# EDGAR Filing Document

**Accession Number:** 0001011378
**File Stem:** 0001133228-26-005520
**Filing Date:** 2026-4
**Character Count:** 32378
**Document Hash:** 49eefa625997368d9669adf1e8d54491
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-005520.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0001133228-26-005520

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260416

**DATE AS OF CHANGE**: 20260416

**EFFECTIVENESS DATE**: 20260416

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-03013
- **FILM NUMBER:** 26868590

**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           |

![](sp17243img002.jpg) <br>

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

Discovery Portfolio

**Summary Prospectus** **\|** April 30, 2026<br>

---

| |
|:---|
| **Share Class and Ticker Symbols** |
| **Class II** |
| MMGTX |

---

Before you invest, you may want to review the Fund's statutory prospectus ("Prospectus"), which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information ("SAI") and the most recent Annual and Semi-Annual Reports to Shareholders ("Shareholder Reports"), online at www.morganstanley.com/im/MSVIFDiscoveryII. You can also get this information at no cost by calling toll-free 1-866-414-6349 or by sending an e-mail request to orders@mysummaryprospectus.com. The Fund's Prospectus and SAI, both dated April 30, 2026 (as may be supplemented from time to time), are incorporated by reference into this Summary Prospectus.

**Investment Objective**

The Fund seeks long-term capital growth by investing primarily in common stocks and other equity securities.

**Fees and Expenses**

The table below describes the fees and expenses that you may pay if you buy, hold and sell Class II shares of the Fund. The Fund does not charge any sales loads or other fees when you purchase or redeem shares. The table below does not reflect any fees, expenses or charges that are, or may be, associated with or imposed under your variable annuity contract or variable life insurance contract. If it did, Total Annual Fund Operating Expenses would be higher. **You may pay fees other than the fees** **and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are** **not reflected in the tables and examples below.**

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
|  | **Class II** |
| Advisory Fee\* | 0.75% |
| Distribution (12b-1) Fee | 0.25% |
| Other Expenses\*\* | 0.38% |
| Total Annual Fund Operating Expenses\*\*\* | 1.38% |
| Fee Waiver and/or Expense Reimbursement\*\*\* | 0.33% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement\*\*\* | 1.05% |

---

\* "Advisory Fee" includes the management fee of a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the "Subsidiary"). The Fund's "Adviser" and "Administrator," Morgan Stanley Investment Management Inc., has agreed to waive or credit a portion of the advisory fee in an amount equal to the management fee paid to the Adviser by the Subsidiary.

\*\* "Other Expenses" include expenses of the Fund's and Subsidiary's most recent fiscal year.

\*\*\* The Adviser has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.05% for Class II. In addition, the Fund's "Distributor," Morgan Stanley Distribution, Inc., has agreed to waive 0.15% of the 0.25% 12b-1 fee that it may receive. These fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Company's Board of Directors acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate.

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Morgan Stanley Variable Insurance Fund \| Fund Summary

Discovery Portfolio (Con't)

**Example**

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect any fees, expenses or charges that are, or may be, associated with or imposed under your variable annuity contract or variable life insurance contract. If it did, costs shown would be higher.

The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and that the Fund's operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class II | $107 | $404 | $724 | $1629 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 73% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Adviser seeks to achieve the Fund's investment objective by investing primarily in established and emerging companies, with capitalizations within the range of companies included in the Russell Midcap® Growth Index, which as of December 31, 2025, ranged between $1.6 billion and $101.9 billion.

The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. The Adviser typically invests in unique companies it believes have sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong balance sheets and an attractive risk/reward. The Adviser typically focuses a significant portion of the Fund's investments in a limited number of issuers, which may be in the same industry, sector or geographic region.

The Adviser actively integrates sustainability into the investment process by using environmental, social and governance ("ESG") factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser seeks to understand how environmental and social initiatives within companies can create value by strengthening durable competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The Adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on compensation alignment on long-term value creation. Although consideration of ESG factors is incorporated into the investment process, it is only one of many tools the Adviser utilizes to make investment decisions.

The Fund may invest in equity securities. The Fund may also invest in privately placed and restricted securities.

The Fund may invest up to 25% of its total assets in securities of foreign issuers, including issuers located in emerging market or developing countries. The securities in which the Fund may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars.

**Principal Risks**

There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund. Investments in the Fund involve risks and you should not rely on the Fund as a complete investment program. The relative significance of each risk factor summarized below may change over time and you should review each risk factor carefully because any one or more of these risks may result in losses to the Fund. The principal risks of investing in the Fund include:

• **Equity Securities.** In
 general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and foreign
 stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in the
 past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly or
 widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental condition
 of the issuer, including general market, economic, political and public health conditions. During periods when equity
 securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or distress,
 the Fund's investments in equity securities are subject to heightened risks.

The value of equity securities and related instruments decline in response to perceived or actual adverse changes in the economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types

**2**

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Morgan Stanley Variable Insurance Fund \| **Fund Summary**

Discovery Portfolio (Con't)

of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the Fund's equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. Although prices can rebound, there is no assurance that prices of the Fund's equity securities will return to previous levels.

• **Mid Cap Companies.** Investments in mid cap companies may involve greater risks than investments in larger, more established
 companies. The securities issued by mid cap companies may be less liquid and such companies may have more limited
 markets, financial resources and product lines and may lack the depth of management of larger companies.

• **Foreign and Emerging Market Securities.** Investments in foreign markets entail special risks, such as currency, political (including
 geopolitical), economic and market risks, and heightened risks, that may result in losses to the Fund. There also may
 be greater market volatility, less reliable financial information, less stringent investor protections and disclosure standards,
 higher transaction and custody costs and risks, decreased market liquidity and less government and exchange regulation
 associated with investments in foreign markets. In addition, investments in certain foreign markets that have historically
 been considered stable may become more volatile and subject to increased risk due to developments and changing
 conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets has
 increased the probability that adverse developments and conditions in one country or region will affect the stability of economies
 and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular industries
 or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or other
 conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, entities
 and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist or
 retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or other
 actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or
 the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on foreign
 investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or cause
 delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or liquidity
 of investments denominated in that currency. Certain foreign investments may become less liquid and decline in value
 in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly
 during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its portfolio
 may be harder to value. The risks of investing in emerging market countries are greater than the risks associated with
 investments in foreign developed countries. Certain emerging market countries may be subject to less stringent requirements
 regarding accounting, auditing, financial reporting and record keeping and therefore, material information related
 to an investment may not be available or reliable. Certain emerging market or developing countries are among the largest
 debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the repayment
 of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance with
 the terms of such obligations. Economic sanctions or other similar measures may be, and have been, imposed against certain
 countries, organizations, companies, entities and/or individuals. In addition, foreign governments may default on their
 debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting
 governments. Moreover, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in
 whole or in part. In addition, the Fund is limited in its ability to exercise its legal rights or enforce a  counterparty's
 legal obligations
 in certain jurisdictions outside of the United States, in particular, in emerging market countries. In addition, the Fund's
 investments in foreign issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value
 of those investments will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may
 be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions
 and other similar measures could, among other things, effectively restrict or eliminate the Fund's ability to purchase
 or sell securities (in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund's
 investments, significantly delay or prevent the settlement of the Fund's securities transactions, force the Fund to sell or
 otherwise dispose of investments at inopportune times or prices, or impair the Fund's ability to meet its investment objective
 or invest in accordance with its investment strategies.

• **Foreign Currency.** The
 Fund's investments in foreign securities may be denominated in foreign currencies. The value of foreign
 currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar- denominated
 securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency exchange
 rates can increase or decrease the U.S. dollar value of the Fund's assets. Currency exchange rates may fluctuate significantly
 over short periods of time for a number of reasons, including changes in interest rates and the overall economic health
 of the issuer. Devaluation of a currency by a country's government or banking authority also will have a significant impact
 on the value of any investments denominated in that currency. The Adviser may use derivatives to seek to reduce this
 risk. The Adviser may in its discretion choose not to hedge against currency risk. In addition, certain market conditions may
 make it impossible or uneconomical to hedge against currency risk.

• **Foreign Currency Forward Exchange Contracts.** To the extent the Fund seeks to hedge its foreign currency exposure by the
 use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange 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. There is additional risk that 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
 and that foreign currency forward exchange contracts create exposure to currencies in which the Fund's securities are
 not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives

**3**

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Morgan Stanley Variable Insurance Fund \| Fund Summary

Discovery Portfolio (Con't)

and 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.

• **Liquidity.** The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid in
 response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than investments
 in other types of securities. These investments may be more difficult to value or sell, particularly in times of market
 turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is forced
 to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the security
 at a loss or for less than its fair value and may be unable to sell the security at all.

• **Focused Investing.** Although
 the Fund is a diversified investment company under the Investment Company Act of 1940 (the "1940
 Act"), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the same
 industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and negative
 events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular instrument
 may cause the Fund's overall value to be more volatile and decline to a greater degree than if the Fund were invested
 more widely.

• **Private Placements and Restricted Securities.** The Fund's investments may include privately placed and restricted securities,
 which are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted securities
 may not be listed on an exchange and may have no active trading market. The Fund may be unable to dispose of privately
 placed and restricted securities promptly or may be able to sell privately placed and restricted securities only at disadvantageous
 times or prices, especially under adverse market or economic conditions or in the event of adverse changes
 in the financial condition of the issuer. There is no assurance that a liquid market will exist for privately placed and restricted
 securities and these securities could have the effect of increasing the level of Fund illiquidity.  In addition, the market
 for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or economic
 conditions. Restricted securities, including privately placed securities, may be difficult to value and may experience
 significant price volatility, and there is typically less information available about issuers of private placements and
 restricted securities and there is no assurance that the information obtained by the Adviser is reliable. Private placements
 and restricted securities may involve a high degree of business and financial risk and may result in substantial losses
 to the Fund.

• **Information Technology Sector Risk.** To the extent the Fund invests a substantial portion of its assets in the information technology
 sector, the value of Fund shares may be particularly impacted by events that adversely affect the information technology
 sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and competition,
 and may fluctuate more than that of a fund that does not invest significantly in companies in the technology sector.

• **Healthcare Sector Risk.** The
 profitability of companies in the healthcare sector may be adversely affected by, among other things,
 extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical
 products and services, pricing pressure, costs associated with obtaining and protecting patents, product liability and
 other claims, an increased emphasis on outpatient services, changes in the demand for medical products and services, a
 limited number of products, industry innovation, changes in technologies and other market, economic and public health developments.
 To the extent that the Fund concentrates its investments in one or more individual industries comprising the healthcare
 sector (such as, but not limited to, biotechnology, pharmaceuticals, medical equipment and supplies, healthcare technology,
 healthcare providers and services, and life sciences tools and services companies), the Fund will be particularly susceptible
 to the risks associated with such industry or industries, which may include the risks described above as well as other
 risks specific to such industry or industries.

• **Market and Geopolitical Risk.** The value of your investment in the Fund is based on the values of the Fund's investments, which
 change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those
 that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset
 classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value (or
 income generated by) and liquidity of the Fund's investments, which may in turn impact the Fund's ability to sell securities
 and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain social,
 political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics,
 terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat
 or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or otherwise
 affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial
 markets or economies may occur, the effects that such events may have and the duration of those effects (which may
 last for extended periods). These types of events may negatively impact broad segments of businesses and populations
 and have a significant and rapid negative impact on the performance or value of the Fund's investments, adversely
 affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. The frequency
 and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

• **Active Management Risk.** In pursuing the Fund's investment objective, the Adviser has considerable leeway in deciding which
 investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in
 its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such
 decisions will affect the Fund's performance.

**4**

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Morgan Stanley Variable Insurance Fund \| **Fund Summary**

Discovery Portfolio (Con't)

Please see "Additional Information About Fund Investment Strategies and Related Risks" in the Fund's prospectus for a more detailed description of risks of investing in the Fund. Shares of the Fund are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.

**Performance Information**

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's Class II shares' performance from year-to-year and by showing how the Fund's Class II shares' average annual returns for the past one, five and ten year periods compare with those of a broad measure of market performance and one or more additional indexes. The additional index(es) in the table provide a means to compare the Fund's average annual total returns to a benchmark that the Adviser believes is representative of the Fund's investment universe. This performance information does not reflect any fees, expenses or charges that are, or may be, associated with or imposed under your variable annuity contract or variable life insurance contract. If it did, returns would be lower. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

**Annual Total Returns—Calendar Years (Class II)**<br>Commenced operations on May 5, 2003

![](sp17243img001.jpg)

During the periods shown in the bar chart above:

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| | | |
|:---|:---|:---|
| **High Quarter** | 06/30/20 | 73.11% |
| **Low Quarter** | 06/30/22 | -41.08% |

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**Average Annual Total Returns (Class II)**<br>(for the calendar periods ended December 31, 2025)

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| | | | |
|:---|:---|:---|:---|
|  | **Past One**<br>**Year** | **Past Five**<br>**Years** | **Past Ten**<br>**Years** |
| **Class II** | **Class II** | **Class II** | **Class II** |
| Return Before Taxes | 12.44% | -5.46% | 14.04% |
| Russell 3000® Index (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | 17.15% | 13.15% | 14.29% |
| Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | 8.66% | 6.65% | 12.49% |

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| | |
|:---|:---|
| 1 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included. It is not possible to invest directly in an index. |

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| | |
|:---|:---|
| 2 | The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Index is a subset of the Russell 1000® Index and includes approximately 800 of the smallest securities in the Russell 1000® Index, which in turn consists of approximately 1,000 of the largest U.S. securities based on a combination of market capitalization and current index membership. It is not possible to invest directly in an index. |

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**5**

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Morgan Stanley Variable Insurance Fund \| Fund Summary

Discovery Portfolio (Con't)

**Fund Management**

**Adviser.** Morgan Stanley Investment Management Inc.

**Portfolio Managers.** The Fund is managed by members of Counterpoint Global. Information about the members jointly and primarily responsible for the day-to-day management of the Fund is shown below:

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| | | |
|:---|:---|:---|
| **Name** | **Title with Adviser** | **Date Began**<br>**Managing Fund** |
| Dennis P. Lynch | Managing Director | April 2003 |
| Sam G. Chainani | Managing Director | June 2004 |
| Jason C. Yeung | Managing Director | September 2007 |
| Armistead B. Nash | Managing Director | September 2008 |
| Alexander T. Norton | Executive Director | July 2005 |

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**Purchase and Sale of Fund Shares**

The Prospectus offers Class II shares of the Fund. The Company also offers Class I shares of the Fund through a separate prospectus. Class I shares are subject to lower expenses, but may not be available through your insurance company, qualified pension plan or retirement plan. For eligibility information, contact your insurance company or qualified pension or retirement plan.

The Fund offers its shares only to insurance companies (either directly or indirectly through other variable insurance funds) for separate accounts that they establish to fund variable life insurance and variable annuity contracts, and to other entities under qualified pension and retirement plans. An insurance company purchases or redeems shares of the Fund based on, among other things, the amount of net contract premiums or purchase payments allocated to a separate account investment division, transfers to or from a separate account investment division, contract loans and repayments, contract withdrawals and surrenders, and benefit payments. The contract prospectus describes how contract owners may allocate, transfer and withdraw amounts to, and from, separate accounts.

For more information, please refer to the section of the Prospectus entitled "Shareholder Information—Purchasing and Selling Fund Shares."

**Tax Information**

Special tax rules apply to life insurance companies, variable annuity contracts and variable life insurance contracts. For information on federal income taxation of a life insurance company with respect to its receipt of distributions from the Fund and federal income taxation of owners of variable annuity or variable life insurance contracts, refer to the contract prospectus.

For more information, please refer to the section of the Prospectus entitled "Shareholder Information—Taxes."

**Payments to Insurance Companies and Other Financial Intermediaries**

The Adviser and/or the Distributor may pay insurance companies or their affiliates in connection with Fund-related administrative services that the insurance companies provide in connection with the issuance of their variable annuity contracts. These payments, which may be significant in amount, may create a conflict of interest by influencing the insurance company to recommend one variable annuity or variable life insurance contract over another or be a factor in an insurance company's decision to include the Fund as an underlying investment option in its variable annuity or variable life insurance contracts. Ask your salesperson or visit your insurance company's web site for more information.

**6**

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