<br>5.38%, 3/22/30 | 194 | 183 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| Petroleos del Peru SA,<br>5.63%, 6/19/47 | $540 | $ | 342 |
|  |  |  | 1196 |
| **Sovereign (0.3%)** | **Sovereign (0.3%)** | **Sovereign (0.3%)** | **Sovereign (0.3%)** |
| Peruvian Government International Bond,<br>3.00%, 1/15/34 | 300 |  | 253 |
| 5.88%, 8/8/54 | 100 |  | 97 |
|  |  |  | 350 |
|  |  |  | 1546 |
| **Philippines (1.5%)** | **Philippines (1.5%)** | **Philippines (1.5%)** | **Philippines (1.5%)** |
| **Sovereign (1.5%)** | **Sovereign (1.5%)** | **Sovereign (1.5%)** | **Sovereign (1.5%)** |
| Philippine Government International Bond,<br>4.75%, 3/5/35 | 700 |  | 687 |
| 5.00%, 7/17/33 | 400 |  | 404 |
| 5.50%, 1/17/48 | 520 |  | 506 |
|  |  |  | 1597 |
| **Romania (4.3%)** | **Romania (4.3%)** | **Romania (4.3%)** | **Romania (4.3%)** |
| **Sovereign (4.3%)** | **Sovereign (4.3%)** | **Sovereign (4.3%)** | **Sovereign (4.3%)** |
| Romanian Government International Bond,<br>1.75%, 7/13/30 | 98 |  | 99 |
| 2.00%, 4/14/33 | 79 |  | 71 |
| 2.63%, 12/2/40 | 99 |  | 73 |
| 2.75%, 4/14/41 | 78 |  | 57 |
| 2.88%, 4/13/42 | 84 |  | 62 |
| 3.38%, 1/28/50 | 49 |  | 35 |
| 3.88%, 10/29/35 | 88 |  | 87 |
| 4.63%, 4/3/49 | 444 |  | 392 |
| 5.13%, 6/15/48 | $48 |  | 37 |
| 5.63%, 2/22/36 | 148 |  | 166 |
| 5.75%, 3/24/35 | $1422 |  | 1317 |
| 5.88%, 7/11/32 | 98 |  | 117 |
| 6.00%, 5/25/34 | $48 |  | 46 |
| 6.00%, 9/24/44 | 135 |  | 147 |
| 6.25%, 9/10/34 | 98 |  | 117 |
| 6.75%, 7/11/39 | 394 |  | 467 |
| 7.50%, 2/10/37 | $1002 |  | 1042 |
| 7.63%, 1/17/53 | 96 |  | 97 |
|  |  |  | 4429 |
| **Serbia (0.4%)** | **Serbia (0.4%)** | **Serbia (0.4%)** | **Serbia (0.4%)** |
| **Sovereign (0.4%)** | **Sovereign (0.4%)** | **Sovereign (0.4%)** | **Sovereign (0.4%)** |
| Serbia International Bond,<br>2.05%, 9/23/36 | 270 |  | 243 |
| 2.13%, 12/1/30 | $200 |  | 169 |
|  |  |  | 412 |
| **Sri Lanka (2.8%)** | **Sri Lanka (2.8%)** | **Sri Lanka (2.8%)** | **Sri Lanka (2.8%)** |
| **Sovereign (2.8%)** | **Sovereign (2.8%)** | **Sovereign (2.8%)** | **Sovereign (2.8%)** |
| Sri Lanka Government International Bond,<br>3.10%, 1/15/30 (a)(b)(c)(e) | 534 |  | 477 |
| 3.35%, 3/15/33 (a)(b)(c)(e) | 650 |  | 526 |
| 3.60%, 6/15/35 - 2/15/38 (a)(b)(c)(e) | 1797 |  | 1376 |
| 4.00%, 4/15/28 (a)(b)(c) | 525 |  | 494 |
|  |  |  | 2873 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Suriname (5.3%)** | **Suriname (5.3%)** | **Suriname (5.3%)** |
| **Senior Loan Interests (1.8%)** | **Senior Loan Interests (1.8%)** | **Senior Loan Interests (1.8%)** |
| Staatsolie Maatschappij Suriname NV,<br>Revolver,<br>0.00%, 4/25/32 (i) | $1900 | $1900 |
| **Sovereign (3.5%)** | **Sovereign (3.5%)** | **Sovereign (3.5%)** |
| Suriname Government International Bond,<br>4.95% Cash, 3.00% PIK, <br>7.95%, 7/15/33 (b)(c)(g) | 302 | 299 |
| 4.95% Cash, 3.00% PIK, <br>7.95%, 7/15/33 (a)(b)(c)(g) | 1746 | 1732 |
| 9.00%, 12/31/50 (b)(c)(d) | 64 | 72 |
| 9.00%, 12/31/50 (a)(b)(c)(d) | 1303 | 1469 |
|  |  | 3572 |
|  |  | 5472 |
| **Tanzania, United Republic Of (4.3%)** | **Tanzania, United Republic Of (4.3%)** | **Tanzania, United Republic Of (4.3%)** |
| **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** |
| HTA Group Ltd.,<br>2.88%, 3/18/27 | 200 | 190 |
| **Senior Loan Interests (4.1%)** | **Senior Loan Interests (4.1%)** | **Senior Loan Interests (4.1%)** |
| HTA Group Ltd.,<br>Term Loan,<br>3 Month SOFR + 4.31%,<br>8.59%, 9/13/28 (d) | 580 | 577 |
| Tanzania,<br>Term Loan,<br>6 Month SOFR + 5.45%, <br>9.68%, 2/27/31 (d) | 3700 | 3663 |
|  |  | 4240 |
|  |  | 4430 |
| **Togo (0.5%)** | **Togo (0.5%)** | **Togo (0.5%)** |
| **Corporate Bond (0.5%)** | **Corporate Bond (0.5%)** | **Corporate Bond (0.5%)** |
| Ecobank Transnational, Inc.,<br>10.13%, 10/15/29 (a) | 532 | 544 |
| **Trinidad And Tobago (0.2%)** | **Trinidad And Tobago (0.2%)** | **Trinidad And Tobago (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Trinidad & Tobago Government <br>International Bond,<br>5.95%, 1/14/31 | 200 | 201 |
| **Tunisia (0.5%)** | **Tunisia (0.5%)** | **Tunisia (0.5%)** |
| **Sovereign (0.5%)** | **Sovereign (0.5%)** | **Sovereign (0.5%)** |
| Tunisian Republic,<br>6.38%, 7/15/26 | 445 | 519 |
| **Turkey (1.8%)** | **Turkey (1.8%)** | **Turkey (1.8%)** |
| **Corporate Bonds (1.8%)** | **Corporate Bonds (1.8%)** | **Corporate Bonds (1.8%)** |
| Cimko Cimento VE Beton Sanayi <br>Ticaret AS,<br>10.75%, 5/21/30 | $200 | 200 |
| Limak Iskenderun Uluslararasi Liman <br>Isletmeciligi AS,<br>9.50%, 7/10/36 | 455 | 450 |
| Limak Yenilenebilir Enerji AS,<br>9.63%, 8/12/30 (a) | 353 | 349 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| WE Soda Investments Holding PLC,<br>9.50%, 10/6/28 | $| 382 | $| 399 |
| Zorlu Enerji Elektrik Uretim AS,<br>11.00%, 4/23/30 |  | 461 |  | 426 |
|  |  |  |  | 1824 |
| **Ukraine (1.5%)** | **Ukraine (1.5%)** | **Ukraine (1.5%)** | **Ukraine (1.5%)** | **Ukraine (1.5%)** |
| **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** |
| Kernel Holding SA,<br>6.75%, 10/27/27 |  | 204 |  | 181 |
| **Sovereign (1.3%)** | **Sovereign (1.3%)** | **Sovereign (1.3%)** | **Sovereign (1.3%)** | **Sovereign (1.3%)** |
| Ukraine Government International Bond,<br>1.75%, 2/1/29 - 2/1/36 (b)(c)(e) |  | 1840 |  | 969 |
| 3.00%, 2/1/30 - 2/1/36 (b)(c)(e) |  | 1026 |  | 455 |
|  |  |  |  | 1424 |
|  |  |  |  | 1605 |
| **United Arab Emirates (2.3%)** | **United Arab Emirates (2.3%)** | **United Arab Emirates (2.3%)** | **United Arab Emirates (2.3%)** | **United Arab Emirates (2.3%)** |
| **Corporate Bond (0.5%)** | **Corporate Bond (0.5%)** | **Corporate Bond (0.5%)** | **Corporate Bond (0.5%)** | **Corporate Bond (0.5%)** |
| Ittihad International Ltd.,<br>9.75%, 11/9/28 |  | 520 |  | 543 |
| **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** |
| Abu Dhabi Government International <br>Bond,<br>3.13%, 4/16/30 |  | 650 |  | 623 |
| 3.88%, 4/16/50 |  | 600 |  | 468 |
| 5.00%, 4/30/34 |  | 700 |  | 730 |
|  |  |  |  | 1821 |
|  |  |  |  | 2364 |
| **Uruguay (1.2%)** | **Uruguay (1.2%)** | **Uruguay (1.2%)** | **Uruguay (1.2%)** | **Uruguay (1.2%)** |
| **Sovereign (1.2%)** | **Sovereign (1.2%)** | **Sovereign (1.2%)** | **Sovereign (1.2%)** | **Sovereign (1.2%)** |
| Uruguay Government International Bond,<br>5.10%, 6/18/50 |  | 550 |  | 509 |
| 5.44%, 2/14/37 |  | 700 |  | 717 |
|  |  |  |  | 1226 |
| **Uzbekistan (2.0%)** | **Uzbekistan (2.0%)** | **Uzbekistan (2.0%)** | **Uzbekistan (2.0%)** | **Uzbekistan (2.0%)** |
| **Corporate Bonds (1.1%)** | **Corporate Bonds (1.1%)** | **Corporate Bonds (1.1%)** | **Corporate Bonds (1.1%)** | **Corporate Bonds (1.1%)** |
| Jscb Agrobank,<br>9.25%, 10/2/29 |  | 750 |  | 795 |
| Uzbek Industrial & Construction Bank ATB,<br>8.95%, 7/24/29 |  | 370 |  | 390 |
|  |  |  |  | 1185 |
| **Senior Loan Interests (0.1%)** | **Senior Loan Interests (0.1%)** | **Senior Loan Interests (0.1%)** | **Senior Loan Interests (0.1%)** | **Senior Loan Interests (0.1%)** |
| Navoi Mining & Metallurgical Co.,<br>Term Loan,<br>3 Month SOFR + 4.76%, <br>9.03%, 4/23/27 (d) |  | 136 |  | 135 |
| **Sovereign (0.8%)** | **Sovereign (0.8%)** | **Sovereign (0.8%)** | **Sovereign (0.8%)** | **Sovereign (0.8%)** |
| National Bank of Uzbekistan,<br>8.50%, 7/5/29 |  | 740 |  | 779 |
|  |  |  |  | 2099 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Venezuela (2.5%)** | **Venezuela (2.5%)** | **Venezuela (2.5%)** |
| **Sovereign (2.5%)** | **Sovereign (2.5%)** | **Sovereign (2.5%)** |
| Petroleos de Venezuela SA,<br>5.38%, 4/12/27 (b)(c) | $1771 | $223 |
| 5.50%, 4/12/37 (b)(c) | 676 | 85 |
| 6.00%, 5/16/24 - 11/15/26 (b)(c) | 3121 | 398 |
| 6.00%, 10/28/49 (b)(c) | 580 | 64 |
| 8.50%, 10/20/27 (b)(c) | 112 | 115 |
| 8.50%, 10/27/20 (b)(c) | 387 | 359 |
| 9.00%, 11/17/21 (b)(c) | 732 | 95 |
| 9.75%, 5/17/35 (b)(c) | 903 | 134 |
| 12.75%, 2/17/22 (b)(c) | 504 | 75 |
| Venezuela Government International Bond,<br>6.00%, 12/9/20 (b)(c) | 552 | 77 |
| 7.00%, 12/1/18 - 3/31/38 (b)(c) | 376 | 59 |
| 7.65%, 4/21/25 (b)(c) | 500 | 81 |
| 7.75%, 10/13/19 (b)(c) | 787 | 117 |
| 8.25%, 10/13/24 (b)(c) | 718 | 118 |
| 9.00%, 5/7/23 (b)(c) | 397 | 64 |
| 9.25%, 9/15/27 - 5/7/28 (b)(c) | 1644 | 321 |
| 9.38%, 1/13/34 (b)(c) | 89 | 20 |
| 11.75%, 10/21/26 (b)(c) | 292 | 59 |
| 11.95%, 8/5/31 (b)(c) | 290 | 54 |
| 12.75%, 8/23/22 (b)(c) | 685 | 124 |
| 13.63%, 8/15/18 (b)(c) | 48 | 9 |
|  |  | 2651 |
| **Zambia (0.2%)** | **Zambia (0.2%)** | **Zambia (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Zambia Government International Bond,<br>0.50%, 12/31/53 (b)(c) | 201 | 138 |
| 5.75%, 6/30/33 (b)(c)(e) | 134 | 123 |
|  |  | 261 |
| **Total Fixed Income Securities (Cost $97,647)** | **Total Fixed Income Securities (Cost $97,647)** | 96200 |
|  | **No. of<br>Warrants** |  |
| **Warrants (2.3%)** | **Warrants (2.3%)** | **Warrants (2.3%)** |
| **Ukraine (2.3%)** | **Ukraine (2.3%)** | **Ukraine (2.3%)** |
| Ukraine Government International Bond <br>expires 8/1/41 (j) | 3295000 | 2361 |
| **Venezuela (0.0%)‡** | **Venezuela (0.0%)‡** | **Venezuela (0.0%)‡** |
| Venezuela Government International <br>Bond, Oil-Linked Payment Obligation <br>expires 4/15/20 (j)(k) | 3750 | 22 |
| **Total Warrants (Cost $2,438)** | **Total Warrants (Cost $2,438)** | 2383 |
|  | **Shares** |  |
| **Short-Term Investments (4.9%)** | **Short-Term Investments (4.9%)** | **Short-Term Investments (4.9%)** |
| **Investment Company (4.6%)** | **Investment Company (4.6%)** | **Investment Company (4.6%)** |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities <br>Portfolio — Institutional Class, <br>4.09% (See Note H) **(Cost $4,761)** | 4760981 | 4761 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **United States (0.3%)** | **United States (0.3%)** | **United States (0.3%)** |
| **U.S. Treasury Security (0.3%)** | **U.S. Treasury Security (0.3%)** | **U.S. Treasury Security (0.3%)** |
| U.S. Treasury Bill,<br>4.32%, 8/5/25 (l)(m) **(Cost $309)** | $310 | $309 |
| **Total Short-Term Investments (Cost $5,070)** | **Total Short-Term Investments (Cost $5,070)** | 5070 |
| **Total Investments (99.8%) (Cost $105,155) (n)(o)** | **Total Investments (99.8%) (Cost $105,155) (n)(o)** | 103653 |
| **Other Assets in Excess of Liabilities (0.2%)** | **Other Assets in Excess of Liabilities (0.2%)** | 215 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $103868 |

---

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) Issuer in bankruptcy.

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

(d) Floating or variable rate securities: The rates disclosed are as of June 30, 2025. 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.

(e) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.

(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 June 30, 2025.

(i) In addition to the term loan, the Fund has an unfunded loan commitment of approximately $1,900,000, which could be extended at the option of the borrower. As of June 30, 2025, Staatsolie Maatschappij Suriname NV did not draw down any of the commitment.

(j) Non-income producing security.

(k) Perpetual maturity date. Date disclosed is the last expiration date.

(l) Rate shown is the yield to maturity at June 30, 2025.

(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) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,649,000 and the aggregate gross unrealized depreciation is approximately $7,151,000, resulting in net unrealized depreciation of approximately $1,502,000.

EURIBOR Euro Interbank Offered Rate.

MTN Medium Term Note.

PIK Payment-in-Kind.

REIT Real Estate Investment Trust.

SOFR Secured Overnight Financing Rate.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br>to <br>Deliver<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Citibank NA | 556 | $636 | 7/11/25 | $(19) |
| State Street Bank and Trust Co. | 1259 | $1443 | 7/11/25 | (42) |
| State Street Bank and Trust Co. | 945 | $1082 | 7/11/25 | (31) |
| State Street Bank and Trust Co. | 645 | $739 | 7/11/25 | (21) |
| State Street Bank and Trust Co. | 924 | $1059 | 7/11/25 | (30) |
| State Street Bank and Trust Co. | 990 | $1134 | 7/11/25 | (33) |
| State Street Bank and Trust Co. | 365 | $419 | 7/11/25 | (12) |
| State Street Bank and Trust Co. | 491 | $563 | 7/11/25 | (16) |
| State Street Bank and Trust Co. | 829 | $950 | 7/11/25 | (27) |
| State Street Bank and Trust Co. | 1035 | $1185 | 7/11/25 | (34) |
| State Street Bank and Trust Co. | 141 | $161 | 7/11/25 | (5) |
| State Street Bank and Trust Co. | 1089 | $1247 | 7/11/25 | (36) |
| State Street Bank and Trust Co. | 1108 | $1269 | 7/11/25 | (37) |
| UBS AG | $889 | 766 | 7/11/25 | 14 |
| UBS AG | $122 | 105 | 7/11/25 | 2 |
|  |  |  |  | $(327) |

---

**Futures Contracts:**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number <br>of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| U.S. Treasury 2 yr. Note (United States) | 16 | Sep-25 | $3200 | $3328 | $3 |
| U.S. Treasury 5 yr. Note (United States) | 30 | Sep-25 | 3000 | 3270 | 46 |
| U.S. Treasury 10 yr. Ultra Note (United States) | 86 | Sep-25 | 8600 | 9827 | 285 |
| U.S. Treasury Long Bond (United States) | 35 | Sep-25 | 3500 | 4042 | 148 |
| U.S. Treasury Ultra Long Bond (United States) | 91 | Sep-25 | 9100 | 10840 | 538 |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| German Euro-Bobl Index (Germany) | 26 | Sep-25 | (2600) | (3604) | 11 |
| German Euro-Bund Index (Germany) | 32 | Sep-25 | (3200) | (4906) | 25 |
| German Euro-Schatz Index (Germany) | 15 | Sep-25 | (1500) | (1895) | 3 |
| U.S. Treasury 10 yr. Note (United States) | 25 | Sep-25 | $(2500) | (2803) | (42) |
|  |  |  |  |  | $1017 |

---

**Credit Default Swap Agreements:**

The Fund had the following credit default swap agreements open at June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap <br>Counterparty and <br>Reference Obligation** | **Credit<br>Rating of<br>Reference<br>Obligation†** | **Buy/Sell<br>Protection** | **Pay/<br>Received<br>Fixed 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\*<br>Egypt Government <br>International Bonds | NR | Sell | 1.00% | Quarterly | 12/20/28 | $188 | $(20 | $(55) | $36 |
| Barclays Bank PLC <br>Pan American Energy LLC | NR | Sell | 1.00 | Quarterly | 12/20/25 | 240 |  | (3) | 4 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

**Credit Default Swap Agreements (cont'd):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap <br>Counterparty and <br>Reference Obligation** | **Credit<br>Rating of<br>Reference<br>Obligation†** | **Buy/Sell<br>Protection** | **Pay/<br>Received<br>Fixed 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\*<br>Petrobras Global <br>Finance BV | NR | Sell | 1.00% | Quarterly | 6/20/30 | $2139 | $55 | $106 | $(52) |
| Goldman Sachs <br>International Egypt <br>Government International <br>Bonds | NR | Sell | 1.00 | Quarterly | 6/20/30 | 60 | (9) | (16) | 6 |
| Barclays Bank PLC<br>Egypt Government <br>International Bonds | NR | Sell | 1.00 | Quarterly | 6/20/30 | 36 | (6) | (9) | 3 |
| Goldman Sachs International<br>Egypt Government <br>International Bonds | NR | Sell | 1.00 | Quarterly | 6/20/30 | 119 | (19) | (31) | 12 |
| Goldman Sachs International<br>Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/26 | 261 | (5) | (12) | 7 |
|  |  |  |  |  |  |  | $(4) | $(20) | $16 |

---

@ 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** | **Percentage of<br>Total Investments** |
| Sovereign | 55.6 | % |
| Corporate Bonds | 28.3 |  |
| Senior Loan Interests | 8.9 |  |
| Other\* | 7.2 |  |
| 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 $44,515,000 and net unrealized appreciation of approximately $1,017,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $327,000. Also does not include open swap agreements with net unrealized appreciation of approximately $16,000.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Emerging Markets Debt Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities | **June 30, 2025<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $100,394) | $98892 |
| Investment in Security of Affiliated Issuer, at Value (Cost $4,761) | 4761 |
| Total Investments in Securities, at Value (Cost $105,155) | 103653 |
| Foreign Currency, at Value (Cost $547) | 622 |
| Cash | 315 |
| Interest Receivable | 1719 |
| Receivable for Variation Margin on Futures Contracts | 1192 |
| Receivable for Investments Sold | 146 |
| Receivable for Fund Shares Sold | 55 |
| Receivable from Affiliate | 55 |
| Unrealized Appreciation on Swap Agreements | 32 |
| Unrealized Appreciation on Foreign Currency Forward Exchange Contracts | 16 |
| Other Assets | 20 |
| Total Assets | 107825 |
| **Liabilities:** | **Liabilities:** |
| Payable for Unfunded Loan Commitments | 1900 |
| Payable for Investments Purchased | 968 |
| Deferred Capital Gain Country Tax | 387 |
| Unrealized Depreciation on Foreign Currency Forward Exchange Contracts | 343 |
| Payable for Advisory Fees | 120 |
| Upfront Payment Received on Open Swap Agreements | 71 |
| Payable for Professional Fees | 52 |
| Payable for Servicing Fees | 31 |
| Payable for Custodian Fees | 29 |
| Payable for Fund Shares Redeemed | 18 |
| Payable for Administration Fees | 7 |
| Payable for Variation Margin on Swap Agreements | 3 |
| Payable for Transfer Agency Fees |  |
| Payable for Distribution Fees — Class II Shares |  |
| Other Liabilities | 28 |
| Total Liabilities | 3957 |
| **NET ASSETS** | $103868 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $157842 |
| Total Accumulated Loss | (53974 |
| **Net Assets** | $103868 |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $94035 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 16,249,633 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $5.79 |
| **CLASS II:** | **CLASS II:** |
| **Net Assets** | $9833 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 1,718,821 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $5.72 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Emerging Markets Debt Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Six Months Ended<br>June 30, 2025<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Interest from Securities of Unaffiliated Issuers (Net of $0 of Foreign Taxes Withheld) | $5246 |
| Dividends from Security of Affiliated Issuer (Note H) | 45 |
| Total Investment Income | 5291 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 388 |
| Professional Fees | 106 |
| Servicing Fees (Note D) | 87 |
| Administration Fees (Note C) | 41 |
| Custodian Fees (Note G) | 38 |
| Distribution Fees — Class II Shares (Note E) | 13 |
| Shareholder Reporting Fees | 10 |
| Pricing Fees | 6 |
| Transfer Agency Fees (Note F) | 6 |
| Directors' Fees and Expenses | 2 |
| Other Expenses | 11 |
| Total Expenses | 708 |
| Waiver of Advisory Fees (Note B) | (127) |
| Waiver of Distribution Fees — Class II Shares (Note E) | (10) |
| Rebate from Morgan Stanley Affiliate (Note H) | (2) |
| Net Expenses | 569 |
| **Net Investment Income** | 4722 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $42 of Capital Gain Country Tax) | (2323) |
| Foreign Currency Forward Exchange Contracts | (771) |
| Foreign Currency Transaction | 44 |
| Futures Contracts | (1482) |
| Swap Agreements | (2) |
| Net Realized Loss | (4534) |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Decrease in Deferred Capital Gain Country Tax of $17) | 3518 |
| Foreign Currency Forward Exchange Contracts | (500) |
| Foreign Currency Translation | 126 |
| Futures Contracts | 1849 |
| Swap Agreements | (13) |
| Net Change in Unrealized Appreciation (Depreciation) | 4980 |
| **Net Realized Loss and Change in Unrealized Appreciation (Depreciation)** | 446 |
| **Net Increase in Net Assets Resulting from Operations** | $5168 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $4722 | $12734 |
| Net Realized Gain (Loss) | (4534) | 181 |
| Net Change in Unrealized Appreciation (Depreciation) | 4980 | (1851) |
| Net Increase in Net Assets Resulting from Operations | 5168 | 11064 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I |  | (9587) |
| Class II |  | (1154) |
| Total Dividends and Distributions to Shareholders |  | (10741) |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Class I: | Class I: | Class I: |
| Subscribed | 7038 | 6024 |
| Distributions Reinvested |  | 9587 |
| Redeemed | (10277) | (16771) |
| Class II: | Class II: | Class II: |
| Subscribed | 190 | 714 |
| Distributions Reinvested |  | 1154 |
| Redeemed | (1390) | (2786) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (4439) | (2078) |
| Total Increase (Decrease) in Net Assets | 729 | (1755) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 103139 | 104894 |
| End of Period | $103868 | $103139 |
| **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** |
| Class I: | Class I: | Class I: |
| Shares Subscribed | 1238 | 1086 |
| Shares Issued on Distributions Reinvested |  | 1830 |
| Shares Redeemed | (1845) | (3033) |
| Net Decrease in Class I Shares Outstanding | (607) | (117) |
| Class II: | Class II: | Class II: |
| Shares Subscribed | 34 | 132 |
| Shares Issued on Distributions Reinvested |  | 222 |
| Shares Redeemed | (252) | (511) |
| Net Decrease in Class II Shares Outstanding | (218) | (157) |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

Financial Highlights

**Emerging Markets Debt Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $5.49 | $5.51 | $5.38 | $7.20 | $7.74 | $7.68 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.25 | 0.67 | 0.48 | 0.41 | 0.34 | 0.32 |
| Net Realized and Unrealized Gain (Loss) | 0.05 | (0.09) | 0.13 | (1.78) | (0.49) | 0.08 |
| Total from Investment Operations | 0.30 | 0.58 | 0.61 | (1.37) | (0.15) | 0.40 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.60) | (0.48) | (0.45) | (0.39) | (0.34) |
| **Net Asset Value, End of Period** | $5.79 | $5.49 | $5.51 | $5.38 | $7.20 | $7.74 |
| **Total Return<sup>(2)</sup>** | 5.46%<sup>(3)</sup> | 11.23% | 11.84%<sup>(4)</sup> | (18.74)% | (2.02)% | 5.55% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $94035 | $92617 | $93484 | $91828 | $133413 | $145312 |
| Ratio of Expenses Before Expense Limitation | 1.35%<sup>(5)</sup> | 1.33% | 1.32% | 1.24% | 1.17% | N/A |
| Ratio of Expenses After Expense Limitation | 1.10%<sup>(5)(6)</sup> | 1.09%<sup>(6)</sup> | 1.09%<sup>(6)</sup> | 1.10%<sup>(6)</sup> | 1.12%<sup>(6)(7)</sup> | 1.15%<sup>(6)</sup> |
| Ratio of Net Investment Income | 9.14%<sup>(5)(6)</sup> | 12.18%<sup>(6)</sup> | 9.07%<sup>(6)</sup> | 6.96%<sup>(6)</sup> | 4.59%<sup>(6)</sup> | 4.34%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 0.01% | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 65%<sup>(3)</sup> | 139% | 117% | 75% | 28% | 40% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period. Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(3) Not annualized.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) Annualized.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) Effective July 1, 2021, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.10% for Class I shares. Prior to July 1, 2021, the maximum ratio was 1.30% for Class I shares.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

Financial Highlights

**Emerging Markets Debt Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $5.43 | $5.45 | $5.33 | $7.14 | $7.67 | $7.61 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.25 | 0.67 | 0.47 | 0.40 | 0.34 | 0.31 |
| Net Realized and Unrealized Gain (Loss) | 0.04 | (0.09) | 0.12 | (1.76) | (0.48) | 0.08 |
| Total from Investment Operations | 0.29 | 0.58 | 0.59 | (1.36) | (0.14) | 0.39 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.60) | (0.47) | (0.45) | (0.39) | (0.33) |
| **Net Asset Value, End of Period** | $5.72 | $5.43 | $5.45 | $5.33 | $7.14 | $7.67 |
| **Total Return<sup>(2)</sup>** | 5.34%<sup>(3)</sup> | 11.28% | 11.69%<sup>(4)</sup> | (18.81)% | (1.96)% | 5.53% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $9833 | $10522 | $11410 | $12093 | $16181 | $17762 |
| Ratio of Expenses Before Expense Limitation | 1.59%<sup>(5)</sup> | 1.58% | 1.57% | 1.49% | 1.42% | 1.40% |
| Ratio of Expenses After Expense Limitation | 1.15%<sup>(5)(6)</sup> | 1.14%<sup>(6)</sup> | 1.14%<sup>(6)</sup> | 1.15%<sup>(6)</sup> | 1.17%<sup>(6)(7)</sup> | 1.20%<sup>(6)</sup> |
| Ratio of Net Investment Income | 9.09%<sup>(5)(6)</sup> | 12.13%<sup>(6)</sup> | 9.02%<sup>(6)</sup> | 6.91%<sup>(6)</sup> | 4.54%<sup>(6)</sup> | 4.29%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 0.01% | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 65%<sup>(3)</sup> | 139% | 117% | 75% | 28% | 40% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period. Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(3) Not annualized.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class II shares.

(5) Annualized.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) Effective July 1, 2021, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.15% for Class II shares. Prior to July 1, 2021, the maximum ratio was 1.35% for Class II shares.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements

Morgan Stanley Variable Insurance Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of five separate active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relates to the Emerging Markets Debt Portfolio. The Fund seeks high total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries. The Fund has issued two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. 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") (the "Sub-Adviser"), 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) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (3) certain senior loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) over-the-counter ("OTC") swaps may be valued by an outside pricing service approved by the Directors or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) 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 (7) 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

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Corporate Bonds | $— | $29397 | $— | $29397 |
| Sovereign |  | 57613 |  | 57613 |
| Senior Loan Interests |  | 9190 |  | 9190 |
| **Total Fixed Income <br>Securities** | **—** | **96200** | **—** | **96200** |
| **Warrants** |  | 2383 |  | 2383 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| U.S. Treasury Security |  | 309 |  | 309 |
| Investment Company | 4761 |  |  | 4761 |
| **Total Short-Term <br>Investments** | **4761** | **309** | **—** | **5070** |
| **Foreign Currency Forward <br>Exchange Contracts** |  | 16 |  | 16 |
| **Futures Contracts** | 1059 |  |  | 1059 |
| **Credit Default Swap <br>Agreements** |  | 68 |  | 68 |
| **Total Assets** | **5820** | **98976** | **—** | **104796** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency <br>Forward Exchange <br>Contracts** |  | (343) |  | (343) |
| **Future Contract** | (42) |  |  | (42) |
| **Credit Default Swap <br>Agreement** |  | (52) |  | (52) |
| **Total Liabilities** | **(42)** | **(395)** | **—** | **(437)** |
| **Total** | $**5778** | $**98581** | $**—** | $**104359** |

---

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Structured Investments:** The Fund invested a portion of its assets in structured investments. A structured

investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency, commodity or market when direct access to a market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because the Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing the Fund's illiquidity to the extent that the Fund, at a particular time, may be unable to find qualified buyers for these securities.

**5. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Foreign Currency Forward Exchange Contracts:** In connection with its investments in foreign securities and the Fund also entered into contracts with banks and brokers/dealers to purchase or sell foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss.

The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

**Futures:** A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin) and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contract. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

**Swaps:** The Fund may enter into OTC swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the counterparty or clearing-house based on changes in the value of the contract or variation margin, respectively. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commodities Futures Trading Commission ("CFTC") approval of contracts for central clearing and exchange trading.

The Fund's use of swaps during the period included those based on the credit of an underlying security commonly referred to as "credit default swaps." The Fund may be either the buyer or seller in a credit default swap. Where the Fund is the buyer of a credit default swap contract, it would typically be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract only in the event of a default or similar event by the issuer of the debt obligation. If no default occurs, the Fund would have paid to the counterparty a periodic stream of payments over the term of the contract and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, it typically receives the stream of payments but is obligated to pay an amount equal to the par (or other agreed-upon) value of a referenced debt obligation upon the default or similar event by the issuer of the referenced debt obligation. The use of credit default swaps could result in losses to the Fund if the Adviser fails to correctly evaluate the creditworthiness of the issuer of the referenced debt obligation.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less

the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The Fund's maximum risk of loss from counterparty risk either as the protection seller or as the protection buyer, is the fair value of the swap agreement.

When the Fund has an unrealized loss on an OTC swap agreement, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) Broker" in the Statement of Assets and Liabilities.

Upfront payments paid or received by the Fund will be reflected as an asset or liability, respectively, in the Statement of Assets and Liabilities. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. For OTC swap once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreement in the Statement Operations, in addition to any realized gains (loss) recorded upon the termination of swap agreements.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Statement of Assets<br>and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Foreign Currency<br>Forward <br>Exchange <br>Contracts | Unrealized Appreciation<br>on Foreign Currency<br>Forward Exchange<br>Contracts | Currency Risk | $16 |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Interest<br>Rate Risk | 1059<br> (a) |
| Swap Agreements | Variation Margin on<br>Swap Agreements | Credit Risk | 36<br> (a) |
| Swap Agreements | Unrealized Appreciation<br>on Swap Agreements | Credit Risk | 32 |
| Total |  |  | $1143 |

---

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.

---

| | | | |
|:---|:---|:---|:---|
| | **Liability Derivatives<br>Statement of Assets<br>and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Foreign Currency<br>Forward <br>Exchange <br>Contracts | Unrealized Depreciation<br>on Foreign Currency<br>Forward Exchange<br>Contracts | Currency Risk | $(343) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Interest<br>Rate Risk | (42)(a) |
| Swap Agreements | Variation Margin on<br>Swap Agreements | Credit Risk | (52)(a) |
| Total |  |  | $(437) |

---

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended June 30, 2025 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Foreign Currency<br>Forward Exchange<br>Contracts | $(771) |
| Interest Rate Risk | Futures Contracts | (1482) |
| Credit Risk | Swap Agreements | (2) |
| Total |  | $(2255) |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Foreign Currency<br>Forward Exchange<br>Contracts | $(500) |
| Interest Rate Risk | Futures Contracts | 1849 |
| Credit Risk | Swap Agreements | (13) |
| Total |  | $1336 |

---

At June 30, 2025, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities Presented in the<br>Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the<br>Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the<br>Statement of Assets and Liabilities** |
| **Derivatives(a)** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| Foreign Currency Forward Exchange <br>Contracts | $16 | $(343) |
| Swap Agreements | 32 |  |
| Total | $48 | $(343) |

---

(a) Excludes exchange-traded derivatives.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** |
| **Counterparty** | **Gross Liability<br>Derivatives<br>Presented in the<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Barclays Bank PLC | $7 | $— | $— | $7 |
| Goldman Sachs <br>International | 25 |  |  | 25 |
| UBS AG | 16 |  |  | 16 |
| Total | $48 | $— | $— | $48 |
| **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** |
| **Counterparty** | **Gross Liability<br>Derivatives<br>Presented in the<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Pledged<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Citibank NA | $19 | $— | $— | $19 |
| State Street Bank <br>and Trust Co. | 324 |  |  | 324 |
| Total | $343 | $— | $— | $343 |

---

For the six months ended June 30, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Foreign Currency Forward Exchange Contracts:** | **Foreign Currency Forward Exchange Contracts:** |
| Average monthly principal amount | $14897000 |
| **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $73805000 |
| **Swap Agreements:** | **Swap Agreements:** |
| Average monthly notional amount | $1562000 |

---

**6. Senior Loans:** Senior Loans are typically structured by a syndicate of lenders ("Lenders"), one or more of which administers the Senior Loan on behalf of the Lenders ("Agent"). Lenders may sell interests in Senior Loans to third parties ("Participations") or may assign all or a portion of their interest in a Senior Loan to third parties ("Assignments"). Senior Loans are exempt from registration under the Securities Act of 1933. Presently, Senior

Loans are not readily marketable and are often subject to restrictions on resale.

The Fund's investment in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

**7. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**8. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

Settlement and registration of foreign securities transactions may be subject to significant risks not normally associated with investments in the United States. In certain markets, ownership of shares is defined according to entries in the issuer's share register. It is possible that a Fund holding these securities could lose its share registration through fraud, negligence or even mere oversight. In addition, shares being delivered for sales and cash being paid for purchases may be delivered before the exchange is complete. This may subject the Fund to further risk of loss in the event of a failure to complete the transaction by the counterparty.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

**9. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**10. Segment Reporting:** During the reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07)*, which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $500<br>million** | **Next $500<br>million** | **Over $1<br>billion** |
| 0.75% | 0.70% | 0.65% |

---

For the six months ended June 30, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.50% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.10% for Class I shares and 1.15% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2025, approximately $127,000 of advisory fees were waived pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and

the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Servicing Fees:** The Company accrues daily and pays quarterly a servicing fee of up to 0.17% of the average daily value of shares of the Fund held in an insurance company's account. Certain insurance companies have entered into a servicing agreement with the Company to provide administrative and other contract-owner related services on behalf of the Fund.

**E. Distribution Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.20% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the six months ended June 30, 2025, this waiver amounted to approximately $10,000.

**F. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended June 30, 2025, co-transfer agency

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to less than $500.

**G. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**H. Security Transactions and Transactions with Affiliates:** For the six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $63,719,000 and $67,240,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2025.

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 six months ended June 30, 2025, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $— | $31096 | $26335 | $45 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>June 30,<br>2025<br>(000)** |
| Liquidity Fund | $— | $— | $4761 |

---

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each

of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**I. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

tax purposes.The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | |
|:---|:---|
| **2024 Distributions<br>Paid From:** | **2023 Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Ordinary<br>Income<br>(000)** |
| $10741 | $9020 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $15106 | $— |

---

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $4,170,000 and $62,321,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

**J. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended June 30, 2025, the Fund did not have any borrowings under the Facility.

**K. Other:** At June 30, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 82.0%.

**L. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval

**Nature, Extent and Quality of Services**

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser, Sub-Adviser and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

**Performance, Fees and Expenses of the Fund**

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-year period but below its peer group average for the three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's contractual management fee and total expense ratio were higher than but close to its peer group averages and the actual management fee was lower than its peer group average. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

**Economies of Scale**

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which includes breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

**Profitability of the Adviser and Affiliates**

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval (cont'd)

Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

**Other Benefits of the Relationship**

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

**Resources of the Adviser and Historical Relationship Between the Fund and the Adviser**

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

**Other Factors and Current Trends**

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

**General Conclusion**

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.**

MBDBX-NCSR 6.30.25

------

![](j25201124_aa001.jpg)

**Morgan Stanley Variable Insurance Fund, Inc.**

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (unaudited)

Emerging Markets Equity Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Table of Contents**

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-4) | 2 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-4) | 4 |
| [Statement of Operations](#StatementofOperations-4) | 5 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-4) | 6 |
| [Financial Highlights](#FinancialHighlights-4) | 7 |
| [Notes to Financial Statements](#NotestoFinancialStatements-4) | 9 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| [Investment Advisory Agreement Approval](#InvestmentAdvisoryAgreementApproval-4) | 16 |
| Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Portfolio of Investments

**Emerging Markets Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (98.1%)** | **Common Stocks (98.1%)** | **Common Stocks (98.1%)** |
| **Brazil (5.2%)** | **Brazil (5.2%)** | **Brazil (5.2%)** |
| Banco BTG Pactual SA (Units) (a) | 56103 | $436 |
| Itau Unibanco Holding SA (Preference) | 285644 | 1943 |
| Raia Drogasil SA | 342985 | 954 |
| Rede D'Or Sao Luiz SA | 244817 | 1596 |
| Vale SA | 85105 | 825 |
| WEG SA | 343813 | 2708 |
|  |  | 8462 |
| **Chile (0.8%)** | **Chile (0.8%)** | **Chile (0.8%)** |
| Banco de Chile | 8163661 | 1235 |
| **China (22.2%)** | **China (22.2%)** | **China (22.2%)** |
| Alibaba Group Holding Ltd. (b) | 278400 | 3941 |
| Bank of Jiangsu Co. Ltd., Class A | 736100 | 1227 |
| BYD Co. Ltd., H Shares (b) | 201000 | 3130 |
| China Construction Bank Corp., H Shares (b) | 4115230 | 4164 |
| China International Capital Corp. Ltd., Class H (b) | 282800 | 641 |
| China Merchants Bank Co. Ltd., H Shares (b) | 379000 | 2659 |
| JD.com, Inc., Class A (b) | 27030 | 442 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br>Class A | 129609 | 939 |
| Kweichow Moutai Co. Ltd., Class A | 1591 | 313 |
| Meituan, Class B (b)(c) | 64780 | 1042 |
| NARI Technology Co. Ltd., Class A | 310700 | 972 |
| NAURA Technology Group Co. Ltd., Class A | 13200 | 815 |
| NetEase, Inc. (b) | 49000 | 1321 |
| Ping An Insurance Group Co. of China Ltd., <br>Class H (b) | 125000 | 798 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 108400 | 977 |
| Tencent Holdings Ltd. (b) | 130900 | 8435 |
| Trip.com Group Ltd. ADR | 36001 | 2111 |
| Xiaomi Corp., Class B (b)(c) | 146200 | 1125 |
| Yum China Holdings, Inc. | 24675 | 1103 |
|  |  | 36155 |
| **Czech Republic (0.7%)** | **Czech Republic (0.7%)** | **Czech Republic (0.7%)** |
| Komercni Banka AS | 21916 | 1061 |
| **India (24.6%)** | **India (24.6%)** | **India (24.6%)** |
| 360 ONE WAM Ltd. | 70979 | 989 |
| Axis Bank Ltd. | 110568 | 1546 |
| Bajaj Auto Ltd. | 13184 | 1288 |
| Bajaj Finance Ltd. | 157080 | 1715 |
| CG Power & Industrial Solutions Ltd. | 67768 | 539 |
| Colgate-Palmolive India Ltd. | 13912 | 391 |
| Grasim Industries Ltd. | 40866 | 1356 |
| HDFC Asset Management Co. Ltd. | 26587 | 1610 |
| HDFC Bank Ltd. | 52919 | 1235 |
| HDFC Bank Ltd. ADR | 23700 | 1817 |
| Hindalco Industries Ltd. | 97142 | 786 |
| Hitachi Energy India Ltd. | 7937 | 1852 |
| ICICI Bank Ltd. | 200881 | 3395 |
| IDFC First Bank Ltd. (c) | 1911396 | 1624 |
| Infosys Ltd. ADR (d) | 111123 | 2059 |
| Larsen & Toubro Ltd. | 26412 | 1130 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Macrotech Developers Ltd. | 93435 | $| 1511 |
| Mahindra & Mahindra Ltd. | 65433 |  | 2429 |
| MakeMyTrip Ltd. (c) | 7952 |  | 779 |
| Max Healthcare Institute Ltd. | 118144 |  | 1758 |
| Pidilite Industries Ltd. | 33641 |  | 1199 |
| Reliance Industries Ltd. | 205119 |  | 3590 |
| Samvardhana Motherson International Ltd. | 434400 |  | 784 |
| Shriram Finance Ltd. | 114548 |  | 945 |
| State Bank of India | 230149 |  | 2201 |
| Swiggy Ltd. (c) | 112133 |  | 524 |
| United Breweries Ltd. | 47310 |  | 1077 |
|  |  |  | 40129 |
| **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** |
| Cisarua Mountain Dairy Tbk. PT | 2529000 |  | 759 |
| **Korea, Republic of (8.3%)** | **Korea, Republic of (8.3%)** | **Korea, Republic of (8.3%)** | **Korea, Republic of (8.3%)** |
| HYBE Co. Ltd. (c) | 2290 |  | 524 |
| KB Financial Group, Inc. | 21021 |  | 1728 |
| Kia Corp. | 13022 |  | 932 |
| KT&G Corp. | 9703 |  | 916 |
| NAVER Corp. | 5347 |  | 1038 |
| Samsung Electronics Co. Ltd. | 164468 |  | 7273 |
| SK Hynix, Inc. | 5246 |  | 1130 |
|  |  |  | 13541 |
| **Malaysia (1.2%)** | **Malaysia (1.2%)** | **Malaysia (1.2%)** | **Malaysia (1.2%)** |
| CIMB Group Holdings Bhd. | 662200 |  | 1068 |
| Malayan Banking Bhd. | 401600 |  | 925 |
|  |  |  | 1993 |
| **Mexico (5.0%)** | **Mexico (5.0%)** | **Mexico (5.0%)** | **Mexico (5.0%)** |
| Gruma SAB de CV, Class B | 55124 |  | 951 |
| Grupo Financiero Banorte SAB de CV Series O | 268529 |  | 2464 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 978054 |  | 1793 |
| Prologis Property Mexico SA de CV REIT | 216725 |  | 817 |
| Wal-Mart de Mexico SAB de CV | 621560 |  | 2056 |
|  |  |  | 8081 |
| **Poland (2.8%)** | **Poland (2.8%)** | **Poland (2.8%)** | **Poland (2.8%)** |
| Allegro.eu SA (c) | 245660 |  | 2365 |
| Budimex SA | 6619 |  | 1026 |
| Powszechny Zaklad Ubezpieczen SA | 68978 |  | 1206 |
|  |  |  | 4597 |
| **Saudi Arabia (1.4%)** | **Saudi Arabia (1.4%)** | **Saudi Arabia (1.4%)** | **Saudi Arabia (1.4%)** |
| Alinma Bank | 144084 |  | 1030 |
| Bupa Arabia for Cooperative Insurance Co. | 25468 |  | 1209 |
|  |  |  | 2239 |
| **South Africa (3.3%)** | **South Africa (3.3%)** | **South Africa (3.3%)** | **South Africa (3.3%)** |
| AVI Ltd. | 246506 |  | 1311 |
| Capitec Bank Holdings Ltd. | 12905 |  | 2580 |
| Clicks Group Ltd. | 53485 |  | 1120 |
| OUTsurance Group Ltd. | 94454 |  | 418 |
|  |  |  | 5429 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

**Emerging Markets Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Taiwan (20.2%)** | **Taiwan (20.2%)** | **Taiwan (20.2%)** |
| Airtac International Group | 26901 | $801 |
| Alchip Technologies Ltd. | 17000 | 1803 |
| ASE Technology Holding Co. Ltd. | 244000 | 1224 |
| Chailease Holding Co. Ltd. | 199000 | 862 |
| Delta Electronics, Inc. | 74000 | 1047 |
| Hon Hai Precision Industry Co. Ltd. | 450000 | 2483 |
| MediaTek, Inc. | 17000 | 728 |
| Taiwan Semiconductor Manufacturing Co. Ltd. <br>ADR | 571000 | 20881 |
| Unimicron Technology Corp. | 258000 | 1007 |
| Wiwynn Corp. | 24242 | 2105 |
|  |  | 32941 |
| **United Kingdom (1.0%)** | **United Kingdom (1.0%)** | **United Kingdom (1.0%)** |
| Antofagasta PLC | 66289 | 1648 |
| **United States (0.9%)** | **United States (0.9%)** | **United States (0.9%)** |
| MercadoLibre, Inc. (c) | 556 | 1453 |
| **Total Common Stocks (Cost $106,750)** | **Total Common Stocks (Cost $106,750)** | 159723 |
| **Short-Term Investments (3.2%)** | **Short-Term Investments (3.2%)** | **Short-Term Investments (3.2%)** |
| **Investment Company (1.9%)** | **Investment Company (1.9%)** | **Investment Company (1.9%)** |
| Morgan Stanley Institutional Liquidity Funds — <br>Government Portfolio — Institutional Class, <br>4.25% (See Note H) **(Cost $3,037)** | 3037359 | 3037 |
| **Securities held as Collateral on Loaned Securities (1.3%)** | **Securities held as Collateral on Loaned Securities (1.3%)** | **Securities held as Collateral on Loaned Securities (1.3%)** |
| **Investment Company (1.3%)** | **Investment Company (1.3%)** | **Investment Company (1.3%)** |
| Morgan Stanley Institutional Liquidity Funds — <br>Government Portfolio — Institutional Class, <br>4.25% (See Note H) **(Cost $2,111)** | 2111337 | 2111 |
| **Total Short-Term Investments (Cost $5,148)** | **Total Short-Term Investments (Cost $5,148)** | 5148 |
| **Total Investments (101.3%) (Cost $111,898) <br>including $2,059 of Securities Loaned (e)(f)** | **Total Investments (101.3%) (Cost $111,898) <br>including $2,059 of Securities Loaned (e)(f)** | 164871 |
| **Liabilities in Excess of Other Assets (–1.3%)** | **Liabilities in Excess of Other Assets (–1.3%)** | (2040) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $162831 |

---

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

(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.

(b) Security trades on the Hong Kong exchange.

(c) Non-income producing security.

(d) All or a portion of this security was on loan at June 30, 2025.

(e) The approximate fair value and percentage of net assets, $132,622,000 and 81.4%, 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 Financial Statements.

(f) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $56,269,000 and the aggregate gross unrealized depreciation is approximately $3,296,000, resulting in net unrealized appreciation of approximately $52,973,000.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 45.6% |
| Banks | 20.8 |
| Semiconductors & Semiconductor Equipment | 16.3 |
| Tech Hardware, Storage & Peripherals | 6.5 |
| Interactive Media & Services | 5.8 |
| Broadline Retail | 5.0 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding

Securities held as Collateral on Loaned Securities) as of June 30, 2025.

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

investments.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Emerging Markets Equity Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **June 30, 2025<br>(000)** | **June 30, 2025<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $106,750) | $159723 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $5,148) | 5148 |  |
| Total Investments in Securities, at Value (Cost $111,898) | 164871 |  |
| Foreign Currency, at Value (Cost $51) | 51 |  |
| Receivable for Investments Sold | 2646 |  |
| Dividends Receivable | 353 |  |
| Receivable for Fund Shares Sold | 64 |  |
| Tax Reclaim Receivable | 51 |  |
| Receivable from Affiliate | 13 |  |
| Receivable from Securities Lending Income |  | @ |
| Other Assets | 25 |  |
| Total Assets | 168074 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax | 2459 |  |
| Collateral on Securities Loaned, at Value | 2111 |  |
| Payable for Advisory Fees | 282 |  |
| Payable for Fund Shares Redeemed | 177 |  |
| Payable for Professional Fees | 67 |  |
| Payable for Servicing Fees | 54 |  |
| Payable for Custodian Fees | 39 |  |
| Payable for Investments Purchased | 13 |  |
| Payable for Administration Fees | 11 |  |
| Payable for Distribution Fees — Class II Shares |  | @ |
| Other Liabilities | 30 |  |
| Total Liabilities | 5243 |  |
| **NET ASSETS** | $162831 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $101526 |  |
| Total Distributable Earnings | 61305 |  |
| **Net Assets** | $162831 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $114252 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 7,301,550 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $15.65 |  |
| **CLASS II:** | **CLASS II:** | **CLASS II:** |
| **Net Assets** | $48579 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 3,118,478 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $15.58 |  |
| **<sup>(1)</sup> Including:** | **<sup>(1)</sup> Including:** | **<sup>(1)</sup> Including:** |
| Securities on Loan, at Value: | $2059 |  |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Emerging Markets Equity Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Six Months Ended<br>June 30, 2025<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $246 of Foreign Taxes Withheld) | $1732 |
| Dividends from Security of Affiliated Issuer (Note H) | 75 |
| Income from Securities Loaned — Net | 5 |
| Total Investment Income | 1812 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 576 |
| Servicing Fees (Note D) | 123 |
| Professional Fees | 101 |
| Administration Fees (Note C) | 61 |
| Custodian Fees (Note G) | 60 |
| Distribution Fees — Class II Shares (Note E) | 57 |
| Shareholder Reporting Fees | 13 |
| Transfer Agency Fees (Note F) | 10 |
| Directors' Fees and Expenses | 3 |
| Pricing Fees | 3 |
| Other Expenses | 13 |
| Total Expenses | 1020 |
| Waiver of Distribution Fees — Class II Shares (Note E) | (46) |
| Waiver of Advisory Fees (Note B) | (4) |
| Rebate from Morgan Stanley Affiliate (Note H) | (3) |
| Net Expenses | 967 |
| **Net Investment Income** | 845 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $240 of Capital Gain Country Tax) | 4197 |
| Foreign Currency Transaction | (56) |
| Net Realized Gain | 4141 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $355) | 15565 |
| Foreign Currency Translation | 13 |
| Net Change in Unrealized Appreciation (Depreciation) | 15578 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 19719 |
| **Net Increase in Net Assets Resulting from Operations** | $20564 |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

**Emerging Markets Equity Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $845 | $1655 |
| Net Realized Gain | 4141 | 8140 |
| Net Change in Unrealized Appreciation (Depreciation) | 15578 | 2525 |
| Net Increase in Net Assets Resulting from Operations | 20564 | 12320 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I |  | (1538) |
| Class II |  | (636) |
| Total Dividends and Distributions to Shareholders |  | (2174) |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Class I: | Class I: | Class I: |
| Subscribed | 2954 | 7816 |
| Distributions Reinvested |  | 1538 |
| Redeemed | (11315) | (20302) |
| Class II: | Class II: | Class II: |
| Subscribed | 1233 | 2516 |
| Distributions Reinvested |  | 636 |
| Redeemed | (4212) | (9906) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (11340) | (17702) |
| Total Increase (Decrease) in Net Assets | 9224 | (7556) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 153607 | 161163 |
| End of Period | $162831 | $153607 |
| **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** |
| Class I: | Class I: | Class I: |
| Shares Subscribed | 208 | 559 |
| Shares Issued on Distributions Reinvested |  | 106 |
| Shares Redeemed | (787) | (1477) |
| Net Decrease in Class I Shares Outstanding | (579) | (812) |
| Class II: | Class II: | Class II: |
| Shares Subscribed | 88 | 185 |
| Shares Issued on Distributions Reinvested |  | 44 |
| Shares Redeemed | (295) | (721) |
| Net Decrease in Class II Shares Outstanding | (207) | (492) |

---

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

Financial Highlights

**Emerging Markets Equity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $13.73 | $12.90 | $11.92 | $18.11 | $17.73 | $15.99 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.08 | 0.14 | 0.19 | 0.19 | 0.08 | 0.05 |
| Net Realized and Unrealized Gain (Loss) | 1.84 | 0.88 | 1.21 | (4.81) | 0.46 | 2.15 |
| Total from Investment Operations | 1.92 | 1.02 | 1.40 | (4.62) | 0.54 | 2.20 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.19) | (0.20) | (0.06) | (0.16) | (0.21) |
| Net Realized Gain |  |  | (0.22) | (1.51) |  | (0.25) |
| Total Distributions |  | (0.19) | (0.42) | (1.57) | (0.16) | (0.46) |
| **Net Asset Value, End of Period** | $15.65 | $13.73 | $12.90 | $11.92 | $18.11 | $17.73 |
| **Total Return<sup>(2)</sup>** | 13.98%<sup>(3)</sup> | 7.82% | 11.97%<sup>(4)</sup> | (25.08)% | 2.99% | 14.44% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $114252 | $108157 | $112121 | $111050 | $160661 | $166989 |
| Ratio of Expenses Before Expense Limitation | 1.26%<sup>(5)</sup> | 1.26% | 1.28% | 1.32% | 1.25% | 1.30% |
| Ratio of Expenses After Expense Limitation | 1.25%<sup>(5)(6)</sup> | 1.25%<sup>(6)</sup> | 1.24%<sup>(6)(7)</sup> | 1.25%<sup>(6)</sup> | 1.25%<sup>(6)</sup> | 1.25%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding <br>Interest Expenses | N/A | N/A | N/A | 1.25%<sup>(6)</sup> | N/A | 1.25%<sup>(6)</sup> |
| Ratio of Net Investment Income | 1.11%<sup>(5)(6)</sup> | 1.04%<sup>(6)</sup> | 1.52%<sup>(6)(7)</sup> | 1.41%<sup>(6)</sup> | 0.44%<sup>(6)</sup> | 0.35%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 14%<sup>(3)</sup> | 36% | 33% | 38% | 39% | 52% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period. Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(3) Not annualized.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) Annualized.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.25% | 1.51% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

Financial Highlights

**Emerging Markets Equity Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended <br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $13.67 | $12.85 | $11.87 | $18.04 | $17.66 | $15.93 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.07 | 0.14 | 0.18 | 0.18 | 0.07 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 1.84 | 0.86 | 1.22 | (4.79) | 0.46 | 2.14 |
| Total from Investment Operations | 1.91 | 1.00 | 1.40 | (4.61) | 0.53 | 2.18 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  | (0.18) | (0.20) | (0.05) | (0.15) | (0.20) |
| Net Realized Gain |  |  | (0.22) | (1.51) |  | (0.25) |
| Total Distributions |  | (0.18) | (0.42) | (1.56) | (0.15) | (0.45) |
| **Net Asset Value, End of Period** | $15.58 | $13.67 | $12.85 | $11.87 | $18.04 | $17.66 |
| **Total Return<sup>(2)</sup>** | 13.97%<sup>(3)</sup> | 7.72% | 11.96%<sup>(4)</sup> | (25.13)% | 2.95% | 14.36% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $48579 | $45450 | $49042 | $48709 | $67300 | $73286 |
| Ratio of Expenses Before Expense Limitation | 1.51%<sup>(5)</sup> | 1.51% | 1.53% | 1.57% | 1.50% | 1.55% |
| Ratio of Expenses After Expense Limitation | 1.30%<sup>(5)(6)</sup> | 1.30%<sup>(6)</sup> | 1.29%<sup>(6)(7)</sup> | 1.30%<sup>(6)</sup> | 1.30%<sup>(6)</sup> | 1.30%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation Excluding <br>Interest Expenses | N/A | N/A | N/A | 1.30%<sup>(6)</sup> | N/A | 1.30%<sup>(6)</sup> |
| Ratio of Net Investment Income | 1.06%<sup>(5)(6)</sup> | 0.99%<sup>(6)</sup> | 1.47%<sup>(6)(7)</sup> | 1.36%<sup>(6)</sup> | 0.39%<sup>(6)</sup> | 0.30%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 14%<sup>(3)</sup> | 36% | 33% | 38% | 39% | 52% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period. Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(3) Not annualized.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class II shares.

(5) Annualized.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class II shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 1.30% | 1.46% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements

Morgan Stanley Variable Insurance Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of five separate active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relates to the Emerging Markets Equity Portfolio. The Fund seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries. The Fund has issued two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio

securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) 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 Company ("MSIM Company") (the "Sub- Adviser"), 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; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (5) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts")

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobile Components | $— | $784 | $— | $784 |
| Automobiles |  | 7778 |  | 7778 |
| Banks | 7459 | 26443 |  | 33902 |
| Beverages |  | 1390 |  | 1390 |
| Broadline Retail | 1453 | 6748 |  | 8201 |
| Capital Markets | 437 | 3240 |  | 3677 |
| Chemicals |  | 1199 |  | 1199 |
| Construction & <br>Engineering |  | 2156 |  | 2156 |
| Construction Materials |  | 1356 |  | 1356 |
| Consumer Finance |  | 2660 |  | 2660 |
| Consumer Staples <br>Distribution & Retail | 3011 | 1120 |  | 4131 |
| Electrical Equipment | 2708 | 3363 |  | 6071 |
| Electronic Equipment, <br>Instruments & <br>Components |  | 4537 |  | 4537 |
| Entertainment |  | 1844 |  | 1844 |
| Financial Services |  | 862 |  | 862 |
| Food Products | 951 | 2069 |  | 3020 |
| Health Care Providers & <br>Services | 1596 | 1758 |  | 3354 |
| Hotels, Restaurants & <br>Leisure | 3993 | 1566 |  | 5559 |
| Household Products | 1793 |  |  | 1793 |
| Industrial REITs | 817 |  |  | 817 |
| Information Technology <br>Services | 2059 |  |  | 2059 |
| Insurance |  | 3632 |  | 3632 |
| Interactive Media & <br>Services |  | 9473 |  | 9473 |
| Machinery |  | 1778 |  | 1778 |

---

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (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)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Metals & Mining | $825 | $2434 | $— | $3259 |
| Oil, Gas & Consumable <br>Fuels |  | 3590 |  | 3590 |
| Personal Care Products |  | 390 |  | 390 |
| Pharmaceuticals |  | 939 |  | 939 |
| Real Estate <br>Management & <br>Development |  | 1511 |  | 1511 |
| Semiconductors & <br>Semiconductor <br>Equipment |  | 26582 |  | 26582 |
| Tech Hardware, <br>Storage & Peripherals |  | 10503 |  | 10503 |
| Tobacco |  | 916 |  | 916 |
| **Total Common Stocks** | **27102** | **132621** | **—** | **159723** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 5148 |  |  | 5148 |
| **Total Assets** | $**32250** | $**132621** | $**—** | $**164871** |

---

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency

transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Securities Lending:** The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** |
| **Gross Asset <br>Amount<br>Presented in <br>the Statement <br>of Assets and <br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| $2059<br> (a) | $— | $(2059)(b)(c) | $0 |

---

(a) Represents market value of loaned securities at period end.

(b) The Fund received cash collateral of approximately $2,111,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments.

(c) The actual collateral received is greater than the amount shown here due to overcollateralization.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining

contractual maturity of those transactions as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 & <br>90 days<br>(000)** | **>90 Days<br>(000)** | **Total<br>(000)** |
| **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** |
| Common Stocks | $2111 | $— | $— | $— | $2111 |
| **Total Borrowings** | $**2111** | $**—** | $**—** | $**—** | $**2111** |
| **Gross amount of<br>recognized liabilities<br>for securities lending<br>transactions** | **Gross amount of<br>recognized liabilities<br>for securities lending<br>transactions** | **Gross amount of<br>recognized liabilities<br>for securities lending<br>transactions** | **Gross amount of<br>recognized liabilities<br>for securities lending<br>transactions** | **Gross amount of<br>recognized liabilities<br>for securities lending<br>transactions** | $**2111** |

---

**5. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**6. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

Settlement and registration of foreign securities transactions may be subject to significant risks not normally associated with investments in the United States. In certain markets, ownership of shares is defined according to entries in the issuer's share register. It is possible that a Fund holding these securities could lose its share registration through fraud, negligence or even mere oversight. In addition, shares being delivered for sales and cash being paid for purchases may be delivered before the exchange

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

is complete. This may subject the Fund to further risk of loss in the event of a failure to complete the transaction by the counterparty.

**7. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually . Net realized capital gains, if any, are distributed at least annually.

**8. Segment Reporting:** During the reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07)*, which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $1<br>billion** | **Next $1.5<br>billion** | **Over $2.5<br>billion** |
| 0.75% | 0.70% | 0.65% |

---

For the six months ended June 30, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.74% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.25% for Class I shares and 1.30% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the period ended June 30, 2025, approximately $4,000 of advisory fees were waived pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan

Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Servicing Fees:** The Company accrues daily and pays quarterly a servicing fee of up to 0.17% of the average daily value of shares of the Fund held in an insurance company's account. Certain insurance companies have entered into a servicing agreement with the Company to provide administrative and other contract-owner related services on behalf of the Fund.

**E. Distribution Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.20% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the six months ended June 30, 2025, this waiver amounted to approximately $46,000.

**F. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended June 30, 2025, co-transfer agency

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to less than $500.

**G. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**H. Security Transactions and Transactions with Affiliates:** For the six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $20,636,000 and $33,261,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2025.

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 six months ended June 30, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Funds | $6285 | $19912 | $21049 | $75 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>June 30,<br>2025<br>(000)** |
| Liquidity Funds | $— | $— | $5148 |

---

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 six months ended June 30, 2025, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**I. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 Distributions <br>Paid From:** | **2024 Distributions <br>Paid From:** | **2023 Distributions <br>Paid From:** | **2023 Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $2174 | $— | $2595 | $2837 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $633 | $5463 |

---

During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $3,501,000.

**J. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets.

During the six months ended June 30, 2025, the Fund did not have any borrowings under the Facility.

**K. Other:** At June 30, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 67.7%.

**L. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval

**Nature, Extent and Quality of Services**

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser, Sub-Adviser and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

**Performance, Fees and Expenses of the Fund**

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one- and five-year periods but below its peer group average for the three-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

**Economies of Scale**

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which includes breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

**Profitability of the Adviser and Affiliates**

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval (cont'd)

and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

**Other Benefits of the Relationship**

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

**Resources of the Adviser and Historical Relationship Between the Fund and the Adviser**

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

**Other Factors and Current Trends**

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

**General Conclusion**

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.**

MSMBX-NCSR 6.30.25

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![](j25201125_aa001.jpg)

**Morgan Stanley Variable Insurance Fund, Inc.**

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (unaudited)

Global Strategist Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

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**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Table of Contents**

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-5) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-5) | 31 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-5) | 32 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-5) | 33 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-5) | 34 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-5) | 36 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| [Investment Advisory Agreement Approval](#InvestmentAdvisoryAgreementApproval-5) | 49 |
| Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

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**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Fixed Income Securities (38.1%)** | **Fixed Income Securities (38.1%)** | **Fixed Income Securities (38.1%)** |
| **Agency Fixed Rate Mortgages (4.0%)** | **Agency Fixed Rate Mortgages (4.0%)** | **Agency Fixed Rate Mortgages (4.0%)** |
| **United States (4.0%)** | **United States (4.0%)** | **United States (4.0%)** |
| Federal Home Loan Mortgage Corporation,<br>Conventional Pools:<br>2.00%, 6/1/52 | $573 | $455 |
| 3.00%, 11/1/52 | 90 | 78 |
| 4.50%, 1/1/49 | 11 | 11 |
| Gold Pools:<br>3.50%, 2/1/45 - 6/1/45 | 144 | 133 |
| 4.50%, 1/1/49 | 7 | 7 |
| Federal National Mortgage Association,<br>Conventional Pools:<br>2.50%, 10/1/51 | 266 | 221 |
| 3.00%, 4/1/52 | 352 | 304 |
| 3.50%, 1/1/51 | 359 | 327 |
| 4.00%, 11/1/41 - 1/1/46 | 143 | 137 |
| 4.50%, 3/1/41 - 11/1/44 | 53 | 52 |
| 5.00%, 1/1/41 - 3/1/41 | 20 | 21 |
| 6.00%, 1/1/38 | 4 | 4 |
| 6.50%, 10/1/53 | 18 | 18 |
| July TBA:<br>2.50%, 7/1/55 (a) | 530 | 440 |
| 3.00%, 7/1/54 (a) | 60 | 52 |
| 4.00%, 7/1/54 (a) | 60 | 56 |
| 4.50%, 7/1/54 (a) | 60 | 57 |
| 5.00%, 7/1/54 (a) | 100 | 98 |
| 5.50%, 7/1/54 (a) | 480 | 480 |
| 6.00%, 7/1/54 (a) | 300 | 305 |
| Government National Mortgage Association,<br>Various Pools:<br>4.00%, 7/15/44 | 7 | 7 |
| 5.00%, 2/20/49 | 3 | 3 |
| **Total Agency Fixed Rate Mortgages (Cost $3,388)**  | **Total Agency Fixed Rate Mortgages (Cost $3,388)**  | 3266 |
| **Asset-Backed Securities (0.8%)** | **Asset-Backed Securities (0.8%)** | **Asset-Backed Securities (0.8%)** |
| **Ireland (0.1%)** | **Ireland (0.1%)** | **Ireland (0.1%)** |
| European Residential Loan Securitisation <br>2019-NPL1 DAC, Class A<br>1 Month EURIBOR + 3.25%,<br>5.15%, 7/24/54 (b) | 48 | 56 |
| **United States (0.7%)** | **United States (0.7%)** | **United States (0.7%)** |
| Cloud Capital Holdco LP, Class A2<br>5.78%, 11/22/49 (c) | $150 | 152 |
| Renaissance Home Equity Loan Trust,<br>1 Month Term SOFR + 0.87%,<br>5.19%, 12/25/32 (b) | 70 | 66 |
| Retained Vantage Data Centers Issuer <br>LLC, Class A2A<br>5.00%, 9/15/48 (c) | 100 | 99 |
| SLM Student Loan Trust,<br>3 Month EURIBOR + 0.55%,<br>2.71%, 7/25/39 (b) | 45 | 50 |
| STAR Trust, Class A<br>1 Month Term SOFR + 1.75%,<br>6.06%, 10/17/41 (b)(c) | $200 | 201 |
|  |  | 568 |
| **Total Asset-Backed Securities (Cost $606)** | **Total Asset-Backed Securities (Cost $606)** | 624 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** |
| **Germany (0.0%)‡** | **Germany (0.0%)‡** | **Germany (0.0%)‡** |
| Berg Finance DAC,<br>3 Month EURIBOR + 1.05%,<br>3.29%, 4/22/33 (b) | 15 | $17 |
| **United States (0.5%)** | **United States (0.5%)** | **United States (0.5%)** |
| BAMLL Trust,<br>1 Month Term SOFR + 2.35%,<br>6.66%, 8/15/39 (b)(c) | $200 | 202 |
| BPR Trust,<br>1 Month Term SOFR + 3.00%,<br>7.31%, 5/15/39 (b)(c) | 100 | 100 |
| JW Commercial Mortgage Trust,<br>1 Month Term SOFR + 1.62%,<br>5.93%, 6/15/39 (b)(c) | 100 | 100 |
|  |  | 402 |
| **Total Commercial Mortgage-Backed Securities (Cost $418)** | **Total Commercial Mortgage-Backed Securities (Cost $418)** | 419 |
| **Corporate Bonds (8.8%)** | **Corporate Bonds (8.8%)** | **Corporate Bonds (8.8%)** |
| **Australia (0.4%)** | **Australia (0.4%)** | **Australia (0.4%)** |
| NBN Co. Ltd.,<br>2.63%, 5/5/31 (c) | 200 | 181 |
| Westpac Banking Corp.,<br>2.67%, 11/15/35 | 125 | 110 |
|  |  | 291 |
| **Brazil (0.3%)** | **Brazil (0.3%)** | **Brazil (0.3%)** |
| JBS USA Holding Lux SARL/JBS USA <br>Food Co./JBS Lux Co. SARL,<br>2.50%, 1/15/27 | 225 | 219 |
| **Canada (0.5%)** | **Canada (0.5%)** | **Canada (0.5%)** |
| Province of Ontario Canada,<br>4.10%, 3/4/33 | 140 | 107 |
| Province of Quebec Canada,<br>0.00%, 10/29/30 | 210 | 215 |
| Rogers Communications, Inc.,<br>3.80%, 3/15/32 | $100 | 93 |
|  |  | 415 |
| **France (0.6%)** | **France (0.6%)** | **France (0.6%)** |
| AXA SA,<br>3.25%, 5/28/49 | 100 | 118 |
| BNP Paribas SA,<br>1.13%, 6/11/26 | 225 | 262 |
| BPCE SA,<br>5.75%, 6/1/33 | 100 | 127 |
|  |  | 507 |
| **Germany (0.7%)** | **Germany (0.7%)** | **Germany (0.7%)** |
| Allianz SE,<br>5.82%, 7/25/53 | 100 | 133 |
| Kreditanstalt fuer Wiederaufbau,<br>0.38%, 4/23/30 | 180 | 193 |
| RWE AG,<br>3.63%, 1/10/32 | 30 | 36 |
| Volkswagen International Finance NV,<br>Series 10Y<br>1.88%, 3/30/27 | 200 | 233 |
|  |  | 595 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Japan (0.1%)** | **Japan (0.1%)** | **Japan (0.1%)** |
| JT International Financial Services BV,<br>3.63%, 4/11/34 | 100 | $116 |
| **Korea, Republic of (0.2%)** | **Korea, Republic of (0.2%)** | **Korea, Republic of (0.2%)** |
| Korea Southern Power Co. Ltd.,<br>0.75%, 1/27/26 (c) | $200 | 196 |
| **Luxembourg (0.1%)** | **Luxembourg (0.1%)** | **Luxembourg (0.1%)** |
| Blackstone Property Partners Europe <br>Holdings SARL,<br>1.25%, 4/26/27 | 100 | 114 |
| **Netherlands (0.2%)** | **Netherlands (0.2%)** | **Netherlands (0.2%)** |
| Alliander NV,<br>4.50%, 3/27/32 (d) | 100 | 121 |
| **Spain (0.2%)** | **Spain (0.2%)** | **Spain (0.2%)** |
| CaixaBank SA,<br>4.00%, 3/5/37 | 100 | 118 |
| **United Arab Emirates (0.2%)** | **United Arab Emirates (0.2%)** | **United Arab Emirates (0.2%)** |
| Galaxy Pipeline Assets Bidco Ltd.,<br>2.63%, 3/31/36 (c) | $225 | 191 |
| **United Kingdom (0.7%)** | **United Kingdom (0.7%)** | **United Kingdom (0.7%)** |
| BAT Capital Corp.,<br>3.56%, 8/15/27 | 108 | 106 |
| HSBC Holdings PLC,<br>2.26%, 11/13/26 | 100 | 136 |
| 2.87%, 11/22/32 | $200 | 177 |
| Lloyds Banking Group PLC,<br>2.00%, 4/12/28 | 100 | 132 |
|  |  | 551 |
| **United States (4.6%)** | **United States (4.6%)** | **United States (4.6%)** |
| Air Lease Corp.,<br>3.13%, 12/1/30 | $125 | 116 |
| Aon North America, Inc.,<br>5.45%, 3/1/34 | 100 | 103 |
| AT&T, Inc.,<br>2.90%, 12/4/26 | 100 | 134 |
| 3.65%, 6/1/51 | $75 | 53 |
| Bank of New York Mellon Corp.,<br>MTN<br>5.19%, 3/14/35 | 75 | 76 |
| Boeing Co.,<br>5.81%, 5/1/50 | 50 | 48 |
| 6.26%, 5/1/27 | 25 | 26 |
| 6.30%, 5/1/29 | 25 | 26 |
| Charles Schwab Corp.,<br>5.85%, 5/19/34 | 90 | 96 |
| Charter Communications Operating <br>LLC/Charter Communications <br>Operating Capital,<br>3.50%, 3/1/42 | 25 | 18 |
| 6.48%, 10/23/45 | 100 | 99 |
| Citigroup, Inc.,<br>3.79%, 3/17/33 | 275 | 257 |
| Comcast Corp.,<br>3.25%, 9/26/32 | 100 | 117 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| Diamondback Energy, Inc.,<br>6.25%, 3/15/33 | $50 | $53 |
| Enterprise Products Operating LLC,<br>3.95%, 1/31/60 | 50 | 36 |
| 4.95%, 2/15/35 | 25 | 25 |
| Foundry JV Holdco LLC,<br>5.50%, 1/25/31 (c) | 200 | 205 |
| Global Payments, Inc.,<br>4.45%, 6/1/28 | 100 | 100 |
| Goldman Sachs Group, Inc.,<br>0.75%, 3/23/32 | 90 | 91 |
| 5.85%, 4/25/35 | $100 | 105 |
| Hyundai Capital America,<br>5.30%, 6/24/29 (c) | 150 | 153 |
| Jefferies Financial Group, Inc.,<br>2.63%, 10/15/31 | 100 | 87 |
| JPMorgan Chase & Co.,<br>6.25%, 10/23/34 | 175 | 190 |
| Kinder Morgan, Inc.,<br>5.15%, 6/1/30 | 100 | 102 |
| Las Vegas Sands Corp.,<br>5.63%, 6/15/28 | 25 | 26 |
| 5.90%, 6/1/27 | 50 | 51 |
| 6.00%, 8/15/29 - 6/14/30 | 60 | 62 |
| Medtronic Global Holdings SCA,<br>1.00%, 7/2/31 | 100 | 105 |
| Metropolitan Life Global Funding I,<br>2.95%, 4/9/30 (c) | $150 | 141 |
| Nuveen LLC,<br>5.85%, 4/15/34 (c) | 25 | 26 |
| ONEOK, Inc.,<br>5.05%, 11/1/34 | 75 | 73 |
| 6.05%, 9/1/33 | 25 | 26 |
| Pfizer Investment Enterprises Pte. Ltd.,<br>5.34%, 5/19/63 | 50 | 46 |
| PNC Financial Services Group, Inc.,<br>6.88%, 10/20/34 | 125 | 140 |
| Prologis Euro Finance LLC,<br>1.88%, 1/5/29 | 100 | 114 |
| Thermo Fisher Scientific, Inc.,<br>0.88%, 10/1/31 | 100 | 104 |
| Transcontinental Gas Pipe Line Co. LLC,<br>4.60%, 3/15/48 | $125 | 105 |
| U.S. Bancorp,<br>5.68%, 1/23/35 | 50 | 52 |
| 5.84%, 6/12/34 | 75 | 79 |
| Upjohn Finance BV,<br>1.91%, 6/23/32 | 100 | 102 |
| Verizon Communications, Inc.,<br>1.88%, 9/19/30 | 100 | 120 |
| 2.55%, 3/21/31 | $50 | 45 |
| Vontier Corp.,<br>2.40%, 4/1/28 | 50 | 47 |
|  |  | 3780 |
| **Total Corporate Bonds (Cost $7,105)** | **Total Corporate Bonds (Cost $7,105)** | 7214 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Mortgages — Other (1.4%)** | **Mortgages — Other (1.4%)** | **Mortgages — Other (1.4%)** |
| **United Kingdom (0.1%)** | **United Kingdom (0.1%)** | **United Kingdom (0.1%)** |
| Landmark Mortgage Securities No. 3 PLC,<br>3 Month GBP SONIA + 2.22%,<br>6.53%, 4/17/44 (b) | 46 | $61 |
| **United States (1.3%)** | **United States (1.3%)** | **United States (1.3%)** |
| Bayview Opportunity Master <br>Fund VIA Trust,<br>3.00%, 1/25/52 (b)(c) | $82 | 70 |
| Chase Home Lending Mortgage Trust,<br>5.50%, 8/25/55 (b)(c) | 152 | 151 |
| Federal Home Loan Mortgage Corp. <br>Seasoned Credit Risk Transfer Trust,<br>3.00%, 11/25/57 | 71 | 61 |
| 3.00%, 7/25/58 | 75 | 64 |
| 3.00%, 10/25/58 | 12 | 10 |
| 4.00%, 10/25/58 | 10 | 10 |
| Federal Home Loan Mortgage Corp. <br>Whole Loan Securities Trust,<br>3.00%, 9/25/45 | 15 | 13 |
| 3.00%, 7/25/46 | 7 | 6 |
| 3.00%, 5/25/47 | 32 | 28 |
| 3.50%, 5/25/45 | 6 | 6 |
| 3.50%, 9/25/45 | 15 | 14 |
| 3.50%, 7/25/46 | 9 | 8 |
| 4.00%, 5/25/45 | 2 | 1 |
| 3.00%, 12/25/46 | 27 | 23 |
| GCAT Trust, Class 2A2<br>6.50%, 1/25/54 (b)(c) | 95 | 97 |
| Hundred Acre Wood Trust,<br>2.50%, 12/25/51 (b)(c) | 77 | 63 |
| JP Morgan Mortgage Trust,<br>3.00%, 4/25/52 (b)(c) | 143 | 122 |
| 3.00%, 9/25/52 (b)(c) | 156 | 133 |
| 3.25%, 7/25/52 (b)(c) | 77 | 68 |
| PRKCM 2023-AFC1 Trust, Class A1<br>6.60%, 2/25/58 (c) | 114 | 114 |
| PRMI Securitization Trust,<br>2.50%, 4/25/51 (b)(c) | 77 | 63 |
|  |  | 1125 |
| **Total Mortgages — Other (Cost $1,295)** | **Total Mortgages — Other (Cost $1,295)** | 1186 |
| **Sovereign (18.5%)** | **Sovereign (18.5%)** | **Sovereign (18.5%)** |
| **Australia (0.8%)** | **Australia (0.8%)** | **Australia (0.8%)** |
| Australia Government Bond,<br>1.25%, 5/21/32 | 190 | 106 |
| Queensland Treasury Corp.,<br>3.25%, 5/21/35 (c) | 100 | 118 |
| Treasury Corp. of Victoria,<br>2.00%, 9/17/35 | 420 | 211 |
| 2.25%, 9/15/33 | 389 | 214 |
|  |  | 649 |
| **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** |
| Republic of Austria Government Bond,<br>0.00%, 2/20/30 | 60 | 64 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Belgium (0.3%)** | **Belgium (0.3%)** | **Belgium (0.3%)** |
| Kingdom of Belgium Government Bond,<br>0.90%, 6/22/29 | 30 | $34 |
| 1.70%, 6/22/50 | 80 | 62 |
| 3.45%, 6/22/43 | 100 | 114 |
|  |  | 210 |
| **Canada (1.5%)** | **Canada (1.5%)** | **Canada (1.5%)** |
| British Columbia Investment <br>Management Corp.,<br>4.00%, 6/2/35 | 40 | 29 |
| Canadian Government Bond,<br>2.00%, 12/1/51 | 20 | 11 |
| 3.25%, 12/1/33 | 920 | 679 |
| Province of Alberta Canada,<br>3.38%, 4/2/35 | 100 | 119 |
| Province of British Columbia,<br>4.75%, 6/12/34 | $150 | 152 |
| Province of Ontario,<br>3.25%, 7/3/35 (e) | 100 | 118 |
| Province of Quebec Canada,<br>3.25%, 5/22/35 | 100 | 118 |
|  |  | 1226 |
| **Chile (0.3%)** | **Chile (0.3%)** | **Chile (0.3%)** |
| Chile Government International Bond,<br>3.75%, 1/14/32 | 100 | 120 |
| 3.80%, 7/1/35 (e) | 30 | 35 |
| 3.88%, 7/9/31 | 100 | 122 |
|  |  | 277 |
| **China (3.5%)** | **China (3.5%)** | **China (3.5%)** |
| China Development Bank,<br>3.34%, 7/14/25 | 410 | 57 |
| China Government Bond,<br>1.43%, 1/25/30 | 2470 | 344 |
| 2.04%, 11/25/34 | 810 | 116 |
| 2.37%, 1/20/27 | 1200 | 170 |
| 2.40%, 7/15/28 | 1000 | 144 |
| 2.69%, 8/15/32 | 1300 | 194 |
| 2.80%, 11/15/32 | 3250 | 491 |
| 3.12%, 10/25/52 | 400 | 70 |
| 3.13%, 11/21/29 | 3550 | 531 |
| 3.27%, 11/19/30 | 2510 | 384 |
| 3.52%, 4/25/46 | 50 | 9 |
| 3.53%, 10/18/51 | 200 | 37 |
| 3.81%, 9/14/50 | 300 | 58 |
| 3.86%, 7/22/49 | 1380 | 264 |
|  |  | 2869 |
| **Colombia (0.1%)** | **Colombia (0.1%)** | **Colombia (0.1%)** |
| Colombian TES,<br>7.00%, 3/26/31 | 243900 | 48 |
| **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** |
| Czech Republic Government Bond,<br>1.20%, 3/13/31 | 1100 | 45 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Denmark (0.1%)** | **Denmark (0.1%)** | **Denmark (0.1%)** |
| Denmark Government Bond,<br>0.50%, 11/15/27 | 580 | $89 |
| **Estonia (0.1%)** | **Estonia (0.1%)** | **Estonia (0.1%)** |
| Estonia Government International Bond,<br>3.25%, 1/17/34 | 60 | 71 |
| **Finland (0.2%)** | **Finland (0.2%)** | **Finland (0.2%)** |
| Finland Government Bond,<br>0.13%, 4/15/36 | 220 | 189 |
| **France (1.1%)** | **France (1.1%)** | **France (1.1%)** |
| Agence Francaise de Developpement <br>EPIC,<br>1.50%, 10/31/34 | 100 | 101 |
| French Republic Government Bond OAT,<br>0.00%, 11/25/29 | 630 | 667 |
| SNCF Reseau,<br>1.88%, 3/30/34 | 100 | 105 |
|  |  | 873 |
| **Germany (0.8%)** | **Germany (0.8%)** | **Germany (0.8%)** |
| Bundesrepublik Deutschland <br>Bundesanleihe,<br>0.25%, 2/15/29 | 240 | 266 |
| 2.20%, 2/15/34 | 25 | 29 |
| 2.50%, 8/15/54 | 150 | 157 |
| State of North Rhine-Westphalia <br>Germany,<br>1.65%, 2/22/38 | 230 | 227 |
|  |  | 679 |
| **Greece (0.0%)‡** | **Greece (0.0%)‡** | **Greece (0.0%)‡** |
| Hellenic Republic Government Bond,<br>4.38%, 7/18/38 | 30 | 38 |
| **Hungary (0.3%)** | **Hungary (0.3%)** | **Hungary (0.3%)** |
| Hungary Government Bond,<br>3.00%, 8/21/30 | 8480 | 22 |
| Hungary Government International Bond,<br>5.38%, 9/12/33 | 16 | 20 |
| 6.25%, 9/22/32 | $200 | 209 |
|  |  | 251 |
| **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** |
| Indonesia Treasury Bond,<br>8.38%, 3/15/34 | 1646000 | 113 |
| **Ireland (0.1%)** | **Ireland (0.1%)** | **Ireland (0.1%)** |
| Ireland Government Bond,<br>0.40%, 5/15/35 | 60 | 55 |
| **Italy (1.0%)** | **Italy (1.0%)** | **Italy (1.0%)** |
| Italy Buoni Poliennali Del Tesoro,<br>0.45%, 2/15/29 | 50 | 55 |
| 2.50%, 12/1/32 | 80 | 91 |
| 3.85%, 7/1/34 | 190 | 234 |
| 4.00%, 11/15/30 | 210 | 263 |
| 4.45%, 9/1/43 | 58 | 72 |
| 4.50%, 10/1/53 | 100 | 122 |
|  |  | 837 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Japan (2.4%)** | **Japan (2.4%)** | **Japan (2.4%)** |
| Japan Government Ten Year Bond,<br>0.80%, 3/20/34 | 31150 | $207 |
| 0.90%, 9/20/34 | 64500 | 430 |
| 1.10%, 6/20/34 | 16900 | 115 |
| 1.40%, 3/20/35 | 63150 | 438 |
| Japan Government Thirty Year Bond,<br>0.30%, 6/20/46 | 31200 | 142 |
| 0.40%, 9/20/49 | 35850 | 152 |
| 0.70%, 12/20/51 | 32250 | 139 |
| Japan Government Twenty Year Bond,<br>0.40%, 6/20/41 | 63300 | 338 |
|  |  | 1961 |
| **Korea, Republic of (0.5%)** | **Korea, Republic of (0.5%)** | **Korea, Republic of (0.5%)** |
| Export-Import Bank of Korea,<br>0.63%, 2/9/26 | $200 | 196 |
| Korea Development Bank,<br>0.80%, 7/19/26 | 200 | 193 |
|  |  | 389 |
| **Lithuania (0.1%)** | **Lithuania (0.1%)** | **Lithuania (0.1%)** |
| Republic of Lithuania,<br>3.50%, 7/3/31 | 40 | 49 |
| **Malaysia (0.2%)** | **Malaysia (0.2%)** | **Malaysia (0.2%)** |
| Malaysia Government Bond,<br>3.58%, 7/15/32 | 390 | 94 |
| 3.89%, 8/15/29 | 410 | 99 |
|  |  | 193 |
| **Mexico (0.2%)** | **Mexico (0.2%)** | **Mexico (0.2%)** |
| Mexican Bonos,<br>7.50%, 6/3/27 | 1700 | 90 |
| 7.75%, 11/23/34 | 1000 | 49 |
| 8.50%, 5/31/29 | 800 | 42 |
|  |  | 181 |
| **Netherlands (0.3%)** | **Netherlands (0.3%)** | **Netherlands (0.3%)** |
| Netherlands Government Bond,<br>0.00%, 7/15/30 | 180 | 189 |
| 2.75%, 1/15/47 | 20 | 22 |
|  |  | 211 |
| **New Zealand (0.3%)** | **New Zealand (0.3%)** | **New Zealand (0.3%)** |
| New Zealand Government Bond,<br>4.25%, 5/15/34 | 40 | 24 |
| New Zealand Local Government <br>Funding Agency Bond,<br>MTN<br>4.40%, 9/8/27 | 310 | 207 |
|  |  | 231 |
| **Norway (0.0%)‡** | **Norway (0.0%)‡** | **Norway (0.0%)‡** |
| Norway Government Bond,<br>3.75%, 6/12/35 | 160 | 16 |
| **Poland (0.3%)** | **Poland (0.3%)** | **Poland (0.3%)** |
| Bank Gospodarstwa Krajowego,<br>3.25%, 3/18/30 | 100 | 120 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Poland (cont'd)** | **Poland (cont'd)** | **Poland (cont'd)** |
| Republic of Poland Government Bond,<br>1.75%, 4/25/32 | 200 | 45 |
| Republic of Poland Government <br>International Bond,<br>3.13%, 7/7/32 (e) | 60 | 70 |
| 3.88%, 7/7/37 (e) | 30 | 35 |
|  |  | 270 |
| **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** |
| Portugal Obrigacoes do Tesouro OT,<br>3.63%, 6/12/54 | 90 | 102 |
| **Romania (0.1%)** | **Romania (0.1%)** | **Romania (0.1%)** |
| Romanian Government International <br>Bond,<br>5.25%, 3/10/30 | 70 | 84 |
| **Saudi Arabia (0.2%)** | **Saudi Arabia (0.2%)** | **Saudi Arabia (0.2%)** |
| Saudi Government International Bond,<br>3.38%, 3/5/32 (c) | 160 | 188 |
| **Singapore (0.1%)** | **Singapore (0.1%)** | **Singapore (0.1%)** |
| Singapore Government Bond,<br>2.63%, 8/1/32 | 100 | 81 |
| **Slovakia (0.2%)** | **Slovakia (0.2%)** | **Slovakia (0.2%)** |
| Slovakia Government Bond,<br>3.75%, 2/27/40 | 130 | 150 |
| **Slovenia (0.2%)** | **Slovenia (0.2%)** | **Slovenia (0.2%)** |
| Slovenia Government International Bond,<br>5.00%, 9/19/33 (c) | $200 | 203 |
| **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** |
| Spain Government Bond,<br>0.00%, 1/31/28 | 50 | 56 |
| 2.70%, 10/31/48 | 40 | 39 |
| 3.45%, 10/31/34 | 410 | 496 |
| 3.50%, 5/31/29 | 160 | 197 |
| 4.00%, 10/31/54 | 20 | 23 |
|  |  | 811 |
| **Sweden (0.0%)‡** | **Sweden (0.0%)‡** | **Sweden (0.0%)‡** |
| Sweden Government Bond,<br>2.25%, 5/11/35 | 400 | 42 |
| **Switzerland (0.2%)** | **Switzerland (0.2%)** | **Switzerland (0.2%)** |
| Swiss Confederation Government Bond,<br>0.25%, 6/23/35 | 110 | 137 |
| **Thailand (0.2%)** | **Thailand (0.2%)** | **Thailand (0.2%)** |
| Thailand Government Bond,<br>1.59%, 12/17/35 | 1350 | 42 |
| 2.00%, 12/17/31 | 3660 | 116 |
|  |  | 158 |
| **United Kingdom (1.4%)** | **United Kingdom (1.4%)** | **United Kingdom (1.4%)** |
| United Kingdom Gilt,<br>0.63%, 10/22/50 | 320 | 162 |
| 0.88%, 7/31/33 | 220 | 232 |
| 3.50%, 10/22/25 | 360 | 493 |
| 4.25%, 7/31/34 | 110 | 149 |
| 4.75%, 10/22/43 | 80 | 105 |
|  |  | 1141 |
| **Total Sovereign (Cost $15,251)** | **Total Sovereign (Cost $15,251)** | 15181 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Supranational (0.6%)** | **Supranational (0.6%)** | **Supranational (0.6%)** |
| Asian Development Bank,<br>MTN<br>2.13%, 5/19/31 | 60 | $32 |
| Corp. Andina de Fomento,<br>5.00%, 1/24/29 - 1/22/30 | $140 | 144 |
| MTN<br>5.30%, 2/19/29 | 160 | 108 |
| European Financial Stability Facility,<br>3.00%, 9/4/34 | 90 | 107 |
| European Investment Bank,<br>0.00%, 1/14/31 | 140 | 144 |
| **Total Supranational (Cost $504)**  | **Total Supranational (Cost $504)**  | 535 |
| **U.S. Treasury Securities (3.5%)** | **U.S. Treasury Securities (3.5%)** | **U.S. Treasury Securities (3.5%)** |
| **United States (3.5%)** | **United States (3.5%)** | **United States (3.5%)** |
| U.S. Treasury Bonds,<br>1.13%, 5/15/40 | $610 | 380 |
| U.S. Treasury Notes,<br>1.13%, 10/31/26 | 620 | 598 |
| 3.38%, 5/15/33 | 620 | 591 |
| 4.13%, 9/30/27 | 1330 | 1342 |
| **Total U.S. Treasury Securities (Cost $3,006)**  | **Total U.S. Treasury Securities (Cost $3,006)**  | 2911 |
| **Total Fixed Income Securities (Cost $31,573)** | **Total Fixed Income Securities (Cost $31,573)** | 31336 |
|  | **Shares** |  |
| **Common Stocks (44.9%)** | **Common Stocks (44.9%)** | **Common Stocks (44.9%)** |
| **Australia (0.9%)** | **Australia (0.9%)** | **Australia (0.9%)** |
| ANZ Group Holdings Ltd. | 1622 | 31 |
| APA Group | 724 | 4 |
| Aristocrat Leisure Ltd. | 315 | 13 |
| ASX Ltd. | 108 | 5 |
| BHP Group Ltd. | 2849 | 69 |
| BlueScope Steel Ltd. | 244 | 4 |
| Brambles Ltd. | 770 | 12 |
| CAR Group Ltd. | 210 | 5 |
| Cochlear Ltd. | 36 | 7 |
| Coles Group Ltd. | 749 | 10 |
| Commonwealth Bank of Australia | 914 | 111 |
| Computershare Ltd. | 290 | 8 |
| CSL Ltd. | 272 | 43 |
| Evolution Mining Ltd. | 1123 | 6 |
| Fortescue Ltd. | 963 | 10 |
| Goodman Group REIT | 1124 | 25 |
| Insurance Australia Group Ltd. | 1314 | 8 |
| James Hardie Industries PLC (f) | 236 | 6 |
| Lottery Corp. Ltd. | 1227 | 4 |
| Macquarie Group Ltd. | 199 | 30 |
| Medibank Pvt Ltd. | 1530 | 5 |
| National Australia Bank Ltd. | 1689 | 44 |
| Northern Star Resources Ltd. | 775 | 10 |
| Origin Energy Ltd. | 955 | 7 |
| Pro Medicus Ltd. | 32 | 6 |
| Qantas Airways Ltd. | 409 | 3 |
| QBE Insurance Group Ltd. | 834 | 13 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **Australia (cont'd)** | **Australia (cont'd)** | **Australia (cont'd)** | **Australia (cont'd)** |
| REA Group Ltd. | 29 | $| 5 |
| Reece Ltd. | 124 |  | 1 |
| Rio Tinto Ltd. | 207 |  | 15 |
| Santos Ltd. | 1826 |  | 9 |
| Scentre Group REIT | 2894 |  | 7 |
| SGH Ltd. | 111 |  | 4 |
| Sigma Healthcare Ltd. | 2573 |  | 5 |
| Sonic Healthcare Ltd. | 254 |  | 4 |
| South32 Ltd. | 2578 |  | 5 |
| Stockland REIT | 1343 |  | 5 |
| Suncorp Group Ltd. | 596 |  | 8 |
| Telstra Group Ltd. | 2260 |  | 7 |
| Transurban Group (Units) | 1739 |  | 16 |
| Vicinity Ltd. REIT | 2155 |  | 3 |
| Washington H Soul Pattinson & Co. Ltd. | 133 |  | 4 |
| Wesfarmers Ltd. | 630 |  | 35 |
| Westpac Banking Corp. | 1888 |  | 42 |
| WiseTech Global Ltd. | 112 |  | 8 |
| Woodside Energy Group Ltd. | 1062 |  | 16 |
| Woolworths Group Ltd. | 683 |  | 14 |
| Xero Ltd. (f) | 81 |  | 10 |
|  |  |  | 722 |
| **Austria (0.0%)‡** | **Austria (0.0%)‡** | **Austria (0.0%)‡** | **Austria (0.0%)‡** |
| Erste Group Bank AG | 195 |  | 17 |
| OMV AG | 93 |  | 5 |
| Verbund AG | 43 |  | 3 |
|  |  |  | 25 |
| **Belgium (0.1%)** | **Belgium (0.1%)** | **Belgium (0.1%)** | **Belgium (0.1%)** |
| Ageas SA | 89 |  | 6 |
| Anheuser-Busch InBev SA | 587 |  | 41 |
| Argenx SE (f) | 36 |  | 20 |
| D'ieteren Group | 13 |  | 3 |
| Elia Group SA | 29 |  | 3 |
| Groupe Bruxelles Lambert NV | 49 |  | 4 |
| KBC Group NV | 137 |  | 14 |
| Sofina SA | 9 |  | 3 |
| Syensqo SA | 43 |  | 3 |
| UCB SA | 76 |  | 15 |
|  |  |  | 112 |
| **Canada (1.6%)** | **Canada (1.6%)** | **Canada (1.6%)** | **Canada (1.6%)** |
| Agnico Eagle Mines Ltd. | 299 |  | 36 |
| Alamos Gold, Inc., Class A | 241 |  | 6 |
| Alimentation Couche-Tard, Inc. | 431 |  | 21 |
| AltaGas Ltd. | 165 |  | 5 |
| ARC Resources Ltd. | 326 |  | 7 |
| Bank of Montreal | 403 |  | 45 |
| Bank of Nova Scotia | 695 |  | 38 |
| Barrick Mining Corp. | 992 |  | 21 |
| BCE, Inc. | 40 |  | 1 |
| Brookfield Asset Management Ltd., Class A | 227 |  | 13 |
| Brookfield Corp. | 749 |  | 46 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Brookfield Renewable Corp. | 78 | $3 |
| CAE, Inc. (f) | 161 | 5 |
| Cameco Corp. | 246 | 18 |
| Canadian Imperial Bank of Commerce | 528 | 37 |
| Canadian National Railway Co. | 297 | 31 |
| Canadian Natural Resources Ltd. | 1181 | 37 |
| Canadian Pacific Kansas City Ltd. | 520 | 41 |
| Canadian Tire Corp. Ltd., Class A | 29 | 4 |
| Canadian Utilities Ltd., Class A | 75 | 2 |
| CCL Industries, Inc., Class B | 82 | 5 |
| Celestica, Inc. (f) | 63 | 10 |
| Cenovus Energy, Inc. | 772 | 10 |
| CGI, Inc. | 113 | 12 |
| Constellation Software, Inc. | 11 | 40 |
| Descartes Systems Group, Inc. (f) | 47 | 5 |
| Dollarama, Inc. | 155 | 22 |
| Element Fleet Management Corp. | 223 | 6 |
| Emera, Inc. | 165 | 8 |
| Empire Co. Ltd., Class A | 71 | 3 |
| Enbridge, Inc. | 1221 | 55 |
| Fairfax Financial Holdings Ltd. | 11 | 20 |
| First Quantum Minerals Ltd. (f) | 397 | 7 |
| FirstService Corp. | 23 | 4 |
| Fortis, Inc. | 279 | 13 |
| Franco-Nevada Corp. | 110 | 18 |
| George Weston Ltd. | 33 | 7 |
| GFL Environmental, Inc. | 118 | 6 |
| Gildan Activewear, Inc. | 78 | 4 |
| Great-West Lifeco, Inc. | 155 | 6 |
| Hydro One Ltd. | 185 | 7 |
| iA Financial Corp., Inc. | 51 | 6 |
| IGM Financial, Inc. | 47 | 1 |
| Imperial Oil Ltd. | 100 | 8 |
| Intact Financial Corp. | 100 | 23 |
| Ivanhoe Mines Ltd., Class A (f) | 415 | 3 |
| Keyera Corp. | 128 | 4 |
| Kinross Gold Corp. | 733 | 11 |
| Loblaw Cos. Ltd. | 84 | 14 |
| Lundin Gold, Inc. | 65 | 3 |
| Lundin Mining Corp. | 396 | 4 |
| Magna International, Inc. | 147 | 6 |
| Manulife Financial Corp. | 955 | 30 |
| Metro, Inc. | 117 | 9 |
| National Bank of Canada | 218 | 22 |
| Nutrien Ltd. | 272 | 16 |
| Open Text Corp. | 145 | 4 |
| Pan American Silver Corp. | 211 | 6 |
| Pembina Pipeline Corp. | 329 | 12 |
| Power Corp. of Canada | 310 | 12 |
| Quebecor, Inc., Class B | 88 | 3 |
| RB Global, Inc. | 103 | 11 |
| Restaurant Brands International, Inc. | 174 | 12 |
| Rogers Communications, Inc., Class B | 203 | 6 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **Canada (cont'd)** | **Canada (cont'd)** | **Canada (cont'd)** | **Canada (cont'd)** |
| Royal Bank of Canada | 788 | $| 104 |
| Saputo, Inc. | 142 |  | 3 |
| Shopify, Inc., Class A (f) | 670 |  | 77 |
| Stantec, Inc. | 63 |  | 7 |
| Sun Life Financial, Inc. | 315 |  | 21 |
| Suncor Energy, Inc. | 695 |  | 26 |
| TC Energy Corp. | 565 |  | 28 |
| Teck Resources Ltd., Class B | 265 |  | 11 |
| TELUS Corp. | 281 |  | 4 |
| TFI International, Inc. | 44 |  | 4 |
| Thomson Reuters Corp. | 88 |  | 18 |
| TMX Group Ltd. | 156 |  | 7 |
| Toromont Industries Ltd. | 45 |  | 4 |
| Toronto-Dominion Bank | 980 |  | 72 |
| Tourmaline Oil Corp. | 199 |  | 10 |
| West Fraser Timber Co. Ltd. | 30 |  | 2 |
| Wheaton Precious Metals Corp. | 261 |  | 23 |
| Whitecap Resources, Inc. | 695 |  | 5 |
| WSP Global, Inc. | 73 |  | 15 |
|  |  |  | 1352 |
| **China (0.0%)** | **China (0.0%)** | **China (0.0%)** | **China (0.0%)** |
| China Common Rich Renewable Energy <br>Investments Ltd. (f)(g) | 18000 |  |  |
| **Denmark (0.3%)** | **Denmark (0.3%)** | **Denmark (0.3%)** | **Denmark (0.3%)** |
| AP Moller — Maersk AS Series B | 4 |  | 8 |
| Carlsberg AS Series B | 57 |  | 8 |
| Coloplast AS Series B | 74 |  | 7 |
| Danske Bank AS | 409 |  | 17 |
| Demant AS (f) | 50 |  | 2 |
| DSV AS | 121 |  | 29 |
| Genmab AS (f) | 37 |  | 8 |
| Novo Nordisk AS, Class B | 1906 |  | 132 |
| Novonesis Novozymes B Series B | 208 |  | 15 |
| Orsted AS (f) | 99 |  | 4 |
| Pandora AS | 49 |  | 9 |
| Rockwool AS, Class B | 55 |  | 2 |
| Tryg AS | 201 |  | 5 |
| Vestas Wind Systems AS | 584 |  | 9 |
|  |  |  | 255 |
| **Finland (0.1%)** | **Finland (0.1%)** | **Finland (0.1%)** | **Finland (0.1%)** |
| Elisa OYJ | 81 |  | 4 |
| Fortum OYJ | 261 |  | 5 |
| Kesko OYJ, Class B | 159 |  | 4 |
| Kone OYJ, Class B | 197 |  | 13 |
| Metso OYJ | 357 |  | 5 |
| Neste OYJ | 245 |  | 3 |
| Nokia OYJ | 3182 |  | 17 |
| Nordea Bank Abp | 1825 |  | 27 |
| Orion OYJ, Class B | 63 |  | 5 |
| Sampo OYJ, Class A | 1404 |  | 15 |
| Stora Enso OYJ, Class R | 329 |  | 4 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| UPM-Kymmene OYJ | 304 | $| 8 |
| Wartsila OYJ Abp | 293 |  | 7 |
|  |  |  | 117 |
| **France (1.4%)** | **France (1.4%)** | **France (1.4%)** | **France (1.4%)** |
| Accor SA | 108 |  | 6 |
| Aeroports de Paris SA | 19 |  | 2 |
| Air Liquide SA | 317 |  | 65 |
| Airbus SE | 321 |  | 67 |
| Alstom SA (f) | 191 |  | 4 |
| Amundi SA | 34 |  | 3 |
| ArcelorMittal SA | 254 |  | 8 |
| Arkema SA | 31 |  | 2 |
| AXA SA | 972 |  | 48 |
| BioMerieux | 23 |  | 3 |
| BNP Paribas SA | 554 |  | 50 |
| Bollore SE | 389 |  | 2 |
| Bouygues SA | 103 |  | 5 |
| Bureau Veritas SA | 173 |  | 6 |
| Capgemini SE | 89 |  | 15 |
| Carrefour SA | 325 |  | 5 |
| Cie de Saint-Gobain SA | 243 |  | 29 |
| Cie Generale des Etablissements Michelin SCA | 376 |  | 14 |
| Covivio SA REIT | 30 |  | 2 |
| Credit Agricole SA | 577 |  | 11 |
| Danone SA | 356 |  | 29 |
| Dassault Aviation SA | 11 |  | 4 |
| Dassault Systemes SE | 371 |  | 13 |
| Edenred SE | 125 |  | 4 |
| Eiffage SA | 37 |  | 5 |
| Engie SA | 994 |  | 23 |
| EssilorLuxottica SA | 166 |  | 46 |
| Eurazeo SE | 22 |  | 2 |
| Eurofins Scientific SE | 64 |  | 5 |
| Euronext NV | 42 |  | 7 |
| FDJ UNITED | 61 |  | 2 |
| Gecina SA REIT | 25 |  | 3 |
| Getlink SE | 164 |  | 3 |
| Hermes International SCA | 17 |  | 46 |
| Ipsen SA | 20 |  | 2 |
| Kering SA | 41 |  | 9 |
| Klepierre SA REIT (f) | 120 |  | 5 |
| Legrand SA | 143 |  | 19 |
| L'Oreal SA | 134 |  | 57 |
| LVMH Moet Hennessy Louis Vuitton SE | 151 |  | 79 |
| Orange SA | 1013 |  | 15 |
| Pernod Ricard SA | 110 |  | 11 |
| Publicis Groupe SA | 125 |  | 14 |
| Renault SA | 107 |  | 5 |
| Rexel SA | 122 |  | 4 |
| Safran SA | 196 |  | 64 |
| Sanofi SA | 607 |  | 59 |
| Sartorius Stedim Biotech | 16 |  | 4 |
| Schneider Electric SE | 300 |  | 81 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **France (cont'd)** | **France (cont'd)** | **France (cont'd)** | **France (cont'd)** |
| Societe Generale SA | 397 | $| 23 |
| Sodexo SA | 48 |  | 3 |
| STMicroelectronics NV | 362 |  | 11 |
| Teleperformance SE | 29 |  | 3 |
| Thales SA | 50 |  | 15 |
| TotalEnergies SE | 1119 |  | 68 |
| Unibail-Rodamco-Westfield REIT | 66 |  | 6 |
| Veolia Environnement SA | 339 |  | 12 |
| Vinci SA | 268 |  | 40 |
|  |  |  | 1148 |
| **Germany (1.4%)** | **Germany (1.4%)** | **Germany (1.4%)** | **Germany (1.4%)** |
| adidas AG | 102 |  | 24 |
| Allianz SE (Registered) | 228 |  | 93 |
| BASF SE | 528 |  | 26 |
| Bayer AG (Registered) | 583 |  | 18 |
| Bayerische Motoren Werke AG | 171 |  | 15 |
| Bayerische Motoren Werke AG (Preference) | 33 |  | 3 |
| Beiersdorf AG | 59 |  | 7 |
| Brenntag SE | 71 |  | 5 |
| Commerzbank AG | 526 |  | 17 |
| Continental AG | 66 |  | 6 |
| Covestro AG (f) | 106 |  | 8 |
| CTS Eventim AG & Co. KGaA | 37 |  | 5 |
| Daimler Truck Holding AG | 278 |  | 13 |
| Delivery Hero SE (f) | 115 |  | 3 |
| Deutsche Bank AG (Registered) | 1085 |  | 32 |
| Deutsche Boerse AG | 110 |  | 36 |
| Deutsche Lufthansa AG (Registered) | 355 |  | 3 |
| Deutsche Post AG (Registered) | 567 |  | 26 |
| Deutsche Telekom AG (Registered) | 2062 |  | 75 |
| Dr. Ing hc F Porsche AG (Preference) | 67 |  | 3 |
| E.ON SE | 1316 |  | 24 |
| Evonik Industries AG | 152 |  | 3 |
| Fresenius Medical Care AG | 130 |  | 7 |
| Fresenius SE & Co. KGaA | 249 |  | 13 |
| GEA Group AG | 87 |  | 6 |
| Hannover Rueck SE (Registered) | 36 |  | 11 |
| Heidelberg Materials AG | 79 |  | 19 |
| Henkel AG & Co. KGaA | 61 |  | 4 |
| Henkel AG & Co. KGaA (Preference) | 99 |  | 8 |
| Infineon Technologies AG | 762 |  | 32 |
| Knorr-Bremse AG | 43 |  | 4 |
| LEG Immobilien SE | 44 |  | 4 |
| Mercedes-Benz Group AG (Registered) | 432 |  | 25 |
| Merck KGaA | 75 |  | 10 |
| MTU Aero Engines AG | 32 |  | 14 |
| Muenchener Rueckversicherungs-Gesellschaft <br>AG in Muenchen (Registered) | 80 |  | 52 |
| Nemetschek SE | 34 |  | 5 |
| Porsche Automobil Holding SE (Preference) | 93 |  | 4 |
| Qiagen NV (f) | 125 |  | 6 |
| Rational AG | 3 |  | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| Rheinmetall AG | 25 | $| 53 |  |
| RWE AG | 374 |  | 16 |  |
| SAP SE | 622 |  | 190 |  |
| Sartorius AG (Preference) | 15 |  | 4 |  |
| Scout24 SE | 44 |  | 6 |  |
| Siemens AG (Registered) | 447 |  | 115 |  |
| Siemens Energy AG (f) | 399 |  | 47 |  |
| Siemens Healthineers AG | 200 |  | 11 |  |
| Symrise AG | 78 |  | 8 |  |
| Talanx AG | 38 |  | 5 |  |
| Volkswagen AG (Preference) | 123 |  | 13 |  |
| Vonovia SE | 437 |  | 15 |  |
| Zalando SE (f) | 132 |  | 4 |  |
|  |  |  | 1159 |  |
| **Hong Kong (0.1%)** | **Hong Kong (0.1%)** | **Hong Kong (0.1%)** | **Hong Kong (0.1%)** | **Hong Kong (0.1%)** |
| AIA Group Ltd. | 1843 |  | 17 |  |
| BOC Hong Kong Holdings Ltd. | 640 |  | 3 |  |
| CK Asset Holdings Ltd. | 320 |  | 1 |  |
| CK Hutchison Holdings Ltd. | 465 |  | 3 |  |
| CK Infrastructure Holdings Ltd. | 105 |  | 1 |  |
| CLP Holdings Ltd. | 284 |  | 2 |  |
| Futu Holdings Ltd. ADR | 10 |  | 1 |  |
| Galaxy Entertainment Group Ltd. | 358 |  | 2 |  |
| Hang Seng Bank Ltd. | 130 |  | 2 |  |
| Henderson Land Development Co. Ltd. | 238 |  | 1 |  |
| HKT Trust & HKT Ltd. | 663 |  | 1 |  |
| Hong Kong & China Gas Co. Ltd. | 1944 |  | 2 |  |
| Hong Kong Exchanges & Clearing Ltd. | 206 |  | 11 |  |
| Hongkong Land Holdings Ltd. | 180 |  | 1 |  |
| Jardine Matheson Holdings Ltd. | 26 |  | 1 |  |
| Link REIT | 445 |  | 2 |  |
| MTR Corp. Ltd. | 256 |  | 1 |  |
| Power Assets Holdings Ltd. | 240 |  | 1 |  |
| Sands China Ltd. | 405 |  | 1 |  |
| Sino Land Co. Ltd. | 613 |  | 1 |  |
| SITC International Holdings Co. Ltd. | 241 |  | 1 |  |
| Sun Hung Kai Properties Ltd. | 244 |  | 3 |  |
| Swire Pacific Ltd., Class A | 61 |  |  | @ |
| Techtronic Industries Co. Ltd. | 256 |  | 3 |  |
| WH Group Ltd. | 1447 |  | 1 |  |
| Wharf Holdings Ltd. | 173 |  |  | @ |
| Wharf Real Estate Investment Co. Ltd. | 275 |  | 1 |  |
|  |  |  | 64 |  |
| **Ireland (0.1%)** | **Ireland (0.1%)** | **Ireland (0.1%)** | **Ireland (0.1%)** | **Ireland (0.1%)** |
| AIB Group PLC | 1206 |  | 10 |  |
| Bank of Ireland Group PLC | 570 |  | 8 |  |
| Kerry Group PLC, Class A | 96 |  | 10 |  |
| Kingspan Group PLC | 90 |  | 8 |  |
| Ryanair Holdings PLC | 488 |  | 14 |  |
|  |  |  | 50 |  |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **Israel (0.1%)** | **Israel (0.1%)** | **Israel (0.1%)** | **Israel (0.1%)** |
| Azrieli Group Ltd. | 25 | $3 |  |
| Bank Hapoalim BM | 730 | 14 |  |
| Bank Leumi Le-Israel BM | 873 | 16 |  |
| Check Point Software Technologies Ltd. (f) | 51 | 11 |  |
| CyberArk Software Ltd. (f) | 27 | 11 |  |
| Elbit Systems Ltd. | 16 | 7 |  |
| ICL Group Ltd. | 451 | 3 |  |
| Israel Discount Bank Ltd., Class A | 716 | 7 |  |
| Mizrahi Tefahot Bank Ltd. | 91 | 6 |  |
| Monday.com Ltd. (f) | 24 | 8 |  |
| Nice Ltd. (f) | 37 | 6 |  |
| Teva Pharmaceutical Industries Ltd. ADR (f) | 670 | 11 |  |
| Wix.com Ltd. (f) | 31 | 5 |  |
|  |  | 108 |  |
| **Italy (0.1%)** | **Italy (0.1%)** | **Italy (0.1%)** | **Italy (0.1%)** |
| Banca Mediolanum SpA | 44 | 1 |  |
| Banco BPM SpA | 225 | 3 |  |
| BPER Banca SpA | 198 | 2 |  |
| Davide Campari-Milano NV | 121 | 1 |  |
| DiaSorin SpA | 4 |  | @ |
| Enel SpA | 1603 | 15 |  |
| Eni SpA | 434 | 7 |  |
| Ferrari NV | 25 | 12 |  |
| FinecoBank Banca Fineco SpA | 120 | 3 |  |
| Generali | 170 | 6 |  |
| Infrastrutture Wireless Italiane SpA | 54 | 1 |  |
| Intesa Sanpaolo SpA | 2992 | 17 |  |
| Leonardo SpA | 78 | 4 |  |
| Mediobanca Banca di Credito Finanziario SpA | 99 | 2 |  |
| Moncler SpA | 47 | 3 |  |
| Nexi SpA | 94 | 1 |  |
| Poste Italiane SpA | 90 | 2 |  |
| Prysmian SpA | 55 | 4 |  |
| Recordati Industria Chimica e Farmaceutica SpA | 22 | 1 |  |
| Snam SpA | 396 | 2 |  |
| Stellantis NV | 401 | 4 |  |
| Telecom Italia SpA (f) | 2079 | 1 |  |
| Tenaris SA | 80 | 1 |  |
| Terna — Rete Elettrica Nazionale | 276 | 3 |  |
| UniCredit SpA | 277 | 19 |  |
| Unipol Assicurazioni SpA | 72 | 1 |  |
|  |  | 116 |  |
| **Netherlands (0.7%)** | **Netherlands (0.7%)** | **Netherlands (0.7%)** | **Netherlands (0.7%)** |
| ABN AMRO Bank NV CVA | 273 | 7 |  |
| Adyen NV (f) | 15 | 27 |  |
| Aegon Ltd. | 783 | 6 |  |
| AerCap Holdings NV | 110 | 13 |  |
| Akzo Nobel NV | 101 | 7 |  |
| ASM International NV | 28 | 18 |  |
| ASML Holding NV | 237 | 190 |  |
| ASR Nederland NV | 88 | 6 |  |
| Basic-Fit NV (f) | 788 | 24 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| BE Semiconductor Industries NV | 48 | $| 7 |
| Coca-Cola Europacific Partners PLC | 138 |  | 13 |
| CVC Capital Partners PLC | 122 |  | 2 |
| DSM-Firmenich AG | 111 |  | 12 |
| EXOR NV | 53 |  | 5 |
| Heineken Holding NV | 77 |  | 6 |
| Heineken NV | 172 |  | 15 |
| IMCD NV | 35 |  | 5 |
| ING Groep NV | 1874 |  | 41 |
| InPost SA (f) | 131 |  | 2 |
| JDE Peet's NV | 101 |  | 3 |
| Koninklijke Ahold Delhaize NV | 547 |  | 23 |
| Koninklijke KPN NV | 2288 |  | 11 |
| Koninklijke Philips NV | 492 |  | 12 |
| NN Group NV | 159 |  | 11 |
| Prosus NV (f) | 783 |  | 44 |
| Randstad NV | 63 |  | 3 |
| Universal Music Group NV | 646 |  | 21 |
| Wolters Kluwer NV | 142 |  | 24 |
|  |  |  | 558 |
| **New Zealand (0.0%)‡** | **New Zealand (0.0%)‡** | **New Zealand (0.0%)‡** | **New Zealand (0.0%)‡** |
| Auckland International Airport Ltd. | 1184 |  | 6 |
| Contact Energy Ltd. | 554 |  | 3 |
| Fisher & Paykel Healthcare Corp. Ltd. | 404 |  | 9 |
| Infratil Ltd. | 647 |  | 4 |
| Meridian Energy Ltd. | 905 |  | 3 |
|  |  |  | 25 |
| **Norway (0.1%)** | **Norway (0.1%)** | **Norway (0.1%)** | **Norway (0.1%)** |
| Aker BP ASA | 197 |  | 5 |
| DNB Bank ASA | 553 |  | 15 |
| Equinor ASA | 518 |  | 13 |
| Gjensidige Forsikring ASA | 126 |  | 3 |
| Kongsberg Gruppen ASA | 268 |  | 10 |
| Mowi ASA | 287 |  | 6 |
| Norsk Hydro ASA | 854 |  | 5 |
| Orkla ASA | 437 |  | 5 |
| Salmar ASA | 42 |  | 2 |
| Telenor ASA | 384 |  | 6 |
| Yara International ASA | 106 |  | 4 |
|  |  |  | 74 |
| **Portugal (0.0%)‡** | **Portugal (0.0%)‡** | **Portugal (0.0%)‡** | **Portugal (0.0%)‡** |
| EDP Renovaveis SA | 162 |  | 2 |
| EDP SA | 1621 |  | 7 |
| Galp Energia SGPS SA | 215 |  | 4 |
| Jeronimo Martins SGPS SA | 146 |  | 4 |
|  |  |  | 17 |
| **Singapore (0.2%)** | **Singapore (0.2%)** | **Singapore (0.2%)** | **Singapore (0.2%)** |
| CapitaLand Ascendas REIT | 1803 |  | 4 |
| CapitaLand Integrated Commercial Trust REIT | 2818 |  | 5 |
| CapitaLand Investment Ltd. | 1124 |  | 2 |
| DBS Group Holdings Ltd. | 1024 |  | 36 |
| Genting Singapore Ltd. | 2905 |  | 2 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **Singapore (cont'd)** | **Singapore (cont'd)** | **Singapore (cont'd)** | **Singapore (cont'd)** |
| Grab Holdings Ltd., Class A (f) | 1180 | $| 6 |
| Keppel Ltd. | 705 |  | 4 |
| Oversea-Chinese Banking Corp. Ltd. | 1636 |  | 21 |
| Sea Ltd. ADR (f) | 186 |  | 30 |
| Sembcorp Industries Ltd. | 433 |  | 2 |
| Singapore Airlines Ltd. | 718 |  | 4 |
| Singapore Exchange Ltd. | 400 |  | 5 |
| Singapore Technologies Engineering Ltd. | 744 |  | 4 |
| Singapore Telecommunications Ltd. | 3624 |  | 11 |
| United Overseas Bank Ltd. | 605 |  | 17 |
| Wilmar International Ltd. | 936 |  | 2 |
| Yangzijiang Shipbuilding Holdings Ltd. | 1267 |  | 2 |
|  |  |  | 157 |
| **South Africa (0.0%)‡** | **South Africa (0.0%)‡** | **South Africa (0.0%)‡** | **South Africa (0.0%)‡** |
| Valterra Platinum Ltd. (f) | 79 |  | 3 |
| **Spain (0.3%)** | **Spain (0.3%)** | **Spain (0.3%)** | **Spain (0.3%)** |
| Acciona SA | 8 |  | 1 |
| ACS Actividades de Construccion y Servicios SA | 58 |  | 4 |
| Aena SME SA | 249 |  | 7 |
| Amadeus IT Group SA | 150 |  | 13 |
| Banco Bilbao Vizcaya Argentaria SA | 1903 |  | 29 |
| Banco de Sabadell SA | 1782 |  | 6 |
| Banco Santander SA | 5041 |  | 42 |
| Bankinter SA | 225 |  | 3 |
| CaixaBank SA | 1315 |  | 11 |
| Cellnex Telecom SA | 162 |  | 6 |
| Endesa SA | 105 |  | 3 |
| Ferrovial SE | 169 |  | 9 |
| Grifols SA (f) | 96 |  | 1 |
| Iberdrola SA | 1910 |  | 37 |
| Industria de Diseno Textil SA | 363 |  | 19 |
| International Consolidated Airlines Group SA | 411 |  | 2 |
| Redeia Corp. SA | 133 |  | 3 |
| Repsol SA | 385 |  | 6 |
| Telefonica SA | 1222 |  | 6 |
|  |  |  | 208 |
| **Sweden (0.5%)** | **Sweden (0.5%)** | **Sweden (0.5%)** | **Sweden (0.5%)** |
| AddTech AB, Class B | 152 |  | 5 |
| Alfa Laval AB | 172 |  | 7 |
| Assa Abloy AB, Class B | 596 |  | 19 |
| Atlas Copco AB, Class A | 2548 |  | 39 |
| Beijer Ref AB | 225 |  | 4 |
| Boliden AB (f) | 163 |  | 5 |
| Epiroc AB, Class A | 617 |  | 12 |
| EQT AB | 211 |  | 7 |
| Essity AB, Class B | 359 |  | 10 |
| Evolution AB | 87 |  | 7 |
| Fastighets AB Balder, Class B (f) | 415 |  | 3 |
| H & M Hennes & Mauritz AB, Class B | 323 |  | 5 |
| Hexagon AB, Class B | 1228 |  | 12 |
| Holmen AB, Class B | 46 |  | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Industrivarden AB, Class A | 164 | $| 6 |
| Indutrade AB | 161 |  | 4 |
| Investment AB Latour, Class B | 87 |  | 2 |
| Investor AB, Class B | 1033 |  | 31 |
| L E Lundbergforetagen AB, Class B | 46 |  | 2 |
| Lifco AB, Class B | 138 |  | 6 |
| Nibe Industrier AB, Class B | 895 |  | 4 |
| Saab AB, Class B | 183 |  | 10 |
| Sagax AB, Class B | 128 |  | 3 |
| Sandvik AB | 626 |  | 14 |
| Securitas AB, Class B | 291 |  | 4 |
| Skandinaviska Enskilda Banken AB, Class A | 943 |  | 16 |
| Skanska AB, Class B | 200 |  | 5 |
| SKF AB, Class B | 200 |  | 5 |
| Spotify Technology SA (f) | 91 |  | 70 |
| Svenska Cellulosa AB SCA, Class B | 355 |  | 5 |
| Svenska Handelsbanken AB, Class A | 868 |  | 12 |
| Swedbank AB, Class A | 504 |  | 13 |
| Swedish Orphan Biovitrum AB (f) | 116 |  | 4 |
| Tele2 AB, Class B | 324 |  | 5 |
| Telefonaktiebolaget LM Ericsson, Class B | 1645 |  | 14 |
| Telia Co. AB | 1402 |  | 5 |
| Trelleborg AB, Class B | 120 |  | 4 |
| Volvo AB, Class B | 942 |  | 27 |
|  |  |  | 408 |
| **Switzerland (1.4%)** | **Switzerland (1.4%)** | **Switzerland (1.4%)** | **Switzerland (1.4%)** |
| ABB Ltd. (Registered) | 1044 |  | 63 |
| Alcon AG | 326 |  | 29 |
| Amrize Ltd. (f) | 350 |  | 17 |
| Avolta AG (Registered) | 52 |  | 3 |
| Baloise Holding AG (Registered) | 25 |  | 6 |
| Banque Cantonale Vaudoise (Registered) | 18 |  | 2 |
| Barry Callebaut AG (Registered) | 2 |  | 2 |
| BKW AG | 12 |  | 3 |
| Chocoladefabriken Lindt & Spruengli AG | 1 |  | 17 |
| Cie Financiere Richemont SA, Class A (Registered) | 356 |  | 67 |
| EMS-Chemie Holding AG (Registered) | 4 |  | 3 |
| Galderma Group AG | 69 |  | 10 |
| Geberit AG (Registered) | 23 |  | 18 |
| Givaudan SA (Registered) | 7 |  | 34 |
| Helvetia Holding AG (Registered) | 22 |  | 5 |
| Holcim AG (f) | 348 |  | 26 |
| Julius Baer Group Ltd. | 120 |  | 8 |
| Kuehne & Nagel International AG (Registered) | 31 |  | 7 |
| Logitech International SA (Registered) | 101 |  | 9 |
| Lonza Group AG (Registered) | 48 |  | 34 |
| Nestle SA (Registered) | 1715 |  | 171 |
| Novartis AG (Registered) | 1238 |  | 150 |
| Partners Group Holding AG | 15 |  | 20 |
| Roche Holding AG | 19 |  | 7 |
| Roche Holding AG (Genusschein) | 457 |  | 149 |
| Sandoz Group AG | 245 |  | 13 |
| Schindler Holding AG | 24 |  | 9 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **Switzerland (cont'd)** | **Switzerland (cont'd)** | **Switzerland (cont'd)** | **Switzerland (cont'd)** |
| Schindler Holding AG (Registered) | 14 | $| 5 |
| SGS SA (Registered) | 95 |  | 10 |
| SIG Group AG (f) | 179 |  | 3 |
| Sika AG (Registered) (f) | 99 |  | 27 |
| Sonova Holding AG (Registered) | 33 |  | 10 |
| Straumann Holding AG (Registered) | 66 |  | 9 |
| Swatch Group AG | 17 |  | 3 |
| Swiss Life Holding AG (Registered) | 19 |  | 19 |
| Swiss Prime Site AG (Registered) (f) | 47 |  | 7 |
| Swiss Re AG | 199 |  | 34 |
| Swisscom AG (Registered) | 17 |  | 12 |
| Temenos AG (Registered) | 35 |  | 2 |
| UBS Group AG (Registered) | 2122 |  | 72 |
| VAT Group AG | 16 |  | 7 |
| Zurich Insurance Group AG | 96 |  | 67 |
|  |  |  | 1169 |
| **United Kingdom (2.0%)** | **United Kingdom (2.0%)** | **United Kingdom (2.0%)** | **United Kingdom (2.0%)** |
| 3i Group PLC | 552 |  | 31 |
| Admiral Group PLC | 156 |  | 7 |
| Anglo American PLC | 625 |  | 18 |
| Antofagasta PLC | 223 |  | 6 |
| Ashtead Group PLC | 252 |  | 16 |
| Associated British Foods PLC | 190 |  | 5 |
| AstraZeneca PLC | 923 |  | 128 |
| Auto Trader Group PLC | 519 |  | 6 |
| Aviva PLC | 1585 |  | 13 |
| BAE Systems PLC | 1741 |  | 45 |
| Barclays PLC | 8449 |  | 39 |
| Barratt Redrow PLC | 819 |  | 5 |
| BP PLC | 9398 |  | 47 |
| British American Tobacco PLC | 1195 |  | 57 |
| BT Group PLC | 3495 |  | 9 |
| Bunzl PLC | 194 |  | 6 |
| Centrica PLC | 2990 |  | 7 |
| Coca-Cola HBC AG (f) | 128 |  | 7 |
| Compass Group PLC | 1012 |  | 34 |
| Croda International PLC | 79 |  | 3 |
| DCC PLC | 57 |  | 4 |
| Diageo PLC | 1310 |  | 33 |
| Entain PLC | 345 |  | 4 |
| Evraz PLC (f)(g) | 464 |  |  |
| Experian PLC | 553 |  | 28 |
| Glencore PLC (f) | 5773 |  | 22 |
| GSK PLC | 2431 |  | 46 |
| Haleon PLC | 5397 |  | 28 |
| Halma PLC | 222 |  | 10 |
| Hikma Pharmaceuticals PLC | 101 |  | 3 |
| HSBC Holdings PLC | 10572 |  | 128 |
| Imperial Brands PLC | 459 |  | 18 |
| Informa PLC | 783 |  | 9 |
| InterContinental Hotels Group PLC | 88 |  | 10 |
| Intertek Group PLC | 95 |  | 6 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| J Sainsbury PLC | 1047 | $| 4 |
| JD Sports Fashion PLC | 1479 |  | 2 |
| Kingfisher PLC | 1048 |  | 4 |
| Land Securities Group PLC REIT | 413 |  | 4 |
| Legal & General Group PLC | 3459 |  | 12 |
| Lloyds Banking Group PLC | 35556 |  | 37 |
| London Stock Exchange Group PLC | 284 |  | 42 |
| M&G PLC | 1344 |  | 5 |
| Marks & Spencer Group PLC | 1215 |  | 6 |
| Melrose Industries PLC | 767 |  | 6 |
| Mondi PLC | 256 |  | 4 |
| National Grid PLC | 2886 |  | 42 |
| NatWest Group PLC | 4781 |  | 34 |
| Next PLC | 69 |  | 12 |
| Paragon Offshore PLC (f)(g) | 67 |  |  |
| Pearson PLC | 355 |  | 5 |
| Phoenix Group Holdings PLC | 413 |  | 4 |
| Prudential PLC | 1528 |  | 19 |
| Reckitt Benckiser Group PLC | 408 |  | 28 |
| RELX PLC | 1103 |  | 60 |
| Rentokil Initial PLC | 1485 |  | 7 |
| Rio Tinto PLC | 653 |  | 38 |
| Rolls-Royce Holdings PLC | 4991 |  | 66 |
| Sage Group PLC | 582 |  | 10 |
| Schroders PLC | 427 |  | 2 |
| Segro PLC REIT | 756 |  | 7 |
| Severn Trent PLC | 158 |  | 6 |
| Shell PLC | 3515 |  | 123 |
| Smith & Nephew PLC | 492 |  | 8 |
| Smiths Group PLC | 197 |  | 6 |
| Spirax Group PLC | 42 |  | 3 |
| SSE PLC | 658 |  | 17 |
| Standard Chartered PLC | 1193 |  | 20 |
| Tesco PLC | 3975 |  | 22 |
| Unilever PLC CVA | 1508 |  | 92 |
| United Utilities Group PLC | 399 |  | 6 |
| Vodafone Group PLC | 11712 |  | 13 |
| Whitbread PLC | 104 |  | 4 |
| Wise PLC, Class A (f) | 393 |  | 6 |
| WPP PLC | 637 |  | 4 |
|  |  |  | 1628 |
| **United States (33.5%)** | **United States (33.5%)** | **United States (33.5%)** | **United States (33.5%)** |
| 3M Co. | 274 |  | 42 |
| Abbott Laboratories | 886 |  | 121 |
| AbbVie, Inc. | 911 |  | 169 |
| Accenture PLC, Class A | 322 |  | 96 |
| Adobe, Inc. (f) | 216 |  | 84 |
| Advanced Micro Devices, Inc. (f) | 836 |  | 119 |
| AECOM | 68 |  | 8 |
| Aflac, Inc. | 263 |  | 28 |
| Agilent Technologies, Inc. | 146 |  | 17 |
| Air Products & Chemicals, Inc. | 114 |  | 32 |
| Airbnb, Inc., Class A (f) | 224 |  | 30 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Akamai Technologies, Inc. (f) | 75 | $6 |
| Albertsons Cos., Inc., Class A | 192 | 4 |
| Alexandria Real Estate Equities, Inc. REIT | 80 | 6 |
| Align Technology, Inc. (f) | 36 | 7 |
| Allegion PLC | 44 | 6 |
| Alliant Energy Corp. | 131 | 8 |
| Allstate Corp. | 135 | 27 |
| Alnylam Pharmaceuticals, Inc. (f) | 66 | 22 |
| Alphabet, Inc., Class A | 5547 | 980 |
| Altria Group, Inc. | 871 | 51 |
| Amazon.com, Inc. (f) | 4840 | 1062 |
| Amcor PLC | 1166 | 11 |
| Ameren Corp. | 138 | 13 |
| American Electric Power Co., Inc. | 273 | 28 |
| American Express Co. | 281 | 90 |
| American Financial Group, Inc. | 34 | 4 |
| American Homes 4 Rent, Class A REIT | 170 | 6 |
| American International Group, Inc. | 299 | 26 |
| American Tower Corp. REIT | 238 | 53 |
| American Water Works Co., Inc. | 100 | 14 |
| Ameriprise Financial, Inc. | 49 | 26 |
| AMETEK, Inc. | 118 | 21 |
| Amgen, Inc. | 275 | 77 |
| Amphenol Corp., Class A | 616 | 61 |
| Analog Devices, Inc. | 255 | 61 |
| Annaly Capital Management, Inc. REIT | 307 | 6 |
| ANSYS, Inc. (f) | 44 | 15 |
| Aon PLC, Class A | 99 | 35 |
| Apollo Global Management, Inc. | 198 | 28 |
| Apple, Inc. | 7677 | 1575 |
| Applied Materials, Inc. | 416 | 76 |
| AppLovin Corp., Class A (f) | 121 | 42 |
| Aptiv PLC (f) | 115 | 8 |
| Arch Capital Group Ltd. | 192 | 17 |
| Archer-Daniels-Midland Co. | 255 | 13 |
| ARES Management Corp., Class A | 103 | 18 |
| Arista Networks, Inc. (f) | 557 | 57 |
| Arthur J Gallagher & Co. | 131 | 42 |
| AT&T, Inc. | 3680 | 106 |
| Atlassian Corp., Class A (f) | 81 | 16 |
| Atmos Energy Corp. | 81 | 12 |
| Autodesk, Inc. (f) | 108 | 33 |
| Automatic Data Processing, Inc. | 207 | 64 |
| AutoZone, Inc. (f) | 8 | 30 |
| AvalonBay Communities, Inc. REIT | 72 | 15 |
| Avantor, Inc. (f) | 350 | 5 |
| Avery Dennison Corp. | 40 | 7 |
| Axon Enterprise, Inc. (f) | 37 | 31 |
| Baker Hughes Co. | 508 | 19 |
| Ball Corp. | 138 | 8 |
| Bank of America Corp. | 3718 | 176 |
| Bank of New York Mellon Corp. | 363 | 33 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Baxter International, Inc. | 264 | $8 |
| Becton Dickinson & Co. | 146 | 25 |
| Bentley Systems, Inc., Class B | 81 | 4 |
| Berkshire Hathaway, Inc., Class B (f) | 682 | 331 |
| Best Buy Co., Inc. | 104 | 7 |
| Biogen, Inc. (f) | 75 | 9 |
| BioMarin Pharmaceutical, Inc. (f) | 97 | 5 |
| Blackrock, Inc. | 75 | 79 |
| Blackstone, Inc. | 365 | 55 |
| Block, Inc., Class A (f) | 282 | 19 |
| Boeing Co. (f) | 370 | 78 |
| Booking Holdings, Inc. | 17 | 98 |
| Booz Allen Hamilton Holding Corp. | 65 | 7 |
| Boston Scientific Corp. (f) | 745 | 80 |
| Bristol-Myers Squibb Co. | 1043 | 48 |
| Broadcom, Inc. | 2292 | 632 |
| Broadridge Financial Solutions, Inc. | 60 | 15 |
| Brown & Brown, Inc. | 149 | 17 |
| Brown-Forman Corp., Class B | 93 | 3 |
| Builders FirstSource, Inc. (f) | 57 | 7 |
| Bunge Global SA | 71 | 6 |
| Burlington Stores, Inc. (f) | 32 | 7 |
| BXP, Inc. REIT | 76 | 5 |
| Cadence Design Systems, Inc. (f) | 138 | 43 |
| Camden Property Trust REIT | 55 | 6 |
| Campbell's Co. | 101 | 3 |
| Capital One Financial Corp. | 326 | 69 |
| Cardinal Health, Inc. | 122 | 20 |
| Carlisle Cos., Inc. | 23 | 9 |
| Carlyle Group, Inc. | 118 | 6 |
| Carnival Corp. (f) | 521 | 15 |
| Carrier Global Corp. | 391 | 29 |
| Carvana Co. (f) | 60 | 20 |
| Caterpillar, Inc. | 242 | 94 |
| Cboe Global Markets, Inc. | 53 | 12 |
| CBRE Group, Inc., Class A (f) | 151 | 21 |
| CDW Corp. | 67 | 12 |
| Cencora, Inc. | 94 | 28 |
| Centene Corp. (f) | 252 | 14 |
| CenterPoint Energy, Inc. | 334 | 12 |
| CF Industries Holdings, Inc. | 85 | 8 |
| CH Robinson Worldwide, Inc. | 59 | 6 |
| Charles Schwab Corp. | 875 | 80 |
| Charter Communications, Inc., Class A (f) | 47 | 19 |
| Cheniere Energy, Inc. | 115 | 28 |
| Chevron Corp. | 860 | 123 |
| Chipotle Mexican Grill, Inc. (f) | 688 | 39 |
| Chubb Ltd. | 194 | 56 |
| Church & Dwight Co., Inc. | 127 | 12 |
| Cigna Group | 139 | 46 |
| Cincinnati Financial Corp. | 80 | 12 |
| Cintas Corp. | 185 | 41 |
| Cisco Systems, Inc. | 2036 | 141 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Citigroup, Inc. | 967 | $82 |
| Citizens Financial Group, Inc. | 223 | 10 |
| Clorox Co. | 63 | 8 |
| Cloudflare, Inc., Class A (f) | 156 | 31 |
| CME Group, Inc. | 185 | 51 |
| CMS Energy Corp. | 153 | 11 |
| CNH Industrial NV | 443 | 6 |
| Coca-Cola Co. | 2075 | 147 |
| Cognizant Technology Solutions Corp., Class A | 253 | 20 |
| Coinbase Global, Inc., Class A (f) | 108 | 38 |
| Colgate-Palmolive Co. | 392 | 36 |
| Comcast Corp., Class A | 1923 | 69 |
| Conagra Brands, Inc. | 246 | 5 |
| ConocoPhillips | 653 | 59 |
| Consolidated Edison, Inc. | 185 | 19 |
| Constellation Brands, Inc., Class A | 84 | 14 |
| Constellation Energy Corp. | 160 | 52 |
| Cooper Cos., Inc. (f) | 100 | 7 |
| Copart, Inc. (f) | 467 | 23 |
| Corebridge Financial, Inc. | 126 | 4 |
| Corning, Inc. | 414 | 22 |
| Corpay, Inc. (f) | 34 | 11 |
| Corteva, Inc. | 350 | 26 |
| CoStar Group, Inc. (f) | 217 | 17 |
| Costco Wholesale Corp. | 226 | 224 |
| Coterra Energy, Inc. | 396 | 10 |
| CRH PLC | 338 | 31 |
| Crowdstrike Holdings, Inc., Class A (f) | 128 | 65 |
| Crown Castle, Inc. REIT | 222 | 23 |
| Crown Holdings, Inc. | 60 | 6 |
| CSX Corp. | 965 | 31 |
| Cummins, Inc. | 70 | 23 |
| CVS Health Corp. | 644 | 44 |
| Danaher Corp. | 332 | 66 |
| Darden Restaurants, Inc. | 60 | 13 |
| Datadog, Inc., Class A (f) | 145 | 19 |
| DaVita, Inc. (f) | 22 | 3 |
| Deckers Outdoor Corp. (f) | 76 | 8 |
| Deere & Co. | 131 | 67 |
| Dell Technologies, Inc., Class C | 169 | 21 |
| Delta Air Lines, Inc. | 83 | 4 |
| Devon Energy Corp. | 320 | 10 |
| Dexcom, Inc. (f) | 198 | 17 |
| Diamondback Energy, Inc. | 99 | 14 |
| Dick's Sporting Goods, Inc. | 28 | 6 |
| Digital Realty Trust, Inc. REIT | 171 | 30 |
| Docusign, Inc. (f) | 103 | 8 |
| Dollar General Corp. | 111 | 13 |
| Dollar Tree, Inc. (f) | 103 | 10 |
| Dominion Energy, Inc. | 430 | 24 |
| Domino's Pizza, Inc. | 17 | 8 |
| DoorDash, Inc., Class A (f) | 183 | 45 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Dover Corp. | 70 | $13 |
| Dow, Inc. | 359 | 10 |
| DR Horton, Inc. | 143 | 18 |
| DraftKings, Inc., Class A (f) | 226 | 10 |
| DTE Energy Co. | 106 | 14 |
| Duke Energy Corp. | 396 | 47 |
| DuPont de Nemours, Inc. | 215 | 15 |
| Dynatrace, Inc. (f) | 152 | 8 |
| Eaton Corp. PLC | 197 | 70 |
| eBay, Inc. | 240 | 18 |
| Ecolab, Inc. | 130 | 35 |
| Edison International | 198 | 10 |
| Edwards Lifesciences Corp. (f) | 298 | 23 |
| Electronic Arts, Inc. | 127 | 20 |
| Elevance Health, Inc. | 115 | 45 |
| Eli Lilly & Co. | 418 | 326 |
| EMCOR Group, Inc. | 22 | 12 |
| Emerson Electric Co. | 288 | 38 |
| Entegris, Inc. | 77 | 6 |
| Entergy Corp. | 220 | 18 |
| EOG Resources, Inc. | 285 | 34 |
| EQT Corp. | 291 | 17 |
| Equifax, Inc. | 63 | 16 |
| Equinix, Inc. REIT | 48 | 38 |
| Equitable Holdings, Inc. | 158 | 9 |
| Equity LifeStyle Properties, Inc. REIT | 94 | 6 |
| Equity Residential REIT | 174 | 12 |
| Erie Indemnity Co., Class A | 13 | 5 |
| Essential Utilities, Inc. | 134 | 5 |
| Essex Property Trust, Inc. REIT | 33 | 9 |
| Estee Lauder Cos., Inc., Class A | 117 | 9 |
| Everest Group Ltd. | 22 | 7 |
| Evergy, Inc. | 117 | 8 |
| Eversource Energy | 187 | 12 |
| Exelon Corp. | 513 | 22 |
| Expand Energy Corp. | 107 | 13 |
| Expedia Group, Inc. | 62 | 10 |
| Expeditors International of Washington, Inc. | 70 | 8 |
| Extra Space Storage, Inc. REIT | 108 | 16 |
| Exxon Mobil Corp. | 2242 | 242 |
| F5, Inc. (f) | 29 | 9 |
| FactSet Research Systems, Inc. | 19 | 8 |
| Fair Isaac Corp. (f) | 12 | 22 |
| Fastenal Co. | 581 | 24 |
| FedEx Corp. | 113 | 26 |
| Ferguson Enterprises, Inc. | 102 | 22 |
| Fidelity National Financial, Inc. | 133 | 7 |
| Fidelity National Information Services, Inc. | 270 | 22 |
| Fifth Third Bancorp | 343 | 14 |
| First Citizens BancShares, Inc., Class A | 5 | 10 |
| First Solar, Inc. (f) | 53 | 9 |
| FirstEnergy Corp. | 280 | 11 |
| Fiserv, Inc. (f) | 283 | 49 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Flutter Entertainment PLC (f) | 89 | $25 |
| Ford Motor Co. | 1956 | 21 |
| Fortinet, Inc. (f) | 334 | 35 |
| Fortive Corp. | 174 | 9 |
| Fox Corp., Class A | 183 | 10 |
| Freeport-McMoRan, Inc. | 744 | 32 |
| Gaming & Leisure Properties, Inc. REIT | 140 | 7 |
| Garmin Ltd. | 78 | 16 |
| Gartner, Inc. (f) | 39 | 16 |
| GE HealthCare Technologies, Inc. | 235 | 17 |
| GE Vernova, Inc. | 134 | 71 |
| Gen Digital, Inc. | 268 | 8 |
| General Dynamics Corp. | 117 | 34 |
| General Electric Co. | 529 | 136 |
| General Mills, Inc. | 280 | 15 |
| General Motors Co. | 488 | 24 |
| Genuine Parts Co. | 70 | 8 |
| Gilead Sciences, Inc. | 625 | 69 |
| Global Payments, Inc. | 125 | 10 |
| GoDaddy, Inc., Class A (f) | 72 | 13 |
| Goldman Sachs Group, Inc. | 158 | 112 |
| Graco, Inc. | 86 | 7 |
| Halliburton Co. | 443 | 9 |
| Hartford Insurance Group, Inc. | 146 | 19 |
| HCA Healthcare, Inc. | 93 | 36 |
| Healthpeak Properties, Inc. REIT | 358 | 6 |
| HEICO Corp. | 60 | 17 |
| Hershey Co. | 76 | 13 |
| Hess Corp. | 152 | 21 |
| Hewlett Packard Enterprise Co. | 668 | 14 |
| Hilton Worldwide Holdings, Inc. | 120 | 32 |
| Hologic, Inc. (f) | 115 | 7 |
| Home Depot, Inc. | 502 | 184 |
| Honeywell International, Inc. | 330 | 77 |
| Hormel Foods Corp. | 155 | 5 |
| Howmet Aerospace, Inc. | 189 | 35 |
| HP, Inc. | 482 | 12 |
| Hubbell, Inc. | 27 | 11 |
| HubSpot, Inc. (f) | 25 | 14 |
| Humana, Inc. | 61 | 15 |
| Huntington Bancshares, Inc. | 747 | 13 |
| Hyatt Hotels Corp., Class A | 21 | 3 |
| IDEX Corp. | 39 | 7 |
| IDEXX Laboratories, Inc. (f) | 41 | 22 |
| Illinois Tool Works, Inc. | 142 | 35 |
| Illumina, Inc. (f) | 81 | 8 |
| Incyte Corp. (f) | 86 | 6 |
| Ingersoll Rand, Inc. | 206 | 17 |
| Insulet Corp. (f) | 36 | 11 |
| Intel Corp. | 2218 | 50 |
| Interactive Brokers Group, Inc., Class A | 221 | 12 |
| Intercontinental Exchange, Inc. | 292 | 54 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| International Business Machines Corp. | 475 | $140 |
| International Flavors & Fragrances, Inc. | 130 | 10 |
| International Paper Co. | 251 | 12 |
| Intuit, Inc. | 141 | 111 |
| Intuitive Surgical, Inc. (f) | 181 | 98 |
| Invitation Homes, Inc. REIT | 299 | 10 |
| IQVIA Holdings, Inc. (f) | 91 | 14 |
| Iron Mountain, Inc. REIT | 148 | 15 |
| J.M. Smucker Co. | 55 | 5 |
| Jabil, Inc. | 54 | 12 |
| Jack Henry & Associates, Inc. | 37 | 7 |
| Jacobs Solutions, Inc. | 63 | 8 |
| JB Hunt Transport Services, Inc. | 40 | 6 |
| Johnson & Johnson | 1229 | 188 |
| Johnson Controls International PLC | 335 | 35 |
| JPMorgan Chase & Co. | 1443 | 418 |
| Juniper Networks, Inc. | 170 | 7 |
| Kellanova | 141 | 11 |
| Kenvue, Inc. | 987 | 21 |
| Keurig Dr. Pepper, Inc. | 668 | 22 |
| KeyCorp | 475 | 8 |
| Keysight Technologies, Inc. (f) | 89 | 15 |
| Kimberly-Clark Corp. | 168 | 22 |
| Kimco Realty Corp. REIT | 349 | 7 |
| Kinder Morgan, Inc. | 1023 | 30 |
| KKR & Co., Inc. | 312 | 42 |
| KLA Corp. | 68 | 61 |
| Kraft Heinz Co. | 462 | 12 |
| Kroger Co. | 322 | 23 |
| L3Harris Technologies, Inc. | 96 | 24 |
| Labcorp Holdings, Inc. | 42 | 11 |
| Lam Research Corp. | 653 | 64 |
| Las Vegas Sands Corp. | 179 | 8 |
| Leidos Holdings, Inc. | 62 | 10 |
| Lennar Corp., Class A | 117 | 13 |
| Lennox International, Inc. | 16 | 9 |
| Liberty Media Corp.-Liberty Formula One, Class C (f) | 108 | 11 |
| Linde PLC | 243 | 114 |
| Live Nation Entertainment, Inc. (f) | 82 | 12 |
| LKQ Corp. | 132 | 5 |
| Lockheed Martin Corp. | 108 | 50 |
| Loews Corp. | 91 | 8 |
| Lowe's Cos., Inc. | 283 | 63 |
| LPL Financial Holdings, Inc. | 41 | 15 |
| Lululemon Athletica, Inc. (f) | 55 | 13 |
| LyondellBasell Industries NV, Class A | 131 | 8 |
| M&T Bank Corp. | 83 | 16 |
| Marathon Petroleum Corp. | 162 | 27 |
| Markel Group, Inc. (f) | 7 | 14 |
| Marriott International, Inc., Class A | 118 | 32 |
| Marsh & McLennan Cos., Inc. | 250 | 55 |
| Martin Marietta Materials, Inc. | 31 | 17 |
| Marvell Technology, Inc. | 457 | 35 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Masco Corp. | 107 | $7 |
| Mastercard, Inc., Class A | 411 | 231 |
| McCormick & Co., Inc. | 131 | 10 |
| McDonald's Corp. | 362 | 106 |
| McKesson Corp. | 63 | 46 |
| Medtronic PLC | 660 | 58 |
| MercadoLibre, Inc. (f) | 24 | 63 |
| Merck & Co., Inc. | 1290 | 102 |
| Meta Platforms, Inc., Class A | 1118 | 825 |
| MetLife, Inc. | 295 | 24 |
| Mettler-Toledo International, Inc. (f) | 11 | 13 |
| Microchip Technology, Inc. | 274 | 19 |
| Micron Technology, Inc. | 578 | 71 |
| Microsoft Corp. | 3615 | 1798 |
| MicroStrategy, Inc., Class A (f) | 124 | 50 |
| Mid-America Apartment Communities, Inc. REIT | 59 | 9 |
| Molina Healthcare, Inc. (f) | 28 | 8 |
| Molson Coors Beverage Co., Class B | 91 | 4 |
| Mondelez International, Inc., Class A | 667 | 45 |
| MongoDB, Inc. (f) | 42 | 9 |
| Monolithic Power Systems, Inc. | 24 | 18 |
| Monster Beverage Corp. (f) | 378 | 24 |
| Moody's Corp. | 81 | 41 |
| Motorola Solutions, Inc. | 85 | 36 |
| MSCI, Inc. | 39 | 22 |
| Nasdaq, Inc. | 219 | 20 |
| Natera, Inc. (f) | 65 | 11 |
| NetApp, Inc. | 105 | 11 |
| Netflix, Inc. (f) | 217 | 291 |
| Neurocrine Biosciences, Inc. (f) | 51 | 6 |
| Newmont Corp. (TSX) | 603 | 35 |
| News Corp., Class A | 194 | 6 |
| NextEra Energy, Inc. | 1057 | 73 |
| NIKE, Inc., Class B | 510 | 36 |
| NiSource, Inc. | 239 | 10 |
| Nordson Corp. | 28 | 6 |
| Norfolk Southern Corp. | 116 | 30 |
| Northern Trust Corp. | 99 | 13 |
| Northrop Grumman Corp. | 70 | 35 |
| NRG Energy, Inc. | 100 | 16 |
| Nucor Corp. | 118 | 15 |
| Nutanix, Inc., Class A (f) | 130 | 10 |
| NVIDIA Corp. | 12305 | 1944 |
| NVR, Inc. (f) | 2 | 15 |
| NXP Semiconductors NV | 130 | 28 |
| Occidental Petroleum Corp. | 366 | 15 |
| Okta, Inc. (f) | 84 | 8 |
| Old Dominion Freight Line, Inc. | 97 | 16 |
| Omnicom Group, Inc. | 99 | 7 |
| ON Semiconductor Corp. (f) | 218 | 11 |
| ONEOK, Inc. | 319 | 26 |
| Oracle Corp. | 858 | 188 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| O'Reilly Automotive, Inc. (f) | 435 | $39 |
| Otis Worldwide Corp. | 202 | 20 |
| Owens Corning | 43 | 6 |
| PACCAR, Inc. | 267 | 25 |
| Packaging Corp. of America | 46 | 9 |
| Palantir Technologies, Inc., Class A (f) | 1142 | 156 |
| Palo Alto Networks, Inc. (f) | 341 | 70 |
| Parker-Hannifin Corp. | 65 | 45 |
| Paychex, Inc. | 163 | 24 |
| Paycom Software, Inc. | 27 | 6 |
| PayPal Holdings, Inc. (f) | 481 | 36 |
| Pentair PLC | 84 | 9 |
| PepsiCo, Inc. | 691 | 91 |
| Pfizer, Inc. | 2905 | 70 |
| PG&E Corp. | 1130 | 16 |
| Philip Morris International, Inc. | 799 | 146 |
| Phillips 66 | 211 | 25 |
| Pinterest, Inc., Class A (f) | 300 | 11 |
| PNC Financial Services Group, Inc. | 201 | 37 |
| Pool Corp. | 19 | 6 |
| PPG Industries, Inc. | 115 | 13 |
| PPL Corp. | 378 | 13 |
| Principal Financial Group, Inc. | 114 | 9 |
| Procter & Gamble Co. | 1196 | 191 |
| Progressive Corp. | 298 | 80 |
| Prologis, Inc. REIT | 464 | 49 |
| Prudential Financial, Inc. | 180 | 19 |
| PTC, Inc. (f) | 61 | 11 |
| Public Service Enterprise Group, Inc. | 253 | 21 |
| Public Storage REIT | 80 | 23 |
| PulteGroup, Inc. | 102 | 11 |
| Pure Storage, Inc., Class A (f) | 158 | 9 |
| QUALCOMM, Inc. | 563 | 90 |
| Quanta Services, Inc. | 76 | 29 |
| Quest Diagnostics, Inc. | 57 | 10 |
| Ralliant Corp. (f) | 61 | 3 |
| Raymond James Financial, Inc. | 99 | 15 |
| Realty Income Corp. REIT | 455 | 26 |
| Reddit, Inc., Class A (f) | 36 | 5 |
| Regency Centers Corp. REIT | 88 | 6 |
| Regeneron Pharmaceuticals, Inc. | 55 | 29 |
| Regions Financial Corp. | 462 | 11 |
| Reliance, Inc. | 27 | 8 |
| Republic Services, Inc. | 112 | 28 |
| ResMed, Inc. | 76 | 20 |
| Revvity, Inc. | 62 | 6 |
| Rivian Automotive, Inc., Class A (f) | 411 | 6 |
| Robinhood Markets, Inc., Class A (f) | 382 | 36 |
| ROBLOX Corp., Class A (f) | 275 | 29 |
| Rockwell Automation, Inc. | 57 | 19 |
| Rollins, Inc. | 148 | 8 |
| Roper Technologies, Inc. | 55 | 31 |
| Ross Stores, Inc. | 166 | 21 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Royal Caribbean Cruises Ltd. | 127 | $40 |
| Royalty Pharma PLC, Class A | 187 | 7 |
| RPM International, Inc. | 65 | 7 |
| RTX Corp. | 677 | 99 |
| S&P Global, Inc. | 160 | 84 |
| Salesforce, Inc. | 490 | 134 |
| Samsara, Inc., Class A (f) | 143 | 6 |
| SBA Communications Corp. REIT | 55 | 13 |
| Schlumberger NV | 694 | 23 |
| Seagate Technology Holdings PLC | 107 | 15 |
| Sempra | 331 | 25 |
| ServiceNow, Inc. (f) | 105 | 108 |
| Sherwin-Williams Co. | 120 | 41 |
| Simon Property Group, Inc. REIT | 166 | 27 |
| Smurfit WestRock PLC | 264 | 11 |
| Snap, Inc., Class A (f) | 524 | 5 |
| Snap-on, Inc. | 27 | 8 |
| Snowflake, Inc., Class A (f) | 163 | 36 |
| Solventum Corp. (f) | 75 | 6 |
| Southern Co. | 559 | 51 |
| SS&C Technologies Holdings, Inc. | 112 | 9 |
| Starbucks Corp. | 582 | 53 |
| State Street Corp. | 147 | 16 |
| Steel Dynamics, Inc. | 73 | 9 |
| Steris PLC | 50 | 12 |
| Stryker Corp. | 174 | 69 |
| Sun Communities, Inc. REIT | 65 | 8 |
| Super Micro Computer, Inc. (f) | 262 | 13 |
| Synchrony Financial | 198 | 13 |
| Synopsys, Inc. (f) | 77 | 39 |
| Sysco Corp. | 250 | 19 |
| T. Rowe Price Group, Inc. | 114 | 11 |
| Take-Two Interactive Software, Inc. (f) | 90 | 22 |
| Targa Resources Corp. | 113 | 20 |
| Target Corp. | 228 | 22 |
| TE Connectivity PLC | 153 | 26 |
| Teledyne Technologies, Inc. (f) | 24 | 12 |
| Teradyne, Inc. | 83 | 7 |
| Tesla, Inc. (f) | 1491 | 474 |
| Texas Instruments, Inc. | 465 | 97 |
| Texas Pacific Land Corp. | 10 | 11 |
| Textron, Inc. | 93 | 7 |
| Thermo Fisher Scientific, Inc. | 193 | 78 |
| TJX Cos., Inc. | 567 | 70 |
| T-Mobile U.S., Inc. | 231 | 55 |
| Toast, Inc., Class A (f) | 221 | 10 |
| Tractor Supply Co. | 270 | 14 |
| Trade Desk, Inc., Class A (f) | 224 | 16 |
| Tradeweb Markets, Inc., Class A | 59 | 9 |
| Trane Technologies PLC | 113 | 49 |
| TransDigm Group, Inc. | 28 | 43 |
| TransUnion | 100 | 9 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Travelers Cos., Inc. | 116 | $31 |
| Trimble, Inc. (f) | 125 | 9 |
| Truist Financial Corp. | 667 | 29 |
| Twilio, Inc., Class A (f) | 74 | 9 |
| Tyler Technologies, Inc. (f) | 22 | 13 |
| Tyson Foods, Inc., Class A | 146 | 8 |
| U.S. Bancorp | 795 | 36 |
| Uber Technologies, Inc. (f) | 994 | 93 |
| UDR, Inc. REIT | 161 | 7 |
| U-Haul Holding Co. | 49 | 3 |
| Ulta Beauty, Inc. (f) | 23 | 11 |
| Union Pacific Corp. | 305 | 70 |
| United Airlines Holdings, Inc. (f) | 41 | 3 |
| United Parcel Service, Inc., Class B | 374 | 38 |
| United Rentals, Inc. | 33 | 25 |
| United Therapeutics Corp. (f) | 22 | 6 |
| UnitedHealth Group, Inc. | 461 | 144 |
| Universal Health Services, Inc., Class B | 29 | 5 |
| Valero Energy Corp. | 165 | 22 |
| Veeva Systems, Inc., Class A (f) | 78 | 22 |
| Ventas, Inc. REIT | 224 | 14 |
| Veralto Corp. | 127 | 13 |
| VeriSign, Inc. | 43 | 12 |
| Verisk Analytics, Inc. | 71 | 22 |
| Verizon Communications, Inc. | 2159 | 93 |
| Vertex Pharmaceuticals, Inc. (f) | 132 | 59 |
| Vertiv Holdings Co., Class A | 180 | 23 |
| VICI Properties, Inc. REIT | 538 | 18 |
| Visa, Inc., Class A | 872 | 310 |
| Vistra Corp. | 168 | 33 |
| Vulcan Materials Co. | 66 | 17 |
| W.R. Berkley Corp. | 156 | 11 |
| Walmart, Inc. | 2224 | 217 |
| Walt Disney Co. | 920 | 114 |
| Warner Bros Discovery, Inc. (f) | 1171 | 13 |
| Waste Connections, Inc. | 133 | 25 |
| Waste Management, Inc. | 205 | 47 |
| Waters Corp. (f) | 30 | 10 |
| Watsco, Inc. | 18 | 8 |
| WEC Energy Group, Inc. | 163 | 17 |
| Wells Fargo & Co. | 1677 | 134 |
| Welltower, Inc. REIT | 335 | 52 |
| West Pharmaceutical Services, Inc. | 37 | 8 |
| Western Digital Corp. | 178 | 11 |
| Westinghouse Air Brake Technologies Corp. | 87 | 18 |
| Weyerhaeuser Co. REIT | 375 | 10 |
| Williams Cos., Inc. | 627 | 39 |
| Williams-Sonoma, Inc. | 63 | 10 |
| Willis Towers Watson PLC | 51 | 16 |
| Workday, Inc., Class A (f) | 110 | 26 |
| WP Carey, Inc. REIT | 112 | 7 |
| WW Grainger, Inc. | 23 | 24 |
| Xcel Energy, Inc. | 294 | 20 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Xylem, Inc. | 126 | $16 |  |
| Yum! Brands, Inc. | 142 | 21 |  |
| Zebra Technologies Corp., Class A (f) | 26 | 8 |  |
| Zillow Group, Inc., Class C (f) | 83 | 6 |  |
| Zimmer Biomet Holdings, Inc. | 102 | 9 |  |
| Zoetis, Inc. | 228 | 36 |  |
| Zoom Communications, Inc., Class A (f) | 127 | 10 |  |
| Zscaler, Inc. (f) | 51 | 16 |  |
|  |  | 27512 |  |
| **Total Common Stocks (Cost $26,028)** | **Total Common Stocks (Cost $26,028)** | 36987 |  |
|  | **No. of<br>Rights** |  |  |
| **Rights (0.0%)‡** | **Rights (0.0%)‡** | **Rights (0.0%)‡** | **Rights (0.0%)‡** |
| **United States (0.0%)‡** | **United States (0.0%)‡** | **United States (0.0%)‡** | **United States (0.0%)‡** |
| Contra Abiomed, Inc.,<br>expires 12/22/28 (f) **(Cost $—@)** | 14 |  | @ |
|  | **No. of<br>Warrants** |  |  |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| **Canada (0.0%)** | **Canada (0.0%)** | **Canada (0.0%)** | **Canada (0.0%)** |
| Constellation Software, Inc.<br>expires 3/31/40 (f)(g) **(Cost $—)** | 16 |  |  |
|  | **Face Amount<br>(000)** |  |  |
| **Short-Term Investments (15.5%)** | **Short-Term Investments (15.5%)** | **Short-Term Investments (15.5%)** | **Short-Term Investments (15.5%)** |
| **U.S. Treasury Security (1.9%)** | **U.S. Treasury Security (1.9%)** | **U.S. Treasury Security (1.9%)** | **U.S. Treasury Security (1.9%)** |
| U.S. Treasury Bill<br>4.32%, 8/05/25 (h) **(Cost $1,583)** | $1590 | 1583 |  |
|  | **Shares** |  |  |
| **Investment Company (13.6%)** | **Investment Company (13.6%)** | **Investment Company (13.6%)** | **Investment Company (13.6%)** |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.25% (See Note H) <br>**(Cost $11,153)** | 11152761 | 11153 |  |
| **Total Short-Term Investments (Cost $12,736)**  | **Total Short-Term Investments (Cost $12,736)**  | 12736 |  |
| **Total Investments (98.5%) (Cost $70,337) (i)(j)(k)**  | **Total Investments (98.5%) (Cost $70,337) (i)(j)(k)**  | 81059 |  |
| **Other Assets in Excess of Liabilities (1.5%)**  | **Other Assets in Excess of Liabilities (1.5%)**  | 1205 |  |
| **Net Assets (100.0%)**  | **Net Assets (100.0%)**  | $82264 |  |

---

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 June 30, 2025. 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 June 30, 2025.

(e) When-issued security.

(f) Non-income producing security.

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

(h) Rate shown is the yield to maturity at June 30, 2025.

(i) The approximate fair value and percentage of net assets, $7,924,000 and 9.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

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

(k) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $14,694,000 and the aggregate gross unrealized depreciation is approximately $2,977,000, resulting in net unrealized appreciation of approximately $11,717,000.

ADR American Depositary Receipt.

CVA Certificaten Van Aandelen.

DAC Designated Activity Company.

EURIBOR Euro Interbank Offered Rate.

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.

TSX Toronto Stock Exchange.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (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 June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br>to <br>Deliver<br>(000)** | **Contracts<br>to <br>Deliver<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Bank of America NA | 1560 |  | $219 |  | 9/17/25 | $(— |
| Bank of America NA | $460 |  | 437 |  | 1/6/26 | 61 |
| Bank of America NA | $4 |  | 15 |  | 9/17/25 |  |
| Bank of America NA | $34 |  | 4875 |  | 9/17/25 | (— |
| Barclays Bank PLC | 26 |  | $4 |  | 9/17/25 | (— |
| Barclays Bank PLC | 12 |  | $16 |  | 9/17/25 | (— |
| Barclays Bank PLC | 172023 |  | $126 |  | 9/17/25 | (2 |
| Barclays Bank PLC | 69 |  | $7 |  | 9/17/25 |  |
| Barclays Bank PLC |  | @ | $— | @ | 9/17/25 | (— |
| Barclays Bank PLC | 46 |  | $36 |  | 9/17/25 | (— |
| Barclays Bank PLC | 980 |  | $30 |  | 9/25/25 | (— |
| Barclays Bank PLC | 1826 |  | $34 |  | 4/6/26 | (2 |
| Barclays Bank PLC | 4138 |  | $77 |  | 4/6/26 | (6 |
| Barclays Bank PLC | 17516 |  | $334 |  | 4/6/26 | (16 |
| Barclays Bank PLC | 2272 |  | $44 |  | 4/6/26 | (1 |
| Barclays Bank PLC | $13 |  | 18 |  | 9/17/25 | (— |
| Barclays Bank PLC | $17 |  | 14 |  | 9/17/25 |  |
| Barclays Bank PLC | $111 |  | 95 |  | 9/17/25 | 2 |
| Barclays Bank PLC | $261 |  | 223 |  | 9/17/25 | 3 |
| Barclays Bank PLC | $79 |  | 57 |  | 9/17/25 |  |
| Barclays Bank PLC | $2 |  | 7 |  | 9/17/25 |  |
| Barclays Bank PLC | $— | @ | 6 |  | 9/17/25 |  |
| Barclays Bank PLC | $1 |  | 1 |  | 9/17/25 |  |
| Barclays Bank PLC | $39 |  | 49 |  | 9/17/25 |  |
| Barclays Bank PLC | $297 |  | 17232 |  | 4/6/26 | 47 |
| BNP Paribas SA | 599 |  | $388 |  | 9/25/25 | (7 |
| BNP Paribas SA | 109 |  | $72 |  | 9/17/25 | (— |
| BNP Paribas SA | 2678 |  | $1 |  | 9/17/25 | (— |
| BNP Paribas SA | 105 |  | $16 |  | 9/17/25 | (— |
| BNP Paribas SA | 6108 |  | $43 |  | 9/17/25 | (— |
| BNP Paribas SA | 78 |  | $8 |  | 9/17/25 |  |
| BNP Paribas SA | 16 |  | $13 |  | 9/25/25 | (— |
| BNP Paribas SA | 1933 |  | $66 |  | 9/17/25 | (1 |
| BNP Paribas SA | $27 |  | 41 |  | 9/17/25 |  |
| BNP Paribas SA | $50 |  | 68 |  | 9/25/25 |  |
| BNP Paribas SA | $14 |  | 13453 |  | 9/17/25 |  |
| BNP Paribas SA | $184 |  | 158 |  | 9/17/25 | 4 |
| BNP Paribas SA | $216 |  | 183 |  | 9/17/25 | 1 |
| BNP Paribas SA | $74 |  | 579 |  | 9/17/25 | (— |
| BNP Paribas SA | $24 |  | 185 |  | 9/17/25 | (— |
| BNP Paribas SA | $16 |  | 259533 |  | 9/25/25 |  |
| BNP Paribas SA | $4 |  | 69 |  | 9/17/25 |  |
| BNP Paribas SA | $28 |  | 122 |  | 9/25/25 |  |
| BNP Paribas SA | 11 |  | $1 |  | 9/17/25 | (— |
| Citibank NA | 13 |  | $17 |  | 9/17/25 | (— |
| Citibank NA | 1 |  | $1 |  | 9/17/25 | (— |
| Citibank NA | $27 |  | 37 |  | 9/17/25 | (— |
| Citibank NA | $8 |  | 168 |  | 9/17/25 |  |
| Citibank NA | $15 |  | 51 |  | 9/17/25 |  |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br>to <br>Deliver<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Citibank NA | $459 | 67359 |  | 1/6/26 | $18 |
| Citibank NA | $81 | 11493 |  | 9/17/25 | (— |
| Citibank NA | $1091 | 157566 |  | 9/25/25 | 13 |
| Credit Agricole CIB | $71 | 685 |  | 9/25/25 | 1 |
| Deutsche Bank AG | 2 | $1 |  | 9/25/25 | (— |
| Goldman Sachs International | 332 | $59 |  | 9/17/25 | (1 |
| Goldman Sachs International | 7 | $9 |  | 9/17/25 | (— |
| Goldman Sachs International | 10 | $2 |  | 9/17/25 | (— |
| Goldman Sachs International | 64 | $70 |  | 1/6/26 | (6 |
| Goldman Sachs International | 599 | $693 |  | 1/6/26 | (21 |
| Goldman Sachs International | 280 | $325 |  | 4/28/26 | (11 |
| Goldman Sachs International | 285 | $329 |  | 4/28/26 | (12 |
| Goldman Sachs International | 10 | $13 |  | 9/17/25 | (— |
| Goldman Sachs International | 164 | $— | @ | 9/25/25 | (— |
| Goldman Sachs International | 6888 | $47 |  | 1/6/26 | (1 |
| Goldman Sachs International | 96155 | $694 |  | 1/6/26 | 13 |
| Goldman Sachs International | 44709 | $325 |  | 4/28/26 | 5 |
| Goldman Sachs International | 45762 | $328 |  | 4/28/26 |  |
| Goldman Sachs International | 1558 | $81 |  | 9/25/25 | (2 |
| Goldman Sachs International | 38 | $9 |  | 9/17/25 | (— |
| Goldman Sachs International | 299 | $71 |  | 9/25/25 | (1 |
| Goldman Sachs International | 6 | $1 |  | 9/17/25 |  |
| Goldman Sachs International | 39607 | $1168 |  | 1/6/26 | (68 |
| Goldman Sachs International | 36390 | $1090 |  | 1/6/26 | (46 |
| Goldman Sachs International | 37497 | $1103 |  | 1/6/26 | (67 |
| Goldman Sachs International | 107296 | $3285 |  | 4/28/26 | (89 |
| Goldman Sachs International | 1757 | $54 |  | 9/17/25 |  |
| Goldman Sachs International | 1943 | $35 |  | 4/6/26 | (3 |
| Goldman Sachs International | 49955 | $997 |  | 4/6/26 | (1 |
| Goldman Sachs International | 30175 | $506 |  | 1/25/27 | 23 |
| Goldman Sachs International | 28393 | $468 |  | 1/25/27 | 13 |
| Goldman Sachs International | $1 | 1 |  | 9/17/25 |  |
| Goldman Sachs International | $5 | 7 |  | 9/17/25 |  |
| Goldman Sachs International | $37 | 50 |  | 9/17/25 | (— |
| Goldman Sachs International | $8 | 11 |  | 9/17/25 |  |
| Goldman Sachs International | $135 | 184 |  | 9/17/25 |  |
| Goldman Sachs International | $250 | 226 |  | 1/6/26 | 19 |
| Goldman Sachs International | $657 | 565 |  | 4/28/26 | 20 |
| Goldman Sachs International | $659 | 90471 |  | 4/28/26 | (12 |
| Goldman Sachs International | $1 | 25 |  | 9/17/25 |  |
| Goldman Sachs International | $16 | 161 |  | 9/25/25 |  |
| Goldman Sachs International | $19 | 67 |  | 9/25/25 |  |
| Goldman Sachs International | $38 | 142 |  | 9/25/25 | 1 |
| Goldman Sachs International | $84 | 2802 |  | 1/6/26 | 4 |
| Goldman Sachs International | $3373 | 110692 |  | 1/6/26 | 82 |
| Goldman Sachs International | $1703 | 54034 |  | 4/28/26 | (4 |
| Goldman Sachs International | $1666 | 53262 |  | 4/28/26 | 9 |
| Goldman Sachs International | $320 | 18398 |  | 4/6/26 | 48 |
| Goldman Sachs International | $309 | 16846 |  | 4/6/26 | 27 |
| Goldman Sachs International | $379 | 21090 |  | 4/6/26 | 42 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br>to <br>Deliver<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Goldman Sachs International | $72 | 4084 |  | 4/6/26 | $10 |
| Goldman Sachs International | $968 | 58568 |  | 1/25/27 | (30 |
| JPMorgan Chase Bank NA | 43 | $53 |  | 9/17/25 | (1 |
| JPMorgan Chase Bank NA | 457 | $64 |  | 9/17/25 | (— |
| JPMorgan Chase Bank NA | 79815 | $19 |  | 9/25/25 | (— |
| JPMorgan Chase Bank NA | 42 | $7 |  | 9/17/25 | (— |
| JPMorgan Chase Bank NA | 402 | $543 |  | 9/25/25 | (10 |
| JPMorgan Chase Bank NA | 29 | $17 |  | 9/17/25 | (— |
| JPMorgan Chase Bank NA | 219 | $23 |  | 9/17/25 |  |
| JPMorgan Chase Bank NA | $159 | 243 |  | 9/17/25 | 1 |
| JPMorgan Chase Bank NA | $52 | 42 |  | 9/25/25 | 1 |
| JPMorgan Chase Bank NA | $17 | 15810 |  | 9/25/25 |  |
| JPMorgan Chase Bank NA | $279 | 1987 |  | 9/25/25 | 1 |
| JPMorgan Chase Bank NA | $916 | 786 |  | 9/17/25 | 14 |
| JPMorgan Chase Bank NA | $27 | 211 |  | 9/17/25 | (— |
| JPMorgan Chase Bank NA | $10 | 76 |  | 9/17/25 |  |
| JPMorgan Chase Bank NA | $18 | 60 |  | 9/17/25 |  |
| JPMorgan Chase Bank NA | $291 | 396360 |  | 9/25/25 | 5 |
| JPMorgan Chase Bank NA | $10 | 36 |  | 9/17/25 |  |
| JPMorgan Chase Bank NA | $19 | 181 |  | 9/17/25 |  |
| JPMorgan Chase Bank NA | 29 | $2 |  | 9/17/25 | (— |
| Royal Bank of Canada | 1048 | $1215 |  | 9/25/25 | (26 |
| Royal Bank of Canada | $128 | 94 |  | 9/17/25 | 1 |
| State Street Bank and Trust Co. | $1 |  | @ | 9/17/25 |  |
| UBS AG | 154 | $24 |  | 9/25/25 | (1 |
| UBS AG | 596668 | $37 |  | 9/17/25 | (— |
| UBS AG | 8794 | $60 |  | 9/25/25 | (1 |
| UBS AG | 285 | $29 |  | 9/17/25 |  |
| UBS AG | $43 | 34 |  | 9/17/25 |  |
| UBS AG | $717 | 5126 |  | 9/17/25 | 3 |
| UBS AG | $11 | 71 |  | 9/17/25 |  |
| UBS AG | $311 | 266 |  | 9/17/25 | 5 |
| UBS AG | $19 | 151 |  | 9/17/25 | (— |
| UBS AG | $1 | 419 |  | 9/17/25 |  |
| UBS AG | $29 | 466488 |  | 9/17/25 | (— |
| UBS AG | $388 | 33352 |  | 9/17/25 | (1 |
| UBS AG | $41 | 3552 |  | 9/17/25 | (— |
| UBS AG | $248 | 35683 |  | 1/6/26 | 5 |
| UBS AG | $179 | 25579 |  | 9/17/25 | (— |
| UBS AG | $83 | 12033 |  | 9/17/25 | 1 |
| UBS AG | $1 | 25 |  | 9/17/25 |  |
| UBS AG | $7 | 73 |  | 9/17/25 |  |
| UBS AG | $1 | 62 |  | 9/17/25 |  |
|  |  |  |  |  | $53 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

**Futures Contracts:**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number <br>of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| CAC 40 Index (France) | 1 | Jul-25 |  | $90 | $(1 |
| Eurex MSCI Indonesia Index (United States) | 56 | Sep-25 | $1 | 860 | (22 |
| Euro Stoxx 50 Index (Germany) | 4 | Sep-25 |  | 251 | 3 |
| Euro-Buxl 30 yr. Bond Index (Germany) | 1 | Sep-25 | 100 | 140 | (1 |
| FTSE 100 Index (United Kingdom) | 1 | Sep-25 |  | 121 | (2 |
| FTSE MIB Index (Italy) | 1 | Sep-25 |  | 235 |  |
| German Euro-Schatz Index (Germany) | 10 | Sep-25 | 1000 | 1263 | (2 |
| Hang Seng Index (Hong Kong) | 1 | Jul-25 |  | 153 | 1 |
| IBEX 35 Index (Spain) | 1 | Jul-25 |  | 164 | (1 |
| IFSC NIFTY 50 Index (United States) | 9 | Jul-25 | $— | 461 | 5 |
| KFE 10 yr. Treasury Bond Index (Korea, Republic of) | 5 | Sep-25 | 500000 | 439 | 1 |
| Long Gilt Index (United Kingdom) | 1 | Sep-25 | 100 | 128 | 4 |
| S&P/TSX 60 Index (Canada) | 1 | Sep-25 |  | 235 | 3 |
| SFE S&P ASX Share Price Index (Australia) | 1 | Sep-25 |  | 141 |  |
| SGX MSCI Singapore Index (Singapore) | 1 | Jul-25 |  | 32 | 1 |
| U.S. Treasury 2 yr. Note (United States) | 4 | Sep-25 | $800 | 832 | 3 |
| U.S. Treasury 5 yr. Note (United States) | 12 | Sep-25 | 1200 | 1308 | 16 |
| U.S. Treasury 10 yr. Note (United States) | 1 | Sep-25 | 100 | 112 |  |
| U.S. Treasury 10 yr. Ultra Note (United States) | 13 | Sep-25 | 1300 | 1485 | 29 |
| U.S. Treasury Long Bond (United States) | 3 | Sep-25 | 300 | 346 | 11 |
| U.S. Treasury Ultra Long Bond (United States) | 5 | Sep-25 | 500 | 596 | 23 |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| Euro-BTP Italian Bond Index (Germany) | 1 | Sep-25 | (100 | (142) | (1 |
| French Government Bond Index (Germany) | 2 | Sep-25 | (200 | (292) | 2 |
| German Euro-Bobl Index (Germany) | 4 | Sep-25 | (400 | (554) | 1 |
| German Euro-Bund Index (Germany) | 6 | Sep-25 | (600 | (920) | 4 |
| MSCI Emerging Market Index (United States) | 22 | Sep-25 | $(1 | (1357) | (21 |
| S&P 500 E Mini Index (United States) | 6 | Sep-25 | (— | (1876) | (66 |
| SFE 10 yr. Australian Bond Index (Australia) | 4 | Sep-25 | (400 | (302) | (2 |
| TSE TOPIX Index (Japan) | 3 | Sep-25 | (30 | (595) | (13 |
| U.S. Treasury 10 yr. Note (United States) | 1 | Sep-25 | $(100 | (112) | (1 |
| U.S. Treasury 10 yr. Ultra Note (United States) | 5 | Sep-25 | (500 | (571) | (10 |
|  |  |  |  |  | $(36 |

---

**Centrally Cleared Interest Rate Swap Agreements:**

The Fund had the following centrally cleared interest rate swap agreements open at June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Floating Rate<br>Index** | **Pay/<br>Receive<br>Floating Rate** | **Fixed Rate** | **Payment<br>Frequency<br>Paid/<br>Received** | **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)** |
| Morgan Stanley & Co. LLC | 12 Months U.S. <br>Consumer Price Index | Receive | 2.35% | Maturity/<br>Maturity | 4/15/35 | 736 | $7 | $— | $7 |
| Morgan Stanley & Co. LLC | 12 Months U.S. <br>Consumer Price Index | Receive | 2.34 | Maturity/<br>Maturity | 4/15/35 | 736 | 8 |  | 8 |
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 13.49 | Maturity/<br>Maturity | 1/3/28 | 2952 | 3 |  | 3 |
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 13.56 | Maturity/<br>Maturity | 1/3/28 | 6379 | 9 |  | 9 |
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 14.99 | Maturity/<br>Maturity | 1/3/28 | 5792 | 48 | 5 | 43 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

**Centrally Cleared Interest Rate Swap Agreements (cont'd):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Floating Rate<br>Index** | **Pay/<br>Receive<br>Floating Rate** | **Fixed Rate** | **Payment<br>Frequency<br>Paid/<br>Received** | **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)** |
| Morgan Stanley & Co. LLC | SOFR | Receive | 3.53% | Annual/<br>Annual | 4/4/30 | 1031 | $(3) | $— | $(3) |
| Morgan Stanley & Co. LLC | THOR | Pay | 1.75 | Quarterly/<br>Quarterly | 3/12/30 | 81945 | 56 |  | 56 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 2.02 | Annual/<br>Annual | 3/12/55 | 4427 | 1 |  | 1 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 1.89 | Annual/<br>Annual | 1/8/55 | 5608 | 2 |  | 2 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 1.83 | Annual/<br>Annual | 1/30/55 | 1657 | 1 |  | 1 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 1.83 | Annual/<br>Annual | 1/30/55 | 1654 | 1 |  | 1 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 1.80 | Annual/<br>Annual | 1/31/55 | 3316 | 2 |  | 2 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 1.74 | Annual/<br>Annual | 11/12/54 | 9983 | 6 |  | 6 |
|  |  |  |  |  |  |  | $141 | $5 | $136 |

---

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap 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 | Barclays Japan REITs Index†† | Pay | TONAR + 0.02% | Quarterly | 11/11/25 | 105858 | $30 | $— | $30 |
| Barclays Bank PLC | Barclays Japan REITs Index†† | Pay | TONAR + 0.05% | Quarterly | 11/11/25 | 61914 | 17 |  | 17 |
| Barclays Bank PLC | Barclays Japan REITs Index†† | Pay | TONAR + 0.20% | Quarterly | 11/11/25 | 33391 | 9 |  | 9 |
| Barclays Bank PLC | Barclays Japan REITs Index†† | Pay | TONAR + 0.20% | Quarterly | 11/11/25 | 33511 | 9 |  | 9 |
| Barclays Bank PLC | Barclays Japan REITs Index†† | Pay | TONAR + 0.20% | Quarterly | 11/11/25 | 37276 | 11 |  | 11 |
| Barclays Bank PLC | U.S. Cyclicals Index†† | Receive | SOFR + 0.60% | Quarterly | 5/20/26 | $738 | (1 |  | (1 |
| Barclays Bank PLC | U.S. Cyclicals Index†† | Receive | SOFR + 0.00% | Quarterly | 5/20/26 | 762 | (11 |  | (11 |
| Barclays Bank PLC | U.S. Defensives Index†† | Pay | SOFR + 0.60% | Quarterly | 5/20/26 | 739 | (4 |  | (4 |
| Barclays Bank PLC | U.S. Defensives Index†† | Pay | SOFR + 0.00% | Quarterly | 5/20/26 | 758 | (2 |  | (2 |
| BNP Paribas SA | BNP EMU Domestic Index†† | Pay | ESTR + 0.05% | Quarterly | 12/15/25 | 503 | (6 |  | (6 |
| BNP Paribas SA | BNP EMU Domestic Index†† | Pay | ESTR + 0.05% | Quarterly | 12/15/25 | 456 | (5 |  | (5 |
| BNP Paribas SA | BNP EMU Domestic Index†† | Pay | ESTR + 0.05% | Quarterly | 12/15/25 | 484 | (6 |  | (6 |
| BNP Paribas SA | BNP EMU Growth Index | Receive | SOFR + 0.00% | Quarterly | 9/18/25 | 612 | (7 |  | (7 |
| BNP Paribas SA | BNP EMU Growth <br>Quality Index | Receive | SOFR + 0.00% | Quarterly | 9/18/25 | 539 | (9 |  | (9 |
| BNP Paribas SA | BNP EMU Value Index | Pay | ESTR + 0.00% | Quarterly | 9/18/25 | 611 | 2 |  | 2 |
| BNP Paribas SA | BNP EMU Value Quality Index | Pay | ESTR + 0.00% | Quarterly | 9/18/25 | 540 | (— |  | (— |
| BNP Paribas SA | BNP U.S. Domestics Index†† | Receive | SOFR + 0.85% | Quarterly | 12/12/25 | $206 | (2 |  | (2 |
| BNP Paribas SA | BNP U.S. Domestics Index†† | Receive | SOFR + 0.85% | Quarterly | 12/12/25 | 255 | (3 |  | (3 |
| BNP Paribas SA | BNP U.S. Domestics Index†† | Receive | SOFR + 0.85% | Quarterly | 12/12/25 | 15 | (— |  | (— |
| BNP Paribas SA | BNP U.S. Domestics Index†† | Receive | SOFR + 0.85% | Quarterly | 12/12/25 | 555 | (6 |  | (6 |
| BNP Paribas SA | BNP U.S. Domestics Index†† | Receive | SOFR + 0.53% | Quarterly | 12/12/25 | 564 | (6 |  | (6 |
| BNP Paribas SA | EM Value + Quality Index†† | Pay | SOFR + 0.65% | Quarterly | 5/21/26 | 1227 | 102 |  | 102 |
| BNP Paribas SA | Japanese Domestics Index | Pay | TONAR + 0.00% | Quarterly | 4/16/26 | 70363 | 40 |  | 40 |
| BNP Paribas SA | MSCI Emerging Markets<br>ex China Gross Return<br>USD Index | Receive | SOFR + 0.53% | Quarterly | 5/21/26 | $1679 | (107 |  | (107 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

**Total Return Swap Agreements (cont'd):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap 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)** |
| BNP Paribas SA | MSCI Japan Net Total <br>Return USD Index | Pay | SOFR + 0.36% | Quarterly | 2/10/26 | $2507 | $104 | $— | $104 |
| Goldman Sachs <br>International | MSCI Emerging Markets<br>Net Total Return Index | Pay | SOFR + 0.38% | Quarterly | 1/28/26 | 4943 | 579 |  | 579 |
| JPMorgan Chase <br>Bank NA | EM Anti-Value + Quality + <br>Korea short Index†† | Receive | SOFR + 2.0% | Quarterly | 5/26/26 | 1637 | (133) |  | (133) |
| JPMorgan Chase <br>Bank NA | EM Value + Quality + <br>Korea Long Index†† | Pay | SOFR + 0.72% | Quarterly | 5/26/26 | 1638 | 116 |  | 116 |
| JPMorgan Chase <br>Bank NA | JPM Japan Growth<br>Index†† | Receive | SOFR + 0.00% | Quarterly | 6/18/26 | 1586 | (51) |  | (51) |
| JPMorgan Chase <br>Bank NA | JPM Japan Value<br>Index†† | Pay | SOFR + 0.00% | Quarterly | 6/18/26 | 1583 | 35 |  | 35 |
| JPMorgan Chase <br>Bank NA | JPM U.S. Anti-Value<br>Index | Receive | SOFR + 0.00% | Quarterly | 6/18/26 | 504 | (10) |  | (10) |
| JPMorgan Chase <br>Bank NA | JPM U.S. Value<br>Index | Pay | SOFR + 0.00% | Quarterly | 6/18/26 | 504 | 9 |  | 9 |
| UBS AG | MSCI Emerging Markets <br>ex China Index | Pay | SOFR + 0.44% | Quarterly | 3/26/26 | 264 | 4 |  | 4 |
| UBS AG | MSCI Emerging Markets <br>ex China Index | Pay | SOFR + 0.44% | Quarterly | 3/26/26 | 160 | 3 |  | 3 |
| UBS AG | MSCI USA Index | Pay | SOFR + 0.75% | Quarterly | 9/23/25 | 4278 | 141 |  | 141 |
|  |  |  |  |  |  |  | $842 | $— | $842 |

---

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

The following table represents the equity basket individual holdings underlying the total return swap with Barclays Japan REITs Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **Barclays Japan REITs Index** | **Barclays Japan REITs Index** | **Barclays Japan REITs Index** | **Barclays Japan REITs Index** |
| Activia Properties, Inc. | 1068 | $909 | 1.11% |
| Daiwa House REIT Investment Corp. | 1037 | 1752 | 2.13 |
| Daiwa Office Investment Corp. | 431 | 956 | 1.16 |
| Fukuoka REIT Corp. | 398 | 476 | 0.58 |
| Global One Real Estate Investment Corp. | 451 | 428 | 0.52 |
| Hankyu Hanshin REIT, Inc. | 312 | 338 | 0.41 |
| Heiwa Real Estate REIT, Inc. | 535 | 502 | 0.61 |
| Honeys Holdings Co. Ltd. | 12600 | 138 | 0.17 |
| Hulic REIT, Inc. | 643 | 696 | 0.85 |
| Ichigo Office REIT Investmentment corp. | 696 | 443 | 0.54 |
| Japan Excellent, Inc. | 591 | 548 | 0.67 |
| Japan Metropolitan Fund Investment corp. | 3236 | 2291 | 2.78 |
| Japan Prime Realty Investmentment corp. | 1804 | 1159 | 1.41 |
| Japan Real Estate Investment Corp. | 3215 | 2631 | 3.20 |
| Kdx Realty Investment Corp. | 1817 | 1968 | 2.39 |
| Mirai Corp. | 865 | 265 | 0.32 |
| Mori Hills REIT Investment Corp. | 866 | 804 | 0.98 |
| Mori Trust REIT, Inc. | 1599 | 766 | 0.93 |
| Nippon Building Fund, Inc. | 3938 | 3632 | 4.42 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **Barclays Japan REITs Index (cont'd)** | **Barclays Japan REITs Index (cont'd)** | **Barclays Japan REITs Index (cont'd)** | **Barclays Japan REITs Index (cont'd)** |
| Nippon REIT Investment Corp. | 804 | $493 | 0.60% |
| Nomura Real Estate Master Fund, Inc. | 2102 | 2147 | 2.61 |
| NTT UD REIT Investment Corp. | 662 | 588 | 0.71 |
| One REIT, Inc. | 123 | 220 | 0.27 |
| Orix JREIT, Inc. | 1242 | 1619 | 1.97 |
| Sekisui House REIT, Inc. | 1961 | 1033 | 1.26 |
| Star Asia Investment Corp. | 1212 | 481 | 0.58 |
| Takara Leben Real Estate Investment Corp. | 412 | 258 | 0.31 |
| Tokyu REIT, Inc. | 441 | 596 | 0.72 |
| Tosei REIT Investment Corp. | 170 | 160 | 0.19 |
| United Urban Investment Corp. | 1393 | 1499 | 1.82 |
| Xymax REIT Investment Corp. | 112 | 88 | 0.11 |

---

The following table represents the equity basket top 50 holdings underlying the total return swap with U.S. Cyclicals Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **U.S. Cyclicals Index** | **U.S. Cyclicals Index** | **U.S. Cyclicals Index** | **U.S. Cyclicals Index** |
| 3M Co. | 8002 | $1218 | 1.48% |
| Air Products & Chemicals, Inc. | 3287 | 927 | 1.13 |
| Airbnb, Inc. — Class A | 6469 | 856 | 1.04 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **U.S. Cyclicals Index (cont'd)** | **U.S. Cyclicals Index (cont'd)** | **U.S. Cyclicals Index (cont'd)** | **U.S. Cyclicals Index (cont'd)** |
| Automatic Data Processing | 5951 | $1835 | 2.23% |
| Autozone, Inc. | 243 | 902 | 1.10 |
| Booking Holdings, Inc. | 487 | 2819 | 3.43 |
| Carrier Global Corp. | 11876 | 869 | 1.06 |
| Caterpillar, Inc. | 7106 | 2759 | 3.35 |
| Chipotle Mexican Grill, Inc. | 20020 | 1124 | 1.37 |
| Cintas Corp. | 5020 | 1119 | 1.36 |
| Corteva, Inc. | 10068 | 750 | 0.91 |
| CSX Corp. | 28669 | 935 | 1.14 |
| Deere & Co. | 3742 | 1903 | 2.31 |
| Doordash, Inc. — Class A | 4976 | 1227 | 1.49 |
| Eaton Corp. PLC | 5862 | 2093 | 2.54 |
| Ecolab, Inc. | 3676 | 990 | 1.20 |
| Emerson Electric Co. | 8360 | 1115 | 1.35 |
| Fastenal Co. | 16864 | 708 | 0.86 |
| Fedex Corp. | 3318 | 754 | 0.92 |
| Freeport-Mcmoran, Inc. | 20906 | 906 | 1.10 |
| GE Vernova, Inc. | 3971 | 2101 | 2.55 |
| General Motors Co. | 14773 | 727 | 0.88 |
| Hilton Worldwide Holdings, Inc. | 3534 | 941 | 1.14 |
| Home Depot, Inc. | 14683 | 5383 | 6.54 |
| Honeywell International, Inc. | 9541 | 2222 | 2.70 |
| Illinois Tool Works, Inc. | 3933 | 972 | 1.18 |
| Johnson Controls International PLC | 9720 | 1027 | 1.25 |
| Linde PLC | 7006 | 3287 | 4.00 |
| Lowe's Cos, Inc. | 8320 | 1846 | 2.24 |
| Marriott International — Class A | 3382 | 924 | 1.12 |
| Mcdonald's Corp. | 10495 | 3066 | 3.73 |
| Newmont Corp. | 16613 | 968 | 1.18 |
| Nike, Inc. — Class B | 17902 | 1272 | 1.55 |
| Norfolk Southern Corp. | 3372 | 863 | 1.05 |
| O'Reilly Automotive, Inc. | 12570 | 1133 | 1.38 |
| PACCAR, Inc. | 7732 | 735 | 0.89 |
| Parker Hannifin Corp. | 1910 | 1334 | 1.62 |
| Quanta Services, Inc. | 2180 | 824 | 1.00 |
| Republic Services, Inc. | 2962 | 730 | 0.89 |
| Royal Caribbean Cruises Ltd. | 3662 | 1147 | 1.39 |
| Sherwin-Williams Co. | 3444 | 1183 | 1.44 |
| Starbucks Corp. | 16950 | 1553 | 1.89 |
| TJX Companies, Inc. | 16481 | 2035 | 2.47 |
| Trane Technologies PLC | 3303 | 1445 | 1.76 |
| Uber Technologies, Inc. | 30920 | 2885 | 3.51 |
| Union Pacific Corp. | 9008 | 2073 | 2.52 |
| United Parcel Service — Class B | 11081 | 1119 | 1.36 |
| United Rentals, Inc. | 968 | 729 | 0.89 |
| Waste Management, Inc. | 5340 | 1222 | 1.49 |
| WW Grainger, Inc. | 654 | 680 | 0.83 |

---

The following table represents the equity basket top 50 holdings underlying the total return swap with U.S. Defensives Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **U.S. Defensives Index** | **U.S. Defensives Index** | **U.S. Defensives Index** | **U.S. Defensives Index** |
| Abbott Laboratories | 28445 | $3869 | 4.70% |
| Abbvie, Inc. | 28137 | 5223 | 6.35 |
| American Electric Power Co., Inc. | 17001 | 1764 | 2.14 |
| Amgen, Inc. | 8331 | 2326 | 2.83 |
| AT&T, Inc. | 440271 | 12741 | 15.49 |
| Boston Scientific Corp. | 25165 | 2703 | 3.29 |
| Bristol-Myers Squibb Co. | 31615 | 1463 | 1.78 |
| Coca-Cola Co. | 82163 | 5813 | 7.07 |
| Colgate-Palmolive Co. | 17189 | 1562 | 1.90 |
| Consolidated Edison, Inc. | 11087 | 1113 | 1.35 |
| Constellation Energy | 9922 | 3202 | 3.89 |
| Costco Wholesale Corp. | 9541 | 9445 | 11.48 |
| CVS Health Corp. | 20185 | 1392 | 1.69 |
| Danaher Corp. | 10169 | 2009 | 2.44 |
| Dominion Energy, Inc. | 26728 | 1511 | 1.84 |
| Duke Energy Corp. | 24649 | 2909 | 3.54 |
| Elevance Health, Inc. | 3903 | 1518 | 1.85 |
| Eli Lilly & Co. | 12322 | 9605 | 11.68 |
| Entergy Corp. | 13670 | 1136 | 1.38 |
| Exelon Corp. | 32243 | 1400 | 1.70 |
| Gilead Sciences, Inc. | 19319 | 2142 | 2.60 |
| HCA Healthcare, Inc. | 3042 | 1165 | 1.42 |
| Intuitive Surgical, Inc. | 6068 | 3297 | 4.01 |
| Johnson & Johnson | 38440 | 5872 | 7.14 |
| Kroger Co. | 14504 | 1040 | 1.26 |
| Mckesson Corp. | 2073 | 1519 | 1.85 |
| Medtronic PLC | 20659 | 1801 | 2.19 |
| Merck & Co. Inc. | 39449 | 3123 | 3.80 |
| Mondelez International, Inc. — Class A | 27087 | 1827 | 2.22 |
| Nextera Energy, Inc. | 65985 | 4581 | 5.57 |
| NRG Energy, Inc. | 6582 | 1057 | 1.28 |
| Pepsico, Inc. | 29211 | 3857 | 4.69 |
| Pfizer, Inc. | 88467 | 2144 | 2.61 |
| PG&E Corp. | 74813 | 1043 | 1.27 |
| Procter & Gamble Co. | 49921 | 7953 | 9.67 |
| Public Service Enterprise Group | 15822 | 1332 | 1.62 |
| Sempra | 20297 | 1538 | 1.87 |
| Southern Co. | 34722 | 3189 | 3.88 |
| Stryker Corp. | 5689 | 2251 | 2.74 |
| The Cigna Group | 4522 | 1495 | 1.82 |
| Thermo Fisher Scientific, Inc. | 6214 | 2520 | 3.06 |
| T-Mobile US, Inc. | 29666 | 7068 | 8.59 |
| Unitedhealth Group, Inc. | 14594 | 4553 | 5.53 |
| Verizon Communications, Inc. | 259232 | 11217 | 13.64 |
| Vertex Pharmaceuticals, Inc. | 4096 | 1824 | 2.22 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **U.S. Defensives Index (cont'd)** | **U.S. Defensives Index (cont'd)** | **U.S. Defensives Index (cont'd)** | **U.S. Defensives Index (cont'd)** |
| Vistra Corp. | 10614 | $2057 | 2.50% |
| Walmart, Inc. | 92712 | 9065 | 11.02 |
| Wec Energy Group, Inc. | 10125 | 1055 | 1.28 |
| Xcel Energy, Inc. | 18585 | 1266 | 1.54 |
| Zoetis, Inc. | 7186 | 1121 | 1.36 |

---

The following table represents the equity basket holdings underlying the total return swap with BNP EMU Domestic Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **BNP EMU Domestic Index** | **BNP EMU Domestic Index** | **BNP EMU Domestic Index** | **BNP EMU Domestic Index** |
| ADP | 212 | $23 | 0.03% |
| Aena SME SA | 2054 | 47 | 0.06 |
| Basic-Fit NV | 885 | 23 | 0.03 |
| Bechtle AG | 707 | 28 | 0.03 |
| Bouygues SA | 927 | 36 | 0.04 |
| Canal SA | 3237 | 9 | 0.01 |
| Capgemini SE | 346 | 50 | 0.06 |
| Compagnie De Saint Gobain | 928 | 92 | 0.11 |
| Deutsche Lufthansa — Reg | 3770 | 27 | 0.03 |
| D'Ieteren Group | 149 | 27 | 0.03 |
| Eiffage | 324 | 39 | 0.05 |
| FDJ United | 646 | 21 | 0.03 |
| Fraport Ag Frankfurt Airport | 411 | 26 | 0.03 |
| Getlink SE | 1623 | 27 | 0.03 |
| Havas NV | 3176 | 5 | 0.01 |
| Indra Sistemas SA | 1192 | 44 | 0.05 |
| Industria de Diseno Textil SA | 2028 | 90 | 0.11 |
| Iveco Group NV | 2167 | 36 | 0.04 |
| Kingspan Group PLC | 521 | 38 | 0.05 |
| Louis Hachette Group | 3234 | 6 | 0.01 |
| Prosiebensat.1 Media SE | 3570 | 26 | 0.03 |
| Randstad NV | 636 | 25 | 0.03 |
| Rheinmetall AG | 24 | 44 | 0.05 |
| Scout24 SE | 329 | 38 | 0.05 |
| Smurfit Westrock PLC | 1155 | 42 | 0.05 |
| Stora Enso OYJ — Class R | 2767 | 26 | 0.03 |
| Vinci SA | 954 | 119 | 0.15 |
| Vivendi SE | 3176 | 9 | 0.01 |
| Zalando SE | 866 | 24 | 0.03 |

---

The following table represents the equity basket to 50 individual holdings underlying the total return swap with BNP U.S. Domestics Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **BNP U.S. Domestics Index** | **BNP U.S. Domestics Index** | **BNP U.S. Domestics Index** | **BNP U.S. Domestics Index** |
| Arista Networks, Inc. | 232 | $24 | 0.03% |
| Automatic Data Processing | 88 | 27 | 0.03 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **BNP U.S. Domestics Index (cont'd)** | **BNP U.S. Domestics Index (cont'd)** | **BNP U.S. Domestics Index (cont'd)** | **BNP U.S. Domestics Index (cont'd)** |
| Autozone, Inc. | 4 | $14 | 0.02% |
| Broadridge Financial Solutions | 25 | 6 | 0.01 |
| Charter Communications, Inc. — Class A | 20 | 8 | 0.01 |
| Cintas Corp. | 79 | 18 | 0.02 |
| Cognizant Tech Solutions — Class A | 108 | 8 | 0.01 |
| Comcast Corp. — Class A | 838 | 30 | 0.04 |
| Copart, Inc. | 188 | 9 | 0.01 |
| Crowdstrike Holdings, Inc. — Class A | 50 | 26 | 0.03 |
| CSX Corp. | 421 | 14 | 0.02 |
| Darden Restaurants, Inc. | 25 | 6 | 0.01 |
| Datadog, Inc. — Class A | 61 | 8 | 0.01 |
| Doordash, Inc. — Class A | 67 | 16 | 0.02 |
| DR Horton, Inc. | 64 | 8 | 0.01 |
| Equifax, Inc. | 27 | 7 | 0.01 |
| Fair Isaac Corp. | 5 | 10 | 0.01 |
| Fastenal Co. | 248 | 10 | 0.01 |
| Fedex Corp. | 50 | 11 | 0.01 |
| Hilton Worldwide Holdings, Inc. | 53 | 14 | 0.02 |
| Home Depot, Inc. | 215 | 79 | 0.10 |
| Lennar Corp. — Class A | 52 | 6 | 0.01 |
| Lowe's Cos, Inc. | 123 | 27 | 0.03 |
| Lululemon Athletica, Inc. | 24 | 6 | 0.01 |
| Marriott International — Class A | 52 | 14 | 0.02 |
| Martin Marietta Materials | 13 | 7 | 0.01 |
| Norfolk Southern Corp. | 49 | 13 | 0.02 |
| Old Dominion Freight Line | 42 | 7 | 0.01 |
| O'Reilly Automotive, Inc. | 189 | 17 | 0.02 |
| Quanta Services, Inc. | 32 | 12 | 0.01 |
| Republic Services, Inc. | 48 | 12 | 0.01 |
| Roper Technologies, Inc. | 23 | 13 | 0.02 |
| Ross Stores, Inc. | 72 | 9 | 0.01 |
| Sherwin-Williams Co. | 52 | 18 | 0.02 |
| Snowflake, Inc. | 65 | 15 | 0.02 |
| Starbucks Corp. | 246 | 23 | 0.03 |
| TJX Companies, Inc. | 245 | 30 | 0.04 |
| Tractor Supply Company | 117 | 6 | 0.01 |
| Trane Technologies PLC | 49 | 21 | 0.03 |
| Tyler Technologies, Inc. | 9 | 5 | 0.01 |
| Union Pacific Corp. | 132 | 30 | 0.04 |
| United Parcel Service — Class B | 159 | 16 | 0.02 |
| United Rentals, Inc. | 14 | 11 | 0.01 |
| Verisk Analytics, Inc. | 31 | 10 | 0.01 |
| Vulcan Materials Co. | 29 | 7 | 0.01 |
| Walt Disney Co. | 393 | 49 | 0.06 |
| Waste Connections, Inc. | 56 | 10 | 0.01 |
| Waste Management, Inc. | 87 | 20 | 0.02 |
| Workday, Inc. — Class A | 46 | 11 | 0.01 |
| WW Grainger, Inc. | 10 | 10 | 0.01 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

The following table represents the equity basket to 50 holdings underlying the total return swap with EM Value + Quality Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **EM Value + Quality Index** | **EM Value + Quality Index** | **EM Value + Quality Index** | **EM Value + Quality Index** |
| Akbank T.A.S. | 3407 | $6 | 0.01% |
| Arca Continental SAB de CV | 906 | 10 | 0.01 |
| Astra International Tbk. PT | 25267 | 7 | 0.01 |
| Banco Do Brasil SA | 2252 | 9 | 0.01 |
| Bank Mandiri Persero Tbk. PT | 39866 | 12 | 0.01 |
| Bank Pekao SA | 206 | 11 | 0.01 |
| Bidvest Group Ltd. | 444 | 6 | 0.01 |
| Cemex SAB-CPO | 10132 | 7 | 0.01 |
| Cia Saneamento Basico do Estado <br>de Sao Paulo | 603 | 13 | 0.02 |
| Compal Electronics | 10994 | 11 | 0.01 |
| Dubai Islamic Bank | 4725 | 12 | 0.01 |
| Emaar Properties PJSC | 3533 | 13 | 0.02 |
| Emirates NBD PJSC | 1975 | 12 | 0.01 |
| Emirates Telecom Group Co. | 4562 | 22 | 0.03 |
| Eurobank Ergasias Services and <br>Holdings SA | 2840 | 10 | 0.01 |
| Evergreen Marine Corp. Ltd. | 1345 | 9 | 0.01 |
| Fubon Financial Holding Co. | 9221 | 28 | 0.03 |
| Gold Fields Ltd. | 580 | 14 | 0.02 |
| Grupo Financiero Banorte | 2835 | 26 | 0.03 |
| Grupo Mexico SAB de CV — Ser B | 2082 | 13 | 0.02 |
| Hyundai Mobis Co. Ltd. | 61 | 13 | 0.02 |
| Itau Unibanco Holding SA — Pref | 5839 | 40 | 0.05 |
| Itausa SA | 6326 | 13 | 0.02 |
| JBS NV | 681 | 10 | 0.01 |
| Kia Corp. | 235 | 17 | 0.02 |
| Largan Precision Co. Ltd. | 161 | 13 | 0.02 |
| LG Electronics, Inc. | 107 | 6 | 0.01 |
| LG Innotek Co. Ltd. | 97 | 11 | 0.01 |
| MOL Hungarian Oil and Gas PLC | 1180 | 10 | 0.01 |
| National Bank of Greece | 957 | 12 | 0.01 |
| Nedbank Group Ltd. | 521 | 7 | 0.01 |
| OTP Bank PLC | 247 | 20 | 0.02 |
| Pegatron Corp. | 3949 | 10 | 0.01 |
| PTT Exploration & Production Public <br>Company Ltd. | 4046 | 13 | 0.02 |
| Realtek Semiconductor Corp. | 709 | 14 | 0.02 |
| Richter Gedeon Nyrt | 357 | 10 | 0.01 |
| Samsung Electro-Mechanics Co. | 127 | 13 | 0.02 |
| Samsung Electronics — Pref | 755 | 28 | 0.03 |
| Samsung Electronics Co. Ltd. | 4402 | 194 | 0.24 |
| Samsung Fire & Marine Insurance | 34 | 11 | 0.01 |
| Samsung SDS Co. Ltd. | 112 | 14 | 0.02 |
| SK Hynix, Inc. | 236 | 51 | 0.06 |
| Sk Square Co. Ltd. | 123 | 17 | 0.02 |
| Standard Bank Group Ltd. | 1510 | 19 | 0.02 |
| Taiwan Semiconductor Manufacturing <br>Co. Ltd. | 1026 | 37 | 0.05 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **EM Value + Quality Index (cont'd)** | **EM Value + Quality Index (cont'd)** | **EM Value + Quality Index (cont'd)** | **EM Value + Quality Index (cont'd)** |
| Telkom Indonesia Persero Tbk. PT | 61593 | $11 | 0.01% |
| Ultrapar Participacoes SA | 2080 | 7 | 0.01 |
| Vale SA | 2438 | 24 | 0.03 |
| Zhen Ding Technology Holding Ltd. | 231685 | 912 | 1.11 |
| Zhen Ding Technology Holding Ltd. | 3040 | 10 | 0.01 |

---

The following table represents the equity basket top 50 holdings underlying the total return swap with EM Anti-Value + Quality + Korea Short Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **EM Anti-Value + Quality + Korea short Index** | **EM Anti-Value + Quality + Korea short Index** | **EM Anti-Value + Quality + Korea short Index** | **EM Anti-Value + Quality + Korea short Index** |
| Alchip Technologies Ltd. | 11519 | $1220 | 1.48% |
| Alfa S.A.B. — Class A | 1788283 | 1317 | 1.60 |
| Amman Mineral Internasional | 2707270 | 1416 | 1.72 |
| Axiata Group Berhad | 2350319 | 1290 | 1.57 |
| Barito Pacific Tbk.Pt | 19061394 | 1960 | 2.38 |
| Bid Corp. Ltd. | 50769 | 1339 | 1.63 |
| Boubyan Bank K.S.C | 529398 | 1247 | 1.52 |
| Capitec Bank Holdings Ltd. | 6014 | 1205 | 1.46 |
| Celltrion, Inc. | 10497 | 1238 | 1.50 |
| Cencosud SA | 394528 | 1342 | 1.63 |
| Chang Hwa Commercial Bank | 1884118 | 1205 | 1.47 |
| Co For Cooperative Insurance | 30941 | 1303 | 1.58 |
| Coca-Cola Femsa Sab De CV | 140087 | 1354 | 1.65 |
| CP Axtra PCL | 2186135 | 1205 | 1.46 |
| Doosan Enerbility Co. Ltd. | 40425 | 2043 | 2.48 |
| E Ink Holdings, Inc. | 160781 | 1216 | 1.48 |
| E.Sun Financial Holding Co. | 1162341 | 1306 | 1.59 |
| Elite Material Co. Ltd. | 47676 | 1438 | 1.75 |
| Embraer SA | 95765 | 1357 | 1.65 |
| First Financial Holding Co. | 1276670 | 1269 | 1.54 |
| Fomento Economico Mexica-UBD | 123856 | 1272 | 1.55 |
| Gulf Bank | 1049454 | 1232 | 1.50 |
| Hanjin Kal Corp. | 14201 | 1240 | 1.51 |
| HD Hyundai Heavy Industries | 3961 | 1254 | 1.52 |
| Hybe Co. Ltd. | 5665 | 1293 | 1.57 |
| Impala Platinum Holdings Ltd. | 149827 | 1344 | 1.63 |
| Jentech Precision Industrial Co. Ltd. | 26204 | 1354 | 1.65 |
| Kakao Corp. | 42206 | 1871 | 2.27 |
| Kakaobank Corp. | 70466 | 1562 | 1.90 |
| Kuwait Finance House | 482182 | 1265 | 1.54 |
| LG Display Co. Ltd. | 190435 | 1261 | 1.53 |
| Mabanee Co KPSC | 554945 | 1587 | 1.93 |
| Mirae Asset Securities Co. Ltd. | 119002 | 1886 | 2.29 |
| Motiva Infraestrutura de Mobilidade SA | 479466 | 1216 | 1.48 |
| MTN Group Ltd. | 168345 | 1338 | 1.63 |
| Naver Corp. | 8553 | 1659 | 2.02 |
| Ncsoft Corp. | 10165 | 1551 | 1.89 |
| Nu Holdings Ltd. | 97015 | 1331 | 1.62 |
| Outsurance Group Ltd. | 280018 | 1238 | 1.50 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **EM Anti-Value + Quality + Korea short Index (cont'd)** | **EM Anti-Value + Quality + Korea short Index (cont'd)** | **EM Anti-Value + Quality + Korea short Index (cont'd)** | **EM Anti-Value + Quality + Korea short Index (cont'd)** |
| Qatar Gas Transport | 1009426 | $1374 | 1.67% |
| Rumo SA | 357866 | 1220 | 1.48 |
| Samsung Heavy Industries | 106152 | 1314 | 1.60 |
| Samsung SDI Co. Ltd. | 9769 | 1247 | 1.52 |
| Sinopac Financial Holdings | 1517082 | 1256 | 1.53 |
| SK Innovation Co. Ltd. | 22332 | 2019 | 2.45 |
| SKC Co. Ltd. | 16923 | 1378 | 1.67 |
| S-Oil Corp. | 36987 | 1637 | 1.99 |
| Taiwan Business Bank | 2351986 | 1235 | 1.50 |
| Trust Fibra UNO | 1164377 | 1604 | 1.95 |
| Unimicron Technology Corp. | 334895 | 1306 | 1.59 |

---

The following table represents the equity basket top 50 individual holdings underlying the total return swap with EM Value + Quality + Korea Long Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **EM Value + Quality + Korea Long Index** | **EM Value + Quality + Korea Long Index** | **EM Value + Quality + Korea Long Index** | **EM Value + Quality + Korea Long Index** |
| Absa Group Ltd. | 124263 | $1234 | 1.50% |
| Akbank T.A.S. | 863801 | 1479 | 1.80 |
| Bank Pekao SA | 24350 | 1248 | 1.52 |
| Cia Energetica Minas Ger — Prf | 715968 | 1422 | 1.73 |
| Cia Saneamento Basico do Estado <br>de Sao Paulo | 63975 | 1402 | 1.70 |
| CJ Cheiljedang Corp. | 7051 | 1297 | 1.58 |
| Commercial International Bank | 727124 | 1236 | 1.50 |
| Compal Electronics | 1203822 | 1194 | 1.45 |
| Coway Co. Ltd. | 17587 | 1258 | 1.53 |
| CPFL Energia SA | 188685 | 1418 | 1.72 |
| DB Insurance Co. Ltd. | 16677 | 1519 | 1.85 |
| Doosan Bobcat, Inc. | 34035 | 1463 | 1.78 |
| Dubai Islamic Bank | 537168 | 1327 | 1.61 |
| Energisa SA | 161898 | 1439 | 1.75 |
| Eurobank Ergasias Services and <br>Holdings SA | 387344 | 1329 | 1.62 |
| Fubon Financial Holding Co. | 431952 | 1290 | 1.57 |
| Gerdau SA — Pref | 418172 | 1231 | 1.50 |
| Gold Fields Ltd. | 51687 | 1213 | 1.47 |
| Grupo Financiero Banorte | 132301 | 1206 | 1.47 |
| Grupo Mexico SAB de CV — Ser B | 210152 | 1269 | 1.54 |
| Hankook Tire & Technology Co. | 41303 | 1213 | 1.47 |
| Hyundai Glovis Co. Ltd. | 14906 | 1484 | 1.80 |
| Hyundai Mobis Co. Ltd. | 6417 | 1361 | 1.65 |
| Hyundai Motor Co. Ltd. — 2nd Prf | 10580 | 1242 | 1.51 |
| Itau Unibanco Holding SA — Pref | 175830 | 1195 | 1.45 |
| Kia Corp. | 17413 | 1247 | 1.52 |
| Largan Precision Co. Ltd. | 15227 | 1240 | 1.51 |
| Latam Airlines Group SA | 63791327 | 1289 | 1.57 |
| LG Electronics, Inc. | 22590 | 1232 | 1.50 |
| LG Innotek Co. Ltd. | 10983 | 1196 | 1.45 |
| LG Uplus Corp. | 122162 | 1291 | 1.57 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **EM Value + Quality + Korea Long Index (cont'd)** | **EM Value + Quality + Korea Long Index (cont'd)** | **EM Value + Quality + Korea Long Index (cont'd)** | **EM Value + Quality + Korea Long Index (cont'd)** |
| Meritz Financial Group, Inc. | 14473 | $1203 | 1.46% |
| Nahdi Medical Co. | 36185 | 1232 | 1.50 |
| National Bank of Greece | 97662 | 1244 | 1.51 |
| Piraeus Financial Holdings SA | 178692 | 1236 | 1.50 |
| Ptt Explor & Prod PCL | 365214 | 1231 | 1.50 |
| Realtek Semiconductor Corp. | 65694 | 1274 | 1.55 |
| Reinet Investments SCA | 43099 | 1401 | 1.70 |
| Samsung Electro-Mechanics Co. | 13157 | 1309 | 1.59 |
| Samsung Electronics — Pref | 34486 | 1261 | 1.53 |
| Samsung Electronics Co. Ltd. | 28512 | 1260 | 1.53 |
| Samsung Fire & Marine Insurance | 4340 | 1392 | 1.69 |
| Samsung SDS Co. Ltd. | 11799 | 1478 | 1.80 |
| SK Hynix, Inc. | 7921 | 1709 | 2.08 |
| Sk Square Co. Ltd. | 16207 | 2191 | 2.66 |
| SK Telecom | 30777 | 1289 | 1.57 |
| Tim SA | 325362 | 1320 | 1.60 |
| Turkiye Is Bankasi — Class C | 4122685 | 1382 | 1.68 |
| Ultrapar Participacoes SA | 389924 | 1258 | 1.53 |
| Yapi Ve Kredi Bankasi | 1704870 | 1357 | 1.65 |

---

The following table represents the equity basket individual holdings underlying the total return swap with JPM Japan Growth Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **JPM Japan Growth Index** | **JPM Japan Growth Index** | **JPM Japan Growth Index** | **JPM Japan Growth Index** |
| Advantest Corp. | 308331 | $22778 | 27.69% |
| Ajinomoto Co., Inc. | 778635 | 21103 | 25.65 |
| Asics Corp. | 846401 | 21596 | 26.25 |
| Capcom Co. Ltd. | 622510 | 21291 | 25.88 |
| Chugai Pharmaceutical Co. Ltd. | 385278 | 20101 | 24.44 |
| Disco Corp. | 82669 | 24434 | 29.70 |
| Fanuc Corp. | 748061 | 20435 | 24.84 |
| Fast Retailing Co. Ltd. | 61189 | 21009 | 25.54 |
| Fujikura Ltd. | 418928 | 21991 | 26.73 |
| Hikari Tsushin, Inc. | 69263 | 20438 | 24.84 |
| Hitachi Ltd. | 717364 | 20915 | 25.42 |
| IHI Corp. | 180977 | 19625 | 23.86 |
| Japan Exchange Group, Inc. | 1828237 | 18513 | 22.50 |
| Kao Corp. | 430100 | 19255 | 23.41 |
| Keyence Corp. | 49384 | 19804 | 24.07 |
| Kobe Bussan Co. Ltd. | 613103 | 19035 | 23.14 |
| M3, Inc. | 1428825 | 19669 | 23.91 |
| Mitsubishi Heavy Industries | 803837 | 20120 | 24.46 |
| Monotaro Co. Ltd. | 1001625 | 19757 | 24.02 |
| Nintendo Co. Ltd. | 240545 | 23149 | 28.14 |
| Nippon Building Fund, Inc. | 21591 | 19895 | 24.18 |
| Nippon Paint Holdings Co. Ltd. | 2593093 | 20855 | 25.35 |
| Nippon Sanso Holdings Corp. | 547400 | 20734 | 25.20 |
| Obic Co. Ltd. | 527208 | 20510 | 24.93 |
| Oracle Corp. Japan | 166353 | 19821 | 24.09 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **JPM Japan Growth Index (cont'd)** | **JPM Japan Growth Index (cont'd)** | **JPM Japan Growth Index (cont'd)** | **JPM Japan Growth Index (cont'd)** |
| Oriental Land Co. Ltd. | 902976 | $20810 | 25.30% |
| Rakuten Group, Inc. | 3559264 | 19653 | 23.89 |
| Recruit Holdings Co. Ltd. | 362258 | 21437 | 26.06 |
| Resona Holdings, Inc. | 2178427 | 20118 | 24.46 |
| Sanrio Co. Ltd. | 424514 | 20509 | 24.93 |
| Smc Corp. | 56324 | 20322 | 24.70 |
| T&D Holdings, Inc. | 884358 | 19437 | 23.63 |
| Terumo Corp. | 1107947 | 20357 | 24.75 |
| Tokio Marine Holdings, Inc. | 485069 | 20552 | 24.98 |

---

The following table represents the equity basket holdings underlying the total return swap with JPM Japan Value Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **JPM Japan Value Index** | **JPM Japan Value Index** | **JPM Japan Value Index** | **JPM Japan Value Index** |
| AGC, Inc. | 623625 | $18277 | 22.22% |
| Ana Holdings, Inc. | 956983 | 18728 | 22.77 |
| Asahi Kasei Corp. | 2759287 | 19648 | 23.88 |
| Astellas Pharma, Inc. | 1900524 | 18665 | 22.69 |
| Canon, Inc. | 622436 | 18078 | 21.98 |
| Daiwa House Industry Co. Ltd. | 542153 | 18622 | 22.64 |
| Honda Motor Co. Ltd. | 1835511 | 17747 | 21.57 |
| Isuzu Motors Ltd. | 1459897 | 18528 | 22.52 |
| Japan Airlines Co. Ltd. | 946139 | 19296 | 23.46 |
| Kawasaki Kisen Kaisha Ltd. | 1257007 | 17814 | 21.65 |
| KDDI Corp. | 1079588 | 18563 | 22.57 |
| Kirin Holdings Co. Ltd. | 1279182 | 17911 | 21.77 |
| Kubota Corp. | 1672626 | 18810 | 22.87 |
| Meiji Holdings Co. Ltd. | 820936 | 18140 | 22.05 |
| Mitsubishi HC Capital, Inc. | 2500636 | 18387 | 22.35 |
| Mitsui Osk Lines Ltd. | 527781 | 17638 | 21.44 |
| Nippon Steel Corp. | 916132 | 17360 | 21.10 |
| Nippon Yusen Kabushiki Kaisha | 512695 | 18442 | 22.42 |
| Nomura Holdings, Inc. | 2965337 | 19573 | 23.79 |
| NTT, Inc. | 16990197 | 18140 | 22.05 |
| Omron Corp. | 689055 | 18603 | 22.61 |
| Ono Pharmaceutical Co. Ltd. | 1685930 | 18223 | 22.15 |
| Orix Corp. | 851057 | 19236 | 23.38 |
| Otsuka Holdings Co. Ltd. | 364799 | 18087 | 21.99 |
| Panasonic Holdings Corp. | 1751002 | 18884 | 22.96 |
| Renesas Electronics Corp. | 1411969 | 17514 | 21.29 |
| Ricoh Co. Ltd. | 2063957 | 19541 | 23.75 |
| SBI Holdings, Inc. | 581327 | 20274 | 24.64 |
| Screen Holdings Co. Ltd. | 253582 | 20676 | 25.13 |
| Subaru Corp. | 1052966 | 18365 | 22.32 |
| Sumitomo Corp. | 726559 | 18785 | 22.83 |
| Suntory Beverage & Food Ltd. | 567765 | 18147 | 22.06 |
| Suzuki Motor Corp. | 1546795 | 18693 | 22.72 |
| Toyota Tsusho Corp. | 877018 | 19878 | 24.16 |

---

@ Value/Notional amount is less than $500.

CAC Cotation Assistée en Continu.

CDI CHESS Depositary Interest.

EMU European Economic and Monetary Union.

ESTR Euro Short-Term Rate.

FTSE Financial Times Stock Exchange.

IBEX Índice Bursátil Español.

KFE Korean Futures Exchange.

MIB Milano Indice di Borsa.

MSCI Morgan Stanley Capital International.

PJSC Public Joint Stock Company.

REIT Real Estate Investment Trust.

SFE Sydney Futures Exchange.

SGX Singapore Exchange Ltd.

SOFR Secured Overnight Financing Rate.

THOR Thai Overnight Repurchase Rate.

TONAR Tokyo Overnight Average Rate.

TSE Tokyo Stock Exchange.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi Offshore

CNY — Chinese Yuan Renminbi

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PLN — Polish Zloty

RON — Romanian New Leu

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — United States Dollar

ZAR — South African Rand

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Common Stocks | 45.6 | % |
| Sovereign | 18.7 |  |
| Short-Term Investments | 15.7 |  |
| Other\* | 11.1 |  |
| Corporate Bonds | 8.9 |  |
| 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 $16,113,000 and net unrealized depreciation of approximately $36,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $53,000. Also does not include open swap agreements with net unrealized appreciation of approximately $978,000.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statement of Assets and Liabilities | **June 30, 2025<br>(000)** | **June 30, 2025<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $59,184) | $69906 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $11,153) | 11153 |  |
| Total Investments in Securities, at Value (Cost $70,337) | 81059 |  |
| Foreign Currency, at Value (Cost $715) | 725 |  |
| Cash | 6 |  |
| Receivable for Investments Sold | 1213 |  |
| Unrealized Appreciation on Swap Agreements | 1211 |  |
| Receivable for Variation Margin on Futures Contracts | 633 |  |
| Unrealized Appreciation on Foreign Currency Forward Exchange Contracts | 503 |  |
| Due from Broker | 255 |  |
| Interest Receivable | 216 |  |
| Receivable from Affiliate | 35 |  |
| Tax Reclaim Receivable | 33 |  |
| Dividends Receivable | 27 |  |
| Due from Adviser | 25 |  |
| Receivable for Variation Margin on Swap Agreements | 12 |  |
| Receivable for Fund Shares Sold |  | @ |
| Other Assets | 17 |  |
| Total Assets | 85970 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 2031 |  |
| Due to Broker | 570 |  |
| Unrealized Depreciation on Foreign Currency Forward Exchange Contracts | 450 |  |
| Unrealized Depreciation on Swap Agreements | 369 |  |
| Payable for Professional Fees | 87 |  |
| Payable for Custodian Fees | 72 |  |
| Payable for Fund Shares Redeemed | 40 |  |
| Payable for Servicing Fees | 25 |  |
| Payable for Administration Fees | 5 |  |
| Payable for Distribution Fees — Class II Shares | 1 |  |
| Payable for Transfer Agency Fees |  | @ |
| Deferred Capital Gain Country Tax |  | @ |
| Other Liabilities | 56 |  |
| Total Liabilities | 3706 |  |
| **NET ASSETS** | $82264 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $66105 |  |
| Total Distributable Earnings | 16159 |  |
| **Net Assets** | $82264 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $68217 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 6,734,681 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $10.13 |  |
| **CLASS II:** | **CLASS II:** | **CLASS II:** |
| **Net Assets** | $14047 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 1,401,003 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $10.03 |  |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Global Strategist Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Six Months Ended<br>June 30, 2025<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Interest from Securities of Unaffiliated Issuers (Net of $1 of Foreign Taxes Withheld) | $552 |
| Dividends from Securities of Unaffiliated Issuers (Net of $31 of Foreign Taxes Withheld) | 366 |
| Dividends from Security of Affiliated Issuer (Note H) | 233 |
| Total Investment Income | 1151 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 298 |
| Custodian Fees (Note G) | 112 |
| Professional Fees | 110 |
| Servicing Fees (Note D) | 61 |
| Pricing Fees | 54 |
| Administration Fees (Note C) | 32 |
| Distribution Fees — Class II Shares (Note E) | 17 |
| Shareholder Reporting Fees | 9 |
| Transfer Agency Fees (Note F) | 8 |
| Directors' Fees and Expenses | 2 |
| Other Expenses | 7 |
| Total Expenses | 710 |
| Waiver of Advisory Fees (Note B) | (298) |
| Expenses Reimbursed by Adviser (Note B) | (38) |
| Waiver of Distribution Fees — Class II Shares (Note E) | (10) |
| Rebate from Morgan Stanley Affiliate (Note H) | (8) |
| Net Expenses | 356 |
| **Net Investment Income** | 795 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 355 |
| Foreign Currency Forward Exchange Contracts | 135 |
| Foreign Currency Transaction | 184 |
| Futures Contracts | 148 |
| Swap Agreements | 58 |
| Net Realized Gain | 880 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Decrease in Deferred Capital Gain Country Tax of $—@) | 4658 |
| Foreign Currency Forward Exchange Contracts | 35 |
| Foreign Currency Translation | (187) |
| Futures Contracts | (61) |
| Swap Agreements | 1507 |
| Net Change in Unrealized Appreciation (Depreciation) | 5952 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 6832 |
| **Net Increase in Net Assets Resulting from Operations** | $7627 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $795 | $1899 |
| Net Realized Gain | 880 | 3899 |
| Net Change in Unrealized Appreciation (Depreciation) | 5952 | 233 |
| Net Increase in Net Assets Resulting from Operations | 7627 | 6031 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Class I: | Class I: | Class I: |
| Subscribed | 2008 | 3855 |
| Redeemed | (8042) | (9510) |
| Class II: | Class II: | Class II: |
| Subscribed | 412 | 1366 |
| Redeemed | (1773) | (2077) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (7395) | (6366) |
| Total Increase (Decrease) in Net Assets | 232 | (335) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 82032 | 82367 |
| End of Period | $82264 | $82032 |
| **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** |
| Class I: | Class I: | Class I: |
| Shares Subscribed | 210 | 425 |
| Shares Redeemed | (850) | (1051) |
| Net Decrease in Class I Shares Outstanding | (640) | (626) |
| Class II: | Class II: | Class II: |
| Shares Subscribed | 44 | 153 |
| Shares Redeemed | (189) | (233) |
| Net Decrease in Class II Shares Outstanding | (145) | (80) |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

Consolidated Financial Highlights

**Global Strategist Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $9.21 | $8.57 | $7.64 | $11.30 | $10.99 | $10.91 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.10 | 0.21 | 0.17 | 0.14 | 0.10 | 0.09 |
| Net Realized and Unrealized Gain (Loss) | 0.82 | 0.43 | 0.89 | (2.07) | 0.81 | 0.95 |
| Total from Investment Operations | 0.92 | 0.64 | 1.06 | (1.93) | 0.91 | 1.04 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  | (0.13) |  | (0.21) | (0.16) |
| Net Realized Gain |  |  |  | (1.73) | (0.39) | (0.80) |
| Total Distributions |  |  | (0.13) | (1.73) | (0.60) | (0.96) |
| **Net Asset Value, End of Period** | $10.13 | $9.21 | $8.57 | $7.64 | $11.30 | $10.99 |
| **Total Return<sup>(2)</sup>** | 9.99%<sup>(3)</sup> | 7.47% | 14.07%<sup>(4)</sup> | (16.94)% | 8.37% | 10.92% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $68217 | $67928 | $68557 | $66072 | $88704 | $88563 |
| Ratio of Expenses Before Expense Limitation | 1.75%<sup>(5)</sup> | 1.79% | 1.69% | 1.77% | 1.52% | 1.59% |
| Ratio of Expenses After Expense Limitation | 0.88%<sup>(5)(6)</sup> | 0.88%<sup>(6)</sup> | 0.87%<sup>(6)(7)</sup> | 0.88%<sup>(6)</sup> | 0.90%<sup>(6)</sup> | 0.88%<sup>(6)</sup> |
| Ratio of Net Investment Income | 2.02%<sup>(5)(6)</sup> | 2.30%<sup>(6)</sup> | 2.06%<sup>(6)(7)</sup> | 1.59%<sup>(6)</sup> | 0.89%<sup>(6)</sup> | 0.89%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.02%<sup>(5)</sup> | 0.02% | 0.02% | 0.02% | 0.00%<sup>(8)</sup> | 0.02% |
| Portfolio Turnover Rate | 55%<sup>(3)</sup> | 98% | 102% | 99% | 111% | 114% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period. Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(3) Not annualized.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) Annualized.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.88% | 2.05% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

Consolidated Financial Highlights

**Global Strategist Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $9.12 | $8.49 | $7.58 | $11.23 | $10.93 | $10.85 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.09 | 0.20 | 0.16 | 0.13 | 0.09 | 0.08 |
| Net Realized and Unrealized Gain (Loss) | 0.82 | 0.43 | 0.88 | (2.05) | 0.80 | 0.94 |
| Total from Investment Operations | 0.91 | 0.63 | 1.04 | (1.92) | 0.89 | 1.02 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  | (0.13) |  | (0.20) | (0.14) |
| Net Realized Gain |  |  |  | (1.73) | (0.39) | (0.80) |
| Total Distributions |  |  | (0.13) | (1.73) | (0.59) | (0.94) |
| **Net Asset Value, End of Period** | $10.03 | $9.12 | $8.49 | $7.58 | $11.23 | $10.93 |
| **Total Return<sup>(2)</sup>** | 9.98%<sup>(3)</sup> | 7.42% | 13.94%<sup>(4)</sup> | (17.07)% | 8.22% | 10.85% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $14047 | $14104 | $13810 | $13548 | $16785 | $16204 |
| Ratio of Expenses Before Expense Limitation | 2.00%<sup>(5)</sup> | 2.04% | 1.94% | 2.02% | 1.77% | 1.84% |
| Ratio of Expenses After Expense Limitation | 0.98%<sup>(5)(6)</sup> | 0.98%<sup>(6)</sup> | 0.97%<sup>(6)(7)</sup> | 0.98%<sup>(6)</sup> | 1.00%<sup>(6)</sup> | 0.98%<sup>(6)</sup> |
| Ratio of Net Investment Income | 1.92%<sup>(5)(6)</sup> | 2.20%<sup>(6)</sup> | 1.96%<sup>(6)(7)</sup> | 1.49%<sup>(6)</sup> | 0.79%<sup>(6)</sup> | 0.79%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.02%<sup>(5)</sup> | 0.02% | 0.02% | 0.02% | 0.00%<sup>(8)</sup> | 0.02% |
| Portfolio Turnover Rate | 55%<sup>(3)</sup> | 98% | 102% | 99% | 111% | 114% |

---

(1) Per share amount is based on average shares outstanding.

(2) Calculated based on the net asset value as of the last business day of the period. Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(3) Not annualized.

(4) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class II shares.

(5) Annualized.

(6) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7) If the Fund had not received the reimbursement of transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class II shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.98% | 1.95% |

---

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements

Morgan Stanley Variable Insurance Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of five separate active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relates to the Global Strategist Portfolio. The Fund seeks total return and has issued two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, VIF Global Strategist Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest, directly or indirectly through the use of derivatives, in securities, commodities, commodity-related instruments and other investments, primarily futures, swaps and notes. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of June 30, 2025, the Subsidiary represented

approximately $3,979,000 or approximately 4.84% of the total net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to the commodity markets within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) fixed income securities may be valued by an outside pricing service/vendor approved by the

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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") (the "Sub-Adviser"), 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; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange. Total return swaps may also be fair valued using direct accrual/return calculations if prices on the reference asset on the total return leg of the swap are available from a pricing service/vendor for such instrument. In the event that the reference asset on the total return leg of the swap is a benchmark index, then price of such reference asset may be obtained from a pricing service provider or from the benchmark index sponsor; (6) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines 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; (7) 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 (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

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

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** |
| Agency Fixed Rate <br>Mortgages | $— | $3266 | $— | $3266 |
| Asset-Backed Securities |  | 624 |  | 624 |
| Commercial Mortgage - <br>Backed Securities |  | 419 |  | 419 |
| Corporate Bonds |  | 7214 |  | 7214 |
| Mortgages - Other |  | 1186 |  | 1186 |
| Sovereign |  | 15181 |  | 15181 |
| Supranational |  | 535 |  | 535 |
| U.S. Treasury Securities |  | 2911 |  | 2911 |
| **Total Fixed Income <br>Securities** | **—** | **31336** | **—** | **31336** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | 594 | 369 |  | 963 |
| Air Freight & Logistics | 78 | 57 |  | 135 |
| Automobile Components | 14 | 20 |  | 34 |
| Automobiles | 525 | 84 |  | 609 |
| Banks | 1312 | 1045 |  | 2357 |
| Beverages | 318 | 122 |  | 440 |
| Biotechnology | 468 | 76 |  | 544 |
| Broadline Retail | 1169 | 91 |  | 1260 |
| Building Products | 157 | 80 |  | 237 |
| Capital Markets | 976 | 313 |  | 1289 |
| Chemicals | 335 | 223 |  | 558 |
| Commercial Services & <br>Supplies | 208 | 23 |  | 231 |
| Communications <br>Equipment | 250 | 31 |  | 281 |
| Construction & <br>Engineering | 71 | 68 |  | 139 |
| Construction Materials | 82 | 51 |  | 133 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Consumer Finance | $172 | $— | $— |  | $172 |  |
| Consumer Staples <br>Distribution & Retail | 586 | 92 |  |  | 678 |  |
| Containers & Packaging | 69 | 3 |  |  | 72 |  |
| Distributors | 19 | 3 |  |  | 22 |  |
| Diversified Consumer <br>Services |  | 5 |  |  | 5 |  |
| Diversified REITs | 7 | 11 |  |  | 18 |  |
| Diversified <br>Telecommunication <br>Services | 207 | 170 |  |  | 377 |  |
| Electric Utilities | 433 | 114 |  |  | 547 |  |
| Electrical Equipment | 253 | 223 |  |  | 476 |  |
| Electronic Equipment, <br>Instruments & <br>Components | 190 | 22 |  |  | 212 |  |
| Energy Equipment & <br>Services | 51 | 1 |  | † | 52 | † |
| Entertainment | 612 | 28 |  |  | 640 |  |
| Financial Services | 1077 | 105 |  |  | 1182 |  |
| Food Products | 154 | 253 |  |  | 407 |  |
| Gas Utilities | 17 | 8 |  |  | 25 |  |
| Ground Transportation | 331 | 1 |  |  | 332 |  |
| Health Care <br>Equipment & Supplies | 617 | 153 |  |  | 770 |  |
| Health Care Providers & <br>Services | 475 | 29 |  |  | 504 |  |
| Health Care REITs | 78 |  |  |  | 78 |  |
| Health Care Technology | 22 | 6 |  |  | 28 |  |
| Hotels, Restaurants & <br>Leisure | 600 | 132 |  |  | 732 |  |
| Household Durables | 73 | 5 |  |  | 78 |  |
| Household Products | 269 | 50 |  |  | 319 |  |
| Independent Power & <br>Renewable Electricity <br>Producers | 36 | 25 |  |  | 61 |  |
| Industrial Conglomerates | 119 | 141 |  |  | 260 |  |
| Industrial REITs | 49 | 36 |  |  | 85 |  |
| Information Technology <br>Services | 490 | 15 |  |  | 505 |  |
| Insurance | 687 | 507 |  |  | 1194 |  |
| Interactive Media & <br>Services | 1826 | 22 |  |  | 1848 |  |
| Investment Company |  |  |  | † |  | † |
| Life Sciences Tools & <br>Services | 225 | 53 |  |  | 278 |  |
| Machinery | 425 | 196 |  |  | 621 |  |
| Marine Transportation |  | 16 |  |  | 16 |  |
| Media | 127 | 27 |  |  | 154 |  |
| Metals & Mining | 251 | 221 |  | † | 472 | † |
| Mortgage Real Estate <br>Investment | 6 |  |  |  | 6 |  |

---

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (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 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Multi-Utilities | $168 | $110 |  | $— |  | $278 |  |
| Office REITs | 5 | 3 |  |  |  | 8 |  |
| Oil, Gas & Consumable <br>Fuels | 1006 | 306 |  |  |  | 1312 |  |
| Paper & Forest Products | 2 | 23 |  |  |  | 25 |  |
| Passenger Airlines | 7 | 26 |  |  |  | 33 |  |
| Personal Care Products | 30 | 156 |  |  |  | 186 |  |
| Pharmaceuticals | 788 | 776 |  |  |  | 1564 |  |
| Professional Services | 208 | 148 |  |  |  | 356 |  |
| Real Estate <br>Management & <br>Development | 48 | 45 |  |  |  | 93 |  |
| Residential REITs | 88 |  |  |  |  | 88 |  |
| Retail REITs | 66 | 28 |  |  |  | 94 |  |
| Semiconductors & <br>Semiconductor <br>Equipment | 3398 | 258 |  |  |  | 3656 |  |
| Software | 3272 | 244 |  |  |  | 3516 |  |
| Specialized REITs | 246 |  |  |  |  | 246 |  |
| Specialty Retail | 482 | 37 |  |  |  | 519 |  |
| Tech Hardware, <br>Storage & Peripherals | 1681 | 9 |  |  |  | 1690 |  |
| Textiles, Apparel & <br>Luxury Goods | 61 | 240 |  |  |  | 301 |  |
| Tobacco | 197 | 75 |  |  |  | 272 |  |
| Trading Companies & <br>Distributors | 120 | 50 |  |  |  | 170 |  |
| Transportation <br>Infrastructure |  | 34 |  |  |  | 34 |  |
| Water Utilities | 19 | 12 |  |  |  | 31 |  |
| Wireless <br>Telecommunication <br>Services | 61 | 18 |  |  |  | 79 |  |
| **Total Common Stocks** | **29063** | **7924** |  | **—** | **†** | **36987** | **†** |
| **Rights** |  |  | @ |  |  |  | @ |
| **Warrants** |  |  |  |  | † |  | † |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 11153 |  |  |  |  | 11153 |  |
| U.S. Treasury Security |  | 1583 |  |  |  | 1583 |  |
| **Total Short-Term <br>Investments** | **11153** | **1583** |  | **—** |  | **12736** |  |
| **Foreign Currency <br>Forward Exchange <br>Contracts** |  | 503 |  |  |  | 503 |  |
| **Futures Contracts** | 107 |  |  |  |  | 107 |  |
| **Centrally Cleared <br>Interest Rate Swap <br>Agreements** |  | 139 |  |  |  | 139 |  |
| **Total Return Swap <br>Agreements** |  | 1211 |  |  |  | 1211 |  |
| **Total Assets** | **40323** | **42696** |  | **—** | **†** | **83019** | **†** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency <br>Forward Exchange <br>Contracts** | $— | $(450) | $— |  | $(450 |
| **Futures Contracts** | (143) |  |  |  | (143 |
| **Centrally Cleared <br>Interest Rate Swap <br>Agreement** |  | (3) |  |  | (3 |
| **Total Return Swap <br>Agreements** |  | (369) |  |  | (369 |
| **Total Liabilities** | **(143)** | **(822)** | **—** |  | **(965** |
| **Total** | $**40180** | $**41874** | $**—** | **†** | $**82054** |

---

† Includes one or more securities valued at zero.

@ Value is less than $500.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

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

---

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

---

†† Includes one or more securities valued at zero.

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign

shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

**4. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser and/or Sub-Adviser seek to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Options:** With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

exchange risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for premiums paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to the Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option

transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns. As of June 30, 2025, the Fund did not have any open option contracts.

**Foreign Currency Forward Exchange Contracts:** In connection with its investments in foreign securities and the Fund also entered into contracts with banks and brokers/dealers to purchase or sell foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

**Futures:** A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin) and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contract. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

**Swaps:** The Fund may enter into OTC swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on

exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the counterparty or clearing-house based on changes in the value of the contract or variation margin, respectively. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commodities Futures Trading Commission ("CFTC") approval of contracts for central clearing and exchange trading.

The Fund may enter into total return swaps in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include, but not be limited to, a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swaps may be used to obtain long or short exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swaps may effectively add leverage to the Fund's portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are subject to the risk that a counterparty will default on its payment obligations to the Fund thereunder, and conversely, that the Fund will not be able to meet its obligation to the counterparty.

The Fund may enter into interest rate swaps which is an agreement between two parties to exchange their respective commitments to pay or receive interest. Interest rate swaps are generally entered into on a net basis. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of market loss with respect to interest rate swaps is typically limited to the net amount of interest payments that the Fund is contractually obligated to make.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

When the Fund has an unrealized loss on an OTC swap agreement, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) Broker" in the Consolidated Statement of Assets and Liabilities.

Upfront payments paid or received by the Fund will be reflected as an asset or liability, respectively, in the Consolidated Statement of Assets and Liabilities. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. For OTC swaps, once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreement in the Consolidated Statement Operations, in addition to any realized gains (loss) recorded upon the termination of swap agreements.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated<br>Statement of Assets<br>and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Foreign Currency<br>Forward<br>Exchange<br>Contracts | Unrealized Appreciation<br>on Foreign Currency<br>Forward Exchange<br>Contracts | Currency Risk | $503 |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Equity Risk | 13<br> (a) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Interest<br>Rate Risk | 94<br> (a) |
| Swap Agreements | Variation Margin on<br>Swap Agreements | Interest<br>Rate Risk | 139<br> (a) |
| Swap Agreements | Unrealized Appreciation<br>on Swap Agreements | Equity Risk | 1211 |
| Total |  |  | $1960 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Liability Derivatives<br>Consolidated<br>Statement of Assets<br>and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Foreign Currency<br>Forward<br>Exchange<br>Contracts | Unrealized Depreciation<br>on Foreign Currency<br>Forward Exchange<br>Contracts | Currency Risk | $(450) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Equity Risk | (126)(a) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Interest<br>Rate Risk | (17)(a) |
| Swap Agreements | Variation Margin on<br>Swap Agreements | Interest<br>Rate Risk | (3)(a) |
| Swap Agreements | Unrealized Depreciation<br>on Swap Agreements | Equity Risk | (369) |
| Total |  |  | $(965) |

---

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Consolidated Portfolio of Investments. The Consolidated Statement of Assets and Liabilities only reflects the current day's net variation margin.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended June 30, 2025 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Foreign Currency Forward<br>Exchange Contracts | $135 |
| Commodity Risk | Futures Contracts | (13) |
| Equity Risk | Futures Contracts | 257 |
| Interest Rate Risk | Futures Contracts | (96) |
| Equity Risk | Swap Agreements | 318 |
| Interest Rate Risk | Swap Agreements | (260) |
| Equity Risk<br>Currency Risk | Investments<br>(Purchased Options) | 32<br> (a) |
| Total |  | $373 |

---

(a) Amounts are included in Realized Gain (Loss) on Investments Sold in the Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Foreign Currency Forward<br>Exchange Contracts | $35 |
| Commodity Risk | Futures Contracts | (30) |
| Equity Risk | Futures Contracts | (131) |
| Interest Rate Risk | Futures Contracts | 100 |
| Equity Risk | Swap Agreements | 1413 |
| Interest Rate Risk | Swap Agreements | 94 |
| Total |  | $1481 |

---

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

At June 30, 2025, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities Presented in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the<br>Consolidated Statement of Assets and Liabilities** |
| **Derivatives(a)** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| Foreign Currency Forward <br>Exchange Contracts | $503 | $(450) |
| Swap Agreements | 1211 | (369) |
| Total | $1714 | $(819) |

---

(a) Excludes exchange-traded derivatives.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented<br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Gross Asset<br>Derivatives<br>Presented<br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received(a)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Bank of <br>America NA | $61 |  | $(— | $— | $61 |  |
| Barclays Bank <br>PLC | 128 |  | (45 |  | 83 |  |
| BNP Paribas SA | 253 |  | (162 |  | 91 |  |
| Citibank NA | 31 |  | (— |  | 31 |  |
| Credit Agricole <br>CIB | 1 |  |  |  | 1 |  |
| Goldman Sachs <br>International | 895 |  | (316 | (570) | 9 |  |
| JPMorgan <br>Chase Bank <br>NA | 182 |  | (171 |  | 11 |  |
| Royal Bank of <br>Canada | 1 |  | (1 |  | 0 |  |
| State Street <br>Bank and <br>Trust Co. |  | @ |  |  |  | @ |
| UBS AG | 162 |  | (3 | (159) | 0 |  |
| Total | $1714 |  | $(698 | $(729) | $287 |  |
| **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** |
| **Counterparty** | **Gross Liability<br>Derivatives<br>Presented<br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Gross Liability<br>Derivatives<br>Presented<br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Pledged<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Bank of <br>America NA | $— | @ | $(— | $— | $0 |  |
| Barclays Bank <br>PLC | 45 |  | (45 |  | 0 |  |
| BNP Paribas SA | 165 |  | (162 |  | 3 |  |
| Citibank NA |  | @ | (— |  | 0 |  |
| Deutsche Bank <br>AG |  | @ |  |  |  | @ |
| Goldman Sachs <br>International | 375 |  | (316 |  | 59 |  |
| JPMorgan <br>Chase Bank <br>NA | 205 |  | (171 |  | 34 |  |
| Royal Bank of <br>Canada | 26 |  | (1 |  | 25 |  |
| UBS AG | 3 |  | (3 |  | 0 |  |
| Total | $819 |  | $(698 | $— | $121 |  |

---

@ Value is less than $500.

(a) In some instances, the actual collateral received or pledged may be more than the amount shown here due to overcollateralization.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

For the six months ended June 30, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Foreign Currency Forward Exchange Contracts:** | **Foreign Currency Forward Exchange Contracts:** |
| Average monthly principal amount | $37945000 |
| **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $22291000 |
| **Swap Agreements:** | **Swap Agreements:** |
| Average monthly notional amount | $21351000 |

---

**5. When-Issued/Delayed Delivery Securities:** The Fund purchases and sells when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Fund's commitments to purchase such securities. Purchasing securities on a when- issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

**6. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the

respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

Settlement and registration of foreign securities transactions may be subject to significant risks not normally associated with investments in the United States. In certain markets, ownership of shares is defined according to entries in the issuer's share register. It is possible that a Fund holding these securities could lose its share registration through fraud, negligence or even mere oversight. In addition, shares being delivered for sales and cash being paid for purchases may be delivered before the exchange is complete. This may subject the Fund to further risk of loss in the event of a failure to complete the transaction by the counterparty.

**8. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually . Net realized capital gains, if any, are distributed at least annually.

**9. Segment Reporting:** During the reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-*07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory/Sub-Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **First $500<br>million** | **Next $500<br>million** | **Over $1<br>billion** |
| 0.75% | 0.70% | 0.65% |

---

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

For the six months ended June 30, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.90% for Class I shares and 1.00% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2025, approximately $298,000 of advisory fees were waived and approximately $38,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of June 30, 2025, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Consolidated Statement of Assets and Liabilities.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Servicing Fees:** The Company accrues daily and pays quarterly a servicing fee of up to 0.17% of the average daily value of shares of the Fund held in an insurance company's account. Certain insurance companies have entered into a servicing agreement with the Company to provide administrative and other contract-owner related services on behalf of the Fund.

**E. Distribution Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.15% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the six months ended June 30, 2025, this waiver amounted to approximately $10,000.

**F. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended June 30, 2025, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to less than $500.

**G. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

**H. Security Transactions and Transactions with Affiliates:** For the six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $16,358,000 and $15,813,000, respectively. For the six months ended June 30, 2025, purchases and sales of long-term U.S. Government securities were approximately $20,185,000 and $22,166,000, respectively.

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 six months ended June 30, 2025, advisory fees paid were reduced by approximately $8,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $15081 | $29755 | $33683 | $233 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>June 30,<br>2025<br>(000)** |
| Liquidity Fund | $— | $— | $11153 |

---

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 six months ended June 30, 2025, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate

compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**I. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

fiscal years December 31, 2024 and December 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 Distributions<br>Paid From:** | **2024 Distributions<br>Paid From:** | **2023 Distributions<br>Paid From:** | **2023 Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $— | $— | $1339 | $— |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to a nondeductible expense, resulted in the following reclassification among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $1978 | $(1978) |

---

At December 31, 2024, the components of distributable earnings for the Funds on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $2017 | $827 |

---

During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $1,476,000.

**J. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended June 30, 2025, the Fund did not have any borrowings under the Facility.

**K. Other:** At June 30, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 77.6%

**L. Market Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval

**Nature, Extent and Quality of Services**

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser, Sub-Adviser and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

**Performance, Fees and Expenses of the Fund**

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group averages for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's contractual management fee was higher than its peer group average, the actual management fee was lower than its peer group average, and the total expense ratio was higher than but close to its peer group average. After discussion, the Board concluded that the Fund's (i) performance was acceptable; and (ii) management fee and total expense ratio were competitive with its peer group averages.

**Economies of Scale**

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which includes breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval (cont'd)

**Profitability of the Adviser and Affiliates**

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

**Other Benefits of the Relationship**

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

**Resources of the Adviser and Historical Relationship Between the Fund and the Adviser**

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

**Other Factors and Current Trends**

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

**General Conclusion**

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

------

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------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.**

MGTPX-NCSR 6.30.25

------

![](j25201126_aa001.jpg)

**Morgan Stanley Variable Insurance Fund, Inc.**

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (unaudited)

Growth Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Table of Contents**

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-6) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-6) | 4 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-6) | 5 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-6) | 6 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-6) | 7 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-6) | 9 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| [Investment Advisory Agreement Approval](#InvestmentAdvisoryAgreementApproval-6) | 19 |
| Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments

**Growth Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (91.2%)** | **Common Stocks (91.2%)** | **Common Stocks (91.2%)** |
| **Automobiles (5.6%)** | **Automobiles (5.6%)** | **Automobiles (5.6%)** |
| Tesla, Inc. (a) | 137413 | $43651 |
| **Biotechnology (0.9%)** | **Biotechnology (0.9%)** | **Biotechnology (0.9%)** |
| Roivant Sciences Ltd. (a) | 651527 | 7343 |
| **Broadline Retail (4.7%)** | **Broadline Retail (4.7%)** | **Broadline Retail (4.7%)** |
| MercadoLibre, Inc. (a) | 14208 | 37134 |
| **Capital Markets (3.2%)** | **Capital Markets (3.2%)** | **Capital Markets (3.2%)** |
| Coinbase Global, Inc., Class A (a) | 52826 | 18515 |
| Intercontinental Exchange, Inc. | 35484 | 6510 |
|  |  | 25025 |
| **Electronic Equipment, Instruments & <br>Components (0.0%)** | **Electronic Equipment, Instruments & <br>Components (0.0%)** | **Electronic Equipment, Instruments & <br>Components (0.0%)** |
| Magic Leap, Inc., Class A (a)(b)(c)<br>(acquisition cost — $1,526;<br>acquired 12/22/15) | 3138 |  |
| **Entertainment (5.8%)** | **Entertainment (5.8%)** | **Entertainment (5.8%)** |
| ROBLOX Corp., Class A (a) | 429130 | 45145 |
| **Financial Services (8.4%)** | **Financial Services (8.4%)** | **Financial Services (8.4%)** |
| Affirm Holdings, Inc. (a) | 727213 | 50280 |
| Federal National Mortgage Association (a) | 1581923 | 15091 |
|  |  | 65371 |
| **Hotels, Restaurants & Leisure (5.7%)** | **Hotels, Restaurants & Leisure (5.7%)** | **Hotels, Restaurants & Leisure (5.7%)** |
| Airbnb, Inc., Class A (a) | 57219 | 7572 |
| DoorDash, Inc., Class A (a) | 150763 | 37165 |
|  |  | 44737 |
| **Information Technology Services (21.6%)** | **Information Technology Services (21.6%)** | **Information Technology Services (21.6%)** |
| Cloudflare, Inc., Class A (a) | 485897 | 95153 |
| Shopify, Inc., Class A (Canada) (a) | 322561 | 37207 |
| Snowflake, Inc., Class A (a) | 165387 | 37009 |
|  |  | 169369 |
| **Pharmaceuticals (4.7%)** | **Pharmaceuticals (4.7%)** | **Pharmaceuticals (4.7%)** |
| Royalty Pharma PLC, Class A | 1023943 | 36893 |
| **Software (23.2%)** | **Software (23.2%)** | **Software (23.2%)** |
| AppLovin Corp., Class A (a) | 116588 | 40815 |
| Aurora Innovation, Inc. (a) | 5176786 | 27126 |
| Crowdstrike Holdings, Inc., Class A (a) | 72171 | 36758 |
| MicroStrategy, Inc., Class A (a) | 126120 | 50982 |
| Samsara, Inc., Class A (a) | 659231 | 26224 |
|  |  | 181905 |
| **Tech Hardware, Storage & Peripherals (2.6%)** | **Tech Hardware, Storage & Peripherals (2.6%)** | **Tech Hardware, Storage & Peripherals (2.6%)** |
| IonQ, Inc. (a) | 464361 | 19954 |
| **Trading Companies & Distributors (4.8%)** | **Trading Companies & Distributors (4.8%)** | **Trading Companies & Distributors (4.8%)** |
| Core & Main, Inc., Class A (a) | 194536 | 11740 |
| QXO, Inc. (a) | 1208218 | 26025 |
|  |  | 37765 |
| **Total Common Stocks (Cost $462,720)** | **Total Common Stocks (Cost $462,720)** | 714292 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Preferred Stocks (1.8%)** | **Preferred Stocks (1.8%)** | **Preferred Stocks (1.8%)** |
| **Financial Services (0.2%)** | **Financial Services (0.2%)** | **Financial Services (0.2%)** |
| Stripe, Inc., Series I (a)(b)(c)<br>(acquisition cost — $1,061;<br>acquired 3/17/23) | 52681 | $1558 |
| **Software (1.6%)** | **Software (1.6%)** | **Software (1.6%)** |
| Databricks, Inc., Series H (a)(b)(c)<br>(acquisition cost — $8,310;<br>acquired 8/31/21) | 113088 | 9300 |
| Databricks, Inc., Series I (a)(b)(c)<br>(acquisition cost — $2,242;<br>acquired 9/15/23) | 30506 | 2509 |
| Lookout, Inc., Series F (a)(b)(c)<br>(acquisition cost — $1,618;<br>acquired 6/17/14) | 141612 | 616 |
|  |  | 12425 |
| **Total Preferred Stocks (Cost $13,231)** | **Total Preferred Stocks (Cost $13,231)** | 13983 |
| **Investment Company (2.7%)** | **Investment Company (2.7%)** | **Investment Company (2.7%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $13,615)** | 351849 | 21537 |
| **Short-Term Investment (2.1%)** | **Short-Term Investment (2.1%)** | **Short-Term Investment (2.1%)** |
| **Investment Company (2.1%)** | **Investment Company (2.1%)** | **Investment Company (2.1%)** |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities <br>Portfolio — Institutional Class, 4.09% <br>(See Note H) **(Cost $16,168)** | 16167982 | 16168 |
| **Total Investments Excluding Purchased<br>Options (97.8%) (Cost $505,734)** |  | 765980 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $3,722)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $3,722)** | 707 |
| **Total Investments (97.9%) (Cost $509,456) (d)(e)** | **Total Investments (97.9%) (Cost $509,456) (d)(e)** | 766687 |
| **Other Assets in Excess of Liabilities (2.1%)** | **Other Assets in Excess of Liabilities (2.1%)** | 16678 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $783365 |

---

(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 June 30, 2025 amounts to approximately $13,983,000 and represents 1.8% of net assets.

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

(d) Securities are available for collateral in connection with purchased options.

(e) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $266,442,000 and the aggregate gross unrealized depreciation is approximately $9,211,000, resulting in net unrealized appreciation of approximately $257,231,000.

ETF Exchange Traded Fund.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

**Growth Portfolio**

**Call Options Purchased:**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Depreciation<br>(000)** |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.66 | Sep-25 | 61070267 | $61070 | $6 |  | $254 | $(248) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 169787952 | 169788 | 355 |  | 707 | (352) |
| Standard Chartered Bank | USD/CNH CNH | 7.77 | Oct-25 | 127991317 | 127991 | 33 |  | 557 | (524) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.77 | Jul-25 | 55148879 | 55149 |  | @ | 240 | (240) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 173385312 | 173385 | 166 |  | 716 | (550) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 112218546 | 112219 | 114 |  | 544 | (430) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 8.02 | Dec-25 | 148521048 | 148521 | 33 |  | 704 | (671) |
|  |  |  |  |  |  | $707 |  | $3722 | $(3015) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 26.4% |
| Software | 25.4 |
| Information Technology Services | 22.1 |
| Financial Services | 8.7 |
| Entertainment | 5.9 |
| Hotels, Restaurants & Leisure | 5.8 |
| Automobiles | 5.7 |
| Total Investments | 100.0% |

---

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

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Growth Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **June 30, 2025<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $493,288) | $750519 |
| Investment in Security of Affiliated Issuer, at Value (Cost $16,168) | 16168 |
| Total Investments in Securities, at Value (Cost $509,456) | 766687 |
| Foreign Currency, at Value (Cost $1) | 1 |
| Receivable for Fund Shares Sold | 19679 |
| Receivable for Investments Sold | 823 |
| Receivable from Affiliate | 81 |
| Other Assets | 47 |
| Total Assets | 787318 |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund Shares Redeemed | 1973 |
| Due to Broker | 1000 |
| Payable for Advisory Fees | 493 |
| Payable for Servicing Fees | 239 |
| Payable for Professional Fees | 64 |
| Payable for Distribution Fees — Class II Shares | 64 |
| Payable for Administration Fees | 49 |
| Payable for Directors' Fees and Expenses | 10 |
| Payable for Custodian Fees | 9 |
| Other Liabilities | 52 |
| Total Liabilities | 3953 |
| **NET ASSETS** | $783365 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $548437 |
| Total Distributable Earnings | 234928 |
| **Net Assets** | $783365 |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $440466 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 17,205,991 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $25.60 |
| **CLASS II:** | **CLASS II:** |
| **Net Assets** | $342899 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 17,721,074 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $19.35 |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**Growth Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Six Months Ended<br>June 30, 2025<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $6 of Foreign Taxes Withheld) | $551 |
| Dividends from Security of Affiliated Issuer (Note H) | 510 |
| Total Investment Income | 1061 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1701 |
| Servicing Fees (Note D) | 469 |
| Distribution Fees — Class II Shares (Note E) | 356 |
| Administration Fees (Note C) | 272 |
| Professional Fees | 93 |
| Custodian Fees (Note G) | 16 |
| Shareholder Reporting Fees | 13 |
| Transfer Agency Fees (Note F) | 9 |
| Directors' Fees and Expenses | 6 |
| Interest Expenses | 2 |
| Pricing Fees | 1 |
| Other Expenses | 24 |
| Total Expenses | 2962 |
| Waiver of Advisory Fees (Note B) | (667 |
| Rebate from Morgan Stanley Affiliate (Note H) | (24 |
| Net Expenses | 2271 |
| **Net Investment Loss** | (1210 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 29586 |
| Payment from Adviser (Note B) | 251 |
| Foreign Currency Transaction | 15 |
| Net Realized Gain | 29852 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 91881 |
| Foreign Currency Translation |  |
| Net Change in Unrealized Appreciation (Depreciation) | 91881 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 121733 |
| **Net Increase in Net Assets Resulting from Operations** | $120523 |

---

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

**Growth Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Six Months Ended<br>June 30, 2025<br>(unaudited)<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(1210) | $(9140) |
| Net Realized Gain | 29852 | 136106 |
| Net Change in Unrealized Appreciation (Depreciation) | 91881 | 155439 |
| Net Increase in Net Assets Resulting from Operations | 120523 | 282405 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Class I: | Class I: | Class I: |
| Subscribed | 5318 | 12162 |
| Redeemed | (50783) | (55667) |
| Class II: | Class II: | Class II: |
| Subscribed | 46424 | 44034 |
| Redeemed | (55940) | (79866) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (54981) | (79337) |
| Total Increase in Net Assets | 65542 | 203068 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 717823 | 514755 |
| End of Period | $783365 | $717823 |
| **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** |
| Class I: | Class I: | Class I: |
| Shares Subscribed | 244 | 815 |
| Shares Redeemed | (2309) | (3776) |
| Net Decrease in Class I Shares Outstanding | (2065) | (2961) |
| Class II: | Class II: | Class II: |
| Shares Subscribed | 2592 | 3712 |
| Shares Redeemed | (3391) | (6712) |
| Net Decrease in Class II Shares Outstanding | (799) | (3000) |

---

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $21.58 | $13.35 | $8.98 | $53.72 | $70.24 | $35.80 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.03) | (0.24) | (0.03) | (0.07) | (0.35) | (0.28) |
| Net Realized and Unrealized Gain (Loss) | 4.05 | 8.47 | 4.40 | (30.00) | 2.53 | 40.32 |
| Total from Investment Operations | 4.02 | 8.23 | 4.37 | (30.07) | 2.18 | 40.04 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (14.67) | (18.70) | (5.60) |
| **Net Asset Value, End of Period** | $25.60 | $21.58<br><sup>(3)</sup> | $13.35 | $8.98 | $53.72 | $70.24 |
| **Total Return<sup>(4)</sup>** | 30.81%<sup>(5)(6)</sup> | 61.65%<sup>(3)(7)</sup> | 48.66%<sup>(5)(8)</sup> | (60.07)%<sup>(5)</sup> | 0.10%<sup>(5)</sup> | 117.31%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $440466 | $415789 | $296798 | $220167 | $645473 | $737155 |
| Ratio of Expenses Before Expense Limitation | 0.77%<sup>(9)</sup> | 2.18% | 0.78% | 0.78% | 0.74% | 0.74% |
| Ratio of Expenses After Expense Limitation | 0.56%<sup>(9)(10)</sup> | 1.97%<sup>(10)(11)</sup> | 0.56%<sup>(10)</sup> | 0.57%<sup>(10)</sup> | 0.57%<sup>(10)</sup> | 0.56%<sup>(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.56%<sup>(9)(10)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.25)%<sup>(9)(10)</sup> | (1.63)%<sup>(10)(11)</sup> | (0.28)%<sup>(10)</sup> | (0.39)%<sup>(10)</sup> | (0.52)%<sup>(10)</sup> | (0.55)%<sup>(10)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(9)</sup> | 0.01% | 0.01% | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.01% |
| Portfolio Turnover Rate | 48%<sup>(6)</sup> | 44% | 33% | 41% | 59% | 55% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) The net asset value and total return have been calculated on net assets which includes an adjustment made in accordance with GAAP required at period end for financial reporting purposes.

(4) Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Not annualized.

(7) Performance was positively impacted by approximately 15.06% for Class I shares due to a payment from a class action settlement involving the Fund's past holdings. Had this payment not occurred, the total return for Class I shares would have been 46.59%.

(8) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(9) Annualized.

(10) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(11) If the Fund had not paid the asset recovery fee, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2024 | 0.56% | (0.22)% |

---

(12) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $16.31 | $10.13 | $6.83 | $48.42 | $65.09 | $33.51 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.04) | (0.21) | (0.04) | (0.09) | (0.46) | (0.38) |
| Net Realized and Unrealized Gain (Loss) | 3.08 | 6.39 | 3.34 | (26.83) | 2.49 | 37.56 |
| Total from Investment Operations | 3.04 | 6.18 | 3.30 | (26.92) | 2.03 | 37.18 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (14.67) | (18.70) | (5.60) |
| **Net Asset Value, End of Period** | $19.35 | $16.31<br><sup>(3)</sup> | $10.13 | $6.83 | $48.42 | $65.09 |
| **Total Return<sup>(4)</sup>** | 30.65%<sup>(5)(6)</sup> | 61.01%<sup>(3)(7)</sup> | 48.32%<sup>(5)(8)</sup> | (60.16)%<sup>(5)</sup> | (0.15)%<sup>(5)</sup> | 116.76%<sup>(5)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $342899 | $302034 | $217957 | $154448 | $359607 | $388580 |
| Ratio of Expenses Before Expense Limitation | 1.02%<sup>(9)</sup> | 2.40% | 1.03% | 1.03% | 0.99% | 0.99% |
| Ratio of Expenses After Expense Limitation | 0.81%<sup>(9)(10)</sup> | 2.19%<sup>(10)(11)</sup> | 0.81%<sup>(10)</sup> | 0.82%<sup>(10)</sup> | 0.82%<sup>(10)</sup> | 0.81%<sup>(10)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.81%<sup>(9)(10)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.50)%<sup>(9)(10)</sup> | (1.85)%<sup>(10)(11)</sup> | (0.53)%<sup>(10)</sup> | (0.64)%<sup>(10)</sup> | (0.77)%<sup>(10)</sup> | (0.80)%<sup>(10)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(9)</sup> | 0.01% | 0.01% | 0.00%<sup>(12)</sup> | 0.00%<sup>(12)</sup> | 0.01% |
| Portfolio Turnover Rate | 48%<sup>(6)</sup> | 44% | 33% | 41% | 59% | 55% |

---

(1) Not consolidated.

(2) Per share amount is based on average shares outstanding.

(3) The net asset value and total return have been calculated on net assets which includes an adjustment made in accordance with GAAP required at period end for financial reporting purposes.

(4) Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Not annualized.

(7) Performance was positively impacted by approximately 14.81% for Class II shares due to a payment from a class action settlement involving the Fund's past holdings. Had this payment not occurred, the total return for Class II shares would have been 46.20%.

(8) Reflects prior period transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class II shares.

(9) Annualized.

(10) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(11) If the Fund had not paid the asset recovery fee, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class II shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2024 | 0.81% | (0.47)% |

---

(12) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements

Morgan Stanley Variable Insurance Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of five separate active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds").

The Company applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these consolidated financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the consolidated financial statements were issued.

The accompanying consolidated financial statements relates to the Growth Portfolio. The Fund seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of large capitalization companies. The Fund has issued two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, VIF Growth Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoinETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the

Subsidiary are consistent with those of the Fund. As of June 30, 2025, the Subsidiary represented approximately $21,547,000 or approximately 2.75% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) listed options are valued at the last reported sales price on the exchange on which they are

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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; (4) 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"), 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; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines 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; (6) 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 (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Directors have designated the Company's Adviser as its valuation

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

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

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $43651 | $— | $— |  | $43651 |  |
| Biotechnology | 7343 |  |  |  | 7343 |  |
| Broadline Retail | 37134 |  |  |  | 37134 |  |
| Capital Markets | 25025 |  |  |  | 25025 |  |
| Electronic Equipment, <br>Instruments & <br>Components |  |  |  | † |  | † |
| Entertainment | 45145 |  |  |  | 45145 |  |
| Financial Services | 65371 |  |  |  | 65371 |  |
| Hotels, Restaurants & <br>Leisure | 44737 |  |  |  | 44737 |  |
| Information Technology <br>Services | 169369 |  |  |  | 169369 |  |
| Pharmaceuticals | 36893 |  |  |  | 36893 |  |
| Software | 181905 |  |  |  | 181905 |  |
| Tech Hardware, <br>Storage & Peripherals | 19954 |  |  |  | 19954 |  |
| Trading Companies & <br>Distributors | 37765 |  |  |  | 37765 |  |
| **Total Common Stocks** | **714292** | **—** | **—** | **†** | **714292** | **†** |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Financial Services |  |  | 1558 |  | 1558 |  |
| Software |  |  | 12425 |  | 12425 |  |
| **Total Preferred Stocks** | **—** | **—** | **13983** |  | **13983** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Investment Company** | $21537 | $— | $— |  | $21537 |  |
| **Call Options Purchased** |  | 707 |  |  | 707 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 16168 |  |  |  | 16168 |  |
| **Total Assets** | $**751997** | $**707** | $**13983** | **†** | $**766687** | **†** |

---

† Includes a security valued at zero.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Common<br>Stock<br>(000)** | **Common<br>Stock<br>(000)** | **Preferred<br>Stocks<br>(000)** |
| **Beginning Balance** | $— | † | $15472 |
| Purchases |  |  |  |
| Sales |  |  |  |
| Transfers in |  |  |  |
| Transfers out |  |  |  |
| Corporate actions |  |  |  |
| Change in unrealized appreciation <br>(depreciation) |  |  | (1489) |
| Realized gains (losses) |  |  |  |
| **Ending Balance** | $— | † | $13983 |
| Net change in unrealized appreciation <br>(depreciation) from investments still <br>held as of June 30, 2025 | $— |  | $(1489) |

---

† Includes a security valued at zero.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at<br>June 30, 2025<br>(000)** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range/<br>Weighted Average\*** | **Impact to<br>Valuation from an<br>Increase in Input\*\*** |
| Preferred Stocks | $13983 | Market Transaction <br>Method | Precedent Transaction | $4.23–$35.66/$26.76 | Increase |
|  |  | Discounted Cash Flow | Weighted Average<br>Cost of Capital | <br>14.0%-17.0%/15.1% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | <br>1.2x-36.4x/13.9x | Increase |
|  |  |  | Discount for Lack of <br>Marketability | <br>6.0%-15.0%/14.2% | Decrease |

---

\* Amount is indicative of the weighted average.

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

**3. Foreign Currency Translation and Foreign Investments:** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition

of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares"market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

**4. Derivatives:** The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

**Options:** With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency ex-change risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of

time or on a specified date typically in exchange for premiums paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to the Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated <br>Statement of Assets <br>and Liabilities <br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | Currency<br>Risk | $707<br> (a) |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended June 30, 2025 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(1014)(a) |

---

(a) Amounts are included in Realized Gain (Loss) on Investments Sold in the Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(2165)(a) |

---

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

At June 30, 2025, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities** |
| **Derivatives** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| Purchased Options | $707<br> (a) | $— |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented <br>in the<br>Consolidated <br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received(b)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & <br>Co. LLC | $388 | $— | $(388) | $0 |
| JPMorgan <br>Chase Bank NA | 172 |  | (172) | 0 |
| Standard <br>Chartered Bank | 147 |  | (147) | 0 |
| Total | $707 | $— | $(707) | $0 |

---

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received may be more than the amount shown here due to overcollateralization.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

For the six months ended June 30, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | 691,705,000 |

---

**5. Restricted Securities:** The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Consolidated Portfolio of Investments.

**6. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other

appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**8. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**9. Segment Reporting:** During the reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-*07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**B. Advisory Fees:** The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
| **First $1<br>billion** | **Next $1<br>billion** | **Next $1<br>billion** | **Over $3<br>billion** |
| 0.50% | 0.45% | 0.40% | 0.35% |

---

For the six months ended June 30, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.30% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.57% for Class I shares and 0.82% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2025, approximately $667,000 of advisory fees were waived pursuant to this arrangement.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

The Adviser made a payment to the Fund of $251,442 related to a class action suit involving the Fund's past holdings which is included in "Payment from the Adviser" in the Consolidated Statement of Operations.

**C. Administration Fees:** The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

**D. Servicing Fees:** The Company accrues daily and pays quarterly a servicing fee of up to 0.17% of the average daily value of shares of the Fund held in an insurance company's account. Certain insurance companies have entered into a servicing agreement with the Company to provide administrative and other contract-owner related services on behalf of the Fund.

**E. Distribution Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares.

**F. Dividend Disbursing and Transfer/Co-Transfer Agent:** The Company's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Company pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended June 30, 2025, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to less than $500.

**G. Custodian Fees:** State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**H. Security Transactions and Transactions with Affiliates:** For the six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $320,738,000 and $330,783,000, respectively. For the six months ended June 30, 2025, purchases and sales of long-term U.S. Government securities were approximately $11,544,000 and $0, respectively.

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 six months ended June 30, 2025, advisory fees paid were reduced by approximately $24,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $31572 | $228732 | $244136 | $510 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>June 30,<br>2025<br>(000)** |
| Liquidity Fund | $— | $— | $16168 |

---

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

During the year ended June 30, 2025, the Fund incurred approximately $5,000 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

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 six months ended June 30, 2025, the Fund did not engage in any cross-trade transactions.

Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Company also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**I. Federal Income Taxes:** It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net

unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. There were no distributions paid during fiscal years 2024 and 2023.

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to a net operating loss and tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2024:

---

| | |
|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Paid-in-<br>Capital<br>(000)** |
| $2191 | $(2191) |

---

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $23,924,000 and $9,461,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $133,868,000.

**J. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended June 30, 2025, the Fund did not have any borrowings under the Facility.

**K. Market Risk and Risks Relating to Certain Financial Instruments:**

**Bitcoin:** The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETFs investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

**Market:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

**L. Other:** At June 30, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 85.1%.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval

**Nature, Extent and Quality of Services**

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser and Administrator together are referred to as the "Adviser" and the advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

**Performance, Fees and Expenses of the Fund**

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one- and five-year periods and below its peer group average for the three-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

**Economies of Scale**

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which includes breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

**Profitability of the Adviser and Affiliates**

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval (cont'd)

**Other Benefits of the Relationship**

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

**Resources of the Adviser and Historical Relationship Between the Fund and the Adviser**

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

**Other Factors and Current Trends**

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

**General Conclusion**

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

------

**Morgan Stanley Variable Insurance Fund, Inc.**

June 30, 2025 (unaudited)

**This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.**

MEGTX-NCSR 6.30.25

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable<u>.</u>

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

This information is disclosed as part of the Financial Statements and Additional Information under Item 7 of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

**Item 16. Controls and Procedures**

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness
of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within
90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been
recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information
required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer
and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant's internal
controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

---

| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| [(a)(2)(i)](tm2520112d1_ex99-cert.htm#a_001) | [Principal Financial Officer's Section 302 certification.](tm2520112d1_ex99-cert.htm#a_001) |
| [(a)(2)(ii)](tm2520112d1_ex99-cert.htm#a_002) | [Principal Executive Officer's Section 302 certification.](tm2520112d1_ex99-cert.htm#a_002) |
| [(b)](tm2520112d1_ex99-906cert.htm) | [Combined Section 906 certification.](tm2520112d1_ex99-906cert.htm) |

---

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| <u>Morgan Stanley Variable Insurance Fund, Inc.</u> | <u>Morgan Stanley Variable Insurance Fund, Inc.</u> |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | August 20, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |
| Date: | August 20, 2025 |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | August 20, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**MORGAN STANLY Variable Insurance Fund, Inc.**

**FORM N-CSR**

**Exhibit 19(a)(2)(i)**

**<u>CERTIFICATION</u>**

I, Francis J. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Morgan Stanley Variable Insurance Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 20, 2025 | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |

---

**MORGAN STANLEY Variable Insurance Fund, Inc.**

**FORM N-CSR**

**Exhibit 19(a)(2)(ii)**

**<u>CERTIFICATION</u>**

I, John H. Gernon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Morgan Stanley Variable Insurance Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 20, 2025 | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Form N-CSR Item 19(b) Exhibit**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Morgan Stanley Variable Insurance Fund, Inc. that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Semiannual Report of the **Morgan Stanley Variable Insurance Fund, Inc.** on Form N-CSR for the period ended June 30, 2025 (the "Report") fully
 complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information contained in the Report fairly presents, in all material
 respects, the financial condition and the results of operations of the **Morgan Stanley Variable Insurance Fund, Inc.** for such period.

**A signed original of this written statement required by section 906 has been provided to the Morgan Stanley Variable Insurance Fund, Inc. and will be retained by the Morgan Stanley Variable Insurance Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.**

---

| |
|:---|
| Morgan Stanley Variable Insurance Fund, Inc. |
| Date: August 20, 2025 |
| /s/ Francis J. Smith |
| Francis J. Smith |
| Principal Financial Officer |
| Date: August 20, 2025 |
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

---