# EDGAR Filing Document

**Accession Number:** 0001011378
**File Stem:** 0001133228-26-005529
**Filing Date:** 2026-4
**Character Count:** 59848
**Document Hash:** 14f5e4a20c1bb602924cf7400b838d85
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-005529.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0001133228-26-005529

**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:** 26868610

**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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011764 | Class I      | MIMPX           |

![](sp17237img002.jpg) <br>

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

Global Strategist Portfolio

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

---

| |
|:---|
| **Share Class and Ticker Symbols** |
| **Class I** |
| MIMPX |

---

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/MSVIFGlobalStrategistI. 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 total return.

**Fees and Expenses**

The table below describes the fees and expenses that you may pay if you buy, hold and sell Class I 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)

---

| | |
|:---|:---|
|  | **Class I** |
| Advisory Fee\* | 0.75% |
| Distribution (12b-1) Fee |  |
| Other Expenses\*\* | 1.05% |
| Total Annual Fund Operating Expenses\*\*\* | 1.80% |
| Fee Waiver and/or Expense Reimbursement\*\*\* | 0.90% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement\*\*\* | 0.90% |

---

\* "Advisory Fee" includes the management fee of the Subsidiary (as defined below). 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 (as defined below) 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 0.90% for Class I. The 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

Global Strategist 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $92 | $479 | $891 | $2042 |

---

**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 95% of the average value of its portfolio.

**Principal Investment Strategies**

The Adviser and/or the Fund's "Sub-Adviser," Morgan Stanley Investment Management Limited, seek to achieve the Fund's investment objective by investing primarily in a blend of equity and fixed-income securities of U.S. and non-U.S. issuers. Equity securities may include common and preferred stocks, depositary receipts, convertible securities, equity-linked securities, real estate investment trusts ("REITs"), rights and warrants to purchase equity securities and limited partnership interests. Fixed-income securities may include mortgage-related or mortgage-backed securities, floating rate securities, inflation-linked fixed-income securities, securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, securities issued or guaranteed by non-U.S. governments, their agencies or instrumentalities, corporate bonds and notes issued by U.S. and non-U.S. entities.

The Adviser and/or Sub-Adviser will utilize a top-down investment approach that focuses on asset class, sector, region, country and currency and thematic allocations. The Fund's allocations will be based upon the Adviser's and/or Sub-Adviser's evaluations and analyses, taking into account results of its fundamental market research and recommendations generated by the Adviser's and/or Sub-Adviser's quantitative models. The Adviser's and/or Sub-Adviser's research process focuses on the following factors across asset classes: 1) valuation (both relative and absolute), 2) dynamics, including earnings revisions, interest rate policy and inflation expectations and 3) technicals, such as investor flows and sentiment. The Fund may invest in any country, including developing or emerging market countries. The Fund's investments may be U.S. and non-U.S. dollar denominated. In determining whether to sell a security, the Adviser and/or Sub-Adviser consider a number of factors, including changes in capital appreciation potential, or the overall assessment of asset class, sector, region, country, and currency and thematic allocation shifts.

The Fund may invest a portion of its assets in below investment grade fixed-income securities (commonly referred to as "junk bonds"). The Fund may also invest in restricted and illiquid securities. The mortgage-backed securities in which the Fund may invest include mortgage pass-through securities that represent a participation interest in a pool of mortgage loans originated by U.S. governmental or private lenders such as banks.

The Fund may also invest up to 10% of its total assets in other investment companies, including exchange-traded funds ("ETFs").

The Fund may, but it is not required to, use derivatives and similar instruments for a variety of purposes, including hedging, risk management, Fund management or to earn income. The Fund's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and structured investments (including commodity-linked notes), and other similar instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. Derivative instruments used by the Fund will be counted toward the Fund's exposure to the types of securities listed above to the extent they have economic characteristics similar to such securities.

The Fund may, consistent with its principal investment strategies, 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 (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 Subsidiary is advised by the Adviser.

**2**

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

Global Strategist Portfolio (Con't)

Investments in the Subsidiary are intended to provide the Fund with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Fund. The Subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments, which may include, but are not limited to, total return swaps, commodity (U.S. or foreign) futures and commodity-linked notes. The Subsidiary may also invest in other instruments, including fixed-income securities, either as investments or to serve as margin or collateral for its swap positions and foreign currency transactions (including forward contracts).

**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 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.

• **Convertible Securities.** A
 convertible security is a bond, debenture, note, preferred stock, right, warrant or other security that
 may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a different
 issuer or into cash within a particular period of time at a specified price or formula. To the extent that the Fund invests
 in convertible securities, and the convertible security's investment value is greater than its conversion value, its price will
 be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment
 value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.

• **Fixed-Income Securities.** Fixed-income
 securities are subject to the risk of the issuer's inability to meet principal and interest
 payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest
 rate sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity
 (i.e., market risk). For
 example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations.
 In addition to interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related
 to the issuer, such as the credit rating of the corporation, the corporation's performance and perceptions of the corporation
 in the marketplace, and by factors not directly related to the issuer, such as general market liquidity, economic conditions
 and inflation. The
 Fund may face a heightened level of interest rate risk in times of monetary policy change and/ or
 uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes rates. A changing
 interest rate environment increases certain risks, including the potential for periods of volatility, increased redemptions,
 shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk). The
 Fund is not limited as
 to the maturities (when a debt security provides its final payment) or durations (measure of interest rate sensitivity) of the securities
 in which it may invest. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally
 making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater
 volatility because there is less certainty that principal and interest payments will be made as scheduled. Investing in emerging
 markets intensifies this risk, because lower quality fixed-income securities are more volatile in price.

• **Credit and Interest Rate Risk.** Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to
 a transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the
 principal on its debt or otherwise honor its obligations, including the risk of default. In such instances, the value of the Fund
 could decline and the Fund could lose money. If an issuer's, guarantor's or counterparty's financial condition worsens, the credit quality
 of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment
 of financial condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk
 of an instrument, a change in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market's perception
 of the creditworthiness of an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on

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Morgan Stanley Variable Insurance Fund \| Fund Summary

Global Strategist Portfolio (Con't)

the instrument's value and liquidity and make it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and income generated by fixed-income instruments held by the Fund. The Fund may invest in variable and floating rate loans and other variable and floating rate securities. Although the value of these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of market volatility, increased redemptions, shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk).

• **Mortgage-Backed Securities.** Mortgage-backed
 securities entail prepayment risk, which generally increases during a period
 of falling interest rates. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility
 of mortgage-backed securities will increase and market price will decrease. Rates of prepayment, faster or slower than
 expected by the Adviser, could reduce the Fund's yield, increase the volatility of the Fund and/or cause a decline in net asset
 value per share ("NAV"). Mortgage-backed securities are also subject to extension risk, which is the risk that rising interest
 rates could cause mortgages or other obligations underlying the securities to be prepaid more slowly than expected,
 thereby lengthening the duration of such securities, increasing their sensitivity to interest rate changes and causing
 their prices to decline. Certain mortgage-backed securities may be more volatile and less liquid than other traditional
 types of debt securities. In addition, mortgage-backed securities are subject to credit risk. The Fund may invest in non-agency
 mortgage-backed securities offered by non-governmental issuers, such as commercial banks, savings and loan institutions,
 private mortgage insurance companies, mortgage bankers and other secondary market issuers. Non-agency mortgage-backed
 securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable
 to those mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result,
 the mortgage loans underlying non-agency mortgage-backed securities may, and frequently do, have less favorable collateral,
 credit risk or other underwriting characteristics than government or government-sponsored mortgage-backed securities
 and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics.
 To the extent the Fund invests in non-agency mortgage-backed securities offered by non-governmental issuers,
 the Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or
 agency guarantees of payments in pools underlying the securities. An unexpectedly high rate of defaults on the mortgages
 held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses
 to the Fund. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages.
 Furthermore, mortgage-backed securities may be subject to risks associated with the assets underlying those securities,
 such as a decline in value. Investments in mortgage-backed securities may give rise to a form of leverage (indebtedness)
 and may cause the Fund's portfolio turnover rate to appear higher. Leverage may cause the Fund to be more volatile
 than if the Fund had not been leveraged. The risks associated with mortgage-backed securities typically become elevated
 during periods of distressed economic, market, health and labor conditions. In particular, increased levels of unemployment,
 delays and delinquencies in payments of mortgage and rent obligations, and uncertainty regarding the effects
 and extent of government intervention with respect to mortgage payments and other economic matters may adversely
 affect the Fund's investments in mortgage-backed securities. In addition, commercial mortgage-backed securities are
 also subject to risks associated with reduced demand for commercial and office space, tightening lending standards and increased
 interest and lending rates, and other developments adverse to the commercial real estate market.

• **REITs.** Investing in REITs exposes investors to the risks of owning real estate directly and investing in companies in the real estate
 industry, as well as to risks that relate specifically to the way in which REITs are organized and operated. For example,
 the value of these securities may decline when interest rates rise and will also be affected by the real estate market
 and by the management or development of the underlying properties, which may also be subject to mortgage loans and
 the underlying mortgage loans may be subject to the risks of default. Operating REITs requires specialized management skills
 and the Fund indirectly bears management expenses along with the direct expenses of the Fund. REITs are also subject
 to certain provisions under federal tax law and the failure of a company to qualify as a REIT could have adverse consequences
 for the Fund.

• **High Yield Securities ("Junk Bonds").** The Fund's investments in high yield securities expose it to increased risks, including a
 substantial degree of credit and default risks. High yield securities may be issued by companies that are restructuring, are

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

Global Strategist Portfolio (Con't)

smaller and less creditworthy or are more highly leveraged or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. High yield securities are subject to greater risk of loss (including substantial or total loss) of income and principal than higher rated securities and are considered speculative because of increased credit risk relative to higher rated fixed income investments. High yield securities are also subject to greater price volatility, including sudden and substantial decreases in price and less liquidity than higher rated securities. High yield securities are particularly sensitive to adverse economic, market, industry or issuer-specific developments, which may result in an increased incidence of default. In the event of a default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer.

• **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. 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. 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 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. Economic sanctions or other similar measures may be,
 and have been, imposed against certain countries, organizations, companies, entities and/or individuals.

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Morgan Stanley Variable Insurance Fund \| Fund Summary

Global Strategist Portfolio (Con't)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **U.S. Government Securities.** Different types of U.S. government securities are subject to different levels of credit risk, including
 the risk of default, depending on the nature of the particular government support for that security. For example, a U.S.
 government-sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation,
 although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed
 by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. With respect to
 U.S. government securities that are not backed by the full faith and credit of the United States, there is the risk that the U.S.
 government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises
 if it is not obligated to do so by law. U.S. government securities are also subject to interest rate risks and can exhibit
 price fluctuations resulting from increases or decreases in interest rates.

• **Sovereign Debt Securities.** Investing in sovereign debt securities will expose the Fund to the direct or indirect consequences
 of political, social or economic changes in the countries that issue the securities. 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
 it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national
 economic factors. 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.

• **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. Liquidity risk may be
 magnified in a market where credit spread and interest rate volatility is rising and where investor redemptions from fixed-income
 mutual funds may be higher than normal. 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.

• **Investment Company Securities.** Subject to the limitations set forth in the Investment
 Company Act of 1940, as amended (the
 "1940 Act"), or as otherwise permitted by the SEC, the Fund may acquire shares in other investment companies, including
 foreign investment companies, ETFs
 and money market funds which may be managed by the Adviser or its affiliates.
 The market value of the shares of other investment companies may differ from the NAV of the Fund. The shares of closed-end
 investment companies frequently trade at a discount to their NAV. As
 a shareholder in an investment company, the
 Fund would bear its ratable share of that entity's expenses, including its investment advisory and administration fees, and
 be subject to the associated risks. At the same time, the Fund would continue to pay its own advisory and administration fees
 and other expenses. As a result, the Fund and its shareholders, in effect, will also be absorbing fees with respect to investments
 in other investment companies.

• **Derivatives.** Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those
 of the underlying asset or instrument, including market risk, and may be subject to 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. Certain
 derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Investments in currency
 derivatives may substantially change the Fund's exposure to currency exchange rates and could
 result in losses to the Fund if currencies do not perform as the Adviser expects. Foreign currency forward exchange contracts
 and currency futures and options contracts create exposure to currencies in which the Fund's securities are not denominated.

• **Inflation-Linked Securities Risk.** The values of inflation-linked securities change in response to actual or anticipated changes
 in specific inflation rates. Inflation-linked securities are also subject to the effects of changes in market interest rates
 caused by factors other than inflation (real interest rates). Real interest rates change over time as a result of many factors,
 such as currency exchange rates, central bank monetary policies and general economic conditions. Such changes may
 be unanticipated by the Adviser. In addition, inflation-linked securities are subject to the risks associated with fixed- income
 securities. When inflation is low, declining, or negative, the inflation-linked securities in which the Fund invests could underperform
 more conventional bonds. Interest payments on inflation-linked investments may vary widely and will fluctuate
 as the principal and interest are adjusted for inflation.

• **Commodity-Related Investments Risk.** The value of commodity-related investments will generally be affected by overall market
 movements and a variety of factors, including domestic and foreign political and economic events and policies, war, acts
 of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic
 and foreign inflation rates, investment and trading activities of mutual funds, hedge funds and commodities funds and
 factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, supply and

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

Global Strategist Portfolio (Con't)

demand fluctuations and health, political, environmental, international and regulatory (including environmental) developments. Economic and other events (whether real or perceived) can impact the demand for commodities, which may impact market prices and cause the value of the Fund's commodity-related investments to experience volatility and decline. The frequency and magnitude of such changes are unpredictable. Commodity-related investments may involve substantial risks and subject the Fund to greater volatility than investments in traditional securities, and prices of such investments may fluctuate quickly and dramatically. No active trading market may exist for certain commodity-related investments, which may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need or decision to liquidate such investments. In addition, adverse market conditions may impair the liquidity of commodity-related investments and subject the Fund's commodity-related investments to liquidity risk. Commodity-linked notes may be structured such that their performance deviates significantly from the underlying index or instrument.

As noted above, the Fund expects to invest in the Subsidiary, which invests in commodity-related investments, as well as other permitted instruments. The Subsidiary is subject to the laws of the Cayman Islands and is not subject to U.S. laws, including securities laws and their protections and provisions of the Internal Revenue Code of 1986, as amended (the "Code"). The Subsidiary is not registered under U.S. federal securities laws and may not be able to negotiate terms with its counterparties that are equivalent to those of a registered fund. As a result, the Subsidiary may be subject to greater counterparty risk than a registered fund. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Subsidiary to operate as described, and could adversely affect the Fund's investment approach. In addition, commodity-related investments generally generate income that is not qualifying income for purposes of meeting source of income tests applicable to mutual funds under the Code. Applicable Treasury regulations would generally treat the Fund's income inclusion with respect to the Subsidiary as "qualifying income" either if (i) there is a current-year distribution out of the earnings and profits of the Subsidiary that are attributable to such income inclusion or (ii) such inclusion is derived with respect to the Fund's business of investing in stock, securities or currencies. The Fund intends to treat its income from the Subsidiary as qualifying income. The tax treatment of the Fund's income from the Subsidiary may be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS that could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or any gains and distributions made by the Fund.

• **Subsidiary Risk.** The Subsidiary
 is not registered under the 1940
 Act, and is not subject to all the investor protections of the 1940
 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the
 Subsidiary to operate as described herein and could adversely affect the Fund. By investing in the Subsidiary, the Fund is
 indirectly exposed to the risks associated with the Subsidiary's investments.

• **Tax Risk.** The Fund
 may seek to gain exposure to the commodity markets through investments in the Subsidiary. Historically,
 the Internal Revenue Service ("IRS") has issued private letter rulings in which the IRS specifically concluded that income
 and gains from investments in commodity index-linked structured notes (the "Notes Rulings") or a wholly-owned foreign
 subsidiary that invests in commodity-linked instruments are "qualifying income" for purposes of compliance with Subchapter
 M of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund has not received such a private letter
 ruling, and is not able to rely on private letter rulings issued to other taxpayers. The IRS issued a revenue procedure, which
 states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset
 (such as a commodity index-linked note) is a "security" under the 1940 Act. In connection with issuing such revenue procedure,
 the IRS has revoked the Notes Rulings. The IRS also issued final regulations that would generally treat the Fund's income
 inclusion with respect to the Subsidiary as qualifying income either if (A) there is a current distribution out of the earnings
 and profits of the Subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect
 to the Fund's business of investing in stock, securities, or currencies. The Fund intends to treat its income from the Subsidiary
 as qualifying income. No assurances can be provided that the IRS would not be able to successfully assert that the
 Fund's income from such investments was not "qualifying income," in which case the Fund would fail to qualify as a regulated
 investment company under Subchapter M of the Code if over 10% of its gross income was derived from these investments.
 If the Fund failed to qualify as a regulated investment company, it would be subject to federal and state income
 tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders,
 which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.
 Additionally, the failure to qualify as a regulated investment company could have significant adverse tax consequences
 to the holders of the contracts and annuities which invest in the Fund through a separate account. The Cayman
 Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or
 withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes,
 Fund shareholders would likely suffer decreased investment returns.

• **China Risk.** Investments
 in securities of Chinese issuers involve risks associated with investments in foreign markets as well as
 special considerations not typically associated with investments in the  U.S. markets or other foreign (including emerging) markets.
 For example, the Chinese government has historically exercised substantial control over virtually every sector of

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Morgan Stanley Variable Insurance Fund \| Fund Summary

Global Strategist Portfolio (Con't)

the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China and operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese companies' operations and structures and taken (and may continue to take) actions that influenced the prices at which certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers between companies in certain industries and induced private companies to publicly offer their securities. Investments in China involve risk of a total loss due to government action or inaction or other adverse circumstances.

Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and South Korea, would adversely impact the Chinese economy and the Fund's investments. Moreover, a slowdown in other significant economies of the world, such as the United States, the European Union and certain Asian countries, may adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely impact the Fund's investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.

U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and sanctions actions taken by the United States and China against each other, including the designation of China as a "foreign adversary" of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions (and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on China's export industry, Chinese issuers, the liquidity or price of the Fund's direct or indirect investments in China and, therefore, the Fund's investments.

These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund's investments in Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control Taiwan, present a significant risk to the Fund's investments in China. Ongoing political tension between the People's Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and these impacts remain uncertain.

Risks of Investing through Bond Connect. The Fund may invest in fixed-income instruments listed and traded through the Bond Connect program ("Bond Connect"). Trading through Bond Connect is subject to a number of restrictions that may affect the Fund's investments and returns. Moreover, fixed-income instruments purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules. The Bond Connect program is a relatively new program and may be subject to further interpretation and guidance. There can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect the Fund's investments or returns.

• **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
 and/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

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

Global Strategist Portfolio (Con't)

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.

• **Portfolio Turnover.** Consistent
 with its investment policies, the Fund will purchase and sell securities without regard to the effect
 on portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs.

• **Active Management Risk.** In pursuing the Fund's investment objective, the Adviser and/or Sub-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 and/or Sub-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.

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 I shares' performance from year-to-year and by showing how the Fund's Class I 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 in the table provides a means to compare the Fund's average annual 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 I)**<br>Commenced operations on January 2, 1997

![](sp17237img001.jpg)

During the periods shown in the bar chart above:

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| | | |
|:---|:---|:---|
| **High Quarter** | 06/30/20 | 13.90% |
| **Low Quarter** | 03/31/20 | -17.60% |

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**Average Annual Total Return (Class I)**<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 I** | **Class I** | **Class I** | **Class I** |
| Return Before Taxes | 17.40% | 5.31% | 6.85% |
| MSCI All Country World Index (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | 22.34% | 11.19% | 11.72% |
| Customized MSIM Global Allocation Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | 16.60% | 5.79% | 7.57% |

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Morgan Stanley Variable Insurance Fund \| Fund Summary

Global Strategist Portfolio (Con't)

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| | |
|:---|:---|
| 1 | The MSCI All Country World Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |

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| | |
|:---|:---|
| 2 | The Customized MSIM Global Allocation Index is a performance linked benchmark comprised of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate Index for periods after May 31, 2017. Prior to May 31, 2017, the Customized MSIM Global Allocation Index consisted of 60% MSCI All Country World Index (benchmark that measures the equity market performance of developed and emerging markets), 30% Bloomberg Global Aggregate Index (benchmark that provides a broad-based measure of the global investment grade fixed-rate debt markets), 5% S&P GSCI Light Energy Index (benchmark for investment performance in the energy commodity market) and 5% ICE BofA U.S. Dollar 1-Month LIBID Average Index (benchmark that tracks the performance of a basket of synthetic assets paying LIBID to a stated maturity). It is not possible to invest directly in an index. |

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**Fund Management**

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

**Sub-Adviser.** Morgan Stanley Investment Management Limited.

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

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| | | |
|:---|:---|:---|
| **Name** | **Title with Adviser or Affiliate** | **Date Began**<br>**Managing Fund** |
| Rui De Figueiredo, Ph.D. | Managing Director | October 2025 |
| Ryan Meredith | Managing Director | October 2025 |
| Jim Caron | Managing Director | October 2025 |
| Steven Turner | Managing Director | October 2025 |
| Damon Wu | Managing Director | October 2025 |
| Mark A. Bavoso | Managing Director | September 2010 |

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**Purchase and Sale of Fund Shares**

The Prospectus offers Class I shares of the Fund. The Company also offers Class II shares of the Fund through a separate prospectus. Class II shares are subject to higher expenses due to the imposition of a 12b-1 fee. 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 Fund's "Distributor," Morgan Stanley Distribution, Inc., 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. Shareholders should ask their salesperson or visit their insurance company's web site for more information.

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