# EDGAR Filing Document

**Accession Number:** 0001011378
**File Stem:** 0001133228-26-005532
**Filing Date:** 2026-4
**Character Count:** 39509
**Document Hash:** 4ba9a0171883c347655b9c9d297579e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-005532.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0001133228-26-005532

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260416

**DATE AS OF CHANGE**: 20260416

**EFFECTIVENESS DATE**: 20260416

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-03013
- **FILM NUMBER:** 26868618

**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   |
|:---|:---|:---|
| C000011754 | Class I      | MEMEX           |

![](sp17240img002.jpg) <br>

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

Emerging Markets Equity Portfolio

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

---

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

---

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

**Investment Objective**

The Fund seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries.

**Fees and Expenses**

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

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

---

| | |
|:---|:---|
|  | **Class I** |
| Advisory Fee | 0.75% |
| Distribution (12b-1) Fee |  |
| Other Expenses | 0.53% |
| Total Annual Fund Operating Expenses\* | 1.28% |
| Fee Waiver and/or Expense Reimbursement\* | 0.03% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement\* | 1.25% |

---

\* The Fund's "Adviser" and "Administrator," Morgan Stanley Investment Management Inc., has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.25% for Class I. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Company's Board of Directors acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate.

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Morgan Stanley Variable Insurance Fund \| Fund Summary

Emerging Markets Equity Portfolio (Con't)

**Example**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $127 | $403 | $699 | $1543 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund's "Adviser," Morgan Stanley Investment Management Inc., and the Fund's "Sub-Adviser," Morgan Stanley Investment Management Company ("MSIM Company"), seek to maximize returns by investing primarily in quality growth-oriented equity securities in emerging markets.

The Adviser's and/or Sub-Adviser's investment approach combines top-down country and thematic allocation with bottom-up stock selection. The Adviser and/or Sub-Adviser allocate the Fund's assets among emerging markets based on relative economic, political and social fundamentals, stock valuations and investor sentiment. To seek to manage risk, the Adviser and/or Sub-Adviser emphasize macroeconomic and fundamental research.

The investment process integrates information about environmental, social and governance issues (also referred to as ESG) when making investment decisions. The Adviser and/or Sub-Adviser believe that monitoring ESG helps build a more complete picture of the opportunities and risks facing companies, and seeks to engage directly with company management to gain insights on how each company addresses material ESG issues and how these may affect long-term financial performance.

Under normal circumstances, at least 80% of the Fund's assets will be invested in equity securities of issuers located in emerging market countries. This policy may be changed without shareholder approval; however, you would be notified upon 60 days' notice in writing of any changes. Equity securities generally represent an ownership interest in an issuer or may be convertible into or represent a right to acquire an ownership interest in an issuer. The Adviser and/or Sub-Adviser consider an issuer to be located in an emerging market country if (i) its principal securities trading market is in an emerging market country, (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in emerging market countries or has at least 50% of its assets, core business operations and/or employees in emerging markets countries or (iii) it is organized under the laws of, or has a principal office in, an emerging market country. By applying this test, it is possible that a particular issuer could be deemed to be located in more than one country. Emerging market or developing countries are countries that major international financial institutions or the Fund's benchmark index generally consider to be less economically mature than developed nations, such as the United States or most nations in Western Europe. Emerging market or developing countries can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The Adviser and/or Sub-Adviser generally consider selling an investment when they determine the company no longer satisfies their investment criteria.

The Fund may, but it is not required to, use derivatives and similar instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Fund's use of derivatives may involve the purchase and sale of derivative instruments such as futures and other similar instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. Derivative instruments used by the Fund will be counted toward the Fund's 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.

**Principal Risks**

There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund. Investments in the Fund involve risks and you should not rely on the Fund as a complete investment program. The relative

**2**

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

Emerging Markets Equity Portfolio (Con't)

significance of each risk factor summarized below may change over time and you should review each risk factor carefully because any one or more of these risks may result in losses to the Fund. The principal risks of investing in the Fund include:

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

The value of equity securities and related instruments decline in response to perceived or actual adverse changes in the economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the Fund's equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. Although prices can rebound, there is no assurance that prices of the Fund's equity securities will return to previous levels.

• **Foreign and Emerging Market Securities.** Investments in foreign markets entail special risks, such as currency, political (including
 geopolitical), economic and market risks, and heightened risks, that may result in losses to the Fund. There also may
 be greater market volatility, less reliable financial information, less stringent investor protections and disclosure standards,
 higher transaction and custody costs and risks, decreased market liquidity and less government and exchange regulation
 associated with investments in foreign markets. In addition, investments in certain foreign markets that have historically
 been considered stable may become more volatile and subject to increased risk due to developments and changing
 conditions in such markets. Moreover, the growing  interconnectivity of global economies and financial markets has
 increased the probability that adverse developments and conditions in one country or region will affect the stability of economies
 and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular industries
 or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or other
 conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, entities
 and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist or
 retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or other
 actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the
 imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on foreign
 investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or cause
 delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or liquidity
 of investments denominated in that currency. Certain foreign investments may become less liquid and decline in value
 in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly
 during periods of market, economic, political, and social turmoil. When the Fund holds illiquid investments, its portfolio
 may be harder to value. The risks of investing in emerging market countries are greater than the risks associated with
 investments in foreign developed countries. Certain emerging market countries may be subject to less stringent requirements
 regarding accounting, auditing, financial reporting and record keeping and therefore, material information related
 to an investment may not be available or reliable. In addition, the Fund is limited in its ability to exercise its legal rights
 or enforce a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular, in emerging
 market countries. In addition, the Fund's investments in foreign issuers may be denominated in foreign currencies and
 therefore, to the extent unhedged, the value of those investments will fluctuate with U.S. dollar exchange rates.
  Economic sanctions or other similar measures may be, and have been, imposed against certain countries, organizations,
 companies, entities and/or individuals. Economic sanctions and other similar measures could, among other things,
 effectively restrict or eliminate the Fund's ability to purchase or sell securities (in the sanctioned country and other markets),
 negatively impact the value or liquidity of  the Fund's investments, significantly delay or prevent the settlement of the
 Fund's securities transactions, force the Fund to sell or otherwise dispose of investments at inopportune times or prices, or
 impair the Fund's ability to meet its investment objective or invest in accordance with its investment strategies.

• **Foreign Currency Forward Exchange Contracts.** To the extent the Fund seeks to hedge its foreign currency exposure by the
 use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange contract
 amounts and the value of the securities involved will not generally be possible because the future value of such securities
 in foreign currencies will change as a consequence of market movements in the value of those securities between the
 date on which the contract is entered into and the date it matures. There is additional risk that such transactions may reduce
 or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken
 and that foreign currency forward exchange contracts create exposure to currencies in which the Fund's securities are
 not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives

**3**

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Morgan Stanley Variable Insurance Fund \| Fund Summary

Emerging Markets Equity Portfolio (Con't)

and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract.

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

• **China Risk.** Investments
 in securities of Chinese issuers involve risks associated with investments in foreign markets as well as
 special considerations not typically associated with investments in the  U.S. markets or other foreign (including emerging) markets.
 For example, the Chinese government has historically exercised substantial control over virtually every sector of the
 Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese central
 and local government authorities continue to have a substantial effect on economic conditions in China and operations
 of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese companies'
 operations and structures and taken (and may continue to take) actions that influenced the prices at which certain
 goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers between
 companies in certain industries and induced private companies to publicly offer their securities. Investments in China
 involve risk of a total loss due to government action or inaction or other adverse circumstances.

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

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

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

*Risks of Investing through Stock Connect.* The Fund may invest in A-shares listed and traded through Stock Connect, or on such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through Stock Connect is subject to a number of restrictions that may affect the Fund's investments and returns. Moreover, Stock Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in

**4**

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

Emerging Markets Equity Portfolio (Con't)

accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further interpretation and guidance. There can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect the Fund's investments or returns. Because certain transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed to the risks of default of the broker(s) they engage in their trading in China A Shares.

*Variable Interest Entities.* Chinese operating companies sometimes rely on variable interest entity ("VIE") structures to raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in the Chinese operating company and the Fund's interest would be subject to substantial legal, operational and other risks associated with the company's use of the VIE structure. For example, the Chinese government has not approved VIE structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related Chinese operating companies. If any of these or similar risks or developments materialize, the Fund's investment in the holding company may suddenly and significantly decline in value or become worthless because of, among other things, difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese operating company's performance. In these circumstances, the Fund could experience significant or total losses with no recourse available. From time to time, the Fund's investments in U.S.-listed shell companies relying on VIE structures to obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations between the U.S. and China could increase the risks associated with the VIE structure.

• **India Risk.** To the extent
 that the Fund invests a substantial portion of its assets in Indian issuers, the value of the Fund's assets
 may be adversely affected by political, economic, social and religious factors impacting Indian businesses and the Indian
 economy, changes in Indian law or regulations and the status of India's relations with other countries. Indian government
 actions in the future could have a significant effect on the Indian economy, which could affect private sector companies
 and the Fund, market conditions, and prices and yields of securities in the Fund's portfolio. To the extent the Fund
 invests a significant portion of its assets in Indian businesses and the Indian economy, factors that have an adverse impact
 on Indian businesses and the Indian economy may have a disproportionate impact on the Fund's performance.

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

• **Derivatives.** Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those
 of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect correlation
 between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions,
 magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest
 rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin
 and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. Certain
 derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Investments in currency
 derivatives may substantially change the Fund's exposure to currency exchange rates and could
 result in losses to the Fund if currencies do not perform as the Adviser expects. Foreign currency forward exchange contracts
 and currency futures and options contracts create exposure to currencies in which the Fund's securities are not denominated.

• **Market and Geopolitical Risk.** The value of your investment in the Fund is based on the values of the Fund's investments, which
 change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those
 that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset
 classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value (or
 income generated by) and liquidity of the Fund's investments, which may in turn impact the Fund's ability to sell securities
 and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain

**5**

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Morgan Stanley Variable Insurance Fund \| Fund Summary

Emerging Markets Equity Portfolio (Con't)

social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These types of events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance or value of the Fund's investments, adversely affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

• **Financials Sector Risk.** To
 the extent the Fund invests a substantial portion of its assets in the financials sector, factors that have
 an adverse impact on this sector may have a disproportionate impact on the Fund's performance. The financials sector can
 be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial and
 asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, inflation,
 and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect on
 the financials sector of an emerging market economy than on other industries of its economy. The enactment of new legislation
 or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operations
 and profitability of the financials sector.

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

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

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

**Performance Information**

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

**Annual Total Returns—Calendar Years (Class I)**<br>Commenced operations on October 1, 1996

![](sp17240img001.jpg)

During the periods shown in the bar chart above:

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| | | |
|:---|:---|:---|
| **High Quarter** | 06/30/20 | 20.10% |
| **Low Quarter** | 03/31/20 | -26.89% |

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

Emerging Markets Equity Portfolio (Con't)

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

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| | | | |
|:---|:---|:---|:---|
|  | **Past One**<br>**Year** | **Past Five**<br>**Years** | **Past Ten**<br>**Years** |
| **Class I** | **Class I** | **Class I** | **Class I** |
| Return Before Taxes | 32.96% | 4.37% | 7.27% |
| MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | 33.57% | 4.20% | 8.42% |

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| | |
|:---|:---|
| 1 | The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI Emerging Markets Index currently consists of 24 emerging market country indices. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |

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**Fund Management**

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

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

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

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| | | |
|:---|:---|:---|
| **Name** | **Title with Adviser/Sub-Adviser** | **Date Began**<br>**Managing Fund** |
| Eric Carlson | Managing Director of the Adviser | September 1997 |
| Paul Psaila | Managing Director of the Adviser | October 1996 |
| Amay Hattangadi | Managing Director of MSIM Company | July 2018 |

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**Purchase and Sale of Fund Shares**

The Prospectus offers Class I shares of the Fund. The Company also offers Class II shares of the Fund through a separate prospectus. Class II shares are subject to higher expenses due to the imposition of a 12b-1 fee. For eligibility information, contact your insurance company or qualified pension or retirement plan.

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

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

**Tax Information**

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

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

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

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

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