# EDGAR Filing Document

**Accession Number:** 0001011378
**File Stem:** 0001410368-25-031643
**Filing Date:** 2025-11
**Character Count:** 282208
**Document Hash:** 926a53ef944de8ad2a3e4ae3df07e672
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031643.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-031643

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY VARIABLE INSURANCE FUND INC.
- **CENTRAL INDEX KEY:** 0001011378

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07607
- **FILM NUMBER:** 251524500

**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

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

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

## Nport-Ex

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (91.4%)** | **Common Stocks (91.4%)** | **Common Stocks (91.4%)** |
| **Beverages (0.7%)** | **Beverages (0.7%)** | **Beverages (0.7%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. (a) | 26823 | $1542 |
| **Biotechnology (4.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (a) | 1679 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx SE ADR (Belgium) (a) | 835 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProKidney Corp. (a) | 126796 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. (a) | 490017 | 7414 |
|  |  | 9102 |
| **Broadline Retail (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global-e Online Ltd. (Israel) (a) | 94621 | 3384 |
| **Entertainment (7.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (a) | 121535 | 16835 |
| **Financial Services (9.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a) | 200235 | 14633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (a) | 464779 | 5601 |
|  |  | 20234 |
| **Health Care Providers & Services (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilon Health, Inc. (a) | 1269583 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. (a) | 12543 | 1189 |
|  |  | 2496 |
| **Information Technology Services (16.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (a) | 137203 | 29442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. (a) | 26795 | 8317 |
|  |  | 37759 |
| **Machinery (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symbotic, Inc. (a) | 41195 | 2220 |
| **Media (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A (a) | 127091 | 6229 |
| **Metals & Mining (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. (a) | 17933 | 1203 |
| **Personal Care Products (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oddity Tech Ltd., Class A (Israel) (a) | 140804 | 8772 |
| **Pharmaceuticals (4.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 298360 | 10526 |
| **Real Estate Management & Development (2.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landbridge Co. LLC, Class A | 80480 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. (a) | 132921 | 1059 |
|  |  | 5353 |
| **Software (12.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurora Innovation, Inc. (a) | 1527634 | 8234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BitMine Immersion Technologies, Inc. (a) | 85185 | 4424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Circle Internet Group, Inc. (a) | 4468 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figma, Inc., Class A (a)(b) | 80608 | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (a) | 90209 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc., Class A (a) | 24738 | 7971 |
|  |  | 28762 |
| **Specialty Retail (5.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. (a) | 15386 | 5804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A (a) | 99914 | 7364 |
|  |  | 13168 |
| **Tech Hardware, Storage & Peripherals (7.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc. (a) | 272337 | 16749 |
| **Trading Companies & Distributors (9.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A (a) | 165779 | 8924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc. (a) | 672322 | 12814 |
|  |  | 21738 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $153,100)** |  | 206072 |
| **Preferred Stocks (2.3%)** |  |  |
| **Software (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21) | 36279 | 4098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $709; acquired 9/15/23) | 9645 | 1090 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (Cost $3,375)** |  | 5188 |
| **Investment Company (3.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF (a) **(Cost $4,064)** | 105046 | 6828 |
| **Short-Term Investments (5.5%)** |  |  |
| **Investment Company (4.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (e) **(Cost $9,438)** | 9438206 | 9438 |
| **Securities held as Collateral on Loaned Securities (1.3%)** |  |  |
| **Investment Company (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (e) | 2422592 | 2423 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Repurchase Agreements(0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (4.00%, dated 9/30/25, due 10/1/25; proceeds $265; fully collateralized by U.S. Government obligations; 4.50% - 4.63% due 11/15/25 - 9/15/26; valued at $270) | $265 | $265 |
| &nbsp;&nbsp;&nbsp;Merrill Lynch & Co., Inc., (4.20%, dated 9/30/25, due 10/1/25; proceeds $357; fully collateralized by U.S. Government obligations; 0.13% - 4.13% due 12/31/26 - 8/15/53; valued at $364) | 357 | 357 |
|  |  | 622 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $3,045)** |  | 3045 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $12,483)** |  | 12483 |
| **Total Investments Excluding Purchased Options (102.2%) (Cost $173,022)** |  | 230571 |
| **Total Purchased Options Outstanding (0.1%) (Cost $1,182)** |  | 110 |
| **Total Investments (102.3%) (Cost $174,204) including $2,911 of Securities Loaned (f)(g)(h)** |  | 230681 |
| Liabilities in Excess of Other Assets (–2.3%) |  | (5232) |
| **Net Assets (100.0%)** |  | $225449 |

---

The Fund had the following Derivative Contracts - PIPE open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br> Obligation** | **Notional<br> Amount** | **Settlement<br> Date** | **Unrealized<br> Depreciation<br> (000)** | **% of<br> Net<br> Assets** |
| Cantor Equity Partners, Inc. | Twenty One Capital, Inc. (a)(c)(d)(i)(j) | $4245 | 12/31/25 | $(965) | (0.43)% |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2025, were approximately $2,911,000 and $3,045,000, respectively. The Fund received cash collateral of approximately $3,045,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at September 30, 2025 amounts to approximately $4,223,000 and represents 1.9% of net assets. |
| (d) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | Securities are available for collateral in connection with purchased options. |
| (h) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $73,995,000 and the aggregate gross unrealized depreciation is approximately $18,483,000, resulting in net unrealized appreciation of approximately $55,512,000. |
| (i) | Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| (j) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 202,154 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date. |
| ADR | American Depositary Receipt. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

**Call Options Purchased:**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | 7.58 | Aug–26 | 69521536 | $69522 | $83 | $228 | $(145) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May–26 | 50125188 | 50125 | 19 | 208 | (189) |
| Standard Chartered Bank | USD/CNH | 7.77 | Oct–25 | 40532709 | 40533 |  | 176 | (176) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb–26 | 47784367 | 47784 | 4 | 197 | (193) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr–26 | 32277816 | 32278 | 4 | 157 | (153) |
| Goldman Sachs & Co. LLC | USD/CNH | 8.02 | Dec–25 | 45434046 | 45434 |  | 216 | (216) |
|  |  |  |  |  |  | $110 | $1182 | $(1072) |

---

---

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

---

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

---

| | |
|:---|:---|
| **Portfolio Composition\***<br>**Classification** |<br>**Percentage of<br> Total Investments** |
| Other\*\* | 29.4% |
| Information Technology Services | 16.6 |
| Software | 14.9 |
| Trading Companies & Distributors | 9.6 |
| Financial Services | 8.9 |
| Entertainment | 7.4 |
| Tech Hardware, Storage & Peripherals | 7.4 |
| Specialty Retail | 5.8 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2025.

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Fixed Income Securities (97.0%)** |  |  |
| **Albania (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albania Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/23/31 | 100 | $116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/14/35 | 690 | 818 |
|  |  | 934 |
| **Angola (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azule Energy Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 1/23/30 (a) | $866 | 874 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angolan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 4/14/32 | 250 | 240 |
|  |  | 1114 |
| **Argentina (3.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Macro SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 6/23/29 (a) | 342 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresa Distribuidora de Electricidad de Mendoza SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 7/28/31 (a)(b) | 450 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generacion Mediterranea SA/Central Termica Roca SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 11/1/31 (a)(c)(d) | 284 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YPF SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/17/34 (a) | 310 | 300 |
|  |  | 1206 |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month SOFR + 7.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.58%, 5/28/27 (e) | 195 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Argentina SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20%, 2/23/29 (e) | 187 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMOS SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.70%, 7/8/30 (e) | 216 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.48%, 7/8/30 (f) | 584 | 584 |
|  |  | 1188 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 7/9/30 (b) | 160 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 7/9/29 | 160 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/9/41 (b) | 150 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 7/9/35 (b) | 200 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/9/38 (b) | 200 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia de Cordoba, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 7/2/32 (a) | 638 | 610 |
|  |  | 1126 |
|  |  | 3520 |
| **Armenia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Armenia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/12/35 | 200 | 204 |
| **Azerbaijan (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Azerbaijan International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/1/32 | 230 | 215 |
| **Bahamas (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Bahamas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 EUR Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month EURIBOR + 6.85%, 8.89%, 11/24/28 (e) | 866 | 1050 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahamas Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 6/24/36 (a) | $245 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 10/15/32 | 200 | 223 |
|  |  | 488 |
|  |  | 1538 |
| **Benin (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benin Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/22/35 | 302 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 1/19/52 | 487 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 2/13/38 | $400 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 1/23/41 | 274 | 287 |
|  |  | 1547 |
| **Bosnia and Herzegovina (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation of Bosnia & Herzegovina Eurobond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/17/30 | 210 | 255 |
| **Brazil (6.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (6.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adecoagro SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 7/29/32 (a) | $205 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/31/30 | 955 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 1/23/81 | 404 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Oil Services Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/7/29 (a) | 550 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer Netherlands Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 1/9/38 (g) | 247 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORESEA Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/15/30 | 685 | 671 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Corporate Bonds (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gol Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38%, 6/6/30 (a) | $574 | $591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV24 Capital BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 6/1/34 | 420 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceanica Lux, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 10/2/29 (a) | 560 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHI Group SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 7/22/29 (a) | 846 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OI SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% Cash, 6.00% PIK, 13.50%, 6/30/27 (a)(h) | 321 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 7/8/32 (a) | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 2/25/37 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samarco Mineracao SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% Cash, 9.00% PIK, 9.00%, 6/30/31 (c)(d)(h) | 1116 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unigel Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.50% Cash or 15.00% PIK, 13.50%, 12/31/27 (h) | 23 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yinson Boronia Production BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 7/31/42 (a) | 196 | 219 |
|  |  | 6545 |
| **Bulgaria (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulgaria Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/5/37 | 190 | 190 |
| **Cameroon (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golar LNG Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 9/19/29 | 400 | 406 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Cameroon International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/31/31 | 200 | 192 |
|  |  | 598 |
| **Chile (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 7/27/33 | 700 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/25/50 | 800 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/5/36 | 800 | 805 |
|  |  | 1992 |
| **China (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 6/1/31 | 123 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Oil & Gas Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 6/30/26 | 790 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/1/26 | 95 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KWG Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 8/30/24 (c)(d) | 450 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longfor Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 9/16/29 | 255 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/1/25 | 97 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shimao Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/21/26 (a)(c)(d) | 115 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% Cash or 3.00% PIK, 2.00%, 7/21/32 - 1/21/34 (a)(c)(d)(h) | 529 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% Cash or 6.00% PIK, 5.00%, 7/21/31 (a)(c)(d)(h) | 722 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunac China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% Cash, 1.00% PIK, 1.00%, 9/30/32 (c)(d)(h) | 85 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% Cash, 6.00% PIK, 11.00%, 9/30/26 (c)(d)(h) | 72 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% Cash, 6.25% PIK, 11.50%, 9/30/27 (c)(d)(h) | 72 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% Cash, 6.50% PIK, 12.00%, 9/30/27 (c)(d)(h) | 145 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% Cash, 6.75% PIK, 12.50%, 9/30/28 (c)(d)(h) | 218 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% Cash, 7.00% PIK, 13.00%, 9/30/29 (c)(d)(h) | 219 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% Cash, 7.25% PIK, 13.50%, 9/30/30 (c)(d)(h) | 103 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Times China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 6/4/24 (c)(d) | 1376 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/16/23 (c)(d) | 280 | 10 |
|  |  | 1717 |
| **Colombia (3.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABRA Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% Cash, 8.00% PIK, 14.00%, 10/22/29 (a)(h) | 594 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avianca Midco 2 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 12/1/28 (a) | 684 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 2/14/30 (a) | 202 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Davivienda SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 yr. CMT + 5.10%, 6.65%, 4/22/31 (i) | 208 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 7/2/35 (a) | 402 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Occidente SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 8/13/34 | 430 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canacol Energy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/24/28 | 500 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/30/30 | 200 | 186 |
|  |  | 2922 |
| **Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/7/36 | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/7/54 | 200 | 212 |
|  |  | 632 |
|  |  | 3554 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Costa Rica (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costa Rica Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 4/3/34 | $800 | $859 |
| **Dominican Republic (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/30/30 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 9/23/32 | 1200 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 1/21/41 | 200 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/22/33 | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 1/27/45 | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 4/30/44 (a) | 400 | 440 |
|  |  | 2380 |
| **Ecuador (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecuador Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/31/30 | 1136 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 7/31/30 - 7/31/35 (b) | 2418 | 2043 |
|  |  | 2916 |
| **Egypt (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 4/16/30 | 400 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 4/11/31 | 900 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 9/30/33 | $200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90%, 2/21/48 | 400 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 1/31/47 | 800 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45%, 2/4/33 | 251 | 268 |
|  |  | 2960 |
| **El Salvador (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Salvador Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 6/15/35 | 140 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 4/10/32 | 300 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 4/17/30 | 150 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65%, 11/21/54 (a) | 165 | 179 |
|  |  | 805 |
| **Ethiopia (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethiopia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 12/11/24 (c)(d) | 2042 | 1963 |
| **Gabon (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabon Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 2/6/31 | 200 | 162 |
| **Georgia (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Georgia JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/16/29 (i) | 490 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBC Bank JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 7/30/29 (i) | 528 | 542 |
|  |  | 1040 |
| **Ghana (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kosmos Energy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 10/1/31 | 686 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tullow Oil PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 5/15/26 | 341 | 293 |
|  |  | 826 |
| **Greece (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Bank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/10/30 (i) | 277 | 357 |
| **Guatemala (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/7/33 | $500 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 4/24/32 | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 2/6/37 | 300 | 317 |
|  |  | 1166 |
| **Guyana (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure International Finance Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 6/3/29 (a) | 176 | 177 |
| **Honduras (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honduras Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/27/34 (a) | 949 | 1043 |
| **Hong Kong (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAS Capital No. 1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/12/26 (i) | 400 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li & Fung Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 2/5/29 | 270 | 282 |
|  |  | 678 |
| **Hungary (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBH Bank Nyrt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 1/29/30 | 230 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/8/35 | 200 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 7/30/35 | $225 | 240 |
|  |  | 768 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/26/36 | $1200 | $1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/22/32 | 400 | 429 |
|  |  | 1641 |
|  |  | 2409 |
| **India (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 8/25/26 (i) | 363 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piramal Capital & Housing Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80%, 1/29/28 | 370 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vedanta Resources Finance II PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 6/3/28 (a) | 280 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 12/3/31 (a) | 280 | 301 |
|  |  | 1327 |
| **Iraq (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iraq International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 1/15/28 | 88 | 87 |
| **Jamaica (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance Ltd./Difl U.S. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 8/1/32 (a) | 270 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCB Financial Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 7/31/30 (a) | 470 | 470 |
|  |  | 748 |
| **Senior Loan Interests (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.25%, 9.48%, 8/6/32 (e) | 200 | 200 |
|  |  | 948 |
| **Jordan (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 7/7/30 | 707 | 706 |
| **Kazakhstan (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ForteBank JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 2/4/30 (a) | 690 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/26/30 | 275 | 283 |
|  |  | 990 |
| **Kenya (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Kenya Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 2/28/48 | 257 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 3/5/36 | 450 | 463 |
|  |  | 696 |
| **Kuwait (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/9/35 | 1460 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Kuwait, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/9/30 | 1370 | 1370 |
|  |  | 2830 |
| **Lebanon (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lebanon Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 4/14/20 (c)(d) | 845 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/27/23 (c)(d) | 439 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/4/22 (c)(d) | 807 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 6/19/20 (c)(d) | 17 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 2/26/25 (c)(d) | 98 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/27/22 - 6/12/25 (c)(d) | 309 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/9/49 (c)(d) | 50 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 5/26/23 (c)(d) | 1839 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 11/27/26 (c)(d) | 7 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 11/3/28 - 4/22/49 (c)(d) | 384 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 3/23/27 - 5/25/29 (c)(d) | 1380 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 3/20/28 - 3/23/32 (c)(d) | 548 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/23/37 (c)(d) | 106 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 4/12/21 (c)(d) | 19 | 4 |
|  |  | 1545 |
| **Malaysia (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petronas Capital Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 1/28/32 | 800 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 4/21/50 | 200 | 177 |
|  |  | 899 |
| **Mexico (3.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Mercantil del Norte SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 5/20/31 (a)(i) | 320 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65%, 5.13%, 1/18/33 | 265 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45%, 6/29/38 | 336 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Idesa SAPI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99%, 2/20/32 | 214 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00% Cash, 2.00% PIK,13.00%, 9/12/30 (h) | 539 | 310 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Corporate Bonds (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/15/31 (a) | $538 | $539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Play Telecomunicaciones SA de CV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13%, 12/31/32 (a) | 321 | 317 |
|  |  | 2264 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 2/12/52 | 300 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 7/2/32 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 2/9/35 | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/23/26 | 219 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 9/21/47 | 453 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 1/23/30 | 168 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 8/4/26 | 132 | 134 |
|  |  | 1646 |
|  |  | 3910 |
| **Mongolia (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golomt Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 5/20/27 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mongolian Mining Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44%, 4/3/30 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Bank LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.90%, 9/25/28 | 280 | 279 |
|  |  | 689 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mongolia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 2/25/30 | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 6/5/29 | 200 | 212 |
|  |  | 416 |
|  |  | 1105 |
| **Montenegro (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montenegro Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 4/1/32 | 1080 | 1275 |
| **Morocco (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/32 | $500 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/50 (a) | 300 | 221 |
|  |  | 664 |
| **Mozambique (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mozambique International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 9/15/31 (b) | 215 | 192 |
| **Nicaragua (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Renewable Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 12/3/29 | 250 | 262 |
| **Nigeria (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access Bank PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 9/21/26 | 483 | 483 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70%, 2/23/38 | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.38%, 12/9/34 | 1223 | 1362 |
|  |  | 1548 |
|  |  | 2031 |
| **Oman (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 3/8/27 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/1/29 | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/25/31 | 500 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/17/48 | 440 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/28/32 | 600 | 700 |
|  |  | 2243 |
| **Pakistan (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veon Midco BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/25/27 |  |  |
|  | 439 | 413 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pakistan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/5/27 | 267 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 4/8/31 | 481 | 472 |
|  |  | 740 |
|  |  | 1153 |
| **Panama (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coral-U.S. Co-Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B7, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 3.25%, 7.57%, 1/31/32 (e) | 217 | 215 |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 9/17/32 (a)(i) | 205 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/1/56 | 1331 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 1/26/36 | 555 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 3/1/31 | 500 | 550 |
|  |  | 2325 |
|  |  | 2540 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Paraguay (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frigorifico Concepcion SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.50%, 9.63%, 12/8/26 (e) | $557 | $566 |
| **Peru (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auna SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 12/18/29 (a) | 493 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camposol SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/3/27 | 157 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru LNG Srl, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 3/22/30 | 175 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos del Peru SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/19/47 | 540 | 400 |
|  |  | 1246 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/15/34 | 300 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 3/11/41 | 300 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/8/54 | 300 | 302 |
|  |  | 796 |
|  |  | 2042 |
| **Philippines (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/5/35 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/17/33 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/17/48 | 520 | 532 |
|  |  | 1747 |
| **Romania (5.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (5.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 7/13/30 | 98 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/14/33 | 79 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 12/2/40 | 146 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 4/14/41 | 78 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 4/13/42 | 84 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 1/28/50 | 49 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/29/35 | 603 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 4/3/49 | 444 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 6/15/48 | $48 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 2/22/36 | 148 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/24/35 | $1422 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 7/11/32 | 192 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/25/34 | $48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 9/24/44 | 418 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/10/34 | 98 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/11/39 | 488 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 2/10/37 | $1002 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 1/17/53 | 96 | 103 |
|  |  | 5668 |
| **Saudi Arabia (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riyad Sukuk Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21%, 7/14/35 | 270 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Awwal Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 9/4/35 | 280 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SNB Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/24/35 | 270 | 277 |
|  |  | 837 |
| **Senegal (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senegal Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 6/8/37 | 240 | 186 |
| **Serbia (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serbia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 9/23/36 | 270 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 12/1/30 | $200 | 175 |
|  |  | 424 |
| **Sri Lanka (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 1/15/30 (a)(b)(c)(d) | 534 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 3/15/33 (a)(b)(c)(d) | 650 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 6/15/35 - 2/15/38 (a)(b)(c)(d) | 980 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/28 (a)(c)(d) | 525 | 503 |
|  |  | 2413 |
| **Suriname (4.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staatsolie Maatschappij Suriname NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Revolver,1.93%, 4/25/32 (f) | 1900 | 1900 |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suriname Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% Cash, 3.00% PIK, 7.95%, 7/15/33 (a)(c)(d)(h) | 1548 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 12/31/50 (a)(c)(d)(e) | 1026 | 1211 |
|  |  | 2755 |
|  |  | 4655 |
| **Tanzania, United Republic Of (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan Tranche A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.31%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.73%, 9/13/28 (e) | 80 | 80 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Senior Loan Interests (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Tranche C Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.31%, 8.71%, 9/13/28 (e) | $500 | $497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.45%, 9.46%, 2/27/31 (e) | 3700 | 3700 |
|  |  | 4277 |
| **Togo (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecobank Transnational, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13%, 10/15/29 (a) | 532 | 566 |
| **Trinidad And Tobago (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad & Tobago Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 1/14/31 | 200 | 204 |
| **Turkey (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/10/36 | 253 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Yenilenebilir Enerji AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 8/12/30 (a) | 353 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zorlu Enerji Elektrik Uretim AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 4/23/30 | 461 | 425 |
|  |  | 1033 |
| **Ukraine (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kernel Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/27/27 | 404 | 369 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukraine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/1/30 - 2/1/36 (b)(c)(d) | 1026 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/1/29 - 2/1/36 (b)(c)(d) | 2335 | 1354 |
|  |  | 1835 |
|  |  | 2204 |
| **United Arab Emirates (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ittihad International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 11/9/28 | 520 | 547 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abu Dhabi Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 4/16/30 | 400 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 4/16/50 | 600 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/30/34 | 700 | 743 |
|  |  | 1625 |
|  |  | 2172 |
| **Uruguay (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 6/18/50 | 550 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 2/14/37 | 900 | 943 |
|  |  | 1465 |
| **Uzbekistan (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jscb Agrobank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/2/29 | 750 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbek Industrial & Construction Bank ATB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 7/24/29 | 370 | 402 |
|  |  | 1217 |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.76%, 9.09%, 4/23/27 (e) | 75 | 75 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Uzbekistan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 7/5/29 | 740 | 796 |
|  |  | 2088 |
| **Venezuela (3.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (3.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 4/12/27 (c)(d) | 1819 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/12/37 (c)(d) | 732 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/28/22 - 11/15/26 (c)(d) | 4609 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 10/27/20 - 10/20/27 (c)(d) | 757 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 11/17/21 (c)(d) | 840 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 5/17/35 (c)(d) | 1077 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 2/17/22 (c)(d) | 573 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venezuela Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/9/20 (c)(d) | 552 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/1/18 - 3/31/38 (c)(d) | 431 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 4/21/25 (c)(d) | 500 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/13/49 (c)(d) | 791 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 10/13/24 (c)(d) | 740 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 5/7/23 (c)(d) | 456 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 9/15/27 - 5/7/28 (c)(d) | 1962 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 1/13/34 (c)(d) | 89 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75%, 10/21/26 (c)(d) | 292 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.95%, 8/5/31 (c)(d) | 529 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 8/23/22 (c)(d) | 711 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.63%, 8/15/18 - 8/15/49 (c)(d) | 122 | 29 |
|  |  | 3977 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Zambia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/30/33 (b)(c)(d) | $134 | $128 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $106,123)** |  | 105719 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Warrants** | |
| **Warrants (2.7%)** |  |  |
| **Ukraine (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukraine Government International Bond expires 8/1/41 (j) | 3673000 | 2944 |
| **Venezuela (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venezuela Government International Bond, Oil-Linked Payment Obligation expires 4/15/20 (i)(j) | 3750 | 22 |
| &nbsp;&nbsp;&nbsp;**Total Warrants (Cost $2,723)** |  | 2966 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investments (2.7%)** |  |  |
| **Investment Company (2.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (k) **(Cost $2,655)** | 2654455 | 2655 |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount<br> (000)** | |
| **United States (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Security (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31%, 11/20/25 (l)(m) **(Cost $308)** | $310 | 308 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $2,963)** |  | 2963 |
| **Total Investments (102.4%) (Cost $111,809) (n)(o)** |  | 111648 |
| Liabilities in Excess of Other Assets (-2.4%) |  | (2658) |
| **Net Assets (100.0%)** |  | $108990 |

---

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

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2025. Maturity date disclosed is the ultimate maturity date. |
| (c) | Issuer in bankruptcy. |
| (d) | Non-income producing security; bond in default. |
| (e) | Floating or variable rate securities: The rates disclosed are as of September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (f) | In addition to the term loan, the Fund has an unfunded loan commitment of approximately $1,900,000, which could be extended at the option of the borrower. As of September 30, 2025, Staatsolie Maatschappij Suriname NV, did not draw down any of the commitment. |
| (g) | When-issued security. |
| (h) | Income may be paid in additional securities and/or cash at the discretion of the issuer. |
| (i) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of September 30, 2025. |
| (j) | Non-income producing security. |
| (k) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund. |
| (l) | Rate shown is the yield to maturity at September 30, 2025. |
| (m) | All or a portion of the security was pledged to cover margin requirements for swap agreements. |
| (n) | Securities are available for collateral in connection with purchase of when-issued security, securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (o) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,111,000 and the aggregate gross unrealized depreciation is approximately $7,272,000, resulting in net unrealized depreciation of approximately $161,000. |
| CMT | Constant Maturity Treasury Note Rate. |
| EUR | EURO |
| EURIBOR | Euro Interbank Offered Rate. |
| PIK | Payment-in-Kind. |
| SOFR | Secured Overnight Financing Rate. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | $(5) |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | (5) |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | (5) |
| HSBC Bank PLC | $187 | 160 | 10/10/25 | 1 |
| HSBC Bank PLC | $948 | 800 | 10/10/25 | (8) |
| State Street Bank and Trust Co. | 990 | $1158 | 10/10/25 | (5) |
| State Street Bank and Trust Co. | 829 | $970 | 10/10/25 | (4) |
| State Street Bank and Trust Co. | 210 | $246 | 10/10/25 | (1) |
| State Street Bank and Trust Co. | 89 | $104 | 10/10/25 | (— |
| State Street Bank and Trust Co. | 259 | $303 | 10/10/25 | (1) |
| State Street Bank and Trust Co. | 924 | $1081 | 10/10/25 | (5) |
| State Street Bank and Trust Co. | 162 | $190 | 10/10/25 | (1) |
| State Street Bank and Trust Co. | 945 | $1105 | 10/10/25 | (5) |
| State Street Bank and Trust Co. | 342 | $399 | 10/10/25 | (2) |
| State Street Bank and Trust Co. | 491 | $574 | 10/10/25 | (3) |
| State Street Bank and Trust Co. | 1571 | $1837 | 10/10/25 | (8) |
| State Street Bank and Trust Co. | 365 | $427 | 10/10/25 | (2) |
| State Street Bank and Trust Co. | $248 | 210 | 10/10/25 | (1 |
|  |  |  |  | $(60 |

---

**Futures Contracts:**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  |  | | |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 11 | Dec-25 | $2200 | $2292 | $3 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 14 | Dec-25 | 1400 | 1529 | (2) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 82 | Dec-25 | 8200 | 9436 | 112 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond (United States) | 54 | Dec-25 | 5400 | 6296 | 126 |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond (United States) | 87 | Dec-25 | 8700 | 10446 | 277 |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;German Euro-Schatz Index (Germany) | 13 | Dec-25 | (1300) | (1633) | 2 |
| &nbsp;&nbsp;&nbsp;German Euro-Bobl Index (Germany) | 25 | Dec-25 | (2500) | (3458) | 1 |
| &nbsp;&nbsp;&nbsp;German Euro-Bund Index (Germany) | 38 | Dec-25 | (3800) | (5736) | (26) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 46 | Dec-25 | $(4600) | (5175) | 15 |
|  |  |  |  |  | $508 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

**Credit Default Swap Agreements:**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap <br> Counterparty<br> and Reference <br> Obligation** | **Credit<br> Rating of<br> Reference<br> Obligation†** | **Buy/Sell<br> Protection** | **Pay/<br> Received<br> Fixed <br> Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Upfront<br> Payment<br> Paid<br> (Received)<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Morgan Stanley & Co. LLC\* Egypt Government International Bonds | NR | Sell | 1.00% | Quarterly | 12/20/28 | $188 | $(12) | $(55) | $43 |
| Barclays Bank PLC Pan American Energy LLC | NR | Sell | 1.00 | Quarterly | 12/20/25 | 240 |  | (3) | 3 |
| Goldman Sachs International Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/26 | 261 | (— | (12) | 12 |
| Morgan Stanley & Co. LLC\* Petrobras Global Finance BV | NR | Buy | 1.00 | Quarterly | 12/20/30 | 1985 | 44 | 50 | (6) |
| Goldman Sachs International Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 710 | (8) | (18) | 10 |
| JPMorgan Chase Bank NA Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 312 | (4) | (9) | 5 |
| Barclays Bank PLC Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 12/20/26 | 634 | (4) | (11) | 7 |
| Barclays Bank PLC Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 476 | (5) | (12) | 7 |
| Barclays Bank PLC Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 100 | (1 | (3) | 2 |
|  |  |  |  |  |  |  | $10 | (73) | $83 |

---

---

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

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Sovereign | 58.1 | % |
| Corporate Bonds | 28.1 |  |
| Senior Loan Interests | 8.5 |  |
| Other\* | 5.3 |  |
| Total Investments | 100.0 | %\*\* |

---

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

\*\* Does not include open futures contracts with a value of approximately $46,001,000 and net unrealized appreciation of approximately $508,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $60,000. Also does not include open swap agreements with net unrealized appreciation of approximately $83,000.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (98.9%)** |  |  |
| **Brazil (5.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual SA (Units) (a) | 55489 | $503 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA (Preference) | 282518 | 2074 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | 342985 | 1187 |
| &nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz SA | 242138 | 1914 |
| &nbsp;&nbsp;&nbsp;Vale SA | 84174 | 911 |
| &nbsp;&nbsp;&nbsp;WEG SA | 340050 | 2338 |
|  |  | 8927 |
| **Chile (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 8074317 | 1226 |
| **China (23.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (b) | 319300 | 7141 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu Co. Ltd., Class A | 728000 | 1026 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo Co. Ltd., Class A | 210500 | 782 |
| &nbsp;&nbsp;&nbsp;BYD Co. Ltd., H Shares (b) | 51000 | 721 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares (b) | 3188230 | 3058 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp. Ltd., Class H (b) | 282800 | 774 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd., H Shares (b) | 375000 | 2244 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 22300 | 1265 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 162509 | 1635 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology (b) | 81000 | 876 |
| &nbsp;&nbsp;&nbsp;NARI Technology Co. Ltd., Class A | 310700 | 1004 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group Co. Ltd., Class A | 17620 | 1123 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. (b) | 48500 | 1473 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., Class H (b) | 123500 | 840 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd., Class A | 107200 | 1266 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (b) | 134400 | 11452 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | 26127 | 1965 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B (b)(c) | 237600 | 1651 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 18426 | 791 |
|  |  | 41087 |
| **Czech Republic (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka AS | 21676 | 1088 |
| **India (21.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;360 ONE WAM Ltd. | 70979 | 818 |
| &nbsp;&nbsp;&nbsp;Avenue Supermarts Ltd. (c) | 17201 | 867 |
| &nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 109358 | 1393 |
| &nbsp;&nbsp;&nbsp;Bajaj Auto Ltd. | 13040 | 1275 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance Ltd. | 155361 | 1748 |
| &nbsp;&nbsp;&nbsp;CG Power & Industrial Solutions Ltd. | 67768 | 566 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive India Ltd. | 13912 | 348 |
| &nbsp;&nbsp;&nbsp;Grasim Industries Ltd. | 40419 | 1255 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management Co. Ltd. | 26296 | 1638 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 102963 | 1104 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 47400 | 1619 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries Ltd. | 74570 | 640 |
| &nbsp;&nbsp;&nbsp;Hitachi Energy India Ltd. | 7029 | 1425 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 198683 | 3011 |
| &nbsp;&nbsp;&nbsp;IDFC First Bank Ltd. | 1890478 | 1485 |
| &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR (d) | 109907 | 1788 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro Ltd. | 26123 | 1077 |
| &nbsp;&nbsp;&nbsp;Lodha Developers Ltd. | 92412 | 1182 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 64717 | 2498 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd. (c) | 7865 | 736 |
| &nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | 116851 | 1467 |
| &nbsp;&nbsp;&nbsp;Pidilite Industries Ltd. | 67282 | 1112 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 202874 | 3116 |
| &nbsp;&nbsp;&nbsp;Samvardhana Motherson International Ltd. | 644469 | 768 |
| &nbsp;&nbsp;&nbsp;Shriram Finance Ltd. | 114548 | 794 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 227630 | 2235 |
| &nbsp;&nbsp;&nbsp;Swiggy Ltd. (c) | 110906 | 528 |
| &nbsp;&nbsp;&nbsp;United Breweries Ltd. | 46792 | 949 |
|  |  | 37442 |
| **Indonesia (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cisarua Mountain Dairy Tbk. PT | 2529000 | 698 |
| **Korea, Republic of (10.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;HYBE Co. Ltd. | 2290 | 435 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | 8063 | 1236 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 20791 | 1716 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | 12879 | 924 |
| &nbsp;&nbsp;&nbsp;KT&G Corp. | 9703 | 924 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | 8749 | 1679 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 162668 | 9752 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 5246 | 1301 |
|  |  | 17967 |
| **Malaysia (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd. | 655000 | 1144 |
| &nbsp;&nbsp;&nbsp;Malayan Banking Bhd. | 401600 | 946 |
|  |  | 2090 |
| **Mexico (4.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV Series O | 265590 | 2668 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV, Class A | 967350 | 2037 |
| &nbsp;&nbsp;&nbsp;Prologis Property Mexico SA de CV REIT | 218795 | 896 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 614758 | 1899 |
|  |  | 7500 |
| **Peru (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp Ltd. | 3239 | 863 |
| **Poland (3.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Allegro.eu SA (c) | 242971 | 2384 |
| &nbsp;&nbsp;&nbsp;Budimex SA | 6619 | 928 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski SA | 96712 | 1879 |
|  |  | 5191 |

---

Morgan Stanley Variable Insurance Fund, Inc. <br> Third Quarter Report – September 30, 2025 (unaudited)<br> Portfolio of Investments (cont'd) <br> Emerging Markets Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Saudi Arabia (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alinma Bank | 144084 | $1028 |
| &nbsp;&nbsp;&nbsp;Bupa Arabia for Cooperative Insurance Co. | 25468 | 1120 |
|  |  | 2148 |
| **South Africa (3.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;AVI Ltd. | 243808 | 1398 |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings Ltd. | 10696 | 2158 |
| &nbsp;&nbsp;&nbsp;Clicks Group Ltd. | 52900 | 1079 |
| &nbsp;&nbsp;&nbsp;OUTsurance Group Ltd. | 192628 | 800 |
|  |  | 5435 |
| **Taiwan (21.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Airtac International Group | 26901 | 668 |
| &nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 14000 | 1608 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 244000 | 1332 |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co. Ltd. | 200980 | 737 |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | 48000 | 1352 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 377000 | 2692 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | 44000 | 1908 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 565000 | 24543 |
| &nbsp;&nbsp;&nbsp;Unimicron Technology Corp. | 255000 | 1278 |
| &nbsp;&nbsp;&nbsp;Wiwynn Corp. | 20242 | 2218 |
|  |  | 38336 |
| **United Kingdom (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 65564 | 2438 |
| **United States (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (c) | 556 | 1299 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $109,247)** |  | 173735 |
| **Short-Term Investments (3.6%)** | **Short-Term Investments (3.6%)** | **Short-Term Investments (3.6%)** |
| **Investment Company (2.5%)** | **Investment Company (2.5%)** | **Investment Company (2.5%)** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (e) **(Cost $4,469)** | 4469212 | 4469 |
| **Securities held as Collateral on Loaned Securities (1.1%)** | **Securities held as Collateral on Loaned Securities (1.1%)** | **Securities held as Collateral on Loaned Securities (1.1%)** |
| **Investment Company (1.1%)** | **Investment Company (1.1%)** | **Investment Company (1.1%)** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (e) **(Cost $1,841)** | 1840942 | 1841 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $6,310)** |  | 6310 |
| **Total Investments (102.5%) (Cost $115,557) including $1,788 of Securities Loaned (f)(g)(h)** |  | 180045 |
| Liabilities in Excess of Other Assets (–2.5%) |  | (4361) |
| **Net Assets (100.0%)** |  | $175684 |

---

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

---

| | |
|:---|:---|
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | Non-income producing security. |
| (d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2025, were approximately $1,788,000 and $1,841,000, respectively. The Fund received cash collateral of approximately $1,841,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | The approximate fair value and percentage of net assets, $148,246,000 and 84.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (h) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $67,533,000 and the aggregate gross unrealized depreciation is approximately $3,045,000, resulting in net unrealized appreciation of approximately $64,488,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\*\* | 41.0% |
| Banks | 19.5 |
| Semiconductors & Semiconductor Equipment | 17.9 |
| Interactive Media & Services | 7.9 |
| Tech Hardware, Storage & Peripherals | 7.6 |
| Broadline Retail | 6.1 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2025.

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (40.0%)** | **Fixed Income Securities (40.0%)** | **Fixed Income Securities (40.0%)** |
| **Agency Fixed Rate Mortgages (3.9%)** | **Agency Fixed Rate Mortgages (3.9%)** | **Agency Fixed Rate Mortgages (3.9%)** |
| &nbsp;&nbsp;&nbsp;**United States (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 6/1/52 | $566 | $458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/1/52 | 89 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/1/45 - 6/1/45 | 140 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/51 | 263 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/1/52 | 344 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/1/51 | 350 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/41 - 1/1/46 | 141 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/1/41 - 11/1/44 | 52 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/41 - 3/1/41 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/1/55 | 227 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/1/38 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/1/53 | 17 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October TBA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/55 (a) | 530 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/1/55 (a) | 60 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/55 (a) | 60 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/55 (a) | 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/55 (a) | 140 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/1/54 (a) | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/44 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/20/49 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;**Total Agency Fixed Rate Mortgages (Cost $3,434)** |  | 3315 |
| **Asset-Backed Securities (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Ireland (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Residential Loan Securitisation 2019-NPL1 DAC, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month EURIBOR + 3.25%, 5.16%, 7/24/54 (b) | 35 | 41 |
| &nbsp;&nbsp;&nbsp;**United States (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Capital Holdco LP, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 11/22/49 (c) | $150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer II LLC, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18%, 9/27/55 (c) | 160 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 0.87%, 5.03%, 12/25/32 (b) | 69 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Class A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/48 (c) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.55%, 2.49%, 7/25/39 (b) | 43 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.75%, 5.90%, 10/17/41 (b)(c) | $200 | 200 |
|  |  | 728 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities (Cost $751)** |  | 769 |
| **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** |
| &nbsp;&nbsp;&nbsp;**Germany (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berg Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 1.05%, 3.05%, 4/22/33 (b) | 15 | 17 |
| &nbsp;&nbsp;&nbsp;**United States (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAMLL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 2.35%, 6.50%, 8/15/39 (b)(c) | $200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 3.00%, 7.15%, 5/15/39 (b)(c) | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JW Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.62%, 5.77%, 6/15/39 (b)(c) | 100 | 100 |
|  |  | 402 |
| &nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities (Cost $418)** |  | 419 |
| **Corporate Bonds (7.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Australia (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBN Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 5/5/31 (c) | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westpac Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 11/15/35 | 125 | 112 |
|  |  | 295 |
| &nbsp;&nbsp;&nbsp;**Canada (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/29/30 | 210 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 3/15/32 | $100 | 95 |
|  |  | 310 |
| &nbsp;&nbsp;&nbsp;**France (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXA SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/28/49 | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 6/11/26 | 225 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/1/33 | 100 | 126 |
|  |  | 506 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| &nbsp;&nbsp;&nbsp;**Germany (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82%, 7/25/53 | 100 | $133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWE AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 1/10/32 | 30 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen International Finance NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 10Y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 3/30/27 | 200 | 232 |
|  |  | 401 |
| &nbsp;&nbsp;&nbsp;**Japan (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JT International Financial Services BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 4/11/34 | 100 | 116 |
| &nbsp;&nbsp;&nbsp;**Korea, Republic of (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Southern Power Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 1/27/26 (c) | $200 | 198 |
| &nbsp;&nbsp;&nbsp;**Luxembourg (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Property Partners Europe Holdings SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 4/26/27 | 100 | 115 |
| &nbsp;&nbsp;&nbsp;**Netherlands (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliander NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/27/32 (d) | 100 | 122 |
| &nbsp;&nbsp;&nbsp;**Spain (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CaixaBank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/5/37 | 100 | 119 |
| &nbsp;&nbsp;&nbsp;**United Arab Emirates (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 3/31/36 (c) | $225 | 198 |
| &nbsp;&nbsp;&nbsp;**United Kingdom (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 8/15/27 | 108 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%, 11/13/26 | 100 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 11/22/32 | $200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/12/28 | 100 | 130 |
|  |  | 551 |
| &nbsp;&nbsp;&nbsp;**United States (4.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 3/1/34 | $100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 12/4/26 | 100 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 6/1/51 | $75 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 3/14/35 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 5/1/50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 5/1/27 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 5/1/29 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 5/19/34 | 90 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/42 | 25 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 5/1/47 | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79%, 3/17/33 | 275 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/15/33 | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 1/31/60 | 50 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 2/15/35 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 6/1/28 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 3/23/32 | 90 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/25/35 | $100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 6/24/29 (c) | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 10/15/31 | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/34 | 175 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 6/1/30 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/15/28 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/1/27 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/29 - 6/14/30 | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic Global Holdings SCA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 7/2/31 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 4/9/30 (c) | $150 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 1/15/31 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/15/34 (c) | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/1/34 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 9/26/35 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 5/19/63 | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/20/34 | 125 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis Euro Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 1/5/29 | 100 | 114 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **United States (cont'd)** |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 10/1/31 | 100 | $104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 3/15/48 | $125 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 1/23/35 | 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%, 6/12/34 | 75 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upjohn Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%, 6/23/32 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 3/21/31 | $50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 10/27/36 | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 4/1/28 | $50 | 48 |
|  |  | 3607 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $6,434)** |  | 6538 |
| **Mortgages - Other (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**United Kingdom (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landmark Mortgage Securities No. 3 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 day GBP SONIA + 2.22%, 6.28%, 4/17/44 (b) | 46 | 60 |
| &nbsp;&nbsp;&nbsp;**United States (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 5/25/68 (c) | $150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VIA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/25/52 (b)(c) | 81 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/25/55 (b)(c) | 140 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/25/57 | 69 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/25/58 | 74 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/25/58 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/25/58 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/25/45 | 14 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/25/46 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/25/47 | 32 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 5/25/45 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/25/45 | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/25/46 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/25/45 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/25/46 | 26 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCAT Trust, Class 2A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 1/25/54 (b)(c) | 90 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/25/56 (b)(c) | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hundred Acre Wood Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/25/51 (b)(c) | 76 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/25/52 (b)(c) | 140 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/25/52 (b)(c) | 153 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 7/25/52 (b)(c) | 74 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRKCM 2023-AFC1 Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 2/25/58 (c) | 106 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRMI Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/25/51 (b)(c) | 76 | 63 |
|  |  | 1351 |
| &nbsp;&nbsp;&nbsp;**Total Mortgages - Other (Cost $1,505)** |  | 1411 |
| **Sovereign (20.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Australia (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 5/21/32 | 190 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queensland Treasury Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/21/35 (c) | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Australian Government Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 5/24/34 | 200 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Corp. of Victoria, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 9/17/35 | 420 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 9/15/33 | 389 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 9/10/31 | 260 | 147 |
|  |  | 904 |
| &nbsp;&nbsp;&nbsp;**Austria (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Austria Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 2/20/30 | 60 | 63 |
| &nbsp;&nbsp;&nbsp;**Belgium (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Belgium Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 6/22/50 | 80 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 6/22/43 | 100 | 111 |
|  |  | 171 |
| &nbsp;&nbsp;&nbsp;**Canada (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Investment Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/2/35 | 200 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/1/51 | 20 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 12/1/33 | 950 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Alberta Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 4/2/35 | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Ontario Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 7/3/35 | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/22/35 | 100 | 117 |
|  |  | 1202 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| &nbsp;&nbsp;&nbsp;**Chile (0.3%)** |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 1/14/32 | 100 | $120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 7/1/35 | 30 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 7/9/31 | 100 | 121 |
|  |  | 276 |
| &nbsp;&nbsp;&nbsp;**China (3.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%, 1/25/30 | 2640 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 11/25/34 | 1390 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 1/20/27 | 1200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 7/15/28 | 1000 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 8/15/32 | 1300 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 11/15/32 | 3390 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/25/52 | 400 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/21/29 | 3550 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 11/19/30 | 2510 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52%, 4/25/46 | 50 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53%, 10/18/51 | 200 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 9/14/50 | 300 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86%, 7/22/49 | 1410 | 256 |
|  |  | 2918 |
| &nbsp;&nbsp;&nbsp;**Czech Republic (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 3/13/31 | 1100 | 46 |
| &nbsp;&nbsp;&nbsp;**Denmark (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 11/15/27 | 580 | 89 |
| &nbsp;&nbsp;&nbsp;**Estonia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estonia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 1/17/34 | 60 | 71 |
| &nbsp;&nbsp;&nbsp;**Finland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 4/15/36 | 220 | 188 |
| &nbsp;&nbsp;&nbsp;**France (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agence Francaise de Developpement EPIC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/31/34 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;French Republic Government Bond OAT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/25/29 | 630 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 2/25/31 | 110 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SNCF Reseau, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 3/30/34 | 100 | 103 |
|  |  | 996 |
| &nbsp;&nbsp;&nbsp;**Germany (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bundesobligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 10/15/27 | 1110 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 2/15/29 | 240 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 2/15/34 | 160 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 8/15/54 | 340 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Rhine-Westphalia Germany, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 2/22/38 | 230 | 227 |
|  |  | 2303 |
| &nbsp;&nbsp;&nbsp;**Greece (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellenic Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 7/18/38 | 30 | 38 |
| &nbsp;&nbsp;&nbsp;**Hungary (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 8/21/30 | 8480 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/22/32 | $200 | 215 |
|  |  | 237 |
| &nbsp;&nbsp;&nbsp;**Indonesia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 3/15/34 | 1646000 | 112 |
| &nbsp;&nbsp;&nbsp;**Ireland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 5/15/35 | 60 | 55 |
| &nbsp;&nbsp;&nbsp;**Italy (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%, 2/15/29 | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/1/32 | 80 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 7/1/34 | 230 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/30 | 210 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 9/1/43 | 58 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/53 | 100 | 120 |
|  |  | 877 |
| &nbsp;&nbsp;&nbsp;**Japan (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Ten Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 3/20/34 | 31150 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 9/20/34 | 68150 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 6/20/34 | 16900 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 3/20/35 | 78900 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Thirty Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%, 6/20/46 | 31200 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 9/20/49 | 37000 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 12/20/51 | 22200 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Twenty Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 6/20/41 | 65050 | 331 |
|  |  | 1962 |
| &nbsp;&nbsp;&nbsp;**Korea, Republic of (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of Korea, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 2/9/26 | $200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 7/19/26 | 200 | 195 |
|  |  | 393 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| &nbsp;&nbsp;&nbsp;**Lithuania (0.3%)** |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithuania Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/3/31 | 240 | $290 |
| &nbsp;&nbsp;&nbsp;**Malaysia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 7/15/32 | 390 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89%, 8/15/29 | 410 | 100 |
|  |  | 193 |
| &nbsp;&nbsp;&nbsp;**Mexico (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/3/27 | 1700 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/23/34 | 1000 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 5/31/29 | 800 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/19/29 | 100 | 118 |
|  |  | 307 |
| &nbsp;&nbsp;&nbsp;**Netherlands (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/15/30 | 180 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 1/15/47 | 20 | 21 |
|  |  | 210 |
| &nbsp;&nbsp;&nbsp;**New Zealand (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 5/15/34 | 60 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/15/35 | 21 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Local Government Funding Agency Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 9/8/27 | 310 | 207 |
|  |  | 255 |
| &nbsp;&nbsp;&nbsp;**Norway (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 6/12/35 | 160 | 16 |
| &nbsp;&nbsp;&nbsp;**Poland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 3/18/30 | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 4/25/32 | 200 | 45 |
|  |  | 164 |
| &nbsp;&nbsp;&nbsp;**Portugal (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal Obrigacoes do Tesouro OT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 6/12/54 | 30 | 33 |
| &nbsp;&nbsp;&nbsp;**Romania (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/10/30 | 70 | 85 |
| &nbsp;&nbsp;&nbsp;**Saudi Arabia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 3/5/32 (c) | 160 | 190 |
| &nbsp;&nbsp;&nbsp;**Singapore (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 8/1/32 | 100 | 82 |
| &nbsp;&nbsp;&nbsp;**Slovakia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slovakia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 2/27/40 | 130 | 150 |
| &nbsp;&nbsp;&nbsp;**Slovenia (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slovenia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/19/33 (c) | $200 | 207 |
| &nbsp;&nbsp;&nbsp;**Spain (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 1/31/28 | 50 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 10/31/48 | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/31/34 | 410 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 5/31/29 | 160 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/31/54 | 20 | 23 |
|  |  | 805 |
| &nbsp;&nbsp;&nbsp;**Sweden (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 5/11/35 | 400 | 41 |
| &nbsp;&nbsp;&nbsp;**Switzerland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Confederation Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 6/23/35 | 110 | 139 |
| &nbsp;&nbsp;&nbsp;**Thailand (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%, 12/17/35 | 2560 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/17/31 | 3660 | 118 |
|  |  | 198 |
| &nbsp;&nbsp;&nbsp;**United Kingdom (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 10/22/50 | 320 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 7/31/33 | 220 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/22/25 | 360 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 7/31/34 | 230 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/22/43 | 80 | 100 |
|  |  | 1261 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign (Cost $17,770)** |  | 17527 |
| **Supranational (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp. Andina de Fomento, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/24/29 - 1/22/30 | $140 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 2/19/29 | 160 | 108 |
| &nbsp;&nbsp;&nbsp;**Total Supranational (Cost $243)** |  | 252 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **U.S. Treasury Securities (4.0%)** |  | |
| &nbsp;&nbsp;&nbsp;**United States (4.0%)** |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 5/15/40 | $620 | $395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 8/15/45 | 325 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 5/15/33 | 720 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/31/32 | 460 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 9/30/27—8/31/30 | 1490 | 1512 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Securities (Cost $3,470)** |  | 3393 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $34,025)** |  | 33624 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks (49.0%)** |  |  |
| **Australia (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | 1670 | 37 |
| &nbsp;&nbsp;&nbsp;APA Group | 738 | 4 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure Ltd. | 313 | 14 |
| &nbsp;&nbsp;&nbsp;ASX Ltd. | 111 | 4 |
| &nbsp;&nbsp;&nbsp;BHP Group Ltd. | 2911 | 81 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel Ltd. | 250 | 4 |
| &nbsp;&nbsp;&nbsp;Brambles Ltd. | 774 | 13 |
| &nbsp;&nbsp;&nbsp;CAR Group Ltd. | 214 | 5 |
| &nbsp;&nbsp;&nbsp;Cochlear Ltd. | 37 | 7 |
| &nbsp;&nbsp;&nbsp;Coles Group Ltd. | 760 | 12 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | 933 | 103 |
| &nbsp;&nbsp;&nbsp;Computershare Ltd. | 290 | 7 |
| &nbsp;&nbsp;&nbsp;CSL Ltd. | 269 | 35 |
| &nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | 1092 | 8 |
| &nbsp;&nbsp;&nbsp;Fortescue Ltd. | 985 | 12 |
| &nbsp;&nbsp;&nbsp;Goodman Group REIT | 1150 | 25 |
| &nbsp;&nbsp;&nbsp;Insurance Australia Group Ltd. | 1324 | 7 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC (e) | 327 | 6 |
| &nbsp;&nbsp;&nbsp;Lottery Corp. Ltd. | 1267 | 5 |
| &nbsp;&nbsp;&nbsp;Macquarie Group Ltd. | 203 | 29 |
| &nbsp;&nbsp;&nbsp;Medibank Pvt Ltd. | 1555 | 5 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 1718 | 50 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | 749 | 12 |
| &nbsp;&nbsp;&nbsp;Origin Energy Ltd. | 978 | 8 |
| &nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | 33 | 7 |
| &nbsp;&nbsp;&nbsp;Qantas Airways Ltd. | 424 | 3 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group Ltd. | 858 | 12 |
| &nbsp;&nbsp;&nbsp;REA Group Ltd. | 30 | 5 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Ltd. | 215 | 17 |
| &nbsp;&nbsp;&nbsp;Santos Ltd. | 1849 | 8 |
| &nbsp;&nbsp;&nbsp;Scentre Group REIT | 2958 | 8 |
| &nbsp;&nbsp;&nbsp;SGH Ltd. | 115 | 4 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare Ltd. | 2629 | 5 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | 266 | 4 |
| &nbsp;&nbsp;&nbsp;South32 Ltd. | 2578 | 5 |
| &nbsp;&nbsp;&nbsp;Stockland REIT | 1359 | 6 |
| &nbsp;&nbsp;&nbsp;Suncorp Group Ltd. | 609 | 8 |
| &nbsp;&nbsp;&nbsp;Telstra Group Ltd. | 2260 | 7 |
| &nbsp;&nbsp;&nbsp;Transurban Group (Units) | 1766 | 16 |
| &nbsp;&nbsp;&nbsp;Vicinity Ltd. REIT | 2206 | 4 |
| &nbsp;&nbsp;&nbsp;Washington H Soul Pattinson & Co. Ltd. | 198 | 5 |
| &nbsp;&nbsp;&nbsp;Wesfarmers Ltd. | 644 | 39 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 1909 | 49 |
| &nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | 116 | 7 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | 1077 | 16 |
| &nbsp;&nbsp;&nbsp;Woolworths Group Ltd. | 693 | 12 |
| &nbsp;&nbsp;&nbsp;Xero Ltd. (e) | 94 | 10 |
|  |  | 750 |
| **Austria (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | 180 | 18 |
| &nbsp;&nbsp;&nbsp;OMV AG | 86 | 4 |
| &nbsp;&nbsp;&nbsp;Verbund AG | 39 | 3 |
|  |  | 25 |
| **Belgium (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ageas SA | 81 | 6 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA | 539 | 32 |
| &nbsp;&nbsp;&nbsp;Argenx SE (e) | 34 | 25 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | 12 | 2 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | 24 | 3 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | 43 | 4 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | 126 | 15 |
| &nbsp;&nbsp;&nbsp;Sofina SA | 9 | 3 |
| &nbsp;&nbsp;&nbsp;Syensqo SA | 40 | 3 |
| &nbsp;&nbsp;&nbsp;UCB SA | 60 | 17 |
|  |  | 110 |
| **Canada (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 281 | 47 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | 236 | 8 |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 427 | 23 |
| &nbsp;&nbsp;&nbsp;AltaGas Ltd. | 169 | 5 |
| &nbsp;&nbsp;&nbsp;ARC Resources Ltd. | 336 | 6 |
| &nbsp;&nbsp;&nbsp;AtkinsRealis Group, Inc. | 94 | 7 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | 410 | 53 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 706 | 46 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 989 | 33 |
| &nbsp;&nbsp;&nbsp;BCE, Inc. | 40 | 1 |
| &nbsp;&nbsp;&nbsp;Bombardier, Inc., Class B (e) | 49 | 7 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., Class A | 232 | 13 |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. | 769 | 53 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. | 78 | 3 |
| &nbsp;&nbsp;&nbsp;CAE, Inc. (e) | 167 | 5 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 252 | 21 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 539 | 43 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 300 | 28 |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 1205 | 39 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 521 | 39 |
| &nbsp;&nbsp;&nbsp;Canadian Tire Corp. Ltd., Class A | 29 | 3 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Canada (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Utilities Ltd., Class A | 76 | $2 |
| &nbsp;&nbsp;&nbsp;CCL Industries, Inc., Class B | 85 | 5 |
| &nbsp;&nbsp;&nbsp;Celestica, Inc. (e) | 64 | 16 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 794 | 14 |
| &nbsp;&nbsp;&nbsp;CGI, Inc. | 112 | 10 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 11 | 30 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (e) | 48 | 5 |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. | 158 | 21 |
| &nbsp;&nbsp;&nbsp;Element Fleet Management Corp. | 228 | 6 |
| &nbsp;&nbsp;&nbsp;Emera, Inc. | 168 | 8 |
| &nbsp;&nbsp;&nbsp;Empire Co. Ltd., Class A | 72 | 3 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 1240 | 63 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 11 | 19 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. (e) | 372 | 8 |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | 23 | 4 |
| &nbsp;&nbsp;&nbsp;Fortis, Inc. | 282 | 14 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 109 | 24 |
| &nbsp;&nbsp;&nbsp;George Weston Ltd. | 98 | 6 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 140 | 7 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 82 | 5 |
| &nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc. | 156 | 6 |
| &nbsp;&nbsp;&nbsp;Hydro One Ltd. | 186 | 7 |
| &nbsp;&nbsp;&nbsp;iA Financial Corp., Inc. | 52 | 6 |
| &nbsp;&nbsp;&nbsp;IGM Financial, Inc. | 47 | 2 |
| &nbsp;&nbsp;&nbsp;Imperial Oil Ltd. | 103 | 9 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | 101 | 20 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines Ltd., Class A (e) | 405 | 4 |
| &nbsp;&nbsp;&nbsp;Keyera Corp. | 131 | 4 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 689 | 17 |
| &nbsp;&nbsp;&nbsp;Loblaw Cos. Ltd. | 338 | 13 |
| &nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 61 | 4 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 378 | 6 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | 152 | 7 |
| &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | 962 | 30 |
| &nbsp;&nbsp;&nbsp;Metro, Inc. | 116 | 8 |
| &nbsp;&nbsp;&nbsp;National Bank of Canada | 225 | 24 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 281 | 17 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. | 145 | 5 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 237 | 9 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 333 | 13 |
| &nbsp;&nbsp;&nbsp;Power Corp. of Canada | 316 | 14 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | 105 | 11 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | 176 | 11 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc., Class B | 208 | 7 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 797 | 118 |
| &nbsp;&nbsp;&nbsp;Saputo, Inc. | 140 | 3 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A (e) | 661 | 98 |
| &nbsp;&nbsp;&nbsp;Stantec, Inc. | 65 | 7 |
| &nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. | 318 | 19 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 711 | 30 |
| &nbsp;&nbsp;&nbsp;TC Energy Corp. | 595 | 32 |
| &nbsp;&nbsp;&nbsp;Teck Resources Ltd., Class B | 251 | 11 |
| &nbsp;&nbsp;&nbsp;TELUS Corp. | 285 | 5 |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. | 45 | 4 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | 90 | 14 |
| &nbsp;&nbsp;&nbsp;TMX Group Ltd. | 156 | 6 |
| &nbsp;&nbsp;&nbsp;Toromont Industries Ltd. | 46 | 5 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 981 | 78 |
| &nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | 211 | 9 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 254 | 28 |
| &nbsp;&nbsp;&nbsp;Whitecap Resources, Inc. | 716 | 5 |
| &nbsp;&nbsp;&nbsp;WSP Global, Inc. | 74 | 15 |
|  |  | 1494 |
| **China (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;China Common Rich Renewable Energy Investments Ltd. (e)(f) | 18000 |  |
| **Denmark (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;AP Moller - Maersk AS Series B | 4 | 8 |
| &nbsp;&nbsp;&nbsp;Carlsberg AS Series B | 53 | 6 |
| &nbsp;&nbsp;&nbsp;Coloplast AS Series B | 71 | 6 |
| &nbsp;&nbsp;&nbsp;Danske Bank AS | 378 | 16 |
| &nbsp;&nbsp;&nbsp;Demant AS (e) | 48 | 2 |
| &nbsp;&nbsp;&nbsp;DSV AS | 115 | 23 |
| &nbsp;&nbsp;&nbsp;Genmab AS (e) | 34 | 10 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk AS, Class B | 1790 | 100 |
| &nbsp;&nbsp;&nbsp;Novonesis Novozymes B Series B | 194 | 12 |
| &nbsp;&nbsp;&nbsp;Orsted AS (e) | 292 | 5 |
| &nbsp;&nbsp;&nbsp;Pandora AS | 44 | 6 |
| &nbsp;&nbsp;&nbsp;Rockwool AS, Class B | 55 | 2 |
| &nbsp;&nbsp;&nbsp;Tryg AS | 188 | 5 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems AS | 558 | 10 |
|  |  | 211 |
| **Finland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Elisa OYJ | 81 | 4 |
| &nbsp;&nbsp;&nbsp;Fortum OYJ | 245 | 5 |
| &nbsp;&nbsp;&nbsp;Kesko OYJ, Class B | 153 | 3 |
| &nbsp;&nbsp;&nbsp;Kone OYJ, Class B | 192 | 13 |
| &nbsp;&nbsp;&nbsp;Metso OYJ | 380 | 5 |
| &nbsp;&nbsp;&nbsp;Neste OYJ | 240 | 4 |
| &nbsp;&nbsp;&nbsp;Nokia OYJ | 2909 | 14 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 1752 | 29 |
| &nbsp;&nbsp;&nbsp;Orion OYJ, Class B | 61 | 5 |
| &nbsp;&nbsp;&nbsp;Sampo OYJ, Class A | 1360 | 16 |
| &nbsp;&nbsp;&nbsp;Stora Enso OYJ, Class R | 323 | 4 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ | 295 | 8 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | 283 | 8 |
|  |  | 118 |
| **France (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Accor SA | 111 | 5 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | 20 | 3 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | 326 | 68 |
| &nbsp;&nbsp;&nbsp;Airbus SE | 336 | 79 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **France (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Alstom SA (e) | 196 | $5 |
| &nbsp;&nbsp;&nbsp;Amundi SA | 35 | 3 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | 267 | 10 |
| &nbsp;&nbsp;&nbsp;Arkema SA | 32 | 2 |
| &nbsp;&nbsp;&nbsp;AXA SA | 1006 | 48 |
| &nbsp;&nbsp;&nbsp;BioMerieux | 24 | 3 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | 577 | 53 |
| &nbsp;&nbsp;&nbsp;Bollore SE | 389 | 2 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | 108 | 5 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | 190 | 6 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | 91 | 13 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | 332 | 5 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | 255 | 28 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 383 | 14 |
| &nbsp;&nbsp;&nbsp;Covivio SA REIT | 31 | 2 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | 598 | 12 |
| &nbsp;&nbsp;&nbsp;Danone SA | 365 | 32 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | 11 | 4 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | 377 | 13 |
| &nbsp;&nbsp;&nbsp;Edenred SE | 135 | 3 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | 39 | 5 |
| &nbsp;&nbsp;&nbsp;Engie SA | 1038 | 22 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 169 | 55 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | 67 | 5 |
| &nbsp;&nbsp;&nbsp;Euronext NV | 44 | 7 |
| &nbsp;&nbsp;&nbsp;FDJ UNITED | 63 | 2 |
| &nbsp;&nbsp;&nbsp;Gecina SA REIT | 26 | 3 |
| &nbsp;&nbsp;&nbsp;Getlink SE | 172 | 3 |
| &nbsp;&nbsp;&nbsp;Hermes International SCA | 17 | 42 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | 21 | 3 |
| &nbsp;&nbsp;&nbsp;Kering SA | 40 | 13 |
| &nbsp;&nbsp;&nbsp;Klepierre SA REIT | 122 | 5 |
| &nbsp;&nbsp;&nbsp;Legrand SA | 149 | 25 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | 137 | 60 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 140 | 86 |
| &nbsp;&nbsp;&nbsp;Orange SA | 1059 | 17 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 114 | 11 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | 129 | 12 |
| &nbsp;&nbsp;&nbsp;Renault SA | 109 | 5 |
| &nbsp;&nbsp;&nbsp;Rexel SA | 126 | 4 |
| &nbsp;&nbsp;&nbsp;Safran SA | 204 | 72 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 626 | 59 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | 17 | 3 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 312 | 88 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | 413 | 28 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | 51 | 3 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | 385 | 11 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | 30 | 2 |
| &nbsp;&nbsp;&nbsp;Thales SA | 52 | 16 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 1189 | 72 |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield REIT | 68 | 7 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | 359 | 12 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 281 | 39 |
|  |  | 1215 |
| **Germany (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;adidas AG | 96 | 20 |
| &nbsp;&nbsp;&nbsp;Allianz SE (Registered) | 220 | 93 |
| &nbsp;&nbsp;&nbsp;BASF SE | 504 | 25 |
| &nbsp;&nbsp;&nbsp;Bayer AG (Registered) | 547 | 18 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 159 | 16 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference) | 32 | 3 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | 55 | 6 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | 70 | 4 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | 450 | 17 |
| &nbsp;&nbsp;&nbsp;Continental AG | 63 | 4 |
| &nbsp;&nbsp;&nbsp;Covestro AG (e) | 102 | 7 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | 35 | 3 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 271 | 11 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE (e) | 109 | 3 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG (Registered) | 1067 | 38 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | 106 | 28 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG (Registered) | 339 | 3 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG (Registered) | 545 | 24 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG (Registered) | 1968 | 67 |
| &nbsp;&nbsp;&nbsp;Dr. Ing hc F Porsche AG (Preference) | 65 | 3 |
| &nbsp;&nbsp;&nbsp;E.ON SE | 1276 | 24 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | 146 | 3 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | 124 | 7 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | 239 | 13 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | 84 | 6 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE (Registered) | 34 | 10 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | 78 | 18 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | 59 | 4 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference) | 91 | 7 |
| &nbsp;&nbsp;&nbsp;Hensoldt AG | 34 | 4 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | 731 | 29 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | 41 | 4 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | 42 | 3 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG (Registered) | 405 | 26 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 73 | 10 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 30 | 14 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 73 | 47 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | 32 | 4 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE (Preference) | 86 | 3 |
| &nbsp;&nbsp;&nbsp;Qiagen NV | 122 | 6 |
| &nbsp;&nbsp;&nbsp;Rational AG | 3 | 2 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | 26 | 61 |
| &nbsp;&nbsp;&nbsp;RWE AG | 359 | 16 |
| &nbsp;&nbsp;&nbsp;SAP SE | 590 | 158 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference) | 15 | 4 |
| &nbsp;&nbsp;&nbsp;Scout24 SE | 42 | 5 |
| &nbsp;&nbsp;&nbsp;Siemens AG (Registered) | 435 | 118 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Germany (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG (e) | 383 | $45 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG | 190 | 10 |
| &nbsp;&nbsp;&nbsp;Symrise AG | 75 | 7 |
| &nbsp;&nbsp;&nbsp;Talanx AG | 37 | 5 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG (Preference) | 115 | 13 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | 420 | 13 |
| &nbsp;&nbsp;&nbsp;Zalando SE (e) | 127 | 4 |
|  |  | 1096 |
| **Hong Kong (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 5883 | 56 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings Ltd. | 2147 | 10 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | 1066 | 5 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | 1502 | 10 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings Ltd. | 361 | 2 |
| &nbsp;&nbsp;&nbsp;CLP Holdings Ltd. | 942 | 8 |
| &nbsp;&nbsp;&nbsp;Futu Holdings Ltd. ADR | 35 | 6 |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 1220 | 7 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank Ltd. | 435 | 7 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co. Ltd. | 817 | 3 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT Ltd. | 2173 | 3 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co. Ltd. | 6359 | 5 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 672 | 38 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings Ltd. | 615 | 4 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings Ltd. | 93 | 6 |
| &nbsp;&nbsp;&nbsp;Link REIT | 1476 | 7 |
| &nbsp;&nbsp;&nbsp;MTR Corp. Ltd. | 886 | 3 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings Ltd. | 796 | 5 |
| &nbsp;&nbsp;&nbsp;Sands China Ltd. | 1332 | 4 |
| &nbsp;&nbsp;&nbsp;Sino Land Co. Ltd. | 2086 | 3 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co. Ltd. | 764 | 3 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | 818 | 10 |
| &nbsp;&nbsp;&nbsp;Swire Pacific Ltd., Class A | 199 | 2 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | 822 | 10 |
| &nbsp;&nbsp;&nbsp;WH Group Ltd. | 4763 | 5 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings Ltd. | 608 | 2 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co. Ltd. | 924 | 3 |
|  |  | 227 |
| **Ireland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | 1288 | 12 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | 583 | 9 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | 97 | 9 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC | 94 | 8 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | 512 | 15 |
|  |  | 53 |
| **Israel (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Azrieli Group Ltd. | 22 | 2 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | 665 | 14 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | 785 | 15 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. (e) | 48 | 10 |
| &nbsp;&nbsp;&nbsp;CyberArk Software Ltd. (e) | 26 | 13 |
| &nbsp;&nbsp;&nbsp;Elbit Systems Ltd. | 15 | 8 |
| &nbsp;&nbsp;&nbsp;ICL Group Ltd. | 420 | 3 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank Ltd., Class A | 648 | 6 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank Ltd. | 82 | 5 |
| &nbsp;&nbsp;&nbsp;Monday.com Ltd. (e) | 23 | 4 |
| &nbsp;&nbsp;&nbsp;Nice Ltd. (e) | 36 | 5 |
| &nbsp;&nbsp;&nbsp;Nova Ltd. (e) | 16 | 5 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial Ltd. | 116 | 4 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR (e) | 627 | 13 |
| &nbsp;&nbsp;&nbsp;Wix.com Ltd. (e) | 31 | 6 |
|  |  | 113 |
| **Italy (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banca Mediolanum SpA | 126 | 3 |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | 657 | 10 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | 838 | 9 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV | 346 | 2 |
| &nbsp;&nbsp;&nbsp;Enel SpA | 4565 | 43 |
| &nbsp;&nbsp;&nbsp;Eni SpA | 1169 | 20 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | 70 | 34 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | 345 | 8 |
| &nbsp;&nbsp;&nbsp;Generali | 479 | 19 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA | 156 | 2 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 8008 | 53 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | 223 | 14 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA | 312 | 6 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | 127 | 8 |
| &nbsp;&nbsp;&nbsp;Nexi SpA | 307 | 2 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA | 256 | 6 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | 155 | 15 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | 64 | 4 |
| &nbsp;&nbsp;&nbsp;Snam SpA | 1128 | 7 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | 1121 | 10 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA (e) | 6486 | 3 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | 209 | 4 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | 790 | 8 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | 810 | 62 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | 203 | 4 |
|  |  | 356 |
| **Netherlands (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA | 328 | 10 |
| &nbsp;&nbsp;&nbsp;Adyen NV (e) | 14 | 22 |
| &nbsp;&nbsp;&nbsp;Aegon Ltd. | 755 | 6 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | 101 | 12 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | 96 | 7 |
| &nbsp;&nbsp;&nbsp;ASM International NV | 26 | 16 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | 219 | 214 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | 89 | 6 |
| &nbsp;&nbsp;&nbsp;Basic-Fit NV (e) | 788 | 24 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | 40 | 6 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | 131 | 12 |
| &nbsp;&nbsp;&nbsp;CVC Capital Partners PLC | 119 | 2 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Netherlands (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | 104 | $9 |
| &nbsp;&nbsp;&nbsp;EXOR NV | 52 | 5 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | 73 | 5 |
| &nbsp;&nbsp;&nbsp;Heineken NV | 163 | 13 |
| &nbsp;&nbsp;&nbsp;IMCD NV | 33 | 3 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | 1713 | 45 |
| &nbsp;&nbsp;&nbsp;InPost SA (e) | 140 | 2 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | 96 | 3 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | 512 | 21 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 2199 | 10 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV | 435 | 12 |
| &nbsp;&nbsp;&nbsp;NN Group NV | 152 | 11 |
| &nbsp;&nbsp;&nbsp;Prosus NV (e) | 724 | 51 |
| &nbsp;&nbsp;&nbsp;Randstad NV | 61 | 3 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | 613 | 18 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | 133 | 18 |
|  |  | 566 |
| **New Zealand (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Auckland International Airport Ltd. | 812 | 4 |
| &nbsp;&nbsp;&nbsp;Contact Energy Ltd. | 402 | 2 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp. Ltd. | 280 | 6 |
| &nbsp;&nbsp;&nbsp;Infratil Ltd. | 439 | 3 |
| &nbsp;&nbsp;&nbsp;Meridian Energy Ltd. | 639 | 2 |
|  |  | 17 |
| **Norway (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | 184 | 5 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | 504 | 14 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | 449 | 11 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | 109 | 3 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | 247 | 8 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | 265 | 6 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | 761 | 5 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | 399 | 4 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | 38 | 2 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | 350 | 6 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | 94 | 3 |
|  |  | 67 |
| **Portugal (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Comercial Portugues SA, Class R | 5075 | 4 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | 192 | 3 |
| &nbsp;&nbsp;&nbsp;EDP SA | 1909 | 9 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | 259 | 5 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | 171 | 4 |
|  |  | 25 |
| **Singapore (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | 2250 | 5 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust REIT | 3347 | 6 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment Ltd. | 1346 | 3 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 1225 | 49 |
| &nbsp;&nbsp;&nbsp;Genting Singapore Ltd. | 3465 | 2 |
| &nbsp;&nbsp;&nbsp;Grab Holdings Ltd., Class A (e) | 1377 | 8 |
| &nbsp;&nbsp;&nbsp;Keppel Ltd. | 838 | 6 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | 1942 | 25 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR (e) | 225 | 40 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries Ltd. | 515 | 2 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines Ltd. | 869 | 4 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange Ltd. | 495 | 6 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering Ltd. | 877 | 6 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | 4432 | 14 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | 726 | 20 |
| &nbsp;&nbsp;&nbsp;Wilmar International Ltd. | 1108 | 2 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings Ltd. | 1513 | 4 |
|  |  | 202 |
| **South Africa (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Valterra Platinum Ltd. | 79 | 6 |
| **Spain (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Acciona SA | 14 | 3 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | 101 | 8 |
| &nbsp;&nbsp;&nbsp;Aena SME SA | 425 | 12 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA | 253 | 20 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3291 | 63 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | 1782 | 7 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | 8483 | 89 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | 379 | 6 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | 2205 | 23 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA | 274 | 9 |
| &nbsp;&nbsp;&nbsp;Endesa SA | 178 | 6 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE | 288 | 17 |
| &nbsp;&nbsp;&nbsp;Grifols SA | 164 | 2 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | 3560 | 67 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | 609 | 34 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA | 698 | 4 |
| &nbsp;&nbsp;&nbsp;Redeia Corp. SA | 229 | 4 |
| &nbsp;&nbsp;&nbsp;Repsol SA | 661 | 12 |
| &nbsp;&nbsp;&nbsp;Telefonica SA | 2087 | 11 |
|  |  | 397 |
| **Sweden (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | 150 | 5 |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | 166 | 8 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | 569 | 20 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | 2435 | 39 |
| &nbsp;&nbsp;&nbsp;Beijer Ref AB | 225 | 3 |
| &nbsp;&nbsp;&nbsp;Boliden AB (e) | 155 | 6 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | 605 | 12 |
| &nbsp;&nbsp;&nbsp;EQT AB | 207 | 7 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | 343 | 9 |
| &nbsp;&nbsp;&nbsp;Evolution AB | 81 | 7 |
| &nbsp;&nbsp;&nbsp;Fastighets AB Balder, Class B (e) | 406 | 3 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | 323 | 6 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Sweden (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | 1189 | $14 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B | 44 | 2 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | 157 | 7 |
| &nbsp;&nbsp;&nbsp;Indutrade AB | 161 | 4 |
| &nbsp;&nbsp;&nbsp;Investment AB Latour, Class B | 84 | 2 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | 979 | 31 |
| &nbsp;&nbsp;&nbsp;L E Lundbergforetagen AB, Class B | 43 | 2 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | 133 | 4 |
| &nbsp;&nbsp;&nbsp;Nibe Industrier AB, Class B | 824 | 3 |
| &nbsp;&nbsp;&nbsp;Saab AB, Class B | 180 | 11 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | 125 | 3 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | 610 | 17 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | 280 | 4 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | 866 | 17 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | 194 | 5 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | 195 | 5 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA (e) | 86 | 60 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | 343 | 5 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | 835 | 11 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | 481 | 15 |
| &nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB (e) | 109 | 3 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | 311 | 5 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | 1592 | 13 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | 1354 | 5 |
| &nbsp;&nbsp;&nbsp;Trelleborg AB, Class B | 115 | 4 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | 928 | 27 |
|  |  | 404 |
| **Switzerland (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;ABB Ltd. (Registered) | 882 | 64 |
| &nbsp;&nbsp;&nbsp;Alcon AG | 282 | 21 |
| &nbsp;&nbsp;&nbsp;Amrize Ltd. (e) | 288 | 14 |
| &nbsp;&nbsp;&nbsp;Avolta AG (Registered) | 50 | 3 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG (Registered) | 24 | 6 |
| &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise (Registered) | 17 | 2 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG (Registered) | 2 | 3 |
| &nbsp;&nbsp;&nbsp;Belimo Holding AG (Registered) | 6 | 6 |
| &nbsp;&nbsp;&nbsp;BKW AG | 12 | 3 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | 1 | 15 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A (Registered) | 300 | 58 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG (Registered) | 4 | 3 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG | 74 | 13 |
| &nbsp;&nbsp;&nbsp;Geberit AG (Registered) | 19 | 14 |
| &nbsp;&nbsp;&nbsp;Givaudan SA (Registered) | 5 | 20 |
| &nbsp;&nbsp;&nbsp;Helvetia Holding AG (Registered) | 21 | 5 |
| &nbsp;&nbsp;&nbsp;Holcim AG (e) | 292 | 25 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | 115 | 8 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG (Registered) | 28 | 5 |
| &nbsp;&nbsp;&nbsp;Logitech International SA (Registered) | 87 | 10 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG (Registered) | 40 | 27 |
| &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 1438 | 132 |
| &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | 1068 | 137 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | 13 | 17 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 18 | 6 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (Genusschein) | 393 | 131 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | 235 | 14 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | 23 | 9 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Registered) | 13 | 5 |
| &nbsp;&nbsp;&nbsp;SGS SA (Registered) | 93 | 10 |
| &nbsp;&nbsp;&nbsp;SIG Group AG (e) | 172 | 2 |
| &nbsp;&nbsp;&nbsp;Sika AG (Registered) (e) | 86 | 19 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG (Registered) | 29 | 8 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG (Registered) | 63 | 7 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | 16 | 3 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG (Registered) | 16 | 17 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG (Registered) (e) | 45 | 6 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | 169 | 31 |
| &nbsp;&nbsp;&nbsp;Swisscom AG (Registered) | 15 | 11 |
| &nbsp;&nbsp;&nbsp;UBS Group AG (Registered) | 1793 | 74 |
| &nbsp;&nbsp;&nbsp;VAT Group AG | 15 | 6 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 83 | 59 |
|  |  | 1029 |
| **United Kingdom (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;3i Group PLC | 553 | 31 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | 143 | 7 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | 622 | 23 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 213 | 8 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | 242 | 16 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | 183 | 5 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | 874 | 134 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC | 489 | 5 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | 1737 | 16 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | 1684 | 47 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | 8077 | 42 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | 767 | 4 |
| &nbsp;&nbsp;&nbsp;BP PLC | 9242 | 53 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 1191 | 63 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | 3439 | 9 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | 187 | 6 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | 2781 | 6 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG (e) | 128 | 6 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | 967 | 33 |
| &nbsp;&nbsp;&nbsp;DCC PLC | 56 | 4 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | 1251 | 30 |
| &nbsp;&nbsp;&nbsp;Entain PLC | 345 | 4 |
| &nbsp;&nbsp;&nbsp;Evraz PLC (e)(f) | 464 |  |
| &nbsp;&nbsp;&nbsp;Experian PLC | 520 | 26 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | 126 | 4 |
| &nbsp;&nbsp;&nbsp;Glencore PLC (e) | 5666 | 26 |
| &nbsp;&nbsp;&nbsp;GSK PLC | 2273 | 49 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | 5099 | 23 |
| &nbsp;&nbsp;&nbsp;Halma PLC | 213 | 10 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | 94 | 2 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United Kingdom (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 9904 | $140 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | 442 | 19 |
| &nbsp;&nbsp;&nbsp;Informa PLC | 739 | 9 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | 84 | 10 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | 88 | 6 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | 981 | 4 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | 1380 | 2 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | 988 | 4 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC REIT | 400 | 3 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | 3252 | 10 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 34131 | 39 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | 267 | 31 |
| &nbsp;&nbsp;&nbsp;M&G PLC | 1295 | 4 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | 1163 | 6 |
| &nbsp;&nbsp;&nbsp;Melrose Industries PLC | 721 | 6 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | 249 | 3 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | 2785 | 40 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | 4616 | 33 |
| &nbsp;&nbsp;&nbsp;Next PLC | 66 | 11 |
| &nbsp;&nbsp;&nbsp;Paragon Offshore PLC (e)(f) | 67 |  |
| &nbsp;&nbsp;&nbsp;Pearson PLC | 331 | 5 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | 398 | 3 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | 1449 | 20 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | 388 | 30 |
| &nbsp;&nbsp;&nbsp;RELX PLC | 1035 | 49 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | 1447 | 7 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | 631 | 42 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 4881 | 79 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | 543 | 8 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | 409 | 2 |
| &nbsp;&nbsp;&nbsp;Segro PLC REIT | 723 | 6 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | 154 | 5 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 3396 | 121 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | 472 | 9 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | 188 | 6 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | 42 | 4 |
| &nbsp;&nbsp;&nbsp;SSE PLC | 629 | 15 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | 1129 | 22 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | 3738 | 22 |
| &nbsp;&nbsp;&nbsp;Unilever PLC CVA | 1402 | 83 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | 387 | 6 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 11082 | 13 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | 99 | 4 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A (e) | 375 | 5 |
| &nbsp;&nbsp;&nbsp;WPP PLC | 603 | 3 |
|  |  | 1641 |
| **United States (37.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 286 | 44 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 927 | 124 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 904 | 209 |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 322 | 79 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. (e) | 232 | 82 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (e) | 861 | 139 |
| &nbsp;&nbsp;&nbsp;AECOM | 70 | 9 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (e) | 151 | 11 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 277 | 31 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 147 | 19 |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 117 | 32 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A (e) | 236 | 29 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. (e) | 79 | 6 |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | 196 | 3 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 85 | 7 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. (e) | 38 | 5 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 45 | 8 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 135 | 9 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 141 | 30 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (e) | 68 | 31 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 5872 | 1429 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 897 | 59 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (e) | 5130 | 1126 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 1212 | 10 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 145 | 15 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 278 | 31 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 311 | 103 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 36 | 5 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A REIT | 176 | 6 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 308 | 24 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. REIT | 254 | 49 |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 102 | 14 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 52 | 26 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 122 | 23 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 276 | 78 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 647 | 80 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 269 | 66 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. REIT | 338 | 7 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | 110 | 39 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 246 | 33 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 8060 | 2052 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 428 | 88 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A (e) | 116 | 83 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC (e) | 118 | 10 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 202 | 18 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 259 | 15 |
| &nbsp;&nbsp;&nbsp;ARES Management Corp., Class A | 121 | 19 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. (e) | 566 | 82 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 135 | 42 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 3860 | 109 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A (e) | 93 | 15 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 84 | 14 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc. (e) | 117 | 37 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 218 | 64 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. (e) | 9 | 39 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 77 | 15 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 42 | 7 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. (e) | 39 | $28 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 553 | 27 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 139 | 7 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3903 | 201 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 387 | 42 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 265 | 6 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 152 | 28 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | 88 | 5 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B (e) | 722 | 363 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 109 | 8 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. (e) | 77 | 11 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. (e) | 102 | 6 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 79 | 92 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 409 | 70 |
| &nbsp;&nbsp;&nbsp;Block, Inc., Class A (e) | 304 | 22 |
| &nbsp;&nbsp;&nbsp;Boeing Co. (e) | 416 | 90 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 18 | 97 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 66 | 7 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. (e) | 798 | 78 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1059 | 48 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2445 | 807 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 62 | 15 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 159 | 15 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 97 | 3 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. (e) | 58 | 7 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 76 | 6 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc. (e) | 35 | 9 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. REIT | 82 | 6 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. (e) | 146 | 51 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust REIT | 58 | 6 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 364 | 77 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 125 | 20 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 23 | 8 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 131 | 8 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. (e) | 599 | 17 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 410 | 24 |
| &nbsp;&nbsp;&nbsp;Carvana Co. (e) | 64 | 24 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 248 | 118 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 56 | 14 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A (e) | 161 | 25 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 73 | 12 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 97 | 30 |
| &nbsp;&nbsp;&nbsp;Centene Corp. (e) | 260 | 9 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 350 | 14 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 89 | 8 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 64 | 8 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 932 | 89 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A (e) | 46 | 13 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 121 | 28 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 1089 | 169 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. (e) | 739 | 29 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 204 | 58 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 130 | 11 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 142 | 41 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 84 | 13 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 194 | 40 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2097 | 143 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1015 | 103 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 236 | 13 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 66 | 8 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (e) | 168 | 36 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 192 | 52 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 157 | 12 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | 472 | 5 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2160 | 143 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 264 | 18 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A (e) | 101 | 34 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 408 | 33 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 2000 | 63 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 709 | 67 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 191 | 19 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 79 | 11 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 168 | 55 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (e) | 105 | 7 |
| &nbsp;&nbsp;&nbsp;Copart, Inc. (e) | 492 | 22 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 149 | 5 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 426 | 35 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc. (e) | 37 | 11 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 368 | 25 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. (e) | 226 | 19 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 234 | 217 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 414 | 10 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 346 | 41 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A (e) | 132 | 65 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 232 | 22 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 63 | 6 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 964 | 34 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 74 | 31 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 683 | 52 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 325 | 64 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 62 | 12 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A (e) | 152 | 22 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. (e) | 22 | 3 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. (e) | 84 | 9 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 140 | 64 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 163 | 23 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 89 | 5 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 348 | 12 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc. (e) | 211 | 14 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 106 | 15 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 37 | 8 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 180 | 31 |
| &nbsp;&nbsp;&nbsp;Docusign, Inc. (e) | 121 | 9 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 118 | 12 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc. (e) | 107 | 10 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 451 | $28 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 18 | 8 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A (e) | 186 | 51 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 74 | 12 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 385 | 9 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 147 | 25 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A (e) | 269 | 10 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 109 | 15 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 414 | 51 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 221 | 17 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc. (e) | 167 | 8 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 206 | 77 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 247 | 22 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 135 | 37 |
| &nbsp;&nbsp;&nbsp;Edison International | 205 | 11 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. (e) | 308 | 24 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 123 | 25 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 119 | 38 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 411 | 314 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 24 | 16 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 297 | 39 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 83 | 8 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 238 | 22 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 308 | 35 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 315 | 17 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 66 | 17 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 53 | 42 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 168 | 9 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. REIT | 96 | 6 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 193 | 13 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 14 | 4 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 146 | 6 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 35 | 9 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 124 | 11 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 23 | 8 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 120 | 9 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 194 | 14 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 531 | 24 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 120 | 13 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 68 | 15 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 73 | 9 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 113 | 16 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2415 | 272 |
| &nbsp;&nbsp;&nbsp;F5, Inc. (e) | 31 | 10 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 20 | 6 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. (e) | 13 | 19 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 611 | 30 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 124 | 29 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 106 | 24 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 140 | 8 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 275 | 18 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 369 | 16 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 5 | 9 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (e) | 54 | 12 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 290 | 13 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. (e) | 299 | 39 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC (e) | 104 | 26 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 2097 | 25 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc. (e) | 350 | 29 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 182 | 9 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 187 | 11 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 710 | 28 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. REIT | 148 | 7 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 86 | 21 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. (e) | 41 | 11 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 239 | 18 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 145 | 89 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 288 | 8 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 119 | 41 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 564 | 170 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 289 | 15 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 518 | 32 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 74 | 10 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 660 | 73 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 134 | 11 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A (e) | 79 | 11 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 167 | 133 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 89 | 8 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 474 | 12 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 152 | 20 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 95 | 40 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 370 | 7 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 64 | 18 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 80 | 15 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 695 | 17 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 128 | 33 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. (e) | 119 | 8 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 539 | 218 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 342 | 72 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 161 | 4 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 203 | 40 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 498 | 14 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 28 | 12 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc. (e) | 30 | 14 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 63 | 16 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 795 | 14 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | 23 | 3 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 40 | 7 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. (e) | 43 | 27 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 150 | 39 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. (e) | 83 | 8 |
| &nbsp;&nbsp;&nbsp;Incyte Corp. (e) | 86 | 7 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 216 | 18 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. (e) | 39 | 12 |
| &nbsp;&nbsp;&nbsp;Intel Corp. (e) | 2491 | 84 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 227 | $16 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 307 | 52 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 500 | 141 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 136 | 8 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 265 | 12 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 152 | 104 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (e) | 190 | 85 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 311 | 9 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. (e) | 88 | 17 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 158 | 16 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 57 | 6 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 57 | 12 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 39 | 6 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 64 | 10 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 42 | 6 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1247 | 231 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 345 | 38 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1497 | 472 |
| &nbsp;&nbsp;&nbsp;Kellanova | 141 | 12 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 1039 | 17 |
| &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc. | 689 | 18 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 510 | 10 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (e) | 92 | 16 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 175 | 22 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. REIT | 360 | 8 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 1069 | 30 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 352 | 46 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 71 | 77 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 476 | 12 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 328 | 22 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 97 | 30 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 44 | 13 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 662 | 89 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 191 | 10 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 64 | 12 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 122 | 15 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 17 | 9 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C (e) | 114 | 12 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 251 | 119 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. (e) | 85 | 14 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 111 | 55 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 95 | 10 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 308 | 77 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 44 | 15 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. (e) | 58 | 10 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 140 | 7 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 88 | 17 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 171 | 33 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. (e) | 7 | 13 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 127 | 33 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 262 | 53 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 32 | 20 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 462 | 39 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 114 | 8 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 456 | 259 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 133 | 9 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 385 | 117 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 66 | 51 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 680 | 65 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (e) | 26 | 61 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 1263 | 106 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1182 | 868 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 305 | 25 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. (e) | 11 | 14 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 294 | 19 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 570 | 95 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3743 | 1939 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 63 | 9 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. (e) | 29 | 6 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 94 | 4 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 700 | 44 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. (e) | 45 | 14 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 25 | 23 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp. (e) | 380 | 26 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 87 | 41 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 89 | 41 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 42 | 24 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 228 | 20 |
| &nbsp;&nbsp;&nbsp;Natera, Inc. (e) | 70 | 11 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 110 | 13 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. (e) | 231 | 277 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. (e) | 53 | 7 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 600 | 51 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 197 | 6 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 1111 | 84 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 629 | 44 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 248 | 11 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 29 | 7 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 120 | 36 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 105 | 14 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 72 | 44 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 109 | 18 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 126 | 17 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A (e) | 142 | 11 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 12504 | 2333 |
| &nbsp;&nbsp;&nbsp;NVR, Inc. (e) | 1 | 8 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 136 | 31 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 403 | 19 |
| &nbsp;&nbsp;&nbsp;Okta, Inc. (e) | 90 | 8 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 101 | 14 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 98 | 8 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. (e) | 233 | 12 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 339 | 25 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 921 | 259 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. (e) | 449 | $48 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 209 | 19 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 46 | 7 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 287 | 28 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 48 | 10 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A (e) | 1190 | 217 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. (e) | 356 | 72 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 68 | 52 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 177 | 22 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 29 | 6 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. (e) | 497 | 33 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 88 | 10 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 732 | 103 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 2855 | 73 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 1171 | 18 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 843 | 137 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 226 | 31 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A (e) | 333 | 11 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 216 | 43 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 19 | 6 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 120 | 13 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 391 | 15 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 121 | 10 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1244 | 191 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 310 | 77 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 499 | 57 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 192 | 20 |
| &nbsp;&nbsp;&nbsp;PTC, Inc. (e) | 64 | 13 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 264 | 22 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 84 | 24 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 107 | 14 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A (e) | 166 | 14 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 591 | 98 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 78 | 32 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 59 | 11 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 105 | 18 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 481 | 29 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A (e) | 58 | 13 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. REIT | 91 | 7 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 56 | 31 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 491 | 13 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 29 | 8 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 116 | 27 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 77 | 21 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 61 | 5 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A (e) | 441 | 6 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A (e) | 338 | 48 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (e) | 297 | 41 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp. (e) | 227 | 11 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 60 | 21 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 154 | 9 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 58 | 29 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 175 | 27 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 140 | 45 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 202 | 7 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 68 | 8 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 702 | 117 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 169 | 82 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 523 | 124 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (e) | 158 | 6 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 58 | 11 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | 839 | 29 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 106 | 25 |
| &nbsp;&nbsp;&nbsp;Sempra | 343 | 31 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. (e) | 114 | 105 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 126 | 44 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 174 | 33 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 279 | 12 |
| &nbsp;&nbsp;&nbsp;Snap, Inc., Class A (e) | 615 | 5 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 28 | 10 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A (e) | 169 | 38 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc. (e) | 634 | 17 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. (e) | 82 | 6 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 585 | 55 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 118 | 10 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 599 | 51 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 154 | 18 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 76 | 11 |
| &nbsp;&nbsp;&nbsp;Steris PLC | 53 | 13 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A (e) | 135 | 44 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 184 | 68 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. REIT | 68 | 9 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. (e) | 262 | 13 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 216 | 15 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. (e) | 99 | 49 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 258 | 21 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 120 | 12 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. (e) | 97 | 25 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 108 | 12 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 121 | 20 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 244 | 22 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 158 | 35 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. (e) | 25 | 15 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 86 | 12 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. (e) | 1542 | 686 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 493 | 91 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 11 | 10 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 96 | 8 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 194 | 94 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 593 | 86 |
| &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 270 | 65 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A (e) | 247 | 9 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 282 | 16 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A (e) | 227 | 11 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 62 | 7 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 118 | $50 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 30 | 40 |
| &nbsp;&nbsp;&nbsp;TransUnion | 107 | 9 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 121 | 34 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. (e) | 128 | 10 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 716 | 33 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A (e) | 83 | 8 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. (e) | 23 | 12 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 153 | 8 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 862 | 42 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. (e) | 1071 | 105 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. REIT | 168 | 6 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 53 | 3 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. (e) | 24 | 13 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 320 | 76 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. (e) | 45 | 4 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 397 | 33 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 35 | 33 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. (e) | 23 | 10 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 484 | 167 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 30 | 6 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 174 | 30 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A (e) | 81 | 24 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 239 | 17 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 131 | 14 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 46 | 13 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 73 | 18 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2248 | 99 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. (e) | 134 | 52 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 181 | 27 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 566 | 18 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 906 | 309 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 193 | 38 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 69 | 21 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 162 | 12 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 2350 | 242 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 957 | 110 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. (e) | 1270 | 25 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 135 | 24 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 213 | 47 |
| &nbsp;&nbsp;&nbsp;Waters Corp. (e) | 31 | 9 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 18 | 7 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 168 | 19 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1762 | 148 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 344 | 61 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 38 | 10 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 169 | 20 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 90 | 18 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 385 | 10 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 660 | 42 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 68 | 13 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 53 | 18 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A (e) | 117 | 28 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. REIT | 119 | 8 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 25 | 24 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 304 | 25 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 126 | 19 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 149 | 23 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A (e) | 28 | 8 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C (e) | 89 | 7 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 106 | 10 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 234 | 34 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc., Class A (e) | 135 | 11 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. (e) | 54 | 16 |
|  |  | 31062 |
| **Total Common Stocks (Cost $27,996)** |  | 41184 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Rights** |
| **Rights (0.0%)‡** |  |
| **United States (0.0%)‡** |  |
| &nbsp;&nbsp;&nbsp;Abiomed, Inc., CVR expires 12/22/28(e) **(Cost $—@)** | 14 |

---

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (11.1%)** |  |  |
| **Investment Company (11.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (g)<br> **(Cost $9,288)** | 9287827 | 9288 |
| **Total Investments (100.1%) (Cost $71,309) (h)(i)(j)** |  | 84096 |
| Liabilities in Excess of Other Assets (–0.1%) |  | (47) |
| **Net Assets (100.0%)** |  | $84049 |

---

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

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| ‡ | Amount is less than 0.05%. |
| (a) | Security is subject to delayed delivery. |
| (b) | Floating or variable rate securities: The rates disclosed are as of September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | |
|:---|:---|
| (c) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (d) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of September 30, 2025. |
| (e) | Non-income producing security. |
| (f) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (g) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $12,000 relating to the Fund's investment in the Liquidity Fund. |
| (h) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (i) | The approximate fair value and percentage of net assets, $8,417,000 and 10.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Consolidated Portfolio of Investments. |
| (j) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,757,000 and the aggregate gross unrealized depreciation is approximately $2,454,000, resulting in net unrealized appreciation of approximately $13,303,000. |
| ADR | American Depositary Receipt. |
| CVA | Certificaten Van Aandelen. |
| CVR | Contingent Value Rights |
| DAC | Designated Activity Company. |
| EURIBOR | Euro Interbank Offered Rate. |
| MTN | Medium Term Note. |
| OAT | Obligations Assimilables du Trésor (French Treasury Obligation). |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |
| TBA | To Be Announced. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Bank of America NA | 738 | $104 | 12/18/25 | $— |
| Bank of America NA | 340 | $48 | 12/17/25 | (— |
| Bank of America NA | $460 | 437 | 1/6/26 | 56 |
| Bank of America NA | $4 | 15 | 12/18/25 |  |
| Bank of America NA | $11 | 1602 | 12/18/25 | (— |
| Barclays Bank PLC | 16 | $2 | 12/18/25 |  |
| Barclays Bank PLC | 10370 | $71 | 12/17/25 |  |
| Barclays Bank PLC | 69 | $7 | 12/18/25 |  |
| Barclays Bank PLC | 21 | $12 | 12/17/25 | (— |
| Barclays Bank PLC | 2083 | $66 | 12/17/25 | 1 |
| Barclays Bank PLC | 1826 | $34 | 4/6/26 | (4) |
| Barclays Bank PLC | 4138 | $77 | 4/6/26 | (9) |
| Barclays Bank PLC | 17516 | $334 | 4/6/26 | (29) |
| Barclays Bank PLC | 2272 | $44 | 4/6/26 | (3) |
| Barclays Bank PLC | $13 | 18 | 12/18/25 | (— |
| Barclays Bank PLC | $3 | 2 | 12/18/25 | (— |
| Barclays Bank PLC | $400 | 339 | 12/18/25 | (1) |
| Barclays Bank PLC | $82 | 60 | 12/18/25 | (1) |
| Barclays Bank PLC | $27 | 20 | 12/17/25 | (— |
| Barclays Bank PLC | $2 | 7 | 12/18/25 |  |
| Barclays Bank PLC | $71 | 10396 | 12/18/25 | (— |
| Barclays Bank PLC | $— | 6 | 12/18/25 |  |
| Barclays Bank PLC | $3 | 4 | 12/18/25 | (— |
| Barclays Bank PLC | $297 | 17232 | 4/6/26 | 60 |
| BNP Paribas SA | 127 | $83 | 12/18/25 | (1) |
| BNP Paribas SA | 351 | $253 | 12/18/25 |  |
| BNP Paribas SA | 77 | $97 | 12/18/25 | (— |
| BNP Paribas SA | 1074 | $151 | 12/18/25 |  |
| BNP Paribas SA | 2678 | $1 | 12/18/25 |  |
| BNP Paribas SA | 65 | $10 | 12/18/25 |  |
| BNP Paribas SA | 39734 | $270 | 12/18/25 | (1) |
| BNP Paribas SA | 78 | $8 | 12/18/25 |  |
| BNP Paribas SA | 431 | $14 | 12/18/25 |  |
| BNP Paribas SA | 1377 | $45 | 12/18/25 |  |
| BNP Paribas SA | $53 | 42 | 12/17/25 | (— |
| BNP Paribas SA | $14 | 13453 | 12/18/25 | (— |
| BNP Paribas SA | $472 | 400 | 12/18/25 | (1) |
| BNP Paribas SA | $98 | 764 | 12/18/25 | (— |
| BNP Paribas SA | $4 | 69 | 12/18/25 |  |
| BNP Paribas SA | $52 | 1561 | 12/18/25 | (— |
| BNP Paribas SA | 11 | $1 | 12/18/25 | (— |
| Citibank NA | 216 | $155 | 12/18/25 | (— |
| Citibank NA | $27 | 37 | 12/18/25 | (— |
| Citibank NA | $8 | 168 | 12/18/25 | (— |
| Citibank NA | $15 | 51 | 12/18/25 |  |
| Citibank NA | $459 | 67359 | 1/6/26 | 1 |
| Citibank NA | $26 | 3776 | 12/18/25 | (— |
| Citibank NA | $28 | 122 | 12/17/25 | (— |
| Credit Agricole CIB | 1844 | $2184 | 12/17/25 | 9 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Deutsche Bank AG | 968 | $642 | 12/17/25 | $— |
| Deutsche Bank AG | $69 | 95 | 12/17/25 | (1) |
| Goldman Sachs International | 145 | $96 | 12/18/25 | (1) |
| Goldman Sachs International | 332 | $60 | 12/18/25 | (1) |
| Goldman Sachs International | 6 | $1 | 12/18/25 |  |
| Goldman Sachs International | 64 | $70 | 1/6/26 | (5) |
| Goldman Sachs International | 599 | $693 | 1/6/26 | (14) |
| Goldman Sachs International | 280 | $325 | 4/28/26 | (8) |
| Goldman Sachs International | 285 | $329 | 4/28/26 | (9) |
| Goldman Sachs International | 543 | $639 | 12/18/25 | (1) |
| Goldman Sachs International | 589 | $695 | 12/18/25 |  |
| Goldman Sachs International | 20 | $27 | 12/18/25 |  |
| Goldman Sachs International | 6888 | $47 | 1/6/26 |  |
| Goldman Sachs International | 96155 | $694 | 1/6/26 | 37 |
| Goldman Sachs International | 44709 | $325 | 4/28/26 | 16 |
| Goldman Sachs International | 45762 | $328 | 4/28/26 | 13 |
| Goldman Sachs International | 3846 | $208 | 12/18/25 | (— |
| Goldman Sachs International | 38 | $9 | 12/18/25 |  |
| Goldman Sachs International | 299 | $72 | 12/17/25 |  |
| Goldman Sachs International | 6 | $1 | 12/18/25 |  |
| Goldman Sachs International | 15 | $12 | 12/17/25 |  |
| Goldman Sachs International | 39607 | $1168 | 1/6/26 | (64) |
| Goldman Sachs International | 36390 | $1090 | 1/6/26 | (42) |
| Goldman Sachs International | 37497 | $1103 | 1/6/26 | (63) |
| Goldman Sachs International | 107296 | $3285 | 4/28/26 | (79) |
| Goldman Sachs International | 293 | $9 | 12/18/25 |  |
| Goldman Sachs International | 1943 | $35 | 4/6/26 | (5) |
| Goldman Sachs International | 49955 | $997 | 4/6/26 | (39) |
| Goldman Sachs International | 30175 | $506 | 1/25/27 | 6 |
| Goldman Sachs International | 28393 | $468 | 1/25/27 | (2) |
| Goldman Sachs International | $4 | 7 | 12/18/25 | (— |
| Goldman Sachs International | $58 | 317 | 12/18/25 |  |
| Goldman Sachs International | $178 | 245 | 12/18/25 | (1) |
| Goldman Sachs International | $14 | 11 | 12/18/25 | (— |
| Goldman Sachs International | $241 | 1699 | 12/17/25 | (1) |
| Goldman Sachs International | $250 | 226 | 1/6/26 | 17 |
| Goldman Sachs International | $657 | 565 | 4/28/26 | 13 |
| Goldman Sachs International | $659 | 90471 | 4/28/26 | (35) |
| Goldman Sachs International | $105 | 1950 | 12/18/25 |  |
| Goldman Sachs International | $16 | 161 | 12/17/25 | (— |
| Goldman Sachs International | $39 | 142 | 12/17/25 | (— |
| Goldman Sachs International | $84 | 2802 | 1/6/26 | 3 |
| Goldman Sachs International | $3373 | 110692 | 1/6/26 | 70 |
| Goldman Sachs International | $1703 | 54034 | 4/28/26 | (8) |
| Goldman Sachs International | $1666 | 53262 | 4/28/26 | 4 |
| Goldman Sachs International | $320 | 18398 | 4/6/26 | 62 |
| Goldman Sachs International | $309 | 16846 | 4/6/26 | 40 |
| Goldman Sachs International | $379 | 21090 | 4/6/26 | 58 |
| Goldman Sachs International | $72 | 4084 | 4/6/26 | 13 |
| Goldman Sachs International | $968 | 58568 | 1/25/27 | 1 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| JPMorgan Chase Bank NA | 216 | $31 | 12/18/25 | $— |
| JPMorgan Chase Bank NA | 26 | $4 | 12/18/25 |  |
| JPMorgan Chase Bank NA | 425 | $577 | 12/17/25 | 5 |
| JPMorgan Chase Bank NA | 131 | $175 | 12/18/25 | (1) |
| JPMorgan Chase Bank NA | 166 | $223 | 12/18/25 | (— |
| JPMorgan Chase Bank NA | 967 | $11 | 12/18/25 |  |
| JPMorgan Chase Bank NA | 5395 | $61 | 12/18/25 |  |
| JPMorgan Chase Bank NA | 1558 | $84 | 12/17/25 | (— |
| JPMorgan Chase Bank NA | 28 | $17 | 12/18/25 |  |
| JPMorgan Chase Bank NA | 38 | $4 | 12/18/25 |  |
| JPMorgan Chase Bank NA | $135 | 203 | 12/18/25 | (1) |
| JPMorgan Chase Bank NA | $172 | 237 | 12/18/25 | (1) |
| JPMorgan Chase Bank NA | $17 | 15810 | 12/17/25 | (— |
| JPMorgan Chase Bank NA | $835 | 706 | 12/18/25 | (2) |
| JPMorgan Chase Bank NA | $10 | 7 | 12/18/25 | (— |
| JPMorgan Chase Bank NA | $37 | 287 | 12/18/25 | (— |
| JPMorgan Chase Bank NA | $16 | 259533 | 12/17/25 | (— |
| JPMorgan Chase Bank NA | $18 | 60 | 12/18/25 |  |
| JPMorgan Chase Bank NA | $65 | 5759 | 12/18/25 |  |
| JPMorgan Chase Bank NA | $920 | 134842 | 12/17/25 | (1) |
| JPMorgan Chase Bank NA | $321 | 440506 | 12/17/25 | (5) |
| JPMorgan Chase Bank NA | $104 | 1921 | 12/18/25 |  |
| JPMorgan Chase Bank NA | $18 | 31 | 12/17/25 | (— |
| JPMorgan Chase Bank NA | $19 | 67 | 12/17/25 |  |
| JPMorgan Chase Bank NA | $10 | 36 | 12/18/25 | (— |
| JPMorgan Chase Bank NA | $73 | 685 | 12/17/25 | (— |
| JPMorgan Chase Bank NA | $53 | 68 | 12/18/25 | (— |
| JPMorgan Chase Bank NA | 29 | $2 | 12/18/25 | (— |
| Royal Bank of Canada | 51 | $37 | 12/17/25 |  |
| Royal Bank of Canada | 363 | $426 | 12/18/25 | (3) |
| Royal Bank of Canada | $71 | 60 | 12/17/25 |  |
| Royal Bank of Canada | $122 | 90 | 12/18/25 | (1) |
| Standard Chartered Bank | $50 | 7370 | 12/17/25 |  |
| State Street Bank and Trust Co. | 20 | $15 | 12/17/25 |  |
| State Street Bank and Trust Co. | 9 | $11 | 12/17/25 |  |
| State Street Bank and Trust Co. | 20 | $24 | 12/17/25 |  |
| State Street Bank and Trust Co. | $1 |  | 12/18/25 | (— |
| UBS AG | 154 | $24 | 12/17/25 |  |
| UBS AG | 213 | $27 | 12/18/25 |  |
| UBS AG | 130179 | $8 | 12/18/25 |  |
| UBS AG | 1003 | $7 | 12/17/25 | (— |
| UBS AG | 38087 | $257 | 12/18/25 | (2) |
| UBS AG | 129067 | $93 | 12/18/25 | 1 |
| UBS AG | 97307 | $70 | 12/18/25 |  |
| UBS AG | 212 | $21 | 12/18/25 |  |
| UBS AG | 69 | $54 | 12/18/25 |  |
| UBS AG | $38 | 58 | 12/18/25 | (— |
| UBS AG | $75 | 104 | 12/18/25 | (1) |
| UBS AG | $17 | 23 | 12/17/25 | (— |
| UBS AG | $26 | 35 | 12/18/25 | (— |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| UBS AG | $7 | CHF | 5 | 12/18/25 | $(— |
| UBS AG | $30 | CHF | 24 | 12/18/25 | (— |
| UBS AG | $726 | CNY | 5126 | 12/18/25 | (2) |
| UBS AG | $315 | EUR | 266 | 12/18/25 | (1) |
| UBS AG | $106 | GBP | 78 | 12/18/25 | (1) |
| UBS AG | $19 | HKD | 151 | 12/18/25 | (— |
| UBS AG | $1 | HUF | 419 | 12/18/25 | (— |
| UBS AG | $— | HUF | 90 | 12/17/25 | (— |
| UBS AG | $248 | JPY | 35683 | 1/6/26 | (4) |
| UBS AG | $80 | JPY | 11707 | 12/18/25 | (— |
| UBS AG | $79 | JPY | 11650 | 12/18/25 | (— |
| UBS AG | $60 | KRW | 84238 | 12/18/25 |  |
| UBS AG | $1 | MXN | 25 | 12/18/25 |  |
| UBS AG | $1 | TRY | 62 | 12/18/25 |  |
|  |  |  |  |  | $31 |

---

**Futures Contracts:**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro-Buxl 30 yr. Bond Index (Germany) | 1 | Dec-25 | 100 | $135 | $(— |
| &nbsp;&nbsp;&nbsp;German Euro-Schatz Index (Germany) | 4 | Dec-25 | 400 | 502 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;KFE 10 yr. Treasury Bond Index (Korea, Republic of) | 5 | Dec-25 | 500000 | 418 | (4) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 6 | Dec-25 | $1200 | 1250 | (1) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 4 | Dec-25 | 400 | 437 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond (United States) | 2 | Dec-25 | 200 | 233 | 5 |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond (United States) | 3 | Dec-25 | 300 | 360 | 9 |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro-BTP Italian Bond Index (Germany) | 1 | Dec-25 | (100) | (141) | (2) |
| &nbsp;&nbsp;&nbsp;Euro Stoxx 50 Index (Germany) | 1 | Dec-25 | (— | (65) | (1) |
| &nbsp;&nbsp;&nbsp;French Government Bond Index (Germany) | 1 | Dec-25 | (100) | (142) | (1) |
| &nbsp;&nbsp;&nbsp;German Euro-Bobl Index (Germany) | 8 | Dec-25 | (800) | (1106) | (— |
| &nbsp;&nbsp;&nbsp;German Euro-Bund Index (Germany) | 6 | Dec-25 | (600) | (906) | (3) |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Market Index (United States) | 10 | Dec-25 | $(1) | (680) | (5) |
| &nbsp;&nbsp;&nbsp;Nikkei 225 Index (Japan) | 2 | Dec-25 | (1) | (303) | 4 |
| &nbsp;&nbsp;&nbsp;SFE 10 yr. Australian Bond Index (Australia) | 6 | Dec-25 | (600) | (450) | 1 |
| &nbsp;&nbsp;&nbsp;SFE 3 yr. Australian Bond Index (Australia) | 3 | Dec-25 | (300) | (212) | 1 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 2 | Dec-25 | $(200) | (225) |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 1 | Dec-25 | (100) | (115) | (1 |
|  |  |  |  |  | $2 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Index** | **Pay/<br> Receive<br> Total Return<br> of Reference<br> Index** | **Floating Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Upfront<br> Payment<br> Paid<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| BNP Paribas SA | MSCI Japan Net Total Return USD Index | Pay | SOFR + 0.36% | Quarterly | 2/10/26 | $2658 | $163 | $— | $163 |
| Goldman Sachs International | MSCI Emerging Markets Net Total Return Index | Pay | SOFR + 0.38% | Quarterly | 1/28/26 | 5782 | 324 |  | 324 |
| UBS AG | MSCI USA Index | Pay | SOFR + 0.00% | Maturity | 10/23/25 | 1761 | (4) |  | (4) |
|  |  |  |  |  |  |  | $483 | $— | $483 |

---

---

| | |
|:---|:---|
| @ | Value/Notional amount is less than $500. |
| KFE | Korean Futures Exchange. |
| MSCI | Morgan Stanley Capital International. |
| SFE | Sydney Futures Exchange. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| AUD — | Australian Dollar |
| BRL — | Brazilian Real |
| CAD — | Canadian Dollar |
| CHF — | Swiss Franc |
| CLP — | Chilean Peso |
| CNH — | Chinese Yuan Renminbi Offshore |
| CNY — | Chinese Yuan Renminbi |
| COP — | Colombian Peso |
| CZK — | Czech Koruna |
| DKK — | Danish Krone |
| EUR — | Euro |
| GBP — | British Pound |
| HKD — | Hong Kong Dollar |
| HUF — | Hungarian Forint |
| IDR — | Indonesian Rupiah |
| ILS — | Israeli Shekel |
| INR — | Indian Rupee |
| JPY — | Japanese Yen |
| KRW — | South Korean Won |
| MXN — | Mexican Peso |
| MYR — | Malaysian Ringgit |
| NOK — | Norwegian Krone |
| NZD — | New Zealand Dollar |
| PEN — | Peruvian Nuevo Sol |
| PLN — | Polish Zloty |
| RON — | Romanian New Leu |
| SEK — | Swedish Krona |
| SGD — | Singapore Dollar |
| THB — | Thai Baht |
| TRY — | Turkish Lira |
| TWD — | Taiwan Dollar |
| ZAR — | South African Rand |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Common Stocks | 49.0 | % |
| Sovereign | 20.8 |  |
| Other\* | 11.4 |  |
| Short-Term Investment | 11.0 |  |
| Corporate Bonds | 7.8 |  |
| Total Investments | 100.0 | %\*\* |

---

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

\*\* Does not include open futures contracts with a value of approximately $7,680,000 and net unrealized appreciation of approximately $2,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $31,000. Also does not include open swap agreements with net unrealized appreciation of approximately $483,000.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (93.6%)** |  |  |
| **Automobiles (7.4%)** | **Automobiles (7.4%)** | **Automobiles (7.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. (a) | 137413 | $61110 |
| **Biotechnology (1.7%)** | **Biotechnology (1.7%)** | **Biotechnology (1.7%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. (a) | 906905 | 13722 |
| **Broadline Retail (4.4%)** | **Broadline Retail (4.4%)** | **Broadline Retail (4.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (a) | 15639 | 36547 |
| **Capital Markets (1.2%)** | **Capital Markets (1.2%)** | **Capital Markets (1.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A (a) | 12530 | 4229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 35484 | 5978 |
|  |  | 10207 |
| **Electronic Equipment, Instruments & Components (0.0%)** | **Electronic Equipment, Instruments & Components (0.0%)** | **Electronic Equipment, Instruments & Components (0.0%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magic Leap, Inc., Class A (a)(b)(c) (acquisition cost — $1,526; acquired 12/22/15) | 3138 |  |
| **Entertainment (7.2%)** | **Entertainment (7.2%)** | **Entertainment (7.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (a) | 429130 | 59443 |
| **Financial Services (8.8%)** | **Financial Services (8.8%)** | **Financial Services (8.8%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a) | 727213 | 53145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (a) | 1592133 | 19185 |
|  |  | 72330 |
| **Hotels, Restaurants & Leisure (4.8%)** | **Hotels, Restaurants & Leisure (4.8%)** | **Hotels, Restaurants & Leisure (4.8%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A (a) | 144373 | 39268 |
| **Information Technology Services (22.2%)** | **Information Technology Services (22.2%)** | **Information Technology Services (22.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (a) | 485897 | 104269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A (Canada) (a) | 274870 | 40848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A (a) | 166593 | 37575 |
|  |  | 182692 |
| **Pharmaceuticals (4.4%)** | **Pharmaceuticals (4.4%)** | **Pharmaceuticals (4.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 1023943 | 36125 |
| **Software (22.2%)** | **Software (22.2%)** | **Software (22.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A (a) | 105097 | 75516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurora Innovation, Inc. (a) | 5176786 | 27903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BitMine Immersion Technologies, Inc. (a) | 186788 | 9700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (a) | 788512 | 29372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc., Class A (a) | 126120 | 40637 |
|  |  | 183128 |
| **Tech Hardware, Storage & Peripherals (5.1%)** | **Tech Hardware, Storage & Peripherals (5.1%)** | **Tech Hardware, Storage & Peripherals (5.1%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc. (a) | 682633 | 41982 |
| **Trading Companies & Distributors (4.2%)** | **Trading Companies & Distributors (4.2%)** | **Trading Companies & Distributors (4.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A (a) | 179589 | 9667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc. (a) | 1330619 | 25362 |
|  |  | 35029 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $445,466)** |  | 771583 |
| **Preferred Stocks (2.2%)** |  |  |
| **Financial Services (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Stripe, Inc., Series I (a)(b)(c) (acquisition cost — $1,061; acquired 3/17/23) | 52681 | 1617 |
| **Software (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Databricks, Inc., Series H (a)(b)(c) (acquisition cost — $8,310; acquired 8/31/21) | 113088 | 12776 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc., Series I (a)(b)(c) (acquisition cost — $2,242; acquired 9/15/23) | 30506 | 3446 |
| &nbsp;&nbsp;&nbsp;Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $1,618; acquired 6/17/14) | 141612 | 579 |
|  |  | 16801 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (Cost $13,231)** |  | 18418 |
| **Investment Company (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF (a) **(Cost $13,615)** | 351849 | 22870 |
| **Short-Term Investment (3.8%)** | **Short-Term Investment (3.8%)** | **Short-Term Investment (3.8%)** |
| **Investment Company (3.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) **(Cost $31,617)** | 31617232 | 31617 |
| **Total Investments Excluding Purchased Options (102.4%) (Cost $503,929)** |  | 844488 |
| **Total Purchased Options Outstanding (0.1%) (Cost $4,032)** |  | 385 |
| **Total Investments (102.5%) (Cost $507,961) (e)(f)(g)** |  | 844873 |
| Liabilities in Excess of Other Assets (–2.5%) |  | (20686) |
| **Net Assets (100.0%)** |  | $824187 |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2025 amounts to approximately $18,418,000 and represents 2.2% of net assets. |
| (c) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $37,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (f) | Securities are available for collateral in connection with purchased options. |
| (g) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $348,064,000 and the aggregate gross unrealized depreciation is approximately $11,152,000, resulting in net unrealized appreciation of approximately $336,912,000. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

**Call Options Purchased:**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | 7.58 | Aug–26 | 245535661 | $245536 | $294 | $804 | $(510) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May–26 | 169787952 | 169788 | 66 | 707 | (641) |
| Standard Chartered Bank | USD/CNH | 7.77 | Oct–25 | 127991317 | 127991 |  | 557 | (557) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb–26 | 173385312 | 173385 | 13 | 716 | (703) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr–26 | 112218546 | 112219 | 12 | 544 | (532) |
| Goldman Sachs & Co. LLC | USD/CNH | 8.02 | Dec–25 | 148521048 | 148521 |  | 704 | (704) |
|  |  |  |  |  |  | $385 | $4032 | $(3647) |

---

---

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

---

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 26.7% |
| Software | 23.7 |
| Information Technology Services | 21.6 |
| Financial Services | 8.8 |
| Automobiles | 7.2 |
| Entertainment | 7.0 |
| Tech Hardware, Storage & Peripherals | 5.0 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments

**Security Valuation:** (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") and Morgan Stanley Investment Management Company ("MSIM Company") (together, the "Sub-Advisers"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) certain senior loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (4) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (5) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (6) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (7) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a reputable broker/dealer or valued by a pricing service/vendor; (8) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (9) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; (10) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (11) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

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

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

● Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable inputs<br> (000)** | **Level 3<br> Significant<br> unobservable inputs<br> (000)** | **Total<br> (000)** |
| **Discovery** | | | | |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $206072<sup>(1)</sup> | $— | $— | $206072 |
| **Preferred Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software |  |  | 5188 | 5188 |
| **Investment Company** | 6828 |  |  | 6828 |
| **Call Options Purchased** |  | 110 |  | 110 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 11861 |  |  | 11861 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 622 |  | 622 |
| **Total Short-Term Investments** | **11861** | **622** | **—** | **12483** |
| **Total Assets** | **224761** | **732** | **5188** | **230681** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Derivative Contract — PIPE** |  |  | (965) | (965) |
| **Total** | $**224761** | $**732** | $**4223** | $**229716** |

---

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| **Discovery** | **Preferred<br> Stocks<br> (000)** | **Derivative<br> Contract —<br> PIPE<br> (000)** |
| **Beginning Balance** | $4248 | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;PIPE transactions |  | (965) |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 940 |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $5188 | $(965) |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $940 | $(965) |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Discovery** | **Fair Value at<br> September 30, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stocks | $5188 | Market Transaction Method | Precedent Transaction | $150.00 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 14.5% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 11.9x | Increase |
|  |  |  | Discount for Lack of Marketability | 15.0% | Decrease |
| PIPE | $(965) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 27.5% | Decrease |

---

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Emerging Markets Debt** | | | | |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $31406 | $— | $31406 |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 64842 |  | 64842 |
| &nbsp;&nbsp;&nbsp;Senior Loan Interests |  | 9471 |  | 9471 |
| **Total Fixed Income Securities** | **—** | **105719** | **—** | **105719** |
| **Warrants** |  | 2966 |  | 2966 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 308 |  | 308 |
| &nbsp;&nbsp;&nbsp;Investment Company | 2655 |  |  | 2655 |
| **Total Short-Term Investments** | **2655** | **308** | **—** | **2963** |
| **Foreign Currency Forward Exchange Contract** |  | 1 |  | 1 |
| **Futures Contracts** | 536 |  |  | 536 |
| **Credit Default Swap Agreements** |  | 89 |  | 89 |
| **Total Assets** | **3191** | **109083** | **—** | **112274** |
| **Liabilities:** |  |  |  |  |
| **Foreign Currency Forward Exchange Contracts** |  | (61) |  | (61) |
| **Futures Contracts** | (28) |  |  | (28) |
| **Credit Default Swap Agreement** |  | (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (6) |
| **Total Liabilities** | **(28)** | **(67)** | **—** | **(95)** |
| **Total** | $**3163** | $**109016** | $**—** | $**112179** |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Emerging Markets Equity** | | | | |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | $— | $768 | $— | $768 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 6654 |  | 6654 |
| &nbsp;&nbsp;&nbsp;Banks | 7224 | 27523 |  | 34747 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 949 |  | 949 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 1299 | 9525 |  | 10824 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 503 | 3230 |  | 3733 |
| &nbsp;&nbsp;&nbsp;Chemicals |  | 1112 |  | 1112 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering |  | 2005 |  | 2005 |
| &nbsp;&nbsp;&nbsp;Construction Materials |  | 1255 |  | 1255 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 2542 |  | 2542 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 3086 | 1946 |  | 5032 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 2338 | 4259 |  | 6597 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 5322 |  | 5322 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 1908 |  | 1908 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 737 |  | 737 |
| &nbsp;&nbsp;&nbsp;Food Products |  | 2096 |  | 2096 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 1915 | 1467 |  | 3382 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 3492 | 528 |  | 4020 |
| &nbsp;&nbsp;&nbsp;Household Products | 2037 |  |  | 2037 |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 896 |  |  | 896 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 1788 |  |  | 1788 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 2760 |  | 2760 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 14007 |  | 14007 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 1935 |  | 1935 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 911 | 3078 |  | 3989 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels |  | 3116 |  | 3116 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 348 |  | 348 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 1635 |  | 1635 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 1182 |  | 1182 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 31814 |  | 31814 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 13621 |  | 13621 |
| &nbsp;&nbsp;&nbsp;Tobacco |  | 924 |  | 924 |
| **Total Common Stocks** | **25489** | **148246** | **—** | **173735** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 6310 |  |  | 6310 |
| **Total Assets** | $**31799** | $**148246** | $**—** | $**180045** |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |  |
| **Global Strategist** | | | |  | |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency Fixed Rate Mortgages | $— | $3315 | $— |  | $3315 |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 769 |  |  | 769 |  |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 419 |  |  | 419 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 6538 |  |  | 6538 |  |
| &nbsp;&nbsp;&nbsp;Mortgages - Other |  | 1411 |  |  | 1411 |  |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 17527 |  |  | 17527 |  |
| &nbsp;&nbsp;&nbsp;Supranational |  | 252 |  |  | 252 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 3393 |  |  | 3393 |  |
| **Total Fixed Income Securities** | **—** | **33624** | **—** |  | **33624** |  |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | 708 | 425 |  |  | 1133 |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | 79 | 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 128 |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | 17 | 18 |  |  | 35 |  |
| &nbsp;&nbsp;&nbsp;Automobiles | 749 | 113 |  |  | 862 |  |
| &nbsp;&nbsp;&nbsp;Banks | 1500 | 1325 |  |  | 2825 |  |
| &nbsp;&nbsp;&nbsp;Beverages | 320 | 105 |  |  | 425 |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 526 | 75 |  |  | 601 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 1273 | 101 |  |  | 1374 |  |
| &nbsp;&nbsp;&nbsp;Building Products | 165 | 75 |  |  | 240 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 1078 | 325 |  |  | 1403 |  |
| &nbsp;&nbsp;&nbsp;Chemicals | 344 | 191 |  |  | 535 |  |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 207 | 24 |  |  | 231 |  |
| &nbsp;&nbsp;&nbsp;Communications Equipment | 276 | 27 |  |  | 303 |  |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | 86 | 79 |  |  | 165 |  |
| &nbsp;&nbsp;&nbsp;Construction Materials | 82 | 63 |  |  | 145 |  |
| &nbsp;&nbsp;&nbsp;Consumer Finance | 212 |  |  |  | 212 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 602 | 89 |  |  | 691 |  |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 69 | 2 |  |  | 71 |  |
| &nbsp;&nbsp;&nbsp;Distributors | 16 | 2 |  |  | 18 |  |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services |  | 5 |  |  | 5 |  |
| &nbsp;&nbsp;&nbsp;Diversified REITs | 8 | 17 |  |  | 25 |  |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 214 | 178 |  |  | 392 |  |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 483 | 194 |  |  | 677 |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 288 | 247 |  |  | 535 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 239 | 24 |  |  | 263 |  |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 68 | 4 |  | † | 72 | † |
| &nbsp;&nbsp;&nbsp;Entertainment | 589 | 23 |  |  | 612 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 1138 | 99 |  |  | 1237 |  |
| &nbsp;&nbsp;&nbsp;Food Products | 149 | 218 |  |  | 367 |  |
| &nbsp;&nbsp;&nbsp;Gas Utilities | 19 | 16 |  |  | 35 |  |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 353 | 3 |  |  | 356 |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 619 | 146 |  |  | 765 |  |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 503 | 29 |  |  | 532 |  |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 92 |  |  |  | 92 |  |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 24 | 7 |  |  | 31 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 620 | 147 |  |  | 767 |  |
| &nbsp;&nbsp;&nbsp;Household Durables | 83 | 4 |  |  | 87 |  |
| &nbsp;&nbsp;&nbsp;Household Products | 265 | 50 |  |  | 315 |  |
| &nbsp;&nbsp;&nbsp;Independent Power & Renewable Electricity Producers | 41 | 26 |  |  | 67 |  |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates | 116 | 158 |  |  | 274 |  |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 57 | 36 |  |  | 93 |  |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |
| **Assets: (cont'd)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | $497 | $13 | $— |  | $510 |
| &nbsp;&nbsp;&nbsp;Insurance | 705 | 547 |  |  | 1252 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 2326 | 20 |  |  | 2346 |
| &nbsp;&nbsp;&nbsp;Investment Company |  |  |  | † |  |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 240 | 45 |  |  | 285 |
| &nbsp;&nbsp;&nbsp;Machinery | 474 | 208 |  |  | 682 |
| &nbsp;&nbsp;&nbsp;Marine Transportation |  | 16 |  |  | 16 |
| &nbsp;&nbsp;&nbsp;Media | 112 | 24 |  |  | 136 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 318 | 265 |  | † | 583 |
| &nbsp;&nbsp;&nbsp;Mortgage Real Estate Investment | 7 |  |  |  | 7 |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 188 | 106 |  |  | 294 |
| &nbsp;&nbsp;&nbsp;Office REITs | 6 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 9 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 1123 | 331 |  |  | 1454 |
| &nbsp;&nbsp;&nbsp;Paper & Forest Products |  | 22 |  |  | 22 |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 9 | 29 |  |  | 38 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 28 | 149 |  |  | 177 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 826 | 725 |  |  | 1551 |
| &nbsp;&nbsp;&nbsp;Professional Services | 204 | 127 |  |  | 331 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 55 | 63 |  |  | 118 |
| &nbsp;&nbsp;&nbsp;Residential REITs | 88 |  |  |  | 88 |
| &nbsp;&nbsp;&nbsp;Retail REITs | 77 | 31 |  |  | 108 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 4128 | 276 |  |  | 4404 |
| &nbsp;&nbsp;&nbsp;Software | 3553 | 205 |  |  | 3758 |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 246 |  |  |  | 246 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 586 | 53 |  |  | 639 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 2191 | 10 |  |  | 2201 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 80 | 236 |  |  | 316 |
| &nbsp;&nbsp;&nbsp;Tobacco | 196 | 82 |  |  | 278 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 135 | 45 |  |  | 180 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 38 |  |  | 38 |
| &nbsp;&nbsp;&nbsp;Water Utilities | 20 | 11 |  |  | 31 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 72 | 18 |  |  | 90 |
| **Total Common Stocks** | **32767** | **8417** | **—** | **†** | **41184** |
| **Rights** |  |  |  |  |  |
| **Warrants** |  |  |  | † |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 9288 |  |  |  | 9288 |
| **Foreign Currency Forward Exchange Contracts** |  | 486 |  |  | 486 |
| **Futures Contracts** | 20 |  |  |  | 20 |
| **Total Return Swap Agreements** |  | 487 |  |  | 487 |
| **Total Assets** | **42075** | **43014** | **—** | **†** | **85089** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contracts** |  | (455) |  |  | (455) |
| **Futures Contracts** | (18) |  |  |  | (18) |
| **Total Return Swap Agreement** |  | (4 |  |  | (4 |
| **Total Liabilities** | **(18)** | **(459** | **—** |  | **(477** |
| **Total** | $**42057** | $**42555** | $**—** | **†** | $**84612** |

---

† Includes
one or more securities valued at zero.

---

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

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| **Global Strategist** | **Common<br> Stocks<br> (000)** | **Warrants<br> (000)** |
| **Beginning Balance** | $— | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $— | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— | $— |

---

†† Includes one or more securities valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |  |
| **Growth** | | | |  | |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles | $61110 | $— | $— |  | $61110 |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 13722 |  |  |  | 13722 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 36547 |  |  |  | 36547 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 10207 |  |  |  | 10207 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  |  |  | † |  | † |
| &nbsp;&nbsp;&nbsp;Entertainment | 59443 |  |  |  | 59443 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 72330 |  |  |  | 72330 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 39268 |  |  |  | 39268 |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 182692 |  |  |  | 182692 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 36125 |  |  |  | 36125 |  |
| &nbsp;&nbsp;&nbsp;Software | 183128 |  |  |  | 183128 |  |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 41982 |  |  |  | 41982 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 35029 |  |  |  | 35029 |  |
| **Total Common Stocks** | **771583** | **—** | **—** | **†** | **771583** | **†** |
| **Preferred Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial Services |  |  | 1617 |  | 1617 |  |
| &nbsp;&nbsp;&nbsp;Software |  |  | 16801 |  | 16801 |  |
| **Total Preferred Stocks** | **—** | **—** | **18418** |  | **18418** |  |
| **Investment Company** | 22870 |  |  |  | 22870 |  |
| **Call Options Purchased** |  | 385 |  |  | 385 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 31617 |  |  |  | 31617 |  |
| **Total Assets** | $**826070** | $**385** | $**18418** | **†** | $**844873** | **†** |

---

† Includes
a security valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| **Growth** | **Common<br> Stock<br> (000)** | **Preferred<br> Stocks<br> (000)** |
| **Beginning Balance** | $— | $15472 |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  | 2946 |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $18418 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— | $2946 |

---

† Includes
a security valued at zero.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Growth** | **Fair Value at<br> September 30, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Range/<br> Weighted Average** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stocks | $18418 | Market Transaction Method | Precedent Transaction | $4.08-$150.00/$135.36 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 13.5%-16.5%/14.6% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 1.5x-35.1x/11.4x | Increase |
|  |  |  | Discount for Lack of Marketability | 8.0%-15.0%/14.5% | Decrease |

---

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MORGAN STANLEY VARIABLE INSURANCE FUND INC.

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

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

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

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1585 Broadway

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-869-6397

**Item A.2. Information about the Series.**

- **a. Name of Series:** Emerging Markets Equity Portfolio

- **b. EDGAR series identifier (if any):** S000004175

- **c. LEI of Series:** 549300LPZKYIZMRIEH05

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $180348657.47

**Total Liabilities:** $4616603.27

**Net Assets:** $175732054.20

**Cash Not Reported:** $55521.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000011754 | -0.08%               | 1.73%                | 7.05%                |
| Class ID C000011753 | -0.06%               | 1.67%                | 7.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1414539.33              | $-2012575.34                               |
| Month 2  | $1154342.04              | $1397416.32                                |
| Month 3  | $168859.99               | $11363786.42                               |

### Schedule of Portfolio Investments

| Name                                        | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ping An Insurance Group Co of China Ltd     | Ping An Insurance Group Co of China Ltd                             | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    123500 | NS      | $840181.52    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd                | Max Healthcare Institute Ltd                                        | CUSIP: 000000000<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |    116851 | NS      | $1467207.55   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                 | Xiaomi Corp                                                         | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    237600 | NS      | $1651307.16   | 0.94%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd      | Contemporary Amperex Technology Co Ltd                              | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     22300 | NS      | $1264709.49   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                    | Morgan Stanley Institutional Liquidity Funds - Government Portfolio | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   1840942 | NS      | $1840942.25   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HYBE Co Ltd                                 | HYBE Co Ltd                                                         | CUSIP: 000000000<br>LEI: 988400NYDQI538IJ3K23 | Long             | EC               | CORP              | KR        |      2290 | NS      | $434957.35    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Chailease Holding Co Ltd                    | Chailease Holding Co Ltd                                            | CUSIP: 000000000<br>LEI: 529900L76E6T0JCM3J27 | Long             | EC               | CORP              | KY        |    200980 | NS      | $736560.46    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                               | Axis Bank Ltd                                                       | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |    109358 | NS      | $1393159.82   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                         | Larsen & Toubro Ltd                                                 | CUSIP: 000000000<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |     26123 | NS      | $1076882.22   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindalco Industries Ltd                     | Hindalco Industries Ltd                                             | CUSIP: 000000000<br>LEI: 335800KXLE5NO5B4GF90 | Long             | EC               | CORP              | IN        |     74570 | NS      | $639964.22    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd         | Shenzhen Inovance Technology Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    107200 | NS      | $1266478.34   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp                                    | Kia Corp                                                            | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |     12879 | NS      | $924414.38    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd               | NAURA Technology Group Co Ltd                                       | CUSIP: 000000000<br>LEI: 300300JI5I0B95GO5C39 | Long             | EC               | CORP              | CN        |     17620 | NS      | $1122668.19   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Cisarua Mountain Dairy PT TBK               | Cisarua Mountain Dairy PT TBK                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   2529000 | NS      | $698162.46    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Chile                              | Banco de Chile                                                      | CUSIP: 000000000<br>LEI: 8B4EZFY8IHJC44TT2K84 | Long             | EC               | CORP              | CL        |   8074317 | NS      | $1226016.93   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| AVI Ltd                                     | AVI Ltd                                                             | CUSIP: 000000000<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |    243808 | NS      | $1397736.16   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu Hengrui Pharmaceuticals Co Ltd      | Jiangsu Hengrui Pharmaceuticals Co Ltd                              | CUSIP: 000000000<br>LEI: 2549003BT1XS3SE3E448 | Long             | EC               | CORP              | CN        |    162509 | NS      | $1634526.84   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiggy Ltd                                  | Swiggy Ltd                                                          | CUSIP: 000000000<br>LEI: 335800R11DC3QR7KH186 | Long             | EC               | CORP              | IN        |    110906 | NS      | $527917.88    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp                                   | KT&G Corp                                                           | CUSIP: 000000000<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |      9703 | NS      | $924289.99    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                  | Samsung Electronics Co Ltd                                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    162668 | NS      | $9751996.02   | 5.55%             |  |  |  | No            |                  2 | On Loan: No      |
| 360 ONE WAM Ltd                             | 360 ONE WAM Ltd                                                     | CUSIP: 000000000<br>LEI: 335800DDYMCDBO5OLL32 | Long             | EC               | CORP              | IN        |     70979 | NS      | $817662.17    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BTG Pactual SA                        | Banco BTG Pactual SA                                                | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |     55489 | NS      | $503151.70    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Lodha Developers Ltd                        | Lodha Developers Ltd                                                | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |     92412 | NS      | $1182130.28   | 0.67%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Vale SA                                     | Vale SA                                                             | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     84174 | NS      | $910656.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pidilite Industries Ltd                     | Pidilite Industries Ltd                                             | CUSIP: 000000000<br>LEI: 335800APXGEBZ349GN74 | Long             | EC               | CORP              | IN        |     67282 | NS      | $1112130.66   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                     | Reliance Industries Ltd                                             | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |    202874 | NS      | $3116104.58   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd               | ASE Technology Holding Co Ltd                                       | CUSIP: 000000000<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |    244000 | NS      | $1332332.71   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| IDFC First Bank Ltd                         | IDFC First Bank Ltd                                                 | CUSIP: 000000000<br>LEI: 335800SBNAPYVT1D2K13 | Long             | EC               | CORP              | IN        |   1890478 | NS      | $1485246.64   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Prologis Property Mexico SA de CV           | Prologis Property Mexico SA de CV                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | MX        |    218795 | NS      | $896039.81    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co                            | Hyundai Motor Co                                                    | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |      8063 | NS      | $1236085.97   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Komercni Banka AS                           | Komercni Banka AS                                                   | CUSIP: 000000000<br>LEI: IYKCAVNFR8QGF00HV840 | Long             | EC               | CORP              | CZ        |     21676 | NS      | $1087845.77   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                | MediaTek Inc                                                        | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     44000 | NS      | $1908267.53   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                    | Itau Unibanco Holding SA                                            | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    282518 | NS      | $2073930.81   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Unimicron Technology Corp                   | Unimicron Technology Corp                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    255000 | NS      | $1277932.37   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                | Wal-Mart de Mexico SAB de CV                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    614758 | NS      | $1899309.67   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                               | HDFC Bank Ltd                                                       | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    102963 | NS      | $1103423.24   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Alchip Technologies Ltd                     | Alchip Technologies Ltd                                             | CUSIP: 000000000<br>LEI: 529900HKE9RIY07SLX84 | Long             | EC               | CORP              | KY        |     14000 | NS      | $1608250.23   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Jiangsu Co Ltd                      | Bank of Jiangsu Co Ltd                                              | CUSIP: 000000000<br>LEI: 300300C1086832000046 | Long             | EC               | CORP              | CN        |    728000 | NS      | $1026120.57   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                 | Infosys Ltd                                                         | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |    109907 | NS      | $1788186.89   | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Colgate-Palmolive India Ltd                 | Colgate-Palmolive India Ltd                                         | CUSIP: 000000000<br>LEI: 335800YWKI47DGFKWB26 | Long             | EC               | CORP              | IN        |     13912 | NS      | $348111.82    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Asset Management Co Ltd                | HDFC Asset Management Co Ltd                                        | CUSIP: 000000000<br>LEI: 3358002FLK8AK8WSEP31 | Long             | EC               | CORP              | IN        |     26296 | NS      | $1638235.36   | 0.93%             |  |  |  | Yes           |                  2 | On Loan: No      |
| State Bank of India                         | State Bank of India                                                 | CUSIP: 000000000<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |    227630 | NS      | $2234579.70   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| United Breweries Ltd                        | United Breweries Ltd                                                | CUSIP: 000000000<br>LEI: 335800ADAMN6EW1GCZ31 | Long             | EC               | CORP              | IN        |     46792 | NS      | $949125.07    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                      | KB Financial Group Inc                                              | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     20791 | NS      | $1716002.75   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Avenue Supermarts Ltd                       | Avenue Supermarts Ltd                                               | CUSIP: 000000000<br>LEI: 335800B2ZPJKOU2ZM776 | Long             | EC               | CORP              | IN        |     17201 | NS      | $866870.47    | 0.49%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Malayan Banking Bhd                         | Malayan Banking Bhd                                                 | CUSIP: 000000000<br>LEI: 5493004OT3TOY404V310 | Long             | EC               | CORP              | MY        |    401600 | NS      | $945545.99    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Budimex SA                                  | Budimex SA                                                          | CUSIP: 000000000<br>LEI: 25940093SDJZW2C1V355 | Long             | EC               | CORP              | PL        |      6619 | NS      | $927926.12    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Alinma Bank                                 | Alinma Bank                                                         | CUSIP: 000000000<br>LEI: 558600HPAUTN6XSVBK93 | Long             | EC               | CORP              | SA        |    144084 | NS      | $1028323.73   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                 | NetEase Inc                                                         | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     48500 | NS      | $1473058.30   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Rede D'Or Sao Luiz SA                       | Rede D'Or Sao Luiz SA                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    242138 | NS      | $1914447.28   | 1.09%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV          | Grupo Financiero Banorte SAB de CV                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    265590 | NS      | $2667429.42   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ningbo Co Ltd                       | Bank of Ningbo Co Ltd                                               | CUSIP: 000000000<br>LEI: 300300C1092133000091 | Long             | EC               | CORP              | CN        |    210500 | NS      | $782128.54    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| NARI Technology Co Ltd                      | NARI Technology Co Ltd                                              | CUSIP: 000000000<br>LEI: 3003006IGH1W58MAQM05 | Long             | EC               | CORP              | CN        |    310700 | NS      | $1003944.20   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Antofagasta PLC                             | Antofagasta PLC                                                     | CUSIP: 000000000<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |     65564 | NS      | $2438319.12   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                     | Mahindra & Mahindra Ltd                                             | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |     64717 | NS      | $2497727.22   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                      | Yum China Holdings Inc                                              | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     18426 | NS      | $790843.92    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                      | WEG SA                                                              | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |    340050 | NS      | $2337813.80   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMB Group Holdings Bhd                     | CIMB Group Holdings Bhd                                             | CUSIP: 000000000<br>LEI: 549300FYDN5UD7USZW18 | Long             | EC               | CORP              | MY        |    655000 | NS      | $1144511.22   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd                              | Bajaj Auto Ltd                                                      | CUSIP: 000000000<br>LEI: 335800DLAO5NCNN8G863 | Long             | EC               | CORP              | IN        |     13040 | NS      | $1274791.06   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| OUTsurance Group Ltd                        | OUTsurance Group Ltd                                                | CUSIP: 000000000<br>LEI: 984500AC307E8L2D9X52 | Long             | EC               | CORP              | ZA        |    192628 | NS      | $799819.21    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Bupa Arabia for Cooperative Insurance Co    | Bupa Arabia for Cooperative Insurance Co                            | CUSIP: 000000000<br>LEI: 558600B2WJHD5P31XS68 | Long             | EC               | CORP              | SA        |     25468 | NS      | $1120021.11   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology                         | Kuaishou Technology                                                 | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | KY        |     81000 | NS      | $876084.38    | 0.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Trip.com Group Ltd                          | Trip.com Group Ltd                                                  | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     26127 | NS      | $1964750.40   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                       | Delta Electronics Inc                                               | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     48000 | NS      | $1352164.39   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                   | Capitec Bank Holdings Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     10696 | NS      | $2158297.60   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Energy India Ltd                    | Hitachi Energy India Ltd                                            | CUSIP: 000000000<br>LEI: 549300ASJQYQLII9F213 | Long             | EC               | CORP              | IN        |      7029 | NS      | $1425049.87   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                    | Morgan Stanley Institutional Liquidity Funds - Government Portfolio | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   4469212 | NS      | $4469212.24   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Wiwynn Corp                                 | Wiwynn Corp                                                         | CUSIP: 000000000<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     20242 | NS      | $2217940.28   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| CG Power & Industrial Solutions Ltd         | CG Power & Industrial Solutions Ltd                                 | CUSIP: 000000000<br>LEI: 335800KN5UTZKUZN2703 | Long             | EC               | CORP              | IN        |     67768 | NS      | $565633.47    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                   | Alibaba Group Holding Ltd                                           | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    319300 | NS      | $7140857.29   | 4.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                | SK Hynix Inc                                                        | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      5246 | NS      | $1300472.19   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                            | Raia Drogasil SA                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    342985 | NS      | $1187051.28   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Clicks Group Ltd                            | Clicks Group Ltd                                                    | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     52900 | NS      | $1078897.16   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd   | Taiwan Semiconductor Manufacturing Co Ltd                           | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    565000 | NS      | $24542365.09  | 13.97%            |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                               | Credicorp Ltd                                                       | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      3239 | NS      | $862480.92    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Grasim Industries Ltd                       | Grasim Industries Ltd                                               | CUSIP: 000000000<br>LEI: 335800WLY7FOIT3ERV21 | Long             | EC               | CORP              | IN        |     40419 | NS      | $1255361.83   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                            | MercadoLibre Inc                                                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       556 | NS      | $1299338.64   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                              | ICICI Bank Ltd                                                      | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    198683 | NS      | $3011089.83   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                 | China Merchants Bank Co Ltd                                         | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |    375000 | NS      | $2244365.95   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Samvardhana Motherson International Ltd     | Samvardhana Motherson International Ltd                             | CUSIP: 000000000<br>LEI: 335800C7BQ19CKG8GH63 | Long             | EC               | CORP              | IN        |    644469 | NS      | $767501.29    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd                           | Bajaj Finance Ltd                                                   | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |    155361 | NS      | $1748041.25   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtac International Group                  | Airtac International Group                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     26901 | NS      | $668165.86    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| China International Capital Corp Ltd        | China International Capital Corp Ltd                                | CUSIP: 000000000<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |    282800 | NS      | $773806.17    | 0.44%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kimberly-Clark de Mexico SAB de CV          | Kimberly-Clark de Mexico SAB de CV                                  | CUSIP: 000000000<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |    967350 | NS      | $2036804.32   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd           | Hon Hai Precision Industry Co Ltd                                   | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    377000 | NS      | $2691832.84   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                        | Tencent Holdings Ltd                                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    134400 | NS      | $11452169.40  | 6.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                               | Allegro.eu SA                                                       | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |    242971 | NS      | $2383944.36   | 1.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HDFC Bank Ltd                               | HDFC Bank Ltd                                                       | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     47400 | NS      | $1619184.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp                                  | NAVER Corp                                                          | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |      8749 | NS      | $1678816.28   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Shriram Finance Ltd                         | Shriram Finance Ltd                                                 | CUSIP: 000000000<br>LEI: 335800TM2YO24B76XL26 | Long             | EC               | CORP              | IN        |    114548 | NS      | $794258.53    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                  | BYD Co Ltd                                                          | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     51000 | NS      | $720868.58    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                              | MakeMyTrip Ltd                                                      | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |      7865 | NS      | $736164.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp                | China Construction Bank Corp                                        | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   3188230 | NS      | $3058040.65   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA | Powszechna Kasa Oszczednosci Bank Polski SA                         | CUSIP: 000000000<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |     96712 | NS      | $1879179.58   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-17

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

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer