# EDGAR Filing Document

**Accession Number:** 0001011378
**File Stem:** 0001104659-26-023990
**Filing Date:** 2026-3
**Character Count:** 694523
**Document Hash:** 340c085fb09f01deb1713e522afbec95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-023990.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001104659-26-023990

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07607
- **FILM NUMBER:** 26725279

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVERSAL INSTITUTIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 20020322

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY UNIVERSAL FUNDS INC
- **DATE OF NAME CHANGE:** 19960328

## Series and Classes Contracts Data

### Discovery Portfolio (Series ID: S000004167)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011740 | Class II     | MMGTX           |
| C000011741 | Class I      | MMGPX           |

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

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

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

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

### Growth Portfolio (Series ID: S000004177)

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

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

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

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-07607

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

(Exact Name of Registrant as Specified in Charter)

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

(Address of Principal Executive Offices)

Deidre E. Walsh

<u>One Post Office Square, Boston, Massachusetts 02109</u>

(Name and Address of Agent for Services)

<u>(617) 482-8260</u>

(Registrant's Telephone Number)

<u>December 31</u>

Date of Fiscal Year End

<u>December 31, 2025</u>

Date of Reporting Period

**Item 1. Reports to Stockholders**

(a) The Report to shareholders is attached herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio](#classname6ba14ded-8940-4e57-bbe7-5853e9aedfa9)<br> **[Class I - MMGPX](#classname6ba14ded-8940-4e57-bbe7-5853e9aedfa9)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio](#classname98663681-415d-41f5-82c8-c1d79de133a5)<br> **[Class II - MMGTX](#classname98663681-415d-41f5-82c8-c1d79de133a5)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio](#classname9a6fd2ee-d2a1-42b5-8eb7-0bbdea5fdfa7)<br> **[Class I - MEMNX](#classname9a6fd2ee-d2a1-42b5-8eb7-0bbdea5fdfa7)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio](#classname867a34e5-e535-4593-958f-bacb1af156c1)<br> **[Class II - MBDBX](#classname867a34e5-e535-4593-958f-bacb1af156c1)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio](#classnamea6e3b279-5c09-44e4-a680-0858498f378b)<br> **[Class I - MEMEX](#classnamea6e3b279-5c09-44e4-a680-0858498f378b)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio](#classname26bdf097-1e64-4b15-8293-ac5852787f71)<br> **[Class II - MSMBX](#classname26bdf097-1e64-4b15-8293-ac5852787f71)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio](#classnamefe878d46-5ae0-4b62-a7cc-3c91378aef04)<br> **[Class I - MIMPX](#classnamefe878d46-5ae0-4b62-a7cc-3c91378aef04)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio](#classnameb944d79a-c802-4720-b6f8-1f2f4a025e27)<br> **[Class II - MGTPX](#classnameb944d79a-c802-4720-b6f8-1f2f4a025e27)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio](#classname65fca467-991f-4ad2-a741-364a8af1d0e5)<br> **[Class I - MEGIX](#classname65fca467-991f-4ad2-a741-364a8af1d0e5)**  |
|  [Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio](#classname931ffb1f-200f-4a5c-a2cb-8ad0097a1ced)<br> **[Class II - MEGTX](#classname931ffb1f-200f-4a5c-a2cb-8ad0097a1ced)**  |

---

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

# Class I MMGPX
![Image](tm261922d1_ncsrimg005.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $100 | 0.94% |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell Midcap<sup><sup>®</sup></sup> Growth Index:

↑ Stock selection in information technology, led by a web performance and security company

↑ Stock selection in financials, where a payments technology services platform led performance within the sector

↑ Stock selection in health care, where a drug development and discovery company was the sector's largest contributor

↓ Stock selection communication services, where an advertising software platform detracted the most within the sector

↓ Stock selection in real estate, driven by an underperforming Texas landowner

↓ Stock selection and an average underweight in consumer discretionary, where a cross-border ecommerce platform was the sector's greatest detractor

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm261922d1_ncsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $8853 | $9436 | $9243 |
| **2/16** | $8534 | $9433 | $9388 |
| **3/16** | $9103 | $10097 | $10058 |
| **4/16** | $9133 | $10159 | $10052 |
| **5/16** | $9163 | $10341 | $10217 |
| **6/16** | $9342 | $10362 | $10215 |
| **7/16** | $9980 | $10774 | $10721 |
| **8/16** | $9980 | $10801 | $10689 |
| **9/16** | $10137 | $10818 | $10684 |
| **10/16** | $9498 | $10584 | $10250 |
| **11/16** | $9467 | $11058 | $10696 |
| **12/16** | $9122 | $11274 | $10733 |
| **1/17** | $9886 | $11486 | $11091 |
| **2/17** | $10011 | $11913 | $11410 |
| **3/17** | $10252 | $11921 | $11473 |
| **4/17** | $10712 | $12047 | $11643 |
| **5/17** | $11538 | $12171 | $11921 |
| **6/17** | $11612 | $12280 | $11956 |
| **7/17** | $11695 | $12512 | $12156 |
| **8/17** | $11988 | $12536 | $12242 |
| **9/17** | $11873 | $12842 | $12588 |
| **10/17** | $12218 | $13122 | $12940 |
| **11/17** | $12658 | $13521 | $13373 |
| **12/17** | $12658 | $13656 | $13445 |
| **1/18** | $13578 | $14375 | $14206 |
| **2/18** | $13746 | $13846 | $13760 |
| **3/18** | $13662 | $13568 | $13737 |
| **4/18** | $13463 | $13619 | $13607 |
| **5/18** | $14949 | $14004 | $14116 |
| **6/18** | $15398 | $14095 | $14171 |
| **7/18** | $15078 | $14563 | $14475 |
| **8/18** | $17118 | $15074 | $15309 |
| **9/18** | $17027 | $15099 | $15244 |
| **10/18** | $15353 | $13988 | $13735 |
| **11/18** | $15392 | $14268 | $14084 |
| **12/18** | $14006 | $12940 | $12806 |
| **1/19** | $16020 | $14051 | $14278 |
| **2/19** | $17445 | $14545 | $15115 |
| **3/19** | $17759 | $14757 | $15319 |
| **4/19** | $18753 | $15346 | $16008 |
| **5/19** | $18687 | $14353 | $15087 |
| **6/19** | $19982 | $15361 | $16146 |
| **7/19** | $20871 | $15590 | $16523 |
| **8/19** | $20285 | $15272 | $16222 |
| **9/19** | $18165 | $15540 | $16038 |
| **10/19** | $18210 | $15874 | $16335 |
| **11/19** | $19984 | $16478 | $17148 |
| **12/19** | $19623 | $16954 | $17348 |
| **1/20** | $20976 | $16935 | $17511 |
| **2/20** | $20811 | $15549 | $16303 |
| **3/20** | $18270 | $13410 | $13872 |
| **4/20** | $22646 | $15187 | $16044 |
| **5/20** | $27593 | $15999 | $17656 |
| **6/20** | $31623 | $16364 | $18070 |
| **7/20** | $36028 | $17294 | $19513 |
| **8/20** | $38160 | $18546 | $20044 |
| **9/20** | $39604 | $17871 | $19763 |
| **10/20** | $39083 | $17485 | $19788 |
| **11/20** | $47024 | $19613 | $22445 |
| **12/20** | $49509 | $20495 | $23522 |
| **1/21** | $54344 | $20404 | $23444 |
| **2/21** | $55586 | $21042 | $23844 |
| **3/21** | $48787 | $21796 | $23389 |
| **4/21** | $50264 | $22919 | $24703 |
| **5/21** | $47444 | $23024 | $24326 |
| **6/21** | $53555 | $23592 | $25979 |
| **7/21** | $50623 | $23991 | $26246 |
| **8/21** | $51037 | $24675 | $27094 |
| **9/21** | $48375 | $23568 | $25781 |
| **10/21** | $53724 | $25161 | $27589 |
| **11/21** | $49951 | $24778 | $26423 |
| **12/21** | $44034 | $25754 | $26516 |
| **1/22** | $34550 | $24239 | $23094 |
| **2/22** | $33904 | $23628 | $22814 |
| **3/22** | $32147 | $24395 | $23180 |
| **4/22** | $24834 | $22206 | $20570 |
| **5/22** | $20415 | $22176 | $19774 |
| **6/22** | $18942 | $20321 | $18296 |
| **7/22** | $21540 | $22227 | $20535 |
| **8/22** | $21643 | $21397 | $19862 |
| **9/22** | $19130 | $19413 | $18176 |
| **10/22** | $19232 | $21005 | $19605 |
| **11/22** | $18104 | $22102 | $20671 |
| **12/22** | $16309 | $20808 | $19431 |
| **1/23** | $18976 | $22241 | $21126 |
| **2/23** | $18309 | $21721 | $20918 |
| **3/23** | $18924 | $22302 | $21206 |
| **4/23** | $17694 | $22539 | $20899 |
| **5/23** | $19130 | $22627 | $20912 |
| **6/23** | $21027 | $24172 | $22528 |
| **7/23** | $22873 | $25039 | $23210 |
| **8/23** | $20514 | $24555 | $22444 |
| **9/23** | $19386 | $23386 | $21351 |
| **10/23** | $17642 | $22766 | $20262 |
| **11/23** | $20155 | $24888 | $22733 |
| **12/23** | $23540 | $26209 | $24457 |
| **1/24** | $21591 | $26499 | $24325 |
| **2/24** | $24412 | $27933 | $26154 |
| **3/24** | $25335 | $28835 | $26779 |
| **4/24** | $22668 | $27566 | $25224 |
| **5/24** | $22771 | $28868 | $25493 |
| **6/24** | $23591 | $29762 | $25919 |
| **7/24** | $24104 | $30315 | $26076 |
| **8/24** | $25643 | $30975 | $26724 |
| **9/24** | $27181 | $31616 | $27614 |
| **10/24** | $29284 | $31384 | $28097 |
| **11/24** | $35387 | $33471 | $31842 |
| **12/24** | $33387 | $32448 | $29863 |
| **1/25** | $36361 | $33473 | $31768 |
| **2/25** | $34054 | $32831 | $29958 |
| **3/25** | $30771 | $30916 | $27736 |
| **4/25** | $33182 | $30709 | $28668 |
| **5/25** | $37490 | $32655 | $31416 |
| **6/25** | $40413 | $34314 | $32785 |
| **7/25** | $41706 | $35070 | $33451 |
| **8/25** | $41655 | $35881 | $33785 |
| **9/25** | $41758 | $37120 | $33696 |
| **10/25** | $41861 | $37915 | $33602 |
| **11/25** | $38153 | $38019 | $32889 |
| **12/25** | $37587 | $38012 | $32448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 12.58% | (5.36)% | 14.16% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $199391641 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $1190831 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm261922d1_ncsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.3% |
| Consumer Staples | 3.4% |
| Communication Services | 4.5% |
| Short-Term Investments | 6.6% |
| Consumer Discretionary | 6.7% |
| Industrials | 12.0% |
| Financials | 13.3% |
| Health Care | 13.7% |
| Information Technology | 36.5% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.8% |
| Affirm Holdings, Inc. | 7.3% |
| Roivant Sciences Ltd. | 6.4% |
| QXO, Inc. | 6.4% |
| Royalty Pharma PLC | 5.7% |
| Floor & Decor Holdings, Inc. | 4.8% |
| MongoDB, Inc. | 4.7% |
| Core & Main, Inc. | 4.6% |
| ROBLOX Corp. | 4.5% |
| Databricks, Inc. | 4.1% |
| Total | 61.3% |

---

---

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

---

## Additional Information
![QR Code](tm261922d1_ncsrimg011.jpg)

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

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MMGPX -TSR-AR

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

# Class II MMGTX
![Image](tm261922d1_ncsrimg005.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class II | $110 | 1.04% |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell Midcap<sup><sup>®</sup></sup> Growth Index:

↑ Stock selection in information technology, led by a web performance and security company

↑ Stock selection in financials, where a payments technology services platform led performance within the sector

↑ Stock selection in health care, where a drug development and discovery company was the sector's largest contributor

↓ Stock selection communication services, where an advertising software platform detracted the most within the sector

↓ Stock selection in real estate, driven by an underperforming Texas landowner

↓ Stock selection and an average underweight in consumer discretionary, where a cross-border ecommerce platform was the sector's greatest detractor

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm261922d1_ncsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $8853 | $9436 | $9243 |
| **2/16** | $8528 | $9433 | $9388 |
| **3/16** | $9107 | $10097 | $10058 |
| **4/16** | $9137 | $10159 | $10052 |
| **5/16** | $9157 | $10341 | $10217 |
| **6/16** | $9340 | $10362 | $10215 |
| **7/16** | $9979 | $10774 | $10721 |
| **8/16** | $9969 | $10801 | $10689 |
| **9/16** | $10129 | $10818 | $10684 |
| **10/16** | $9489 | $10584 | $10250 |
| **11/16** | $9457 | $11058 | $10696 |
| **12/16** | $9116 | $11274 | $10733 |
| **1/17** | $9883 | $11486 | $11091 |
| **2/17** | $10001 | $11913 | $11410 |
| **3/17** | $10246 | $11921 | $11473 |
| **4/17** | $10694 | $12047 | $11643 |
| **5/17** | $11525 | $12171 | $11921 |
| **6/17** | $11589 | $12280 | $11956 |
| **7/17** | $11675 | $12512 | $12156 |
| **8/17** | $11973 | $12536 | $12242 |
| **9/17** | $11856 | $12842 | $12588 |
| **10/17** | $12197 | $13122 | $12940 |
| **11/17** | $12624 | $13521 | $13373 |
| **12/17** | $12634 | $13656 | $13445 |
| **1/18** | $13551 | $14375 | $14206 |
| **2/18** | $13711 | $13846 | $13760 |
| **3/18** | $13636 | $13568 | $13737 |
| **4/18** | $13434 | $13619 | $13607 |
| **5/18** | $14916 | $14004 | $14116 |
| **6/18** | $15364 | $14095 | $14171 |
| **7/18** | $15036 | $14563 | $14475 |
| **8/18** | $17073 | $15074 | $15309 |
| **9/18** | $16980 | $15099 | $15244 |
| **10/18** | $15304 | $13988 | $13735 |
| **11/18** | $15345 | $14268 | $14084 |
| **12/18** | $13964 | $12940 | $12806 |
| **1/19** | $15961 | $14051 | $14278 |
| **2/19** | $17395 | $14545 | $15115 |
| **3/19** | $17703 | $14757 | $15319 |
| **4/19** | $18681 | $15346 | $16008 |
| **5/19** | $18628 | $14353 | $15087 |
| **6/19** | $19914 | $15361 | $16146 |
| **7/19** | $20783 | $15590 | $16523 |
| **8/19** | $20210 | $15272 | $16222 |
| **9/19** | $18106 | $15540 | $16038 |
| **10/19** | $18137 | $15874 | $16335 |
| **11/19** | $19916 | $16478 | $17148 |
| **12/19** | $19545 | $16954 | $17348 |
| **1/20** | $20891 | $16935 | $17511 |
| **2/20** | $20721 | $15549 | $16303 |
| **3/20** | $18183 | $13410 | $13872 |
| **4/20** | $22547 | $15187 | $16044 |
| **5/20** | $27468 | $15999 | $17656 |
| **6/20** | $31476 | $16364 | $18070 |
| **7/20** | $35871 | $17294 | $19513 |
| **8/20** | $37970 | $18546 | $20044 |
| **9/20** | $39409 | $17871 | $19763 |
| **10/20** | $38889 | $17485 | $19788 |
| **11/20** | $46781 | $19613 | $22445 |
| **12/20** | $49262 | $20495 | $23522 |
| **1/21** | $54066 | $20404 | $23444 |
| **2/21** | $55298 | $21042 | $23844 |
| **3/21** | $48533 | $21796 | $23389 |
| **4/21** | $49990 | $22919 | $24703 |
| **5/21** | $47180 | $23024 | $24326 |
| **6/21** | $53269 | $23592 | $25979 |
| **7/21** | $50347 | $23991 | $26246 |
| **8/21** | $50729 | $24675 | $27094 |
| **9/21** | $48111 | $23568 | $25781 |
| **10/21** | $53402 | $25161 | $27589 |
| **11/21** | $49666 | $24778 | $26423 |
| **12/21** | $43747 | $25754 | $26516 |
| **1/22** | $34338 | $24239 | $23094 |
| **2/22** | $33710 | $23628 | $22814 |
| **3/22** | $31938 | $24395 | $23180 |
| **4/22** | $24683 | $22206 | $20570 |
| **5/22** | $20292 | $22176 | $19774 |
| **6/22** | $18819 | $20321 | $18296 |
| **7/22** | $21390 | $22227 | $20535 |
| **8/22** | $21505 | $21397 | $19862 |
| **9/22** | $19026 | $19413 | $18176 |
| **10/22** | $19083 | $21005 | $19605 |
| **11/22** | $17988 | $22102 | $20671 |
| **12/22** | $16201 | $20808 | $19431 |
| **1/23** | $18853 | $22241 | $21126 |
| **2/23** | $18161 | $21721 | $20918 |
| **3/23** | $18795 | $22302 | $21206 |
| **4/23** | $17584 | $22539 | $20899 |
| **5/23** | $19026 | $22627 | $20912 |
| **6/23** | $20871 | $24172 | $22528 |
| **7/23** | $22716 | $25039 | $23210 |
| **8/23** | $20352 | $24555 | $22444 |
| **9/23** | $19199 | $23386 | $21351 |
| **10/23** | $17527 | $22766 | $20262 |
| **11/23** | $20006 | $24888 | $22733 |
| **12/23** | $23350 | $26209 | $24457 |
| **1/24** | $21390 | $26499 | $24325 |
| **2/24** | $24215 | $27933 | $26154 |
| **3/24** | $25137 | $28835 | $26779 |
| **4/24** | $22485 | $27566 | $25224 |
| **5/24** | $22600 | $28868 | $25493 |
| **6/24** | $23350 | $29762 | $25919 |
| **7/24** | $23869 | $30315 | $26076 |
| **8/24** | $25425 | $30975 | $26724 |
| **9/24** | $26924 | $31616 | $27614 |
| **10/24** | $29000 | $31384 | $28097 |
| **11/24** | $35054 | $33471 | $31842 |
| **12/24** | $33093 | $32448 | $29863 |
| **1/25** | $36034 | $33473 | $31768 |
| **2/25** | $33728 | $32831 | $29958 |
| **3/25** | $30499 | $30916 | $27736 |
| **4/25** | $32863 | $30709 | $28668 |
| **5/25** | $37129 | $32655 | $31416 |
| **6/25** | $40012 | $34314 | $32785 |
| **7/25** | $41318 | $35070 | $33451 |
| **8/25** | $41260 | $35881 | $33785 |
| **9/25** | $41376 | $37120 | $33696 |
| **10/25** | $41434 | $37915 | $33602 |
| **11/25** | $37788 | $38019 | $32889 |
| **12/25** | $37210 | $38012 | $32448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class II | 12.44% | (5.46)% | 14.04% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $199391641 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $1190831 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm261922d1_ncsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.3% |
| Consumer Staples | 3.4% |
| Communication Services | 4.5% |
| Short-Term Investments | 6.6% |
| Consumer Discretionary | 6.7% |
| Industrials | 12.0% |
| Financials | 13.3% |
| Health Care | 13.7% |
| Information Technology | 36.5% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.8% |
| Affirm Holdings, Inc. | 7.3% |
| Roivant Sciences Ltd. | 6.4% |
| QXO, Inc. | 6.4% |
| Royalty Pharma PLC | 5.7% |
| Floor & Decor Holdings, Inc. | 4.8% |
| MongoDB, Inc. | 4.7% |
| Core & Main, Inc. | 4.6% |
| ROBLOX Corp. | 4.5% |
| Databricks, Inc. | 4.1% |
| Total | 61.3% |

---

---

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

---

## Additional Information
![QR Code](tm261922d1_ncsrimg011.jpg)

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

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MMGTX -TSR-AR

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

# Class I MEMNX
![Image](tm261922d1_ncsrimg009.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $117 | 1.09% |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan Emerging Markets Bond Global Diversified Index:

↑ Overweight to Venezuelan sovereign credit and a Venezuelan state-owned oil company's bonds, which rallied due to increased U.S. military pressure and the potential for a regime change

↑ Overweight to Ukrainian sovereign credit, as the government completed the restructuring of its gross domestic product-linked warrants in December and saw continued support with the European Union approving a €90 billion aid package

↑ Overweight to Egyptian sovereign credit, which benefited from continued reform progress and fiscal support from neighboring countries

↓ Overweight to a Brazilian petrochemical company that was working through financial challenges and pressured by weaker chemical spreads

↓ Overweight to a Mexican hospitality company that was contending with financial challenges

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm261922d1_ncsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **J.P. Morgan Emerging Markets Bond Global Diversified Index** | **Emerging Markets Debt Blended Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9893 | $9982 | $9980 |
| **2/16** | $10094 | $10172 | $10182 |
| **3/16** | $10470 | $10504 | $10522 |
| **4/16** | $10725 | $10690 | $10723 |
| **5/16** | $10671 | $10671 | $10691 |
| **6/16** | $11041 | $11031 | $11090 |
| **7/16** | $11240 | $11230 | $11262 |
| **8/16** | $11467 | $11431 | $11465 |
| **9/16** | $11524 | $11477 | $11504 |
| **10/16** | $11368 | $11334 | $11335 |
| **11/16** | $10885 | $10870 | $10863 |
| **12/16** | $11055 | $11015 | $11019 |
| **1/17** | $11183 | $11174 | $11178 |
| **2/17** | $11439 | $11398 | $11410 |
| **3/17** | $11481 | $11441 | $11449 |
| **4/17** | $11680 | $11611 | $11636 |
| **5/17** | $11779 | $11714 | $11732 |
| **6/17** | $11737 | $11697 | $11702 |
| **7/17** | $11844 | $11796 | $11779 |
| **8/17** | $12039 | $12004 | $11983 |
| **9/17** | $12069 | $12006 | $11981 |
| **10/17** | $12099 | $12050 | $12003 |
| **11/17** | $12084 | $12056 | $11971 |
| **12/17** | $12129 | $12145 | $12046 |
| **1/18** | $12114 | $12140 | $12023 |
| **2/18** | $11874 | $11898 | $11787 |
| **3/18** | $11889 | $11933 | $11831 |
| **4/18** | $11709 | $11759 | $11658 |
| **5/18** | $11498 | $11649 | $11532 |
| **6/18** | $11318 | $11510 | $11416 |
| **7/18** | $11589 | $11804 | $11651 |
| **8/18** | $11287 | $11600 | $11427 |
| **9/18** | $11509 | $11775 | $11629 |
| **10/18** | $11223 | $11521 | $11370 |
| **11/18** | $11143 | $11473 | $11325 |
| **12/18** | $11287 | $11627 | $11491 |
| **1/19** | $11891 | $12140 | $11999 |
| **2/19** | $11971 | $12261 | $12073 |
| **3/19** | $12146 | $12436 | $12248 |
| **4/19** | $12130 | $12466 | $12263 |
| **5/19** | $12162 | $12517 | $12333 |
| **6/19** | $12576 | $12943 | $12709 |
| **7/19** | $12727 | $13100 | $12855 |
| **8/19** | $12694 | $13198 | $12926 |
| **9/19** | $12610 | $13137 | $12879 |
| **10/19** | $12694 | $13174 | $12927 |
| **11/19** | $12660 | $13112 | $12905 |
| **12/19** | $12895 | $13376 | $13148 |
| **1/20** | $13063 | $13579 | $13348 |
| **2/20** | $12945 | $13448 | $13219 |
| **3/20** | $11065 | $11586 | $11388 |
| **4/20** | $11266 | $11846 | $11644 |
| **5/20** | $11988 | $12565 | $12351 |
| **6/20** | $12425 | $13006 | $12785 |
| **7/20** | $12924 | $13489 | $13259 |
| **8/20** | $13047 | $13559 | $13327 |
| **9/20** | $12801 | $13308 | $13081 |
| **10/20** | $12801 | $13304 | $13077 |
| **11/20** | $13346 | $13817 | $13581 |
| **12/20** | $13610 | $14079 | $13839 |
| **1/21** | $13469 | $13926 | $13689 |
| **2/21** | $13170 | $13571 | $13339 |
| **3/21** | $13012 | $13440 | $13211 |
| **4/21** | $13329 | $13738 | $13504 |
| **5/21** | $13452 | $13884 | $13647 |
| **6/21** | $13522 | $13985 | $13747 |
| **7/21** | $13594 | $14044 | $13804 |
| **8/21** | $13724 | $14181 | $13940 |
| **9/21** | $13446 | $13888 | $13651 |
| **10/21** | $13409 | $13891 | $13654 |
| **11/21** | $13112 | $13635 | $13403 |
| **12/21** | $13335 | $13826 | $13591 |
| **1/22** | $12946 | $13433 | $13204 |
| **2/22** | $12075 | $12553 | $12339 |
| **3/22** | $12131 | $12441 | $12229 |
| **4/22** | $11390 | $11745 | $11545 |
| **5/22** | $11334 | $11748 | $11548 |
| **6/22** | $10427 | $11018 | $10830 |
| **7/22** | $10735 | $11337 | $11143 |
| **8/22** | $10695 | $11230 | $11038 |
| **9/22** | $9869 | $10515 | $10336 |
| **10/22** | $9809 | $10531 | $10352 |
| **11/22** | $10735 | $11330 | $11137 |
| **12/22** | $10836 | $11367 | $11174 |
| **1/23** | $11320 | $11728 | $11528 |
| **2/23** | $10937 | $11469 | $11273 |
| **3/23** | $10957 | $11579 | $11382 |
| **4/23** | $10977 | $11641 | $11442 |
| **5/23** | $10937 | $11574 | $11377 |
| **6/23** | $11299 | $11832 | $11631 |
| **7/23** | $11480 | $12058 | $11853 |
| **8/23** | $11282 | $11877 | $11675 |
| **9/23** | $11017 | $11568 | $11371 |
| **10/23** | $10863 | $11411 | $11217 |
| **11/23** | $11480 | $12058 | $11852 |
| **12/23** | $12119 | $12628 | $12413 |
| **1/24** | $12141 | $12499 | $12286 |
| **2/24** | $12361 | $12621 | $12406 |
| **3/24** | $12692 | $12885 | $12666 |
| **4/24** | $12427 | $12618 | $12403 |
| **5/24** | $12648 | $12845 | $12626 |
| **6/24** | $12736 | $12924 | $12704 |
| **7/24** | $12989 | $13166 | $12941 |
| **8/24** | $13210 | $13471 | $13241 |
| **9/24** | $13480 | $13720 | $13486 |
| **10/24** | $13382 | $13484 | $13254 |
| **11/24** | $13553 | $13644 | $13412 |
| **12/24** | $13480 | $13454 | $13224 |
| **1/25** | $13799 | $13647 | $13414 |
| **2/25** | $14118 | $13861 | $13625 |
| **3/25** | $13897 | $13756 | $13521 |
| **4/25** | $13652 | $13725 | $13491 |
| **5/25** | $13799 | $13878 | $13641 |
| **6/25** | $14216 | $14213 | $13971 |
| **7/25** | $14397 | $14393 | $14148 |
| **8/25** | $14655 | $14628 | $14378 |
| **9/25** | $14885 | $14888 | $14634 |
| **10/25** | $15201 | $15205 | $14946 |
| **11/25** | $15374 | $15268 | $15007 |
| **12/25** | $15546 | $15377 | $15115 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 15.33% | 2.70% | 4.51% |
| J.P. Morgan Emerging Markets Bond Global Diversified Index | 14.30% | 1.78% | 4.40% |
| Emerging Markets Debt Blended Index | 14.30% | 1.78% | 4.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Emerging Markets Debt Blended Index is a performance linked benchmark of old and new benchmark of the Fund. Old benchmark represented by J.P. Morgan Emerging Markets Bond Global Index (a benchmark that tracks total returns for U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities: Brady Bonds, loans, Eurobonds and local market instruments for emerging market countries) from the Fund's inception to December 31, 2019, and the new benchmark represented by J.P. Morgan Emerging Markets Bond Global Diversified Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $112997611 |
| # of Portfolio Holdings | 296 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $511144 |

---

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

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm261922d1_ncsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.0%<sup>Footnote Reference†</sup> |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Short-Term Investments | 3.8% |
| Senior Loan Interests | 6.4% |
| Corporate Bonds | 23.7% |
| Sovereign | 66.1% |

---

---

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

---

### Credit Quality (% of net assets)<sup>**Footnote Reference \***</sup>
![Credit Rating Chart](tm261922d1_ncsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 3.0% |
| Not Rated | 6.5% |
| D | 2.7% |
| CC | 1.0% |
| CCC | 15.5% |
| B | 29.3% |
| BB | 16.0% |
| BBB | 20.9% |
| A | 3.3% |
| AA | 1.8% |

---

---

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

---

## Additional Information
![QR Code](tm261922d1_ncsrimg011.jpg)

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

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# MEMNX -TSR-AR

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

# Class II MBDBX
![Image](tm261922d1_ncsrimg009.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class II | $123 | 1.14% |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the J.P. Morgan Emerging Markets Bond Global Diversified Index:

↑ Overweight to Venezuelan sovereign credit and a Venezuelan state-owned oil company's bonds, which rallied due to increased U.S. military pressure and the potential for a regime change

↑ Overweight to Ukrainian sovereign credit, as the government completed the restructuring of its gross domestic product-linked warrants in December and saw continued support with the European Union approving a €90 billion aid package

↑ Overweight to Egyptian sovereign credit, which benefited from continued reform progress and fiscal support from neighboring countries

↓ Overweight to a Brazilian petrochemical company that was working through financial challenges and pressured by weaker chemical spreads

↓ Overweight to a Mexican hospitality company that was contending with financial challenges

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm261922d1_ncsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **J.P. Morgan Emerging Markets Bond Global Diversified Index** | **Emerging Markets Debt Blended Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9905 | $9982 | $9980 |
| **2/16** | $10095 | $10172 | $10182 |
| **3/16** | $10473 | $10504 | $10522 |
| **4/16** | $10716 | $10690 | $10723 |
| **5/16** | $10662 | $10671 | $10691 |
| **6/16** | $11029 | $11031 | $11090 |
| **7/16** | $11244 | $11230 | $11262 |
| **8/16** | $11472 | $11431 | $11465 |
| **9/16** | $11515 | $11477 | $11504 |
| **10/16** | $11358 | $11334 | $11335 |
| **11/16** | $10872 | $10870 | $10863 |
| **12/16** | $11058 | $11015 | $11019 |
| **1/17** | $11187 | $11174 | $11178 |
| **2/17** | $11444 | $11398 | $11410 |
| **3/17** | $11472 | $11441 | $11449 |
| **4/17** | $11672 | $11611 | $11636 |
| **5/17** | $11772 | $11714 | $11732 |
| **6/17** | $11729 | $11697 | $11702 |
| **7/17** | $11831 | $11796 | $11779 |
| **8/17** | $12027 | $12004 | $11983 |
| **9/17** | $12073 | $12006 | $11981 |
| **10/17** | $12103 | $12050 | $12003 |
| **11/17** | $12073 | $12056 | $11971 |
| **12/17** | $12118 | $12145 | $12046 |
| **1/18** | $12103 | $12140 | $12023 |
| **2/18** | $11861 | $11898 | $11787 |
| **3/18** | $11876 | $11933 | $11831 |
| **4/18** | $11695 | $11759 | $11658 |
| **5/18** | $11498 | $11649 | $11532 |
| **6/18** | $11317 | $11510 | $11416 |
| **7/18** | $11585 | $11804 | $11651 |
| **8/18** | $11280 | $11600 | $11427 |
| **9/18** | $11505 | $11775 | $11629 |
| **10/18** | $11200 | $11521 | $11370 |
| **11/18** | $11136 | $11473 | $11325 |
| **12/18** | $11264 | $11627 | $11491 |
| **1/19** | $11873 | $12140 | $11999 |
| **2/19** | $11953 | $12261 | $12073 |
| **3/19** | $12130 | $12436 | $12248 |
| **4/19** | $12114 | $12466 | $12263 |
| **5/19** | $12146 | $12517 | $12333 |
| **6/19** | $12562 | $12943 | $12709 |
| **7/19** | $12708 | $13100 | $12855 |
| **8/19** | $12674 | $13198 | $12926 |
| **9/19** | $12590 | $13137 | $12879 |
| **10/19** | $12674 | $13174 | $12927 |
| **11/19** | $12641 | $13112 | $12905 |
| **12/19** | $12860 | $13376 | $13148 |
| **1/20** | $13046 | $13579 | $13348 |
| **2/20** | $12928 | $13448 | $13219 |
| **3/20** | $11052 | $11586 | $11388 |
| **4/20** | $11238 | $11846 | $11644 |
| **5/20** | $11965 | $12565 | $12351 |
| **6/20** | $12404 | $13006 | $12785 |
| **7/20** | $12900 | $13489 | $13259 |
| **8/20** | $13023 | $13559 | $13327 |
| **9/20** | $12776 | $13308 | $13081 |
| **10/20** | $12776 | $13304 | $13077 |
| **11/20** | $13324 | $13817 | $13581 |
| **12/20** | $13572 | $14079 | $13839 |
| **1/21** | $13430 | $13926 | $13689 |
| **2/21** | $13130 | $13571 | $13339 |
| **3/21** | $12988 | $13440 | $13211 |
| **4/21** | $13289 | $13738 | $13504 |
| **5/21** | $13413 | $13884 | $13647 |
| **6/21** | $13483 | $13985 | $13747 |
| **7/21** | $13548 | $14044 | $13804 |
| **8/21** | $13678 | $14181 | $13940 |
| **9/21** | $13398 | $13888 | $13651 |
| **10/21** | $13380 | $13891 | $13654 |
| **11/21** | $13082 | $13635 | $13403 |
| **12/21** | $13305 | $13826 | $13591 |
| **1/22** | $12914 | $13433 | $13204 |
| **2/22** | $12057 | $12553 | $12339 |
| **3/22** | $12094 | $12441 | $12229 |
| **4/22** | $11349 | $11745 | $11545 |
| **5/22** | $11293 | $11748 | $11548 |
| **6/22** | $10398 | $11018 | $10830 |
| **7/22** | $10701 | $11337 | $11143 |
| **8/22** | $10661 | $11230 | $11038 |
| **9/22** | $9830 | $10515 | $10336 |
| **10/22** | $9769 | $10531 | $10352 |
| **11/22** | $10701 | $11330 | $11137 |
| **12/22** | $10803 | $11367 | $11174 |
| **1/23** | $11289 | $11728 | $11528 |
| **2/23** | $10904 | $11469 | $11273 |
| **3/23** | $10924 | $11579 | $11382 |
| **4/23** | $10924 | $11641 | $11442 |
| **5/23** | $10904 | $11574 | $11377 |
| **6/23** | $11249 | $11832 | $11631 |
| **7/23** | $11444 | $12058 | $11853 |
| **8/23** | $11245 | $11877 | $11675 |
| **9/23** | $10979 | $11568 | $11371 |
| **10/23** | $10823 | $11411 | $11217 |
| **11/23** | $11422 | $12058 | $11852 |
| **12/23** | $12065 | $12628 | $12413 |
| **1/24** | $12088 | $12499 | $12286 |
| **2/24** | $12309 | $12621 | $12406 |
| **3/24** | $12642 | $12885 | $12666 |
| **4/24** | $12398 | $12618 | $12403 |
| **5/24** | $12598 | $12845 | $12626 |
| **6/24** | $12686 | $12924 | $12704 |
| **7/24** | $12932 | $13166 | $12941 |
| **8/24** | $13154 | $13471 | $13241 |
| **9/24** | $13426 | $13720 | $13486 |
| **10/24** | $13328 | $13484 | $13254 |
| **11/24** | $13501 | $13644 | $13412 |
| **12/24** | $13426 | $13454 | $13224 |
| **1/25** | $13723 | $13647 | $13414 |
| **2/25** | $14045 | $13861 | $13625 |
| **3/25** | $13847 | $13756 | $13521 |
| **4/25** | $13575 | $13725 | $13491 |
| **5/25** | $13723 | $13878 | $13641 |
| **6/25** | $14144 | $14213 | $13971 |
| **7/25** | $14342 | $14393 | $14148 |
| **8/25** | $14574 | $14628 | $14378 |
| **9/25** | $14835 | $14888 | $14634 |
| **10/25** | $15153 | $15205 | $14946 |
| **11/25** | $15298 | $15268 | $15007 |
| **12/25** | $15472 | $15377 | $15115 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class II | 15.24% | 2.66% | 4.46% |
| J.P. Morgan Emerging Markets Bond Global Diversified Index | 14.30% | 1.78% | 4.40% |
| Emerging Markets Debt Blended Index | 14.30% | 1.78% | 4.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Emerging Markets Debt Blended Index is a performance linked benchmark of old and new benchmark of the Fund. Old benchmark represented by J.P. Morgan Emerging Markets Bond Global Index (a benchmark that tracks total returns for U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities: Brady Bonds, loans, Eurobonds and local market instruments for emerging market countries) from the Fund's inception to December 31, 2019, and the new benchmark represented by J.P. Morgan Emerging Markets Bond Global Diversified Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $112997611 |
| # of Portfolio Holdings | 296 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $511144 |

---

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

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm261922d1_ncsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.0%<sup>Footnote Reference†</sup> |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Short-Term Investments | 3.8% |
| Senior Loan Interests | 6.4% |
| Corporate Bonds | 23.7% |
| Sovereign | 66.1% |

---

---

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

---

### Credit Quality (% of net assets)<sup>**Footnote Reference \***</sup>
![Credit Rating Chart](tm261922d1_ncsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 3.0% |
| Not Rated | 6.5% |
| D | 2.7% |
| CC | 1.0% |
| CCC | 15.5% |
| B | 29.3% |
| BB | 16.0% |
| BBB | 20.9% |
| A | 3.3% |
| AA | 1.8% |

---

---

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

---

## Additional Information
![QR Code](tm261922d1_ncsrimg011.jpg)

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

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# MBDBX -TSR-AR

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

# Class I MEMEX
![Image](tm261922d1_ncsrimg005.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $146 | 1.25% |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Index:

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ The overweight allocation to India, as the equity market underperformed amid a cyclical slowdown, tariffs and investor flows into global AI plays, which India has less exposure to

↓ Overweight positions in an industrial company and an e-commerce platform, both in Brazil, were negatively impacted by tariffs and e-commerce competition, respectively

↑ Stock selection in Taiwan and the information technology sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↑ The underweight allocation to Saudi Arabia

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm261922d1_ncsrimg014.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9411 | $9351 |
| **2/16** | $9346 | $9336 |
| **3/16** | $10476 | $10571 |
| **4/16** | $10476 | $10629 |
| **5/16** | $10347 | $10232 |
| **6/16** | $10666 | $10641 |
| **7/16** | $11185 | $11177 |
| **8/16** | $11396 | $11455 |
| **9/16** | $11598 | $11602 |
| **10/16** | $11501 | $11630 |
| **11/16** | $10650 | $11094 |
| **12/16** | $10674 | $11119 |
| **1/17** | $11250 | $11727 |
| **2/17** | $11525 | $12086 |
| **3/17** | $11890 | $12391 |
| **4/17** | $12320 | $12663 |
| **5/17** | $12693 | $13037 |
| **6/17** | $12791 | $13168 |
| **7/17** | $13468 | $13953 |
| **8/17** | $13714 | $14264 |
| **9/17** | $13681 | $14208 |
| **10/17** | $13934 | $14706 |
| **11/17** | $13991 | $14735 |
| **12/17** | $14416 | $15264 |
| **1/18** | $15561 | $16536 |
| **2/18** | $14776 | $15774 |
| **3/18** | $14678 | $15480 |
| **4/18** | $14245 | $15412 |
| **5/18** | $13566 | $14866 |
| **6/18** | $13052 | $14248 |
| **7/18** | $13327 | $14561 |
| **8/18** | $12966 | $14167 |
| **9/18** | $12711 | $14092 |
| **10/18** | $11825 | $12865 |
| **11/18** | $12243 | $13395 |
| **12/18** | $11899 | $13040 |
| **1/19** | $12843 | $14182 |
| **2/19** | $12711 | $14214 |
| **3/19** | $12785 | $14333 |
| **4/19** | $13155 | $14635 |
| **5/19** | $12432 | $13573 |
| **6/19** | $13106 | $14420 |
| **7/19** | $13010 | $14244 |
| **8/19** | $12556 | $13549 |
| **9/19** | $12814 | $13808 |
| **10/19** | $13357 | $14390 |
| **11/19** | $13268 | $14370 |
| **12/19** | $14229 | $15443 |
| **1/20** | $13499 | $14723 |
| **2/20** | $12894 | $13946 |
| **3/20** | $10403 | $11798 |
| **4/20** | $11239 | $12879 |
| **5/20** | $11595 | $12978 |
| **6/20** | $12494 | $13932 |
| **7/20** | $13776 | $15177 |
| **8/20** | $13988 | $15512 |
| **9/20** | $13859 | $15263 |
| **10/20** | $13887 | $15578 |
| **11/20** | $15090 | $17018 |
| **12/20** | $16284 | $18270 |
| **1/21** | $16743 | $18830 |
| **2/21** | $16908 | $18974 |
| **3/21** | $16633 | $18687 |
| **4/21** | $17110 | $19152 |
| **5/21** | $17514 | $19597 |
| **6/21** | $17716 | $19630 |
| **7/21** | $16844 | $18309 |
| **8/21** | $17576 | $18788 |
| **9/21** | $16724 | $18042 |
| **10/21** | $17085 | $18220 |
| **11/21** | $16150 | $17477 |
| **12/21** | $16770 | $17805 |
| **1/22** | $16224 | $17468 |
| **2/22** | $15020 | $16946 |
| **3/22** | $14696 | $16563 |
| **4/22** | $13427 | $15642 |
| **5/22** | $13668 | $15711 |
| **6/22** | $12353 | $14667 |
| **7/22** | $12711 | $14631 |
| **8/22** | $12511 | $14692 |
| **9/22** | $11299 | $12969 |
| **10/22** | $11394 | $12567 |
| **11/22** | $13059 | $14431 |
| **12/22** | $12564 | $14228 |
| **1/23** | $13618 | $15351 |
| **2/23** | $12627 | $14356 |
| **3/23** | $12901 | $14791 |
| **4/23** | $12880 | $14623 |
| **5/23** | $12732 | $14377 |
| **6/23** | $13386 | $14923 |
| **7/23** | $14014 | $15852 |
| **8/23** | $13174 | $14876 |
| **9/23** | $12901 | $14487 |
| **10/23** | $12552 | $13924 |
| **11/23** | $13403 | $15038 |
| **12/23** | $14068 | $15626 |
| **1/24** | $13610 | $14901 |
| **2/24** | $14232 | $15609 |
| **3/24** | $14679 | $15996 |
| **4/24** | $14777 | $16068 |
| **5/24** | $14973 | $16159 |
| **6/24** | $15660 | $16796 |
| **7/24** | $15532 | $16846 |
| **8/24** | $15621 | $17118 |
| **9/24** | $16306 | $18261 |
| **10/24** | $15687 | $17449 |
| **11/24** | $15334 | $16822 |
| **12/24** | $15168 | $16799 |
| **1/25** | $15345 | $17099 |
| **2/25** | $15212 | $17182 |
| **3/25** | $15356 | $17291 |
| **4/25** | $15588 | $17518 |
| **5/25** | $16361 | $18265 |
| **6/25** | $17289 | $19363 |
| **7/25** | $17275 | $19741 |
| **8/25** | $17574 | $19994 |
| **9/25** | $18813 | $21424 |
| **10/25** | $19800 | $22320 |
| **11/25** | $19571 | $21786 |
| **12/25** | $20168 | $22438 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 32.96% | 4.37% | 7.27% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $179246939 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $1174407 |

---

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

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm261922d1_ncsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.7% |
| United Kingdom | 1.5% |
| United States | 2.0% |
| Poland | 2.9% |
| South Africa | 3.3% |
| Mexico | 3.4% |
| Brazil | 5.8% |
| Korea, Republic of | 12.4% |
| China | 20.6% |
| India | 20.8% |
| Taiwan | 22.6% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.7% |
| Samsung Electronics Co. Ltd. | 7.2% |
| Tencent Holdings Ltd. | 5.5% |
| Alibaba Group Holding Ltd. | 3.6% |
| Reliance Industries Ltd. | 1.9% |
| China Construction Bank Corp. | 1.7% |
| WEG SA | 1.6% |
| ICICI Bank Ltd. | 1.6% |
| Antofagasta PLC | 1.5% |
| HDFC Bank Ltd. | 1.5% |
| Total | 40.8% |

---

---

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

---

## Additional Information
![QR Code](tm261922d1_ncsrimg011.jpg)

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

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MEMEX -TSR-AR

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

# Class II MSMBX
![Image](tm261922d1_ncsrimg005.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class II | $151 | 1.30% |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Index:

↓ Stock selection in South Africa, as the zero allocations to select gold miners hampered relative performance

↓ The overweight allocation to India, as the equity market underperformed amid a cyclical slowdown, tariffs and investor flows into global AI plays, which India has less exposure to

↓ Overweight positions in an industrial company and an e-commerce platform, both in Brazil, were negatively impacted by tariffs and e-commerce competition, respectively

↑ Stock selection in Taiwan and the information technology sector broadly, led by the overweights to select artificial intelligence (AI) hardware and semiconductor-related companies

↑ Stock selection in and the overweight allocation to Chile, led by the allocation to a copper miner

↑ The underweight allocation to Saudi Arabia

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm261922d1_ncsrimg013.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9409 | $9351 |
| **2/16** | $9344 | $9336 |
| **3/16** | $10470 | $10571 |
| **4/16** | $10478 | $10629 |
| **5/16** | $10348 | $10232 |
| **6/16** | $10662 | $10641 |
| **7/16** | $11183 | $11177 |
| **8/16** | $11394 | $11455 |
| **9/16** | $11589 | $11602 |
| **10/16** | $11500 | $11630 |
| **11/16** | $10646 | $11094 |
| **12/16** | $10662 | $11119 |
| **1/17** | $11248 | $11727 |
| **2/17** | $11516 | $12086 |
| **3/17** | $11882 | $12391 |
| **4/17** | $12305 | $12663 |
| **5/17** | $12687 | $13037 |
| **6/17** | $12777 | $13168 |
| **7/17** | $13458 | $13953 |
| **8/17** | $13704 | $14264 |
| **9/17** | $13671 | $14208 |
| **10/17** | $13917 | $14706 |
| **11/17** | $13975 | $14735 |
| **12/17** | $14400 | $15264 |
| **1/18** | $15547 | $16536 |
| **2/18** | $14761 | $15774 |
| **3/18** | $14654 | $15480 |
| **4/18** | $14228 | $15412 |
| **5/18** | $13549 | $14866 |
| **6/18** | $13033 | $14248 |
| **7/18** | $13310 | $14561 |
| **8/18** | $12948 | $14167 |
| **9/18** | $12693 | $14092 |
| **10/18** | $11804 | $12865 |
| **11/18** | $12224 | $13395 |
| **12/18** | $11878 | $13040 |
| **1/19** | $12824 | $14182 |
| **2/19** | $12685 | $14214 |
| **3/19** | $12767 | $14333 |
| **4/19** | $13129 | $14635 |
| **5/19** | $12405 | $13573 |
| **6/19** | $13079 | $14420 |
| **7/19** | $12984 | $14244 |
| **8/19** | $12530 | $13549 |
| **9/19** | $12788 | $13808 |
| **10/19** | $13332 | $14390 |
| **11/19** | $13243 | $14370 |
| **12/19** | $14196 | $15443 |
| **1/20** | $13466 | $14723 |
| **2/20** | $12868 | $13946 |
| **3/20** | $10382 | $11798 |
| **4/20** | $11211 | $12879 |
| **5/20** | $11567 | $12978 |
| **6/20** | $12459 | $13932 |
| **7/20** | $13744 | $15177 |
| **8/20** | $13946 | $15512 |
| **9/20** | $13827 | $15263 |
| **10/20** | $13845 | $15578 |
| **11/20** | $15050 | $17018 |
| **12/20** | $16236 | $18270 |
| **1/21** | $16695 | $18830 |
| **2/21** | $16861 | $18974 |
| **3/21** | $16585 | $18687 |
| **4/21** | $17063 | $19152 |
| **5/21** | $17467 | $19597 |
| **6/21** | $17660 | $19630 |
| **7/21** | $16789 | $18309 |
| **8/21** | $17521 | $18788 |
| **9/21** | $16678 | $18042 |
| **10/21** | $17030 | $18220 |
| **11/21** | $16094 | $17477 |
| **12/21** | $16715 | $17805 |
| **1/22** | $16178 | $17468 |
| **2/22** | $14964 | $16946 |
| **3/22** | $14649 | $16563 |
| **4/22** | $13379 | $15642 |
| **5/22** | $13620 | $15711 |
| **6/22** | $12305 | $14667 |
| **7/22** | $12672 | $14631 |
| **8/22** | $12472 | $14692 |
| **9/22** | $11260 | $12969 |
| **10/22** | $11355 | $12567 |
| **11/22** | $13010 | $14431 |
| **12/22** | $12514 | $14228 |
| **1/23** | $13569 | $15351 |
| **2/23** | $12588 | $14356 |
| **3/23** | $12852 | $14791 |
| **4/23** | $12831 | $14623 |
| **5/23** | $12683 | $14377 |
| **6/23** | $13337 | $14923 |
| **7/23** | $13957 | $15852 |
| **8/23** | $13117 | $14876 |
| **9/23** | $12845 | $14487 |
| **10/23** | $12496 | $13924 |
| **11/23** | $13346 | $15038 |
| **12/23** | $14012 | $15626 |
| **1/24** | $13554 | $14901 |
| **2/24** | $14175 | $15609 |
| **3/24** | $14622 | $15996 |
| **4/24** | $14720 | $16068 |
| **5/24** | $14906 | $16159 |
| **6/24** | $15582 | $16796 |
| **7/24** | $15468 | $16846 |
| **8/24** | $15557 | $17118 |
| **9/24** | $16230 | $18261 |
| **10/24** | $15612 | $17449 |
| **11/24** | $15259 | $16822 |
| **12/24** | $15093 | $16799 |
| **1/25** | $15270 | $17099 |
| **2/25** | $15137 | $17182 |
| **3/25** | $15281 | $17291 |
| **4/25** | $15513 | $17518 |
| **5/25** | $16274 | $18265 |
| **6/25** | $17202 | $19363 |
| **7/25** | $17191 | $19741 |
| **8/25** | $17478 | $19994 |
| **9/25** | $18716 | $21424 |
| **10/25** | $19702 | $22320 |
| **11/25** | $19473 | $21786 |
| **12/25** | $20058 | $22438 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class II | 32.90% | 4.32% | 7.21% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $179246939 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $1174407 |

---

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

### Country Allocation (% of total investments)
![Group By Asset Type Chart](tm261922d1_ncsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.7% |
| United Kingdom | 1.5% |
| United States | 2.0% |
| Poland | 2.9% |
| South Africa | 3.3% |
| Mexico | 3.4% |
| Brazil | 5.8% |
| Korea, Republic of | 12.4% |
| China | 20.6% |
| India | 20.8% |
| Taiwan | 22.6% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.7% |
| Samsung Electronics Co. Ltd. | 7.2% |
| Tencent Holdings Ltd. | 5.5% |
| Alibaba Group Holding Ltd. | 3.6% |
| Reliance Industries Ltd. | 1.9% |
| China Construction Bank Corp. | 1.7% |
| WEG SA | 1.6% |
| ICICI Bank Ltd. | 1.6% |
| Antofagasta PLC | 1.5% |
| HDFC Bank Ltd. | 1.5% |
| Total | 40.8% |

---

---

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

---

## Additional Information
![QR Code](tm261922d1_ncsrimg011.jpg)

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

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MSMBX -TSR-AR

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

# Class I MIMPX
![Image](tm261922d1_ncsrimg009.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $96 | 0.88% |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Index:

↓ Global fixed income exposures and overweight positions

↓ Underweight position in U.S. equities and Thai baht within our "Tariff Risk" theme

↓ Overweight position in U.S. small-cap equities within our "Small Cap Outperformance" theme

↓ Overweight position in South Africa sovereign bonds within our "Lights Back on in South Africa" theme

↑ Overweights in Value equities (Europe, emerging markets, Japan) relative to Expensive equities within our "Value Recovery" theme

↑ An overweight in Japan real estate investment trusts within our "Japan Property Recovery" theme

↑ Overweights in Europe bank and domestically sensitive equities, and in German equities, within our "European Union Recovery" theme

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm261922d1_ncsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index** | **Customized MSIM Global Allocation Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9681 | $9397 | $9652 |
| **2/16** | $9627 | $9332 | $9675 |
| **3/16** | $10202 | $10024 | $10197 |
| **4/16** | $10415 | $10172 | $10362 |
| **5/16** | $10309 | $10185 | $10330 |
| **6/16** | $10258 | $10123 | $10389 |
| **7/16** | $10558 | $10559 | $10648 |
| **8/16** | $10590 | $10595 | $10647 |
| **9/16** | $10622 | $10660 | $10717 |
| **10/16** | $10408 | $10479 | $10520 |
| **11/16** | $10386 | $10558 | $10450 |
| **12/16** | $10558 | $10786 | $10581 |
| **1/17** | $10729 | $11081 | $10798 |
| **2/17** | $10879 | $11392 | $10999 |
| **3/17** | $11028 | $11532 | $11068 |
| **4/17** | $11221 | $11711 | $11204 |
| **5/17** | $11403 | $11970 | $11401 |
| **6/17** | $11456 | $12024 | $11428 |
| **7/17** | $11665 | $12360 | $11697 |
| **8/17** | $11676 | $12408 | $11770 |
| **9/17** | $11841 | $12647 | $11864 |
| **10/17** | $11973 | $12910 | $11994 |
| **11/17** | $12137 | $13160 | $12186 |
| **12/17** | $12258 | $13372 | $12321 |
| **1/18** | $12676 | $14127 | $12797 |
| **2/18** | $12313 | $13533 | $12429 |
| **3/18** | $12280 | $13244 | $12322 |
| **4/18** | $12269 | $13370 | $12314 |
| **5/18** | $12126 | $13387 | $12286 |
| **6/18** | $12094 | $13314 | $12224 |
| **7/18** | $12299 | $13716 | $12437 |
| **8/18** | $12241 | $13824 | $12501 |
| **9/18** | $12276 | $13884 | $12491 |
| **10/18** | $11705 | $12843 | $11873 |
| **11/18** | $11845 | $13031 | $11992 |
| **12/18** | $11461 | $12113 | $11582 |
| **1/19** | $12089 | $13070 | $12202 |
| **2/19** | $12217 | $13419 | $12369 |
| **3/19** | $12357 | $13588 | $12525 |
| **4/19** | $12590 | $14047 | $12764 |
| **5/19** | $12206 | $13214 | $12378 |
| **6/19** | $12776 | $14079 | $12975 |
| **7/19** | $12731 | $14120 | $12983 |
| **8/19** | $12582 | $13785 | $12904 |
| **9/19** | $12706 | $14075 | $13014 |
| **10/19** | $12966 | $14460 | $13262 |
| **11/19** | $13102 | $14813 | $13417 |
| **12/19** | $13498 | $15335 | $13731 |
| **1/20** | $13263 | $15166 | $13710 |
| **2/20** | $12508 | $13941 | $13083 |
| **3/20** | $11122 | $12059 | $11906 |
| **4/20** | $12001 | $13350 | $12765 |
| **5/20** | $12372 | $13931 | $13120 |
| **6/20** | $12669 | $14376 | $13418 |
| **7/20** | $13227 | $15137 | $14015 |
| **8/20** | $13718 | $16063 | $14521 |
| **9/20** | $13432 | $15545 | $14220 |
| **10/20** | $13241 | $15167 | $14018 |
| **11/20** | $14467 | $17037 | $15156 |
| **12/20** | $14971 | $17828 | $15660 |
| **1/21** | $14930 | $17747 | $15562 |
| **2/21** | $15176 | $18158 | $15671 |
| **3/21** | $15393 | $18643 | $15802 |
| **4/21** | $15829 | $19458 | $16296 |
| **5/21** | $16211 | $19761 | $16509 |
| **6/21** | $16006 | $20021 | $16582 |
| **7/21** | $16066 | $20159 | $16739 |
| **8/21** | $16209 | $20664 | $16962 |
| **9/21** | $15793 | $19810 | $16421 |
| **10/21** | $16123 | $20821 | $16908 |
| **11/21** | $15836 | $20320 | $16644 |
| **12/21** | $16224 | $21133 | $17034 |
| **1/22** | $15850 | $20095 | $16393 |
| **2/22** | $15549 | $19576 | $16061 |
| **3/22** | $15463 | $20000 | $16074 |
| **4/22** | $14386 | $18399 | $14950 |
| **5/22** | $14601 | $18420 | $14976 |
| **6/22** | $13410 | $16868 | $14027 |
| **7/22** | $14040 | $18046 | $14734 |
| **8/22** | $13422 | $17381 | $14176 |
| **9/22** | $12311 | $15717 | $13070 |
| **10/22** | $12770 | $16666 | $13507 |
| **11/22** | $13740 | $17958 | $14390 |
| **12/22** | $13475 | $17252 | $14082 |
| **1/23** | $14339 | $18488 | $14872 |
| **2/23** | $13810 | $17958 | $14419 |
| **3/23** | $14145 | $18512 | $14868 |
| **4/23** | $14234 | $18778 | $15022 |
| **5/23** | $13951 | $18577 | $14808 |
| **6/23** | $14481 | $19656 | $15324 |
| **7/23** | $14869 | $20375 | $15703 |
| **8/23** | $14528 | $19806 | $15353 |
| **9/23** | $13990 | $18987 | $14793 |
| **10/23** | $13667 | $18416 | $14455 |
| **11/23** | $14690 | $20116 | $15548 |
| **12/23** | $15371 | $21082 | $16254 |
| **1/24** | $15246 | $21206 | $16222 |
| **2/24** | $15497 | $22116 | $16558 |
| **3/24** | $15837 | $22810 | $16906 |
| **4/24** | $15353 | $22057 | $16401 |
| **5/24** | $15873 | $22953 | $16886 |
| **6/24** | $16035 | $23464 | $17122 |
| **7/24** | $16447 | $23843 | $17477 |
| **8/24** | $16788 | $24448 | $17908 |
| **9/24** | $17093 | $25016 | $18280 |
| **10/24** | $16591 | $24455 | $17789 |
| **11/24** | $17003 | $25369 | $18212 |
| **12/24** | $16519 | $24769 | $17797 |
| **1/25** | $16914 | $25600 | $18196 |
| **2/25** | $17021 | $25446 | $18234 |
| **3/25** | $16788 | $24441 | $17847 |
| **4/25** | $17075 | $24669 | $18157 |
| **5/25** | $17595 | $26087 | $18757 |
| **6/25** | $18169 | $27258 | $19405 |
| **7/25** | $18149 | $27628 | $19447 |
| **8/25** | $18577 | $28310 | $19848 |
| **9/25** | $18985 | $29336 | $20331 |
| **10/25** | $19227 | $29992 | $20584 |
| **11/25** | $19227 | $29989 | $20601 |
| **12/25** | $19394 | $30302 | $20752 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 17.40% | 5.31% | 6.85% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Customized MSIM Global Allocation Index | 16.60% | 5.79% | 7.57% |

---

---

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

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $82989821 |
| # of Portfolio Holdings | 1387 |
| Portfolio Turnover Rate | 95% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm261922d1_ncsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Commercial Mortgage-Backed Securities | 0.5% |
| Supranational | 0.8% |
| Asset-Backed Securities | 0.9% |
| Mortgages - Other | 1.6% |
| Agency Fixed Rate Mortgages | 3.9% |
| Short-Term Investments | 5.6% |
| Corporate Bonds | 7.7% |
| U.S. Treasury Securities | 8.5% |
| Sovereign | 21.2% |
| Common Stocks | 49.3% |

---

---

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

---

### Geographic Allocation (% of total investments)
![Credit Rating Chart](tm261922d1_ncsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Africa | 0.0%<sup>Footnote Reference†</sup> |
| South America | 0.4% |
| Multi National | 0.7% |
| Oceania | 2.6% |
| Asia | 9.3% |
| Europe | 23.4% |
| North America | 63.6% |

---

---

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

---

## Additional Information
![QR Code](tm261922d1_ncsrimg011.jpg)

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

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# MIMPX -TSR-AR

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

# Class II MGTPX
![Image](tm261922d1_ncsrimg009.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class II | $107 | 0.98% |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI All Country World Index:

↓ Global fixed income exposures and overweight positions

↓ Underweight position in U.S. equities and Thai baht within our "Tariff Risk" theme

↓ Overweight position in U.S. small-cap equities within our "Small Cap Outperformance" theme

↓ Overweight position in South Africa sovereign bonds within our "Lights Back on in South Africa" theme

↑ Overweights in Value equities (Europe, emerging markets, Japan) relative to Expensive equities within our "Value Recovery" theme

↑ An overweight in Japan real estate investment trusts within our "Japan Property Recovery" theme

↑ Overweights in Europe bank and domestically sensitive equities, and in German equities, within our "European Union Recovery" theme

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm261922d1_ncsrimg019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI All Country World Index** | **Customized MSIM Global Allocation Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9679 | $9397 | $9652 |
| **2/16** | $9626 | $9332 | $9675 |
| **3/16** | $10203 | $10024 | $10197 |
| **4/16** | $10417 | $10172 | $10362 |
| **5/16** | $10310 | $10185 | $10330 |
| **6/16** | $10249 | $10123 | $10389 |
| **7/16** | $10549 | $10559 | $10648 |
| **8/16** | $10582 | $10595 | $10647 |
| **9/16** | $10614 | $10660 | $10717 |
| **10/16** | $10399 | $10479 | $10520 |
| **11/16** | $10377 | $10558 | $10450 |
| **12/16** | $10549 | $10786 | $10581 |
| **1/17** | $10721 | $11081 | $10798 |
| **2/17** | $10872 | $11392 | $10999 |
| **3/17** | $11011 | $11532 | $11068 |
| **4/17** | $11205 | $11711 | $11204 |
| **5/17** | $11387 | $11970 | $11401 |
| **6/17** | $11441 | $12024 | $11428 |
| **7/17** | $11649 | $12360 | $11697 |
| **8/17** | $11660 | $12408 | $11770 |
| **9/17** | $11826 | $12647 | $11864 |
| **10/17** | $11947 | $12910 | $11994 |
| **11/17** | $12123 | $13160 | $12186 |
| **12/17** | $12233 | $13372 | $12321 |
| **1/18** | $12652 | $14127 | $12797 |
| **2/18** | $12289 | $13533 | $12429 |
| **3/18** | $12256 | $13244 | $12322 |
| **4/18** | $12244 | $13370 | $12314 |
| **5/18** | $12101 | $13387 | $12286 |
| **6/18** | $12068 | $13314 | $12224 |
| **7/18** | $12272 | $13716 | $12437 |
| **8/18** | $12202 | $13824 | $12501 |
| **9/18** | $12237 | $13884 | $12491 |
| **10/18** | $11677 | $12843 | $11873 |
| **11/18** | $11817 | $13031 | $11992 |
| **12/18** | $11420 | $12113 | $11582 |
| **1/19** | $12062 | $13070 | $12202 |
| **2/19** | $12178 | $13419 | $12369 |
| **3/19** | $12318 | $13588 | $12525 |
| **4/19** | $12552 | $14047 | $12764 |
| **5/19** | $12167 | $13214 | $12378 |
| **6/19** | $12738 | $14079 | $12975 |
| **7/19** | $12690 | $14120 | $12983 |
| **8/19** | $12542 | $13785 | $12904 |
| **9/19** | $12666 | $14075 | $13014 |
| **10/19** | $12913 | $14460 | $13262 |
| **11/19** | $13050 | $14813 | $13417 |
| **12/19** | $13446 | $15335 | $13731 |
| **1/20** | $13211 | $15166 | $13710 |
| **2/20** | $12455 | $13941 | $13083 |
| **3/20** | $11079 | $12059 | $11906 |
| **4/20** | $11959 | $13350 | $12765 |
| **5/20** | $12319 | $13931 | $13120 |
| **6/20** | $12616 | $14376 | $13418 |
| **7/20** | $13173 | $15137 | $14015 |
| **8/20** | $13664 | $16063 | $14521 |
| **9/20** | $13377 | $15545 | $14220 |
| **10/20** | $13187 | $15167 | $14018 |
| **11/20** | $14400 | $17037 | $15156 |
| **12/20** | $14905 | $17828 | $15660 |
| **1/21** | $14850 | $17747 | $15562 |
| **2/21** | $15096 | $18158 | $15671 |
| **3/21** | $15314 | $18643 | $15802 |
| **4/21** | $15750 | $19458 | $16296 |
| **5/21** | $16132 | $19761 | $16509 |
| **6/21** | $15928 | $20021 | $16582 |
| **7/21** | $15972 | $20159 | $16739 |
| **8/21** | $16130 | $20664 | $16962 |
| **9/21** | $15713 | $19810 | $16421 |
| **10/21** | $16044 | $20821 | $16908 |
| **11/21** | $15742 | $20320 | $16644 |
| **12/21** | $16130 | $21133 | $17034 |
| **1/22** | $15757 | $20095 | $16393 |
| **2/22** | $15455 | $19576 | $16061 |
| **3/22** | $15369 | $20000 | $16074 |
| **4/22** | $14292 | $18399 | $14950 |
| **5/22** | $14507 | $18420 | $14976 |
| **6/22** | $13329 | $16868 | $14027 |
| **7/22** | $13960 | $18046 | $14734 |
| **8/22** | $13342 | $17381 | $14176 |
| **9/22** | $12246 | $15717 | $13070 |
| **10/22** | $12688 | $16666 | $13507 |
| **11/22** | $13660 | $17958 | $14390 |
| **12/22** | $13377 | $17252 | $14082 |
| **1/23** | $14243 | $18488 | $14872 |
| **2/23** | $13713 | $17958 | $14419 |
| **3/23** | $14049 | $18512 | $14868 |
| **4/23** | $14119 | $18778 | $15022 |
| **5/23** | $13854 | $18577 | $14808 |
| **6/23** | $14367 | $19656 | $15324 |
| **7/23** | $14776 | $20375 | $15703 |
| **8/23** | $14417 | $19806 | $15353 |
| **9/23** | $13878 | $18987 | $14793 |
| **10/23** | $13573 | $18416 | $14455 |
| **11/23** | $14578 | $20116 | $15548 |
| **12/23** | $15243 | $21082 | $16254 |
| **1/24** | $15135 | $21206 | $16222 |
| **2/24** | $15368 | $22116 | $16558 |
| **3/24** | $15709 | $22810 | $16906 |
| **4/24** | $15243 | $22057 | $16401 |
| **5/24** | $15745 | $22953 | $16886 |
| **6/24** | $15907 | $23464 | $17122 |
| **7/24** | $16302 | $23843 | $17477 |
| **8/24** | $16643 | $24448 | $17908 |
| **9/24** | $16948 | $25016 | $18280 |
| **10/24** | $16445 | $24455 | $17789 |
| **11/24** | $16840 | $25369 | $18212 |
| **12/24** | $16374 | $24769 | $17797 |
| **1/25** | $16769 | $25600 | $18196 |
| **2/25** | $16876 | $25446 | $18234 |
| **3/25** | $16643 | $24441 | $17847 |
| **4/25** | $16912 | $24669 | $18157 |
| **5/25** | $17433 | $26087 | $18757 |
| **6/25** | $18007 | $27258 | $19405 |
| **7/25** | $17969 | $27628 | $19447 |
| **8/25** | $18397 | $28310 | $19848 |
| **9/25** | $18806 | $29336 | $20331 |
| **10/25** | $19048 | $29992 | $20584 |
| **11/25** | $19048 | $29989 | $20601 |
| **12/25** | $19215 | $30302 | $20752 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class II | 17.36% | 5.21% | 6.75% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Customized MSIM Global Allocation Index | 16.60% | 5.79% | 7.57% |

---

---

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

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $82989821 |
| # of Portfolio Holdings | 1387 |
| Portfolio Turnover Rate | 95% |
| Total Advisory Fees Paid (Net of Waivers) | $0 |

---

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

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm261922d1_ncsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Commercial Mortgage-Backed Securities | 0.5% |
| Supranational | 0.8% |
| Asset-Backed Securities | 0.9% |
| Mortgages - Other | 1.6% |
| Agency Fixed Rate Mortgages | 3.9% |
| Short-Term Investments | 5.6% |
| Corporate Bonds | 7.7% |
| U.S. Treasury Securities | 8.5% |
| Sovereign | 21.2% |
| Common Stocks | 49.3% |

---

---

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

---

### Geographic Allocation (% of total investments)
![Credit Rating Chart](tm261922d1_ncsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Africa | 0.0%<sup>Footnote Reference†</sup> |
| South America | 0.4% |
| Multi National | 0.7% |
| Oceania | 2.6% |
| Asia | 9.3% |
| Europe | 23.4% |
| North America | 63.6% |

---

---

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

---

## Additional Information
![QR Code](tm261922d1_ncsrimg011.jpg)

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

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# MGTPX -TSR-AR

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

# Class I MEGIX
![Image](tm261922d1_ncsrimg005.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $62 | 0.56% |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup><sup>®</sup></sup> Growth Index:

↑ Stock selection in financials, led by a payments technology services platform

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in information technology, led by an outperforming web performance and security company

↓ Stock selection communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection and average underweight in industrials

↓ Average overweight in financials

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm261922d1_ncsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9038 | $9462 | $9442 |
| **2/16** | $8787 | $9459 | $9438 |
| **3/16** | $9455 | $10117 | $10074 |
| **4/16** | $9435 | $10172 | $9982 |
| **5/16** | $9696 | $10351 | $10176 |
| **6/16** | $9613 | $10374 | $10136 |
| **7/16** | $10267 | $10769 | $10615 |
| **8/16** | $10355 | $10783 | $10562 |
| **9/16** | $10678 | $10792 | $10600 |
| **10/16** | $10303 | $10582 | $10351 |
| **11/16** | $10028 | $10999 | $10577 |
| **12/16** | $9836 | $11205 | $10708 |
| **1/17** | $10814 | $11431 | $11068 |
| **2/17** | $11026 | $11873 | $11528 |
| **3/17** | $11385 | $11881 | $11662 |
| **4/17** | $11879 | $12006 | $11928 |
| **5/17** | $12626 | $12160 | $12238 |
| **6/17** | $12498 | $12244 | $12206 |
| **7/17** | $12902 | $12487 | $12531 |
| **8/17** | $13258 | $12526 | $12760 |
| **9/17** | $13098 | $12793 | $12926 |
| **10/17** | $13832 | $13086 | $13427 |
| **11/17** | $14111 | $13485 | $13835 |
| **12/17** | $14080 | $13636 | $13943 |
| **1/18** | $15407 | $14384 | $14930 |
| **2/18** | $15628 | $13856 | $14539 |
| **3/18** | $15433 | $13541 | $14140 |
| **4/18** | $15446 | $13587 | $14189 |
| **5/18** | $16502 | $13934 | $14811 |
| **6/18** | $16798 | $14024 | $14954 |
| **7/18** | $16771 | $14508 | $15393 |
| **8/18** | $18253 | $15008 | $16235 |
| **9/18** | $18099 | $15065 | $16325 |
| **10/18** | $16174 | $13999 | $14865 |
| **11/18** | $16380 | $14284 | $15023 |
| **12/18** | $15142 | $12983 | $13732 |
| **1/19** | $16973 | $14071 | $14966 |
| **2/19** | $17835 | $14548 | $15501 |
| **3/19** | $18089 | $14801 | $15943 |
| **4/19** | $18782 | $15399 | $16663 |
| **5/19** | $18158 | $14417 | $15610 |
| **6/19** | $19464 | $15430 | $16682 |
| **7/19** | $19607 | $15669 | $17059 |
| **8/19** | $18737 | $15382 | $16928 |
| **9/19** | $18096 | $15649 | $16930 |
| **10/19** | $18285 | $15980 | $17408 |
| **11/19** | $19880 | $16584 | $18180 |
| **12/19** | $19958 | $17063 | $18729 |
| **1/20** | $21435 | $17082 | $19147 |
| **2/20** | $21173 | $15686 | $17843 |
| **3/20** | $19138 | $13613 | $16088 |
| **4/20** | $23058 | $15412 | $18468 |
| **5/20** | $27384 | $16225 | $19708 |
| **6/20** | $30349 | $16584 | $20567 |
| **7/20** | $33551 | $17555 | $22149 |
| **8/20** | $36423 | $18843 | $24434 |
| **9/20** | $36935 | $18155 | $23285 |
| **10/20** | $35447 | $17717 | $22494 |
| **11/20** | $42333 | $19803 | $24797 |
| **12/20** | $43370 | $20640 | $25938 |
| **1/21** | $44093 | $20470 | $25746 |
| **2/21** | $46526 | $21064 | $25740 |
| **3/21** | $42648 | $21861 | $26182 |
| **4/21** | $44877 | $23037 | $27963 |
| **5/21** | $43555 | $23147 | $27577 |
| **6/21** | $48804 | $23727 | $29307 |
| **7/21** | $48798 | $24220 | $30273 |
| **8/21** | $49905 | $24921 | $31404 |
| **9/21** | $46753 | $23776 | $29646 |
| **10/21** | $50398 | $25426 | $32213 |
| **11/21** | $48677 | $25085 | $32410 |
| **12/21** | $43416 | $26101 | $33096 |
| **1/22** | $33839 | $24629 | $30255 |
| **2/22** | $33523 | $23953 | $28970 |
| **3/22** | $31850 | $24762 | $30103 |
| **4/22** | $24860 | $22554 | $26468 |
| **5/22** | $20722 | $22520 | $25853 |
| **6/22** | $18831 | $20634 | $23805 |
| **7/22** | $21334 | $22556 | $26662 |
| **8/22** | $21623 | $21690 | $25420 |
| **9/22** | $19422 | $19683 | $22949 |
| **10/22** | $19905 | $21261 | $24290 |
| **11/22** | $19364 | $22412 | $25397 |
| **12/22** | $17337 | $21108 | $23453 |
| **1/23** | $20368 | $22524 | $25407 |
| **2/23** | $19538 | $21988 | $25106 |
| **3/23** | $20310 | $22683 | $26822 |
| **4/23** | $19113 | $22964 | $27086 |
| **5/23** | $21005 | $23071 | $28321 |
| **6/23** | $22820 | $24629 | $30258 |
| **7/23** | $24809 | $25476 | $31277 |
| **8/23** | $22531 | $25031 | $30996 |
| **9/23** | $21353 | $23854 | $29310 |
| **10/23** | $19519 | $23278 | $28893 |
| **11/23** | $22994 | $25452 | $32043 |
| **12/23** | $25774 | $26708 | $33462 |
| **1/24** | $24307 | $27081 | $34296 |
| **2/24** | $27319 | $28543 | $36636 |
| **3/24** | $27936 | $29458 | $37281 |
| **4/24** | $25253 | $28205 | $35700 |
| **5/24** | $24828 | $29533 | $37837 |
| **6/24** | $26006 | $30510 | $40388 |
| **7/24** | $26315 | $30954 | $39701 |
| **8/24** | $28014 | $31688 | $40528 |
| **9/24** | $29674 | $32366 | $41677 |
| **10/24** | $31875 | $32139 | $41539 |
| **11/24** | $39424 | $34209 | $44233 |
| **12/24** | $41663 | $33255 | $44623 |
| **1/25** | $45370 | $34313 | $45506 |
| **2/25** | $42281 | $33713 | $43871 |
| **3/25** | $37146 | $31762 | $40175 |
| **4/25** | $40428 | $31573 | $40887 |
| **5/25** | $46065 | $33589 | $44505 |
| **6/25** | $49424 | $35290 | $47342 |
| **7/25** | $50563 | $36074 | $49129 |
| **8/25** | $51992 | $36833 | $49679 |
| **9/25** | $55487 | $38110 | $52318 |
| **10/25** | $55931 | $38932 | $54218 |
| **11/25** | $50853 | $39027 | $53236 |
| **12/25** | $51278 | $39030 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 35.72% | 3.41% | 17.76% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $632239565 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid | $2180738 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm261922d1_ncsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer, Non-Cyclical | 0.3% |
| Real Estate | 0.5% |
| Short-Term Investments | 2.6% |
| Communication Services | 4.6% |
| Industrials | 6.3% |
| Health Care | 12.1% |
| Financials | 13.2% |
| Consumer, Cyclical | 15.6% |
| Information Technology | 44.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.2% |
| Tesla, Inc. | 9.7% |
| AppLovin Corp. | 8.2% |
| Affirm Holdings, Inc. | 7.4% |
| Royalty Pharma PLC | 5.7% |
| DoorDash, Inc. | 4.8% |
| Shopify, Inc. | 4.7% |
| QXO, Inc. | 4.6% |
| ROBLOX Corp. | 4.6% |
| Databricks, Inc. | 4.2% |
| Total | 66.1% |

---

---

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

---

## Additional Information
![QR Code](tm261922d1_ncsrimg011.jpg)

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

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MEGIX -TSR-AR

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

# Class II MEGTX
![Image](tm261922d1_ncsrimg005.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class II | $90 | 0.81% |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000<sup><sup>®</sup></sup> Growth Index:

↑ Stock selection in financials, led by a payments technology services platform

↑ Stock selection in health care, where a biopharmaceutical royalties acquirer was the leading contributor within the sector

↑ Stock selection in information technology, led by an outperforming web performance and security company

↓ Stock selection communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection and average underweight in industrials

↓ Average overweight in financials

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm261922d1_ncsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9034 | $9462 | $9442 |
| **2/16** | $8783 | $9459 | $9438 |
| **3/16** | $9448 | $10117 | $10074 |
| **4/16** | $9424 | $10172 | $9982 |
| **5/16** | $9686 | $10351 | $10176 |
| **6/16** | $9600 | $10374 | $10136 |
| **7/16** | $10251 | $10769 | $10615 |
| **8/16** | $10338 | $10783 | $10562 |
| **9/16** | $10658 | $10792 | $10600 |
| **10/16** | $10280 | $10582 | $10351 |
| **11/16** | $10007 | $10999 | $10577 |
| **12/16** | $9808 | $11205 | $10708 |
| **1/17** | $10786 | $11431 | $11068 |
| **2/17** | $10993 | $11873 | $11528 |
| **3/17** | $11346 | $11881 | $11662 |
| **4/17** | $11839 | $12006 | $11928 |
| **5/17** | $12581 | $12160 | $12238 |
| **6/17** | $12448 | $12244 | $12206 |
| **7/17** | $12851 | $12487 | $12531 |
| **8/17** | $13205 | $12526 | $12760 |
| **9/17** | $13037 | $12793 | $12926 |
| **10/17** | $13767 | $13086 | $13427 |
| **11/17** | $14044 | $13485 | $13835 |
| **12/17** | $14007 | $13636 | $13943 |
| **1/18** | $15327 | $14384 | $14930 |
| **2/18** | $15545 | $13856 | $14539 |
| **3/18** | $15345 | $13541 | $14140 |
| **4/18** | $15359 | $13587 | $14189 |
| **5/18** | $16402 | $13934 | $14811 |
| **6/18** | $16692 | $14024 | $14954 |
| **7/18** | $16664 | $14508 | $15393 |
| **8/18** | $18130 | $15008 | $16235 |
| **9/18** | $17974 | $15065 | $16325 |
| **10/18** | $16061 | $13999 | $14865 |
| **11/18** | $16262 | $14284 | $15023 |
| **12/18** | $15030 | $12983 | $13732 |
| **1/19** | $16842 | $14071 | $14966 |
| **2/19** | $17695 | $14548 | $15501 |
| **3/19** | $17941 | $14801 | $15943 |
| **4/19** | $18621 | $15399 | $16663 |
| **5/19** | $18002 | $14417 | $15610 |
| **6/19** | $19296 | $15430 | $16682 |
| **7/19** | $19429 | $15669 | $17059 |
| **8/19** | $18568 | $15382 | $16928 |
| **9/19** | $17925 | $15649 | $16930 |
| **10/19** | $18108 | $15980 | $17408 |
| **11/19** | $19682 | $16584 | $18180 |
| **12/19** | $19759 | $17063 | $18729 |
| **1/20** | $21216 | $17082 | $19147 |
| **2/20** | $20950 | $15686 | $17843 |
| **3/20** | $18939 | $13613 | $16088 |
| **4/20** | $22808 | $15412 | $18468 |
| **5/20** | $27077 | $16225 | $19708 |
| **6/20** | $30013 | $16584 | $20567 |
| **7/20** | $33169 | $17555 | $22149 |
| **8/20** | $35999 | $18843 | $24434 |
| **9/20** | $36499 | $18155 | $23285 |
| **10/20** | $35018 | $17717 | $22494 |
| **11/20** | $41816 | $19803 | $24797 |
| **12/20** | $42830 | $20640 | $25938 |
| **1/21** | $43527 | $20470 | $25746 |
| **2/21** | $45930 | $21064 | $25740 |
| **3/21** | $42086 | $21861 | $26182 |
| **4/21** | $44278 | $23037 | $27963 |
| **5/21** | $42968 | $23147 | $27577 |
| **6/21** | $48141 | $23727 | $29307 |
| **7/21** | $48118 | $24220 | $30273 |
| **8/21** | $49196 | $24921 | $31404 |
| **9/21** | $46087 | $23776 | $29646 |
| **10/21** | $49664 | $25426 | $32213 |
| **11/21** | $47959 | $25085 | $32410 |
| **12/21** | $42766 | $26101 | $33096 |
| **1/22** | $33324 | $24629 | $30255 |
| **2/22** | $33006 | $23953 | $28970 |
| **3/22** | $31355 | $24762 | $30103 |
| **4/22** | $24466 | $22554 | $26468 |
| **5/22** | $20394 | $22520 | $25853 |
| **6/22** | $18530 | $20634 | $23805 |
| **7/22** | $20978 | $22556 | $26662 |
| **8/22** | $21277 | $21690 | $25420 |
| **9/22** | $19107 | $19683 | $22949 |
| **10/22** | $19556 | $21261 | $24290 |
| **11/22** | $19032 | $22412 | $25397 |
| **12/22** | $17037 | $21108 | $23453 |
| **1/23** | $20005 | $22524 | $25407 |
| **2/23** | $19182 | $21988 | $25106 |
| **3/23** | $19955 | $22683 | $26822 |
| **4/23** | $18758 | $22964 | $27086 |
| **5/23** | $20604 | $23071 | $28321 |
| **6/23** | $22400 | $24629 | $30258 |
| **7/23** | $24345 | $25476 | $31277 |
| **8/23** | $22100 | $25031 | $30996 |
| **9/23** | $20953 | $23854 | $29310 |
| **10/23** | $19132 | $23278 | $28893 |
| **11/23** | $22549 | $25452 | $32043 |
| **12/23** | $25268 | $26708 | $33462 |
| **1/24** | $23822 | $27081 | $34296 |
| **2/24** | $26765 | $28543 | $36636 |
| **3/24** | $27364 | $29458 | $37281 |
| **4/24** | $24720 | $28205 | $35700 |
| **5/24** | $24321 | $29533 | $37837 |
| **6/24** | $25468 | $30510 | $40388 |
| **7/24** | $25767 | $30954 | $39701 |
| **8/24** | $27414 | $31688 | $40528 |
| **9/24** | $29035 | $32366 | $41677 |
| **10/24** | $31180 | $32139 | $41539 |
| **11/24** | $38564 | $34209 | $44233 |
| **12/24** | $40684 | $33255 | $44623 |
| **1/25** | $44351 | $34313 | $45506 |
| **2/25** | $41307 | $33713 | $43871 |
| **3/25** | $36294 | $31762 | $40175 |
| **4/25** | $39487 | $31573 | $40887 |
| **5/25** | $44999 | $33589 | $44505 |
| **6/25** | $48267 | $35290 | $47342 |
| **7/25** | $49364 | $36074 | $49129 |
| **8/25** | $50761 | $36833 | $49679 |
| **9/25** | $54154 | $38110 | $52318 |
| **10/25** | $54578 | $38932 | $54218 |
| **11/25** | $49614 | $39027 | $53236 |
| **12/25** | $50013 | $39030 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class II | 35.38% | 3.15% | 17.46% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $632239565 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid | $2180738 |

---

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

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](tm261922d1_ncsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer, Non-Cyclical | 0.3% |
| Real Estate | 0.5% |
| Short-Term Investments | 2.6% |
| Communication Services | 4.6% |
| Industrials | 6.3% |
| Health Care | 12.1% |
| Financials | 13.2% |
| Consumer, Cyclical | 15.6% |
| Information Technology | 44.8% |

---

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

---

| | |
|:---|:---|
| Cloudflare, Inc. | 12.2% |
| Tesla, Inc. | 9.7% |
| AppLovin Corp. | 8.2% |
| Affirm Holdings, Inc. | 7.4% |
| Royalty Pharma PLC | 5.7% |
| DoorDash, Inc. | 4.8% |
| Shopify, Inc. | 4.7% |
| QXO, Inc. | 4.6% |
| ROBLOX Corp. | 4.6% |
| Databricks, Inc. | 4.2% |
| Total | 66.1% |

---

---

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

---

## Additional Information
![QR Code](tm261922d1_ncsrimg011.jpg)

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

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

## MEGTX -TSR-AR
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics**

The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer and Principal Financial Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by the report. The new Fund policy is substantially similar to the superseded Fund policy but now has an expanded scope that applies to 1940 Act Fund families. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report..

**Item 3. Audit Committee Financial Expert**

The registrant's Board of Directors has determined that Jakki L. Haussler, an "independent" Trustee, is an "audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation or identification.

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

(a) – (d)

The following table presents the aggregate fees billed to the registrant for the registrant's fiscal years ended December 31, 2024 and December 31, 2025 by the registrant's principal accountant, Ernst & Young LLP, for professional services rendered for the audit of the registrant's annual financial statements and fees billed for other services rendered by Ernst & Young LLP during those periods.

2025

---

| | | |
|:---|:---|:---|
|  | Registrant | Covered Entities<sup>(1)</sup> |
| Audit Fees | $346394 | $N/A |
| Non-Audit Fees |  |  |
| &nbsp;&nbsp;&nbsp;Audit Related Fees | $—<sup>(2)</sup> | $—<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Tax Fees | $—<sup>(3)</sup> | $—<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;All Other Fees | $— | $—<sup>(5)</sup> |
| Total Non-Audit Fees | $— | $— |
| Total | $346394 | $— |

---

2024

---

| | | |
|:---|:---|:---|
|  | Registrant | Covered Entities<sup>(1)</sup> |
| Audit Fees | $346394 | $N/A |
| Non-Audit Fees |  |  |
| &nbsp;&nbsp;&nbsp;Audit Related Fees | $—<sup>(2)</sup> | $—<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Tax Fees | $—<sup>(3)</sup> | $—<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;All Other Fees | $— | $—<sup>(5)</sup> |
| Total Non-Audit Fees | $— | $— |
| Total | $346394 | $— |

---

N/A – Not applicable, as not required by Item 4.

(1) Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

(2) Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

(3) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant's tax returns.

(4) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities' tax returns.

(5) The Fees included under "All Other Fees" are for services provided by Ernst & Young LLP related to surprise examinations for certain investment accounts to satisfy SEC Custody Rules and consulting services related to merger integration for sister entity to the Adviser.

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) See table above.

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") whose members are:

Nancy C. Everett, Eddie A. Grier and Jakki L. Haussler.

**Item 6. Schedule of Investments**

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

(b) Not applicable.

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

![](j2619222_aa001.jpg)

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

Annual Financial Statements and Additional Information

December 31, 2025

Discovery Portfolio

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

------

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

December 31, 2025

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-2) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-2) | 4 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-2) | 5 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-2) | 6 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-2) | 7 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-2) | 9 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-2) | 20 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

------

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

December 31, 2025

Consolidated Portfolio of Investments

**Discovery Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (88.6%)** | **Common Stocks (88.6%)** | **Common Stocks (88.6%)** |
| **Biotechnology (7.7%)** | **Biotechnology (7.7%)** | **Biotechnology (7.7%)** |
| Alnylam Pharmaceuticals, Inc. (a) | 1083 | $431 |
| Argenx SE ADR (Belgium) (a) | 538 | 452 |
| Immunovant, Inc. (a) | 40181 | 1021 |
| ProKidney Corp. (a) | 170911 | 383 |
| Roivant Sciences Ltd. (a) | 602891 | 13083 |
|  |  | 15370 |
| **Broadline Retail (1.5%)** | **Broadline Retail (1.5%)** | **Broadline Retail (1.5%)** |
| Global-e Online Ltd. (Israel) (a) | 75329 | 2961 |
| **Capital Markets (0.9%)** | **Capital Markets (0.9%)** | **Capital Markets (0.9%)** |
| Twenty One Capital, Inc., Class A (a) | 202154 | 1771 |
| **Entertainment (4.6%)** | **Entertainment (4.6%)** | **Entertainment (4.6%)** |
| ROBLOX Corp., Class A (a) | 113849 | 9225 |
| **Financial Services (10.1%)** | **Financial Services (10.1%)** | **Financial Services (10.1%)** |
| Affirm Holdings, Inc. (a) | 200235 | 14903 |
| Federal National Mortgage Association (a) | 489428 | 5252 |
|  |  | 20155 |
| **Health Care Providers & Services (0.5%)** | **Health Care Providers & Services (0.5%)** | **Health Care Providers & Services (0.5%)** |
| Agilon Health, Inc. (a) | 1269583 | 874 |
| **Information Technology Services (17.9%)** | **Information Technology Services (17.9%)** | **Information Technology Services (17.9%)** |
| Cloudflare, Inc., Class A (a) | 132787 | 26180 |
| MongoDB, Inc. (a) | 22764 | 9554 |
|  |  | 35734 |
| **Machinery (1.1%)** | **Machinery (1.1%)** | **Machinery (1.1%)** |
| Symbotic, Inc. (a) | 37274 | 2218 |
| **Personal Care Products (3.4%)** | **Personal Care Products (3.4%)** | **Personal Care Products (3.4%)** |
| Oddity Tech Ltd., Class A (Israel) (a) | 170307 | 6843 |
| **Pharmaceuticals (5.9%)** | **Pharmaceuticals (5.9%)** | **Pharmaceuticals (5.9%)** |
| Royalty Pharma PLC, Class A | 302133 | 11674 |
| **Real Estate Management & Development (3.3%)** | **Real Estate Management & Development (3.3%)** | **Real Estate Management & Development (3.3%)** |
| Landbridge Co. LLC, Class A (b) | 76402 | 3743 |
| Opendoor Technologies, Inc. (a) | 496263 | 2893 |
|  |  | 6636 |
| **Software (11.1%)** | **Software (11.1%)** | **Software (11.1%)** |
| Aurora Innovation, Inc. (a) | 1243706 | 4776 |
| BitMine Immersion Technologies, Inc. | 109971 | 2986 |
| Circle Internet Group, Inc. (a) | 12968 | 1028 |
| Figma, Inc., Class A (a) | 141213 | 5277 |
| Samsara, Inc., Class A (a) | 79639 | 2823 |
| Strategy, Inc., Class A (a) | 34328 | 5216 |
|  |  | 22106 |
| **Specialty Retail (5.3%)** | **Specialty Retail (5.3%)** | **Specialty Retail (5.3%)** |
| Carvana Co. (a) | 2116 | 893 |
| Floor & Decor Holdings, Inc., Class A (a) | 159336 | 9702 |
|  |  | 10595 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Tech Hardware, Storage & Peripherals (4.1%)** | **Tech Hardware, Storage & Peripherals (4.1%)** | **Tech Hardware, Storage & Peripherals (4.1%)** |
| IonQ, Inc. (a) | 182947 | $8209 |
| **Trading Companies & Distributors (11.2%)** | **Trading Companies & Distributors (11.2%)** | **Trading Companies & Distributors (11.2%)** |
| Core & Main, Inc., Class A (a) | 179025 | 9304 |
| QXO, Inc. (a) | 672322 | 12969 |
|  |  | 22273 |
| **Total Common Stocks (Cost $154,052)** | **Total Common Stocks (Cost $154,052)** | 176644 |
| **Preferred Stocks (4.3%)** | **Preferred Stocks (4.3%)** | **Preferred Stocks (4.3%)** |
| **Software (4.3%)** | **Software (4.3%)** | **Software (4.3%)** |
| Databricks, Inc., Series H (a)(c)(d) (acquisition <br>cost — $2,666; acquired 8/31/21) | 36279 | 6674 |
| Databricks, Inc., Series I (a)(c)(d) (acquisition <br>cost — $709; acquired 9/15/23) | 9645 | 1774 |
| **Total Preferred Stocks (Cost $3,375)** | **Total Preferred Stocks (Cost $3,375)** | 8448 |
| **Investment Company (2.6%)** | **Investment Company (2.6%)** | **Investment Company (2.6%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $4,065)** | 105046 | 5216 |
|  | **No. of<br>Warrants** |  |
| **Warrants (0.0%)‡** | **Warrants (0.0%)‡** | **Warrants (0.0%)‡** |
| **Real Estate Management & Development (0.0%)‡** | **Real Estate Management & Development (0.0%)‡** | **Real Estate Management & Development (0.0%)‡** |
| Opendoor Technologies, Inc.<br>expires 11/20/26 (a) **(Cost $—)** | 33606 | 20 |
|  | **Shares** |  |
| **Short-Term Investments (6.7%)** | **Short-Term Investments (6.7%)** | **Short-Term Investments (6.7%)** |
| **Investment Company (4.7%)** | **Investment Company (4.7%)** | **Investment Company (4.7%)** |
| Morgan Stanley Institutional Liquidity Funds — <br>Treasury Securities Portfolio — Institutional <br>Class, 3.61% (See Note H) **(Cost $9,483)** | 9483130 | 9483 |
| **Securities held as Collateral on Loaned Securities (2.0%)** | **Securities held as Collateral on Loaned Securities (2.0%)** | **Securities held as Collateral on Loaned Securities (2.0%)** |
| **Investment Company (1.4%)** | **Investment Company (1.4%)** | **Investment Company (1.4%)** |
| Morgan Stanley Institutional Liquidity Funds — <br>Treasury Securities Portfolio — Institutional <br>Class, 3.61% (See Note H) | 2872714 | 2873 |
|  | **Face Amount<br>(000)** |  |
| **Repurchase Agreements (0.6%)** | **Repurchase Agreements (0.6%)** | **Repurchase Agreements (0.6%)** |
| HSBC Securities USA, Inc., (3.83%, dated <br>12/31/25, due 1/2/26; proceeds $293; <br>fully collateralized by a U.S. Government <br>obligation; 0.00% due 8/15/26; <br>valued at $299) | $293 | 293 |
| Merrill Lynch & Co., Inc., (3.82%, dated <br>12/31/25, due 1/2/26; proceeds $703; <br>fully collateralized by U.S. Government <br>obligations; 1.63% - 2.00% due <br>11/15/50 - 8/15/51; valued at $717) | 703 | 703 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Discovery Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Repurchase Agreements (cont'd)** | **Repurchase Agreements (cont'd)** | **Repurchase Agreements (cont'd)** | **Repurchase Agreements (cont'd)** |
| Merrill Lynch & Co., Inc., (3.65%, dated <br>12/31/25, due 1/2/26; proceeds $91; <br>fully collateralized by a U.S. Government <br>obligation; 4.00% due 1/15/27; <br>valued at $93) | $| 91 | $91 |
|  |  |  | 1087 |
| **Total Securities held as Collateral on <br>Loaned Securities (Cost $3,960)** | **Total Securities held as Collateral on <br>Loaned Securities (Cost $3,960)** | **Total Securities held as Collateral on <br>Loaned Securities (Cost $3,960)** | 3960 |
| **Total Short-Term Investments (Cost $13,443)** | **Total Short-Term Investments (Cost $13,443)** | **Total Short-Term Investments (Cost $13,443)** | 13443 |
| **Total Investments Excluding Purchased <br>Options (102.2%) (Cost $174,935)** |  |  | 203771 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $997)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $997)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $997)** | 163 |
| **Total Investments (102.3%) (Cost $175,932)<br>including $3,786 of Securities Loaned (e)(f)** | **Total Investments (102.3%) (Cost $175,932)<br>including $3,786 of Securities Loaned (e)(f)** | **Total Investments (102.3%) (Cost $175,932)<br>including $3,786 of Securities Loaned (e)(f)** | 203934 |
| **Liabilities in Excess of Other Assets (–2.3%)** | **Liabilities in Excess of Other Assets (–2.3%)** | **Liabilities in Excess of Other Assets (–2.3%)** | (4542) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $199392 |

---

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) All or a portion of this security was on loan at December 31, 2025.

(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at December 31, 2025 amounts to approximately $8,448,000 and represents 4.3% of net assets.

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

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

(f) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $177,492,000. The aggregate gross unrealized appreciation is approximately $56,729,000 and the aggregate gross unrealized depreciation is approximately $31,121,000, resulting in net unrealized appreciation of approximately $25,608,000.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **<br>Value<br>(000)** | **<br>Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Depreciation<br>(000)** |
| Standard Chartered Bank | USD/CNH CNH | 7.32 | Dec-26 | 72958841 | $72959 | $134 |  | $207 | $(73) |
| Standard Chartered Bank | USD/CNH CNH | 7.58 | Aug-26 | 69521536 | 69522 | 25 |  | 228 | (203) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 50125188 | 50125 | 4 |  | 208 | (204) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 47784367 | 47784 |  | @ | 197 | (197) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 32277816 | 32278 |  | @ | 157 | (157) |
|  |  |  |  |  |  | $163 |  | $997 | $(834) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 26.6% |
| Information Technology Services | 17.9 |
| Software | 15.3 |
| Trading Companies & Distributors | 11.2 |
| Financial Services | 10.1 |
| Biotechnology | 7.7 |
| Pharmaceuticals | 5.9 |
| Specialty Retail | 5.3 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2025.

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

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

------

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

December 31, 2025

**Discovery Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2025<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $163,576) | $191578 |
| Investment in Security of Affiliated Issuer, at Value (Cost $12,356) | 12356 |
| Total Investments in Securities, at Value (Cost $175,932) | 203934 |
| Foreign Currency, at Value (Cost $1) | 1 |
| Receivable for Investments Sold | 49 |
| Receivable for Fund Shares Sold | 48 |
| Receivable from Affiliate | 33 |
| Receivable from Securities Lending Income | 2 |
| Other Assets | 15 |
| Total Assets | 204082 |
| **Liabilities:** | **Liabilities:** |
| Collateral on Securities Loaned, at Value | 3960 |
| Payable for Advisory Fees | 293 |
| Payable for Fund Shares Redeemed | 272 |
| Due to Broker | 50 |
| Payable for Servicing Fees | 40 |
| Payable for Administration Fees | 14 |
| Payable for Distribution Fees — Class II Shares | 14 |
| Payable for Custodian Fees | 11 |
| Payable for Investments Purchased | 8 |
| Payable for Professional Fees | 4 |
| Payable for Transfer Agency Fees | 3 |
| Other Liabilities | 21 |
| Total Liabilities | 4690 |
| **NET ASSETS** | $199392 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $254680 |
| Total Accumulated Loss | (55288) |
| **Net Assets** | $199392 |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $43948 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 6,016,817 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $7.30 |
| **CLASS II:** | **CLASS II:** |
| **Net Assets** | $155444 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 24,160,599 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $6.43 |
| **<sup>(1)</sup> Including:** | **<sup>(1)</sup> Including:** |
| Securities on Loan, at Value: | $3786 |

---

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

------

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

December 31, 2025

**Discovery Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2025<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Security of Affiliated Issuer (Note H) | $239 |
| Dividends from Securities of Unaffiliated Issuers | 147 |
| Income from Securities Loaned — Net | 132 |
| Total Investment Income | 518 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1566 |
| Distribution Fees — Class II Shares (Note E) | 409 |
| Servicing Fees (Note D) | 321 |
| Professional Fees | 210 |
| Administration Fees (Note C) | 167 |
| Custodian Fees (Note G) | 24 |
| Transfer Agency Fees (Note F) | 18 |
| Shareholder Reporting Fees | 14 |
| Directors' Fees and Expenses | 7 |
| Pricing Fees | 3 |
| Interest Expense |  |
| Other Expenses | 29 |
| Total Expenses | 2768 |
| Waiver of Advisory Fees (Note B) | (375 |
| Waiver of Distribution Fees — Class II Shares (Note E) | (246 |
| Rebate from Morgan Stanley Affiliate (Note H) | (12 |
| Net Expenses | 2135 |
| **Net Investment Loss** | (1617 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 30603 |
| Payment from Adviser (Note B) | 286 |
| Foreign Currency Transactions | 8 |
| Net Realized Gain | 30897 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | (4602 |
| Foreign Currency Translation |  |
| Net Change in Unrealized Appreciation (Depreciation) | (4602 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 26295 |
| **Net Increase in Net Assets Resulting from Operations** | $24678 |

---

@ Amount is less than $500.

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

------

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

December 31, 2025

**Discovery Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31,<br>2025<br>(000)** | **Year Ended<br>December 31,<br>2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(1617) | $(1215) |
| Net Realized Gain | 30897 | 27369 |
| Net Change in Unrealized Appreciation (Depreciation) | (4602) | 35211 |
| Net Increase in Net Assets Resulting from Operations | 24678 | 61365 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I | (192) |  |
| Class II | (646) |  |
| Total Dividends and Distributions to Shareholders | (838) |  |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Class I: | Class I: | Class I: |
| Subscribed | 12500 | 7942 |
| Distributions Reinvested | 192 |  |
| Redeemed | (14076) | (10488) |
| Class II: | Class II: | Class II: |
| Subscribed | 7840 | 3386 |
| Distributions Reinvested | 646 |  |
| Redeemed | (28383) | (31044) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (21281) | (30204) |
| Total Increase in Net Assets | 2559 | 31161 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 196833 | 165672 |
| End of Period | $199392 | $196833 |
| **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** |
| Class I: | Class I: | Class I: |
| Shares Subscribed | 1737 | 1573 |
| Shares Issued on Distributions Reinvested | 24 |  |
| Shares Redeemed | (1925) | (2061) |
| Net Decrease in Class I Shares Outstanding | (164) | (488) |
| Class II: | Class II: | Class II: |
| Shares Subscribed | 1229 | 760 |
| Shares Issued on Distributions Reinvested | 93 |  |
| Shares Redeemed | (4448) | (6818) |
| Net Decrease in Class II Shares Outstanding | (3126) | (6058) |

---

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

------

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

December 31, 2025

Consolidated Financial Highlights

**Discovery Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $6.51 | $4.59 | $3.18 | $17.04 | $29.50 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.05) | (0.03) | (0.02) | (0.04) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | 0.87 | 1.95 | 1.43 | (9.83) | (1.27) |
| Total from Investment Operations | 0.82 | 1.92 | 1.41 | (9.87) | (1.46) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.03) |  |  |  |  |
| Net Realized Gain |  |  |  | (3.99) | (11.00) |
| Total Distributions | (0.03) |  |  | (3.99) | (11.00) |
| **Net Asset Value, End of Period** | $7.30 | $6.51 | $4.59 | $3.18 | $17.04 |
| **Total Return<sup>(2)</sup>** | 12.58% | 41.83% | 44.34%<sup>(3)</sup> | (62.96)% | (11.06)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $43948 | $40239 | $30613 | $22330 | $56135 |
| Ratio of Expenses Before Expense Limitation | 1.13% | 1.16% | 1.16% | 1.15% | 1.06% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(4)</sup> | 0.94%<sup>(4)</sup> | 0.94%<sup>(4)</sup> | 0.94%<sup>(4)</sup> | 0.95%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.94%<sup>(4)</sup> | N/A | N/A | N/A | 0.95%<sup>(4)</sup> |
| Ratio of Net Investment Loss | (0.64)%<sup>(4)</sup> | (0.64)%<sup>(4)</sup> | (0.56)%<sup>(4)</sup> | (0.68)%<sup>(4)</sup> | (0.78)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.01% | 0.01% | 0.00%<sup>(5)</sup> |
| Portfolio Turnover Rate | 73% | 64% | 60% | 49% | 95% |

---

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

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

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

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

(5) Amount is less than 0.005%.

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

------

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

December 31, 2025

Consolidated Financial Highlights

**Discovery Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $5.74 | $4.05 | $2.81 | $16.04 | $28.41 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.05) | (0.03) | (0.02) | (0.04) | (0.20) |
| Net Realized and Unrealized Gain (Loss) | 0.77 | 1.72 | 1.26 | (9.20) | (1.17) |
| Total from Investment Operations | 0.72 | 1.69 | 1.24 | (9.24) | (1.37) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.03) |  |  |  |  |
| Net Realized Gain |  |  |  | (3.99) | (11.00) |
| Total Distributions | (0.03) |  |  | (3.99) | (11.00) |
| **Net Asset Value, End of Period** | $6.43 | $5.74 | $4.05 | $2.81 | $16.04 |
| **Total Return<sup>(2)</sup>** | 12.44% | 41.73% | 44.13%<sup>(3)</sup> | (62.97)% | (11.19)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $155444 | $156594 | $135059 | $99597 | $267182 |
| Ratio of Expenses Before Expense Limitation | 1.38% | 1.41% | 1.41% | 1.40% | 1.31% |
| Ratio of Expenses After Expense Limitation | 1.04%<sup>(4)</sup> | 1.04%<sup>(4)</sup> | 1.04%<sup>(4)</sup> | 1.04%<sup>(4)</sup> | 1.05%<sup>(4)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 1.04%<sup>(4)</sup> | N/A | N/A | N/A | 1.05%<sup>(4)</sup> |
| Ratio of Net Investment Loss | (0.74)%<sup>(4)</sup> | (0.74)%<sup>(4)</sup> | (0.66)%<sup>(4)</sup> | (0.78)%<sup>(4)</sup> | (0.88)%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.01% | 0.01% | 0.00%<sup>(5)</sup> |
| Portfolio Turnover Rate | 73% | 64% | 60% | 49% | 95% |

---

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

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

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

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

(5) Amount is less than 0.005%.

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements

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

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

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

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

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

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, VIF Discovery Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2025, the

Subsidiary represented approximately $5,212,000 or approximately 2.61% of the total net assets of the Fund.

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

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a reputable broker/dealer or valued by a pricing service/vendor; (4) fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

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

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

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

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

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

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $176644<br><sup>(1)</sup> | $— | $— | $176644 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Software |  |  | 8448 | 8448 |
| **Investment Company** | 5216 |  |  | 5216 |
| **Warrants** | 20 |  |  | 20 |
| **Call Options Purchased** |  | 163 |  | 163 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 12356 |  |  | 12356 |
| Repurchase <br>Agreements |  | 1087 |  | 1087 |
| **Total Short-Term <br>Investments** | **12356** | **1087** | **—** | **13443** |
| **Total Assets** | $**194236** | $**1250** | $**8448** | $**203934** |

---

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

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

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

---

| | |
|:---|:---|
| | **Preferred<br>Stocks<br>(000)** |
| **Beginning Balance** | $4248 |
| Purchases |  |
| Sales |  |
| Transfers in |  |
| Transfers out |  |
| Corporate actions |  |
| Change in unrealized appreciation (depreciation) | 4200 |
| Realized gains (losses) |  |
| **Ending Balance** | $8448 |
| Net change in unrealized appreciation (depreciation) from <br>investments still held as of December 31, 2025 | $4200 |

---

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 December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at<br>December 31, 2025<br>(000)** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Amount** | **Impact to<br>Valuation from an<br>Increase in Input\*** |
| Preferred Stocks | $8448 | Market Transaction<br>Method | Precedent Transaction | $183.96 | <br>Increase |

---

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

**3. Repurchase Agreements:** The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price

plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

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

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

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

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

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

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

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

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

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

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

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

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

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

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated<br>Statement of Assets<br>and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | Currency Risk | $163<br> (a) |

---

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

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2025 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(875)(a) |

---

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

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Investments<br>(Purchased Options) | $(564)(a) |

---

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

At December 31, 2025, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities Presented in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the<br>Consolidated Statement of Assets and Liabilities** |
| **Derivative** | **Assets(a)<br>(000)** | **Liabilities(a)<br>(000)** |
| Purchased Options | $163<br> (b) | $— |

---

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

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

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

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented<br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Gross Asset<br>Derivatives<br>Presented<br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman <br>Sachs & <br>Co. LLC | $4 |  | $— | $— | $4 |  |
| JPMorgan <br>Chase <br>Bank NA |  | @ |  |  |  | @ |
| Standard<br>Chartered<br>Bank | 159 |  |  |  | 159 |  |
| Total | $163 |  | $— | $— | $163 |  |

---

@ Value is less than $500.

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

For the year ended December 31, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | $237186000 |

---

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

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amount Not Offset in the Consolidated Statement of <br>Assets and Liabilities** |
| **Gross Asset <br>Amount<br>Presented <br>in the <br>Consolidated<br>Statement of<br>Assets and <br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less <br>than $0)<br>(000)** |
| $3786<br> (a) | $— | $(3786)(b)(c) | $0 |

---

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

(b) The Fund received cash collateral of approximately $3,960,000, which was subsequently invested in Repurchase Agreements and the Morgan Stanley Institutional Liquidity Fund as reported in the Consolidated Portfolio of Investments.

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

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

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 & <br>90 days<br>(000)** | **>90 days<br>(000)** | **Total<br>(000)** |
| **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** |
| Common Stocks | $3960 | $— | $— | $— | $3960 |
| **Total Borrowings** | $**3960** | $**—** | $**—** | $**—** | $**3960** |
| **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** | **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** | **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** | **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** | **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** | $**3960** |

---

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

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

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

**10. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

**11. Segment Reporting:** The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

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

---

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

---

For the year ended December 31, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.56% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.95% for Class I shares and 1.05% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2025, approximately $375,000 of advisory fees were waived pursuant to this arrangement.

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

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

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

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

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

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

**E. Distribution Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.15% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the year ended December 31, 2025, this waiver amounted to approximately $246,000.

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

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2025, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to approximately $1,000

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

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

**H. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $150,781,000 and $176,619,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2025.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, 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 year ended December 31, 2025, advisory fees paid were reduced by approximately $12,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $6711 | $79896 | $74251 | $239 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2025<br>(000)** |
| Liquidity Fund | $— | $— | $12356 |

---

During the year ended December 31, 2025, the Fund incurred approximately $6,000 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as

other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 under the Act, 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 year ended December 31, 2025, the Fund did not engage in any cross-trade transactions.

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

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

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

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. As of December 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. Tax positions taken or expected to be taken in the course of preparing the Fund's tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the state departments of revenue and by foreign tax authorities.

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

tax purposes. The tax character of distributions paid during fiscal years 2025 and 2024 was as follows:

---

| | |
|:---|:---|
| **2025 Distributions<br>Paid From:** | **2024 Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Ordinary<br>Income<br>(000)** |
| $838 | $— |

---

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

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

Permanent differences, due to a net operating loss and tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2025:

---

| | |
|:---|:---|
| **Total<br>Accumulated<br>Loss<br>(000)** | **Paid in<br>Capital<br>(000)** |
| $1367 | $(1367) |

---

At December 31, 2025, the Fund had no distributable earnings on a tax basis.

At December 31, 2025, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $26,717,000 and $54,638,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2025, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $31,766,000.

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

is allocated among participating funds based on relative net assets. During the year ended December 31, 2025, the Fund did not have any borrowings under the Facility.

**K. Other:** At December 31, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 71.8%.

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

The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supranational or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETF's investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

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

redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). 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 preexisting risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

------

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

December 31, 2025

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Discovery Portfolio and the Board of Directors of Morgan Stanley Variable Insurance Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Discovery Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Variable Insurance Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2025, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Variable Insurance Fund, Inc.) at December 31, 2025, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2619222_ga002.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 25, 2026

------

(This page has been left blank intentionally.)

------

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

December 31, 2025

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

MMGTX-NCSR 12.31.25

------

![](j2619223_aa001.jpg)

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

Annual Financial Statements and Additional Information

December 31, 2025

Emerging Markets Debt Portfolio

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

------

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

December 31, 2025

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-3) | 2 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-3) | 11 |
| [Statement of Operations](#StatementofOperations-3) | 12 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-3) | 13 |
| [Financial Highlights](#FinancialHighlights-3) | 14 |
| [Notes to Financial Statements](#NotestoFinancialStatements-3) | 16 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-3) | 27 |
| [Federal Tax Notice](#FederalTaxNotice-3) | 28 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

------

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

December 31, 2025

Portfolio of Investments

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Fixed Income Securities (93.7%)** | **Fixed Income Securities (93.7%)** | **Fixed Income Securities (93.7%)** |
| **Albania (0.6%)** | **Albania (0.6%)** | **Albania (0.6%)** |
| **Sovereign (0.6%)** | **Sovereign (0.6%)** | **Sovereign (0.6%)** |
| Albania Government International Bond, <br>3.50%, 11/23/31 | 100 | $117 |
| 4.75%, 2/14/35 | 500 | 596 |
|  |  | 713 |
| **Angola (3.3%)** | **Angola (3.3%)** | **Angola (3.3%)** |
| **Corporate Bonds (0.8%)** | **Corporate Bonds (0.8%)** | **Corporate Bonds (0.8%)** |
| Azule Energy Finance PLC, <br>8.13%, 1/23/30 (a) | $866 | 868 |
| **Sovereign (2.5%)** | **Sovereign (2.5%)** | **Sovereign (2.5%)** |
| Angolan Government International Bond, <br>8.00%, 11/26/29 | 300 | 293 |
| 8.75%, 4/14/32 | 250 | 244 |
| 9.13%, 11/26/49 | 200 | 172 |
| 9.24%, 1/15/31 | 544 | 548 |
| 9.38%, 5/8/48 | 200 | 176 |
| 9.88%, 10/15/35 | 1451 | 1438 |
|  |  | 2871 |
|  |  | 3739 |
| **Argentina (3.7%)** | **Argentina (3.7%)** | **Argentina (3.7%)** |
| **Corporate Bonds (1.3%)** | **Corporate Bonds (1.3%)** | **Corporate Bonds (1.3%)** |
| Banco Macro SA, <br>8.00%, 6/23/29 (a) | 342 | 346 |
| Empresa Distribuidora de Electricidad de <br>Mendoza SA, <br>9.75%, 7/28/31 (a)(b) | 450 | 443 |
| Generacion Mediterranea SA/Central <br>Termica Roca SA, <br>11.00%, 11/1/31 (a)(c)(d) | 284 | 201 |
| IRSA Inversiones y Representaciones SA, <br>8.00%, 3/31/35 (a) | 212 | 212 |
| Vista Energy Argentina SAU, <br>8.50%, 6/10/33 (a) | 185 | 190 |
| YPF SA,<br>8.25%, 1/17/34 (a) | 118 | 121 |
|  |  | 1513 |
| **Senior Loan Interests (0.6%)** | **Senior Loan Interests (0.6%)** | **Senior Loan Interests (0.6%)** |
| Provincia De Neuquen <br>1 Month SOFR + 7.30%, <br>11.14%, 5/28/27 (e) | 166 | 168 |
| Telecom Argentina SA <br>3 Month SOFR + 5.00%,<br>9.38%, 2/23/29 (e) | 187 | 191 |
| VMOS SA,<br>3 Month SOFR + 5.50%, <br>9.70%, 7/8/30 (e) | 328 | 327 |
|  |  | 686 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** |
| Argentine Republic Government <br>International Bond, <br>0.75%, 7/9/30 (b) | $480 | $409 |
| 1.00%, 7/9/29 | 160 | 143 |
| 3.50%, 7/9/41 (b) | 300 | 208 |
| 4.13%, 7/9/35 (b) | 400 | 299 |
| 5.00%, 1/9/38 (b) | 300 | 233 |
| Provincia de Cordoba, <br>9.75%, 7/2/32 (a) | 638 | 673 |
|  |  | 1965 |
|  |  | 4634 |
| **Armenia (0.2%)** | **Armenia (0.2%)** | **Armenia (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Republic of Armenia International Bond, <br>6.75%, 3/12/35 | 200 | 208 |
| **Azerbaijan (0.2%)** | **Azerbaijan (0.2%)** | **Azerbaijan (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Republic of Azerbaijan International Bond, <br>3.50%, 9/1/32 | 230 | 216 |
| **Bahamas (0.8%)** | **Bahamas (0.8%)** | **Bahamas (0.8%)** |
| **Senior Loan Interests (0.8%)** | **Senior Loan Interests (0.8%)** | **Senior Loan Interests (0.8%)** |
| Commonwealth of Bahamas, <br>2024 EUR Term Loan, <br>6 Month EURIBOR + 6.85%, <br>8.97%, 11/24/28 (e) | 743 | 899 |
| **Benin (1.1%)** | **Benin (1.1%)** | **Benin (1.1%)** |
| **Sovereign (1.1%)** | **Sovereign (1.1%)** | **Sovereign (1.1%)** |
| Benin Government International Bond, <br>4.95%, 1/22/35 | 200 | 219 |
| 6.88%, 1/19/52 | 300 | 321 |
| 7.96%, 2/13/38 | $400 | 415 |
| 8.38%, 1/23/41 | 274 | 288 |
|  |  | 1243 |
| **Brazil (5.4%)** | **Brazil (5.4%)** | **Brazil (5.4%)** |
| **Corporate Bonds (5.4%)** | **Corporate Bonds (5.4%)** | **Corporate Bonds (5.4%)** |
| Braskem Netherlands Finance BV, <br>4.50%, 1/31/30 | 955 | 374 |
| 8.50%, 1/23/81 | 404 | 71 |
| Constellation Oil Services Holding SA, <br>9.38%, 11/7/29 (a) | 550 | 573 |
| Eldorado International. Finance GmbH, <br>8.50%, 12/1/32 (a) | 560 | 578 |
| FORESEA Holding SA, <br>7.50%, 6/15/30 | 685 | 676 |
| Gol Finance, Inc., <br>14.38%, 6/6/30 (a) | 574 | 589 |
| Oceanica Lux, <br>13.00%, 10/2/29 (a) | 560 | 564 |
| OHI Group SA, <br>13.00%, 7/22/29 (a) | 846 | 859 |
| OI SA <br>7.50% Cash, 6.00% PIK, <br>13.50%, 6/30/27 (a)(f) | 331 | 147 |

---

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

------

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

December 31, 2025

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| **Corporate Bonds (cont'd)** | **Corporate Bonds (cont'd)** | **Corporate Bonds (cont'd)** | **Corporate Bonds (cont'd)** | **Corporate Bonds (cont'd)** |
| Raizen Fuels Finance SA, <br>6.25%, 7/8/32 (a) | $| 200 | $| 168 |
| 6.70%, 2/25/37 |  | 200 |  | 162 |
| Samarco Mineracao SA <br>0.00% Cash, 9.00% PIK, <br>9.00%, 6/30/31 (c)(d)(f) |  | 1116 |  | 1132 |
| Unigel Luxembourg SA <br>13.50% Cash,15.00% PIK, <br>28.50%, 12/31/27 (f) |  | 23 |  | 13 |
| Yinson Boronia Production BV, <br>8.95%, 7/31/42 (a) |  | 196 |  | 214 |
|  |  |  |  | 6120 |
| **Bulgaria (0.2%)** | **Bulgaria (0.2%)** | **Bulgaria (0.2%)** | **Bulgaria (0.2%)** | **Bulgaria (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Bulgaria Government International Bond, <br>5.00%, 3/5/37 |  | 190 |  | 190 |
| **Cameroon (0.4%)** | **Cameroon (0.4%)** | **Cameroon (0.4%)** | **Cameroon (0.4%)** | **Cameroon (0.4%)** |
| **Corporate Bond (0.4%)** | **Corporate Bond (0.4%)** | **Corporate Bond (0.4%)** | **Corporate Bond (0.4%)** | **Corporate Bond (0.4%)** |
| Golar LNG Ltd., <br>7.75%, 9/19/29 |  | 400 |  | 396 |
| **Chile (1.8%)** | **Chile (1.8%)** | **Chile (1.8%)** | **Chile (1.8%)** | **Chile (1.8%)** |
| **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** |
| Chile Government International Bond, <br>2.55%, 7/27/33 |  | 700 |  | 608 |
| 3.50%, 1/25/50 |  | 800 |  | 588 |
| 4.95%, 1/5/36 |  | 800 |  | 808 |
|  |  |  |  | 2004 |
| **China (1.4%)** | **China (1.4%)** | **China (1.4%)** | **China (1.4%)** | **China (1.4%)** |
| **Corporate Bonds (1.4%)** | **Corporate Bonds (1.4%)** | **Corporate Bonds (1.4%)** | **Corporate Bonds (1.4%)** | **Corporate Bonds (1.4%)** |
| Alibaba Group Holding Ltd., <br>0.00%, 9/15/32 |  | 80 |  | 83 |
| 0.50%, 6/1/31 |  | 123 |  | 191 |
| China Oil & Gas Group Ltd., <br>4.70%, 6/30/26 |  | 590 |  | 582 |
| H World Group Ltd., <br>3.00%, 5/1/26 |  | 95 |  | 121 |
| KWG Group Holdings Ltd., <br>7.88%, 8/30/24 (c)(d) |  | 450 |  | 23 |
| Longfor Group Holdings Ltd., <br>3.95%, 9/16/29 |  | 509 |  | 400 |
| Shimao Group Holdings Ltd., <br>0.00%, 7/21/26 (a)(c)(d) |  | 107 |  | 4 |
| 2.00% Cash, 3.00% PIK, <br>5.00%, 7/21/32 - 1/21/34 (a)(c)(d)(f) |  | 529 |  | 14 |
| 5.00% Cash, 6.00% PIK, 11.00%, <br>7/21/31 (a)(c)(d)(f) |  | 722 |  | 26 |
| Sunac China Holdings Ltd., <br>0.00%, 6/23/26 - 6/23/28 (a) |  | 741 |  | 133 |
| Times China Holdings Ltd., <br>0.00%, 3/30/27 (a) |  | 636 |  | 9 |
| 6.75%, 7/16/23 (c)(d) |  | 280 |  | 9 |
| PIK, <br>0.00% Cash, 4.00% PIK, <br>4.00%, 3/30/29 (a)(f) |  | 117 |  | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| PIK, <br>0.00% Cash, 4.20% PIK, <br>4.20%, 9/30/32 (a)(f) | $434 | $ | 8 |
|  |  |  | 1605 |
| **Colombia (2.4%)** | **Colombia (2.4%)** | **Colombia (2.4%)** | **Colombia (2.4%)** |
| **Corporate Bonds (1.5%)** | **Corporate Bonds (1.5%)** | **Corporate Bonds (1.5%)** | **Corporate Bonds (1.5%)** |
| ABRA Global Finance <br>6.00% Cash, 8.00% PIK, <br>14.00%, 10/22/29 (a)(f) | 291 |  | 291 |
| Avianca Midco 2 PLC, <br>9.00%, 12/1/28 (a) | 684 |  | 690 |
| 9.63%, 2/14/30 (a) | 202 |  | 203 |
| Banco de Occidente SA, <br>10.88%, 8/13/34 | 430 |  | 488 |
|  |  |  | 1672 |
| **Sovereign (0.9%)** | **Sovereign (0.9%)** | **Sovereign (0.9%)** | **Sovereign (0.9%)** |
| Colombia Government International Bond, <br>3.13%, 4/15/31 | 390 |  | 339 |
| 4.13%, 5/15/51 | 360 |  | 224 |
| 7.75%, 11/7/36 | 430 |  | 449 |
|  |  |  | 1012 |
|  |  |  | 2684 |
| **Congo (1.7%)** | **Congo (1.7%)** | **Congo (1.7%)** | **Congo (1.7%)** |
| **Sovereign (1.7%)** | **Sovereign (1.7%)** | **Sovereign (1.7%)** | **Sovereign (1.7%)** |
| Congolese International Bond, <br>9.88%, 11/7/32 | 2134 |  | 1919 |
| **Costa Rica (0.8%)** | **Costa Rica (0.8%)** | **Costa Rica (0.8%)** | **Costa Rica (0.8%)** |
| **Sovereign (0.8%)** | **Sovereign (0.8%)** | **Sovereign (0.8%)** | **Sovereign (0.8%)** |
| Costa Rica Government International Bond, <br>6.55%, 4/3/34 | 800 |  | 875 |
| **Dominican Republic (2.3%)** | **Dominican Republic (2.3%)** | **Dominican Republic (2.3%)** | **Dominican Republic (2.3%)** |
| **Sovereign (2.3%)** | **Sovereign (2.3%)** | **Sovereign (2.3%)** | **Sovereign (2.3%)** |
| Dominican Republic International Bond, <br>4.50%, 1/30/30 | 600 |  | 588 |
| 4.88%, 9/23/32 | 700 |  | 675 |
| 5.30%, 1/21/41 | 500 |  | 454 |
| 6.00%, 2/22/33 | 200 |  | 205 |
| 6.85%, 1/27/45 | 200 |  | 209 |
| 7.45%, 4/30/44 (a) | 400 |  | 442 |
|  |  |  | 2573 |
| **Ecuador (2.7%)** | **Ecuador (2.7%)** | **Ecuador (2.7%)** | **Ecuador (2.7%)** |
| **Sovereign (2.7%)** | **Sovereign (2.7%)** | **Sovereign (2.7%)** | **Sovereign (2.7%)** |
| Ecuador Government International Bond, <br>0.00%, 7/31/30 | 1151 |  | 981 |
| 6.90%, 7/31/30 - 7/31/35 (b) | 2192 |  | 2122 |
|  |  |  | 3103 |
| **Egypt (4.3%)** | **Egypt (4.3%)** | **Egypt (4.3%)** | **Egypt (4.3%)** |
| **Sovereign (4.3%)** | **Sovereign (4.3%)** | **Sovereign (4.3%)** | **Sovereign (4.3%)** |
| Egypt Government International Bond, <br>5.63%, 4/16/30 | 400 |  | 470 |
| 5.88%, 2/16/31 | $200 |  | 201 |
| 6.38%, 4/11/31 | 900 |  | 1088 |

---

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

------

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

December 31, 2025

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Sovereign (cont'd)** | **Sovereign (cont'd)** | **Sovereign (cont'd)** |
| 7.30%, 9/30/33 | $200 | 206 |
| 7.90%, 2/21/48 | 400 | 373 |
| 8.50%, 1/31/47 | 800 | 787 |
| 8.75%, 9/30/51 | 568 | 570 |
| 8.88%, 5/29/50 | 827 | 840 |
| 9.45%, 2/4/33 | 251 | 289 |
|  |  | 4824 |
| **El Salvador (0.7%)** | **El Salvador (0.7%)** | **El Salvador (0.7%)** |
| **Sovereign (0.7%)** | **Sovereign (0.7%)** | **Sovereign (0.7%)** |
| El Salvador Government International <br>Bond, <br>7.65%, 6/15/35 | 140 | 146 |
| 8.25%, 4/10/32 | 300 | 324 |
| 9.25%, 4/17/30 | 150 | 164 |
| 9.65%, 11/21/54 (a) | 165 | 189 |
|  |  | 823 |
| **Ethiopia (1.9%)** | **Ethiopia (1.9%)** | **Ethiopia (1.9%)** |
| **Sovereign (1.9%)** | **Sovereign (1.9%)** | **Sovereign (1.9%)** |
| Ethiopia International Bond, <br>6.63%, 12/11/24 (c)(d) | 2042 | 2197 |
| **Gabon (0.1%)** | **Gabon (0.1%)** | **Gabon (0.1%)** |
| **Sovereign (0.1%)** | **Sovereign (0.1%)** | **Sovereign (0.1%)** |
| Gabon Government International Bond, <br>6.63%, 2/6/31 | 200 | 156 |
| **Georgia (1.0%)** | **Georgia (1.0%)** | **Georgia (1.0%)** |
| **Corporate Bonds (1.0%)** | **Corporate Bonds (1.0%)** | **Corporate Bonds (1.0%)** |
| Bank of Georgia JSC, <br>9.50%, 7/16/29 (g) | 490 | 512 |
| TBC Bank JSC, <br>10.25%, 7/30/29 (g) | 528 | 564 |
|  |  | 1076 |
| **Ghana (0.6%)** | **Ghana (0.6%)** | **Ghana (0.6%)** |
| **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** |
| Kosmos Energy Ltd., <br>8.75%, 10/1/31 | 686 | 391 |
| Tullow Oil PLC, <br>10.25%, 5/15/26 | 341 | 249 |
|  |  | 640 |
| **Greece (0.3%)** | **Greece (0.3%)** | **Greece (0.3%)** |
| **Corporate Bond (0.3%)** | **Corporate Bond (0.3%)** | **Corporate Bond (0.3%)** |
| Alpha Bank SA, <br>7.50%, 6/10/30 (g) | 277 | 354 |
| **Guatemala (1.0%)** | **Guatemala (1.0%)** | **Guatemala (1.0%)** |
| **Sovereign (1.0%)** | **Sovereign (1.0%)** | **Sovereign (1.0%)** |
| Guatemala Government Bond, <br>3.70%, 10/7/33 | $500 | 449 |
| 5.38%, 4/24/32 | 400 | 405 |
| 6.55%, 2/6/37 | 300 | 322 |
|  |  | 1176 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Guyana (0.2%)** | **Guyana (0.2%)** | **Guyana (0.2%)** |
| **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** |
| Secure International Finance Co., Inc., <br>10.00%, 6/3/29 (a) | $165 | $166 |
| **Honduras (0.2%)** | **Honduras (0.2%)** | **Honduras (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Honduras Government International Bond, <br>8.63%, 11/27/34 | 240 | 270 |
| **Hungary (2.2%)**  | **Hungary (2.2%)**  | **Hungary (2.2%)**  |
| **Corporate Bonds (0.3%)** | **Corporate Bonds (0.3%)** | **Corporate Bonds (0.3%)** |
| MBH Bank Nyrt, <br>6.88%, 11/8/35 | 100 | 125 |
| OTP Bank Nyrt, <br>7.30%, 7/30/35 | $225 | 236 |
|  |  | 361 |
| **Sovereign (1.9%)** | **Sovereign (1.9%)** | **Sovereign (1.9%)** |
| Hungary Government International Bond, <br>5.25%, 6/16/29 | 400 | 409 |
| 5.50%, 6/16/34 - 3/26/36 | 1300 | 1308 |
| 6.25%, 9/22/32 | 400 | 427 |
|  |  | 2144 |
|  |  | 2505 |
| **India (0.5%)** | **India (0.5%)** | **India (0.5%)** |
| **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** |
| Vedanta Resources Finance II PLC, <br>10.25%, 6/3/28 (a) | 280 | 290 |
| **Sovereign (0.3%)**  | **Sovereign (0.3%)**  | **Sovereign (0.3%)**  |
| Export-Import Bank of India, | Export-Import Bank of India, | Export-Import Bank of India, |
| 3.88%, 2/1/28 | 300 | 298 |
|  |  | 588 |
| **Iraq (0.1%)** | **Iraq (0.1%)** | **Iraq (0.1%)** |
| **Sovereign (0.1%)** | **Sovereign (0.1%)** | **Sovereign (0.1%)** |
| Iraq International Bond, <br>5.80%, 1/15/28 | 88 | 87 |
| **Israel (0.5%)** | **Israel (0.5%)** | **Israel (0.5%)** |
| **Sovereign (0.5%)** | **Sovereign (0.5%)** | **Sovereign (0.5%)** |
| State of Israel, <br>3.80%, 5/13/60 | 898 | 608 |
| **Ivory Coast (0.7%)** | **Ivory Coast (0.7%)** | **Ivory Coast (0.7%)** |
| **Sovereign (0.7%)** | **Sovereign (0.7%)** | **Sovereign (0.7%)** |
| Ivory Coast Government International <br>Bond, <br>8.25%, 1/30/37 | 699 | 761 |
| **Jamaica (0.9%)** | **Jamaica (0.9%)** | **Jamaica (0.9%)** |
| **Corporate Bonds (0.7%)** | **Corporate Bonds (0.7%)** | **Corporate Bonds (0.7%)** |
| Digicel International Finance Ltd./Difl <br>U.S. LLC, <br>8.63%, 8/1/32 (a) | 270 | 281 |
| NCB Financial Group Ltd., <br>11.00%, 7/31/30 (a) | 470 | 482 |
|  |  | 763 |

---

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

------

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

December 31, 2025

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Senior Loan Interests (0.2%)** | **Senior Loan Interests (0.2%)** | **Senior Loan Interests (0.2%)** |
| Digicel International Finance Ltd., <br>2025 Term Loan B, <br>3 Month SOFR + 5.25%, <br>9.02%, 8/6/32 (e) | $200 | $200 |
|  |  | 963 |
| **Jordan (0.6%)** | **Jordan (0.6%)** | **Jordan (0.6%)** |
| **Sovereign (0.6%)** | **Sovereign (0.6%)** | **Sovereign (0.6%)** |
| Jordan Government International Bond, <br>5.85%, 7/7/30 | 707 | 714 |
| **Kazakhstan (0.6%)** | **Kazakhstan (0.6%)** | **Kazakhstan (0.6%)** |
| **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** |
| ForteBank JSC, <br>7.75%, 2/4/30 | 437 | 437 |
| 9.75%, 11/3/30 (g) | 210 | 202 |
|  |  | 639 |
| **Kenya (0.8%)** | **Kenya (0.8%)** | **Kenya (0.8%)** |
| **Sovereign (0.8%)** | **Sovereign (0.8%)** | **Sovereign (0.8%)** |
| Republic of Kenya Government <br>International Bond, <br>8.25%, 2/28/48 | 257 | 243 |
| 9.50%, 3/5/36 | 650 | 694 |
|  |  | 937 |
| **Lebanon (1.4%)** | **Lebanon (1.4%)** | **Lebanon (1.4%)** |
| **Sovereign (1.4%)** | **Sovereign (1.4%)** | **Sovereign (1.4%)** |
| Lebanon Government International Bond, <br>5.80%, 4/14/20 (c)(d) | 848 | 199 |
| 6.00%, 1/27/23 (c)(d) | 439 | 103 |
| 6.10%, 10/4/22 (c)(d) | 807 | 189 |
| 6.15%, 6/19/20 (c)(d) | 17 | 4 |
| 6.20%, 2/26/25 (c)(d) | 138 | 32 |
| 6.25%, 5/27/22 - 6/12/25 (c)(d) | 319 | 74 |
| 6.38%, 3/9/20 (c)(d) | 50 | 12 |
| 6.40%, 5/26/23 (c)(d) | 1839 | 431 |
| 6.60%, 11/27/26 (c)(d) | 15 | 4 |
| 6.65%, 4/22/24 - 11/3/28 (c)(d) | 386 | 91 |
| 6.85%, 3/23/27 - 5/25/29 (c)(d) | 1387 | 325 |
| 7.00%, 3/20/28 - 3/23/32 (c)(d) | 550 | 128 |
| 7.25%, 3/23/37 (c)(d) | 106 | 25 |
| 8.25%, 4/12/21 (c)(d) | 19 | 4 |
|  |  | 1621 |
| **Malaysia (0.8%)** | **Malaysia (0.8%)** | **Malaysia (0.8%)** |
| **Corporate Bonds (0.8%)** | **Corporate Bonds (0.8%)** | **Corporate Bonds (0.8%)** |
| Petronas Capital Ltd., <br>2.48%, 1/28/32 | 800 | 719 |
| 4.55%, 4/21/50 | 200 | 176 |
|  |  | 895 |
| **Mexico (2.3%)** | **Mexico (2.3%)** | **Mexico (2.3%)** |
| **Corporate Bonds (1.3%)** | **Corporate Bonds (1.3%)** | **Corporate Bonds (1.3%)** |
| Banco Mercantil del Norte SA, <br>8.38%, 5/20/31 (a)(g) | 320 | 336 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| Braskem Idesa SAPI, <br>6.99%, 2/20/32 (c)(d) | $214 | $| 124 |
| Fideicomiso Irrevocable de <br>Administracion y Fuente de Pago <br>Numero CIB/4323 <br>11.00% Cash, 2.00% PIK, <br>11.00%, 9/12/30 (c)(d) | 539 |  | 150 |
| Grupo Aeromexico SAB de CV, <br>8.63%, 11/15/31 (a) | 538 |  | 551 |
| Total Play Telecomunicaciones SA de CV, <br>11.13%, 12/31/32 (a) | 321 |  | 309 |
|  |  |  | 1470 |
| **Sovereign (1.0%)** | **Sovereign (1.0%)** | **Sovereign (1.0%)** | **Sovereign (1.0%)** |
| Petroleos Mexicanos, <br>6.63%, 6/15/35 | 500 |  | 475 |
| 6.75%, 9/21/47 | 453 |  | 372 |
| 7.69%, 1/23/50 | 300 |  | 269 |
|  |  |  | 1116 |
|  |  |  | 2586 |
| **Mongolia (1.0%)** | **Mongolia (1.0%)** | **Mongolia (1.0%)** | **Mongolia (1.0%)** |
| **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** |
| Golomt Bank, <br>11.00%, 5/20/27 | 200 |  | 207 |
| Mongolian Mining Corp., <br>8.44%, 4/3/30 | 200 |  | 203 |
| State Bank JSC, <br>8.90%, 9/25/28 | 280 |  | 281 |
|  |  |  | 691 |
| **Sovereign (0.4%)** | **Sovereign (0.4%)** | **Sovereign (0.4%)** | **Sovereign (0.4%)** |
| Mongolia Government International Bond, <br>6.63%, 2/25/30 | 200 |  | 205 |
| 7.88%, 6/5/29 | 200 |  | 214 |
|  |  |  | 419 |
|  |  |  | 1110 |
| **Montenegro (1.1%)** | **Montenegro (1.1%)** | **Montenegro (1.1%)** | **Montenegro (1.1%)** |
| **Sovereign (1.1%)** | **Sovereign (1.1%)** | **Sovereign (1.1%)** | **Sovereign (1.1%)** |
| Montenegro Government International <br>Bond, <br>4.88%, 4/1/32 | 1080 |  | 1285 |
| **Morocco (0.6%)** | **Morocco (0.6%)** | **Morocco (0.6%)** | **Morocco (0.6%)** |
| **Sovereign (0.6%)** | **Sovereign (0.6%)** | **Sovereign (0.6%)** | **Sovereign (0.6%)** |
| Morocco Government International Bond, <br>3.00%, 12/15/32 | $500 |  | 441 |
| 4.00%, 12/15/50 (a) | 300 |  | 219 |
|  |  |  | 660 |
| **Nicaragua (0.2%)** | **Nicaragua (0.2%)** | **Nicaragua (0.2%)** | **Nicaragua (0.2%)** |
| **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** |
| Polaris Renewable Energy, Inc., <br>9.50%, 12/3/29 | 250 |  | 260 |
| **Nigeria (1.8%)** | **Nigeria (1.8%)** | **Nigeria (1.8%)** | **Nigeria (1.8%)** |
| **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** | **Sovereign (1.8%)** |
| Nigeria Government International Bond, <br>7.70%, 2/23/38 | 200 |  | 200 |

---

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

------

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

December 31, 2025

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Sovereign (cont'd)** | **Sovereign (cont'd)** | **Sovereign (cont'd)** |
| 8.38%, 3/24/29 | 300 | 320 |
| 10.38%, 12/9/34 | 1223 | 1454 |
|  |  | 1974 |
| **Oman (2.1%)** | **Oman (2.1%)** | **Oman (2.1%)** |
| **Sovereign (2.1%)** | **Sovereign (2.1%)** | **Sovereign (2.1%)** |
| Oman Government International Bond, <br>5.38%, 3/8/27 | 600 | 606 |
| 6.00%, 8/1/29 | 300 | 315 |
| 6.25%, 1/25/31 | 500 | 536 |
| 6.75%, 1/17/48 | 440 | 486 |
| 7.38%, 10/28/32 | 400 | 460 |
|  |  | 2403 |
| **Pakistan (0.8%)** | **Pakistan (0.8%)** | **Pakistan (0.8%)** |
| **Corporate Bond (0.4%)** | **Corporate Bond (0.4%)** | **Corporate Bond (0.4%)** |
| Veon Midco BV, <br>3.38%, 11/25/27 | 439 | 418 |
| **Sovereign (0.4%)** | **Sovereign (0.4%)** | **Sovereign (0.4%)** |
| Pakistan Government International Bond, <br>7.38%, 4/8/31 | 481 | 479 |
|  |  | 897 |
| **Panama (2.4%)** | **Panama (2.4%)** | **Panama (2.4%)** |
| **Senior Loan Interests (0.3%)** | **Senior Loan Interests (0.3%)** | **Senior Loan Interests (0.3%)** |
| Coral-U.S. Co-Borrower LLC, <br>2025 Term Loan B7, <br>3 Month SOFR + 3.25%, <br>7.15%, 1/31/32 (e) | 400 | 393 |
| **Sovereign (2.1%)** | **Sovereign (2.1%)** | **Sovereign (2.1%)** |
| Banco Latinoamericano de Comercio <br>Exterior SA, <br>7.50%, 9/17/32 (a)(g) | 205 | 210 |
| Panama Government International Bond, <br>3.16%, 1/23/30 | 720 | 676 |
| 4.50%, 4/1/56 | 820 | 617 |
| 6.40%, 2/14/35 | 790 | 835 |
|  |  | 2338 |
|  |  | 2731 |
| **Paraguay (0.4%)** | **Paraguay (0.4%)** | **Paraguay (0.4%)** |
| **Senior Loan Interests (0.4%)** | **Senior Loan Interests (0.4%)** | **Senior Loan Interests (0.4%)** |
| Frigorifico Concepcion SA, <br>Term Loan B, <br>3 Month SOFR + 5.50%, <br>9.63%, 12/8/26 (e) | 446 | 454 |
| **Peru (1.7%)** | **Peru (1.7%)** | **Peru (1.7%)** |
| **Corporate Bonds (1.0%)** | **Corporate Bonds (1.0%)** | **Corporate Bonds (1.0%)** |
| Auna SA, <br>10.00%, 12/18/29 (a) | 493 | 524 |
| Banco de Credito del Peru SA, <br>5.65%, 1/15/37 (a) | 293 | 295 |
| Petroleos del Peru SA, <br>5.63%, 6/19/47 | 540 | 344 |
|  |  | 1163 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Sovereign (0.7%)** | **Sovereign (0.7%)** | **Sovereign (0.7%)** |
| Peruvian Government International Bond, <br>3.00%, 1/15/34 | $300 | $262 |
| 3.30%, 3/11/41 | 300 | 232 |
| 5.88%, 8/8/54 | 300 | 298 |
|  |  | 792 |
|  |  | 1955 |
| **Philippines (1.5%)** | **Philippines (1.5%)** | **Philippines (1.5%)** |
| **Sovereign (1.5%)** | **Sovereign (1.5%)** | **Sovereign (1.5%)** |
| Philippine Government International Bond, <br>4.75%, 3/5/35 | 1000 | 1004 |
| 5.00%, 7/17/33 | 200 | 206 |
| 5.50%, 1/17/48 | 520 | 522 |
|  |  | 1732 |
| **Romania (6.0%)** | **Romania (6.0%)** | **Romania (6.0%)** |
| **Sovereign (6.0%)** | **Sovereign (6.0%)** | **Sovereign (6.0%)** |
| Romanian Government International Bond, <br>1.75%, 7/13/30 | 98 | 104 |
| 2.00%, 4/14/33 | 79 | 76 |
| 2.63%, 12/2/40 | 146 | 114 |
| 2.75%, 4/14/41 | 78 | 61 |
| 2.88%, 4/13/42 | 84 | 66 |
| 3.38%, 1/28/50 | 49 | 37 |
| 3.88%, 10/29/35 | 603 | 619 |
| 4.63%, 4/3/49 | 444 | 412 |
| 5.13%, 6/15/48 | $48 | 40 |
| 5.63%, 2/22/36 | 148 | 173 |
| 5.75%, 3/24/35 | $1422 | 1412 |
| 5.88%, 7/11/32 | 192 | 236 |
| 6.00%, 5/25/34 | $48 | 49 |
| 6.00%, 9/24/44 | 418 | 474 |
| 6.13%, 10/7/37 | 640 | 758 |
| 6.25%, 9/10/34 | 98 | 121 |
| 6.50%, 10/7/45 | 450 | 528 |
| 6.75%, 7/11/39 | 488 | 597 |
| 7.50%, 2/10/37 | $700 | 776 |
| 7.63%, 1/17/53 | 96 | 106 |
|  |  | 6759 |
| **Saudi Arabia (0.7%)** | **Saudi Arabia (0.7%)** | **Saudi Arabia (0.7%)** |
| **Corporate Bonds (0.7%)** | **Corporate Bonds (0.7%)** | **Corporate Bonds (0.7%)** |
| Riyad Sukuk Ltd., <br>6.21%, 7/14/35 | 270 | 277 |
| Saudi Awwal Bank, <br>5.95%, 9/4/35 | 280 | 284 |
| SNB Funding Ltd., <br>6.00%, 6/24/35 | 270 | 278 |
|  |  | 839 |
| **Serbia (0.4%)** | **Serbia (0.4%)** | **Serbia (0.4%)** |
| **Sovereign (0.4%)** | **Sovereign (0.4%)** | **Sovereign (0.4%)** |
| Serbia International Bond, <br>2.05%, 9/23/36 | 270 | 249 |
| 2.13%, 12/1/30 | $200 | 175 |
|  |  | 424 |

---

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

------

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

December 31, 2025

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Sri Lanka (0.9%)** | **Sri Lanka (0.9%)** | **Sri Lanka (0.9%)** |
| **Sovereign (0.9%)** | **Sovereign (0.9%)** | **Sovereign (0.9%)** |
| Sri Lanka Government International Bond, <br>3.10%, 1/15/30 (a)(b)(c)(d) | $265 | $253 |
| 3.35%, 3/15/33 (a)(b)(c)(d) | 120 | 103 |
| 3.60%, 6/15/35 - 2/15/38 (a)(b)(c)(d) | 466 | 423 |
| 4.00%, 4/15/28 (a)(c)(d) | 261 | 251 |
|  |  | 1030 |
| **Suriname (3.2%)** | **Suriname (3.2%)** | **Suriname (3.2%)** |
| **Senior Loan Interests (0.1%)** | **Senior Loan Interests (0.1%)** | **Senior Loan Interests (0.1%)** |
| Staatsolie Maatschappij Suriname NV, | Staatsolie Maatschappij Suriname NV, | Staatsolie Maatschappij Suriname NV, |
| 2025 Term Loan, <br>1 Month SOFR + 5.50%, <br>9.31%, 4/26/32 (e) | 105 | 105 |
| **Sovereign (3.1%)** | **Sovereign (3.1%)** | **Sovereign (3.1%)** |
| Suriname Government International Bond, <br>7.70%, 11/6/30 (a) | 398 | 411 |
| 8.50%, 11/6/35 (a) | 1671 | 1811 |
| 9.00%, 12/31/50 (a)(c)(d)(e) | 1026 | 1242 |
|  |  | 3464 |
|  |  | 3569 |
| **Tanzania, United Republic Of (3.8%)** | **Tanzania, United Republic Of (3.8%)** | **Tanzania, United Republic Of (3.8%)** |
| **Senior Loan Interests (3.8%)** | **Senior Loan Interests (3.8%)** | **Senior Loan Interests (3.8%)** |
| HTA Group Ltd.,  | HTA Group Ltd.,  | HTA Group Ltd.,  |
| 2024 Term Loan Tranche A, <br>3 Month SOFR + 4.31%, <br>7.92%, 9/13/28 (e) | 80 | 80 |
| 2024 Tranche C Term Loan, <br>3 Month SOFR + 4.31%, <br>7.92%, 9/13/28 (e) | 500 | 500 |
| Tanzania2024 Term Loan A2, <br>6 Month SOFR + 5.45%, <br>9.46%, 2/27/31 (e) | 3700 | 3668 |
|  |  | 4248 |
| **Togo (0.5%)** | **Togo (0.5%)** | **Togo (0.5%)** |
| **Corporate Bond (0.5%)** | **Corporate Bond (0.5%)** | **Corporate Bond (0.5%)** |
| Ecobank Transnational, Inc., <br>10.13%, 10/15/29 (a) | 532 | 569 |
| **Trinidad And Tobago (0.2%)** | **Trinidad And Tobago (0.2%)** | **Trinidad And Tobago (0.2%)** |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| Trinidad & Tobago Government <br>International Bond, <br>5.95%, 1/14/31 | 200 | 205 |
| **Turkey (0.9%)** | **Turkey (0.9%)** | **Turkey (0.9%)** |
| **Corporate Bonds (0.9%)** | **Corporate Bonds (0.9%)** | **Corporate Bonds (0.9%)** |
| Limak Iskenderun Uluslararasi Liman <br>Isletmeciligi AS, <br>9.50%, 7/10/36 | 251 | 256 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| Limak Yenilenebilir Enerji AS, <br>9.63%, 8/12/30 (a) | $| 353 | $| 347 |
| Zorlu Enerji Elektrik Uretim AS, <br>11.00%, 4/23/30 |  | 461 |  | 400 |
|  |  |  |  | 1003 |
| **Ukraine (5.0%)** | **Ukraine (5.0%)** | **Ukraine (5.0%)** | **Ukraine (5.0%)** | **Ukraine (5.0%)** |
| **Corporate Bond (0.3%)** | **Corporate Bond (0.3%)** | **Corporate Bond (0.3%)** | **Corporate Bond (0.3%)** | **Corporate Bond (0.3%)** |
| Kernel Holding SA, <br>6.75%, 10/27/27 |  | 404 |  | 381 |
| **Sovereign (4.7%)** | **Sovereign (4.7%)** | **Sovereign (4.7%)** | **Sovereign (4.7%)** | **Sovereign (4.7%)** |
| Ukraine Government International Bond, <br>0.00%, 2/1/30 (b)(c)(d) |  | 26 |  | 15 |
| 3.00%, 2/1/34 - 2/1/36 (b)(c)(d) |  | 682 |  | 360 |
| 4.00%, 2/1/32 (b)(c)(d) |  | 4375 |  | 3324 |
| 4.50%, 2/1/29 - 2/1/36 (b)(c)(d) |  | 2491 |  | 1566 |
|  |  |  |  | 5265 |
|  |  |  |  | 5646 |
| **United Arab Emirates (2.1%)** | **United Arab Emirates (2.1%)** | **United Arab Emirates (2.1%)** | **United Arab Emirates (2.1%)** | **United Arab Emirates (2.1%)** |
| **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** | **Corporate Bonds (0.6%)** |
| Ittihad International II Ltd., <br>7.38%, 11/13/30 (a) |  | 200 |  | 202 |
| MDGH GMTN RSC Ltd., <br>4.38%, 11/22/33 |  | 500 |  | 493 |
|  |  |  |  | 695 |
| **Sovereign (1.5%)** | **Sovereign (1.5%)** | **Sovereign (1.5%)** | **Sovereign (1.5%)** | **Sovereign (1.5%)** |
| Abu Dhabi Government International Bond, <br>3.88%, 4/16/50 |  | 600 |  | 483 |
| 5.00%, 4/30/34 |  | 700 |  | 738 |
| Finance Department Government of <br>Sharjah, 3.63%, 3/10/33 |  | 200 |  | 179 |
| Sharjah Sukuk Program Ltd., <br>3.89%, 4/4/30 |  | 300 |  | 290 |
|  |  |  |  | 1690 |
|  |  |  |  | 2385 |
| **Uruguay (1.3%)** | **Uruguay (1.3%)** | **Uruguay (1.3%)** | **Uruguay (1.3%)** | **Uruguay (1.3%)** |
| **Sovereign (1.3%)** | **Sovereign (1.3%)** | **Sovereign (1.3%)** | **Sovereign (1.3%)** | **Sovereign (1.3%)** |
| Uruguay Government International Bond, <br>5.10%, 6/18/50 |  | 550 |  | 521 |
| 5.44%, 2/14/37 |  | 900 |  | 937 |
|  |  |  |  | 1458 |
| **Uzbekistan (1.3%)** | **Uzbekistan (1.3%)** | **Uzbekistan (1.3%)** | **Uzbekistan (1.3%)** | **Uzbekistan (1.3%)** |
| **Corporate Bonds (1.1%)** | **Corporate Bonds (1.1%)** | **Corporate Bonds (1.1%)** | **Corporate Bonds (1.1%)** | **Corporate Bonds (1.1%)** |
| Jscb Agrobank, <br>9.25%, 10/2/29 |  | 529 |  | 572 |
| Uzbek Industrial & Construction Bank ATB, <br>8.95%, 7/24/29 |  | 370 |  | 398 |
| 9.45%, 10/23/30 (g) |  | 280 |  | 282 |
|  |  |  |  | 1252 |

---

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

------

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

December 31, 2025

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Senior Loan Interests (0.0%)‡** | **Senior Loan Interests (0.0%)‡** | **Senior Loan Interests (0.0%)‡** |
| Navoi Mining & Metallurgical Co., <br>2024 Term Loan, <br>3 Month SOFR + 4.76%, <br>8.63%, 4/23/27 (e) | $15 | $15 |
| **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| National Bank of Uzbekistan, <br>8.50%, 7/5/29 | 200 | 214 |
|  |  | 1481 |
| **Venezuela (3.0%)** | **Venezuela (3.0%)** | **Venezuela (3.0%)** |
| **Sovereign (3.0%)** | **Sovereign (3.0%)** | **Sovereign (3.0%)** |
| Petroleos de Venezuela SA, <br>5.38%, 4/12/27 (c)(d) | 1042 | 244 |
| 6.00%, 10/28/22 - 11/15/26 (c)(d) | 2333 | 529 |
| 8.50%, 10/27/20 - 10/20/27 (c)(d) | 757 | 810 |
| 9.00%, 11/17/21 (c)(d) | 429 | 110 |
| 9.75%, 5/17/35 (c)(d) | 882 | 229 |
| 12.75%, 2/17/22 (c)(d) | 385 | 110 |
| Venezuela Government International Bond, <br>6.00%, 12/9/20 (c)(d) | 419 | 112 |
| 7.00%, 12/1/18 - 3/31/38 (c)(d) | 373 | 103 |
| 7.65%, 4/21/25 (c)(d) | 336 | 95 |
| 7.75%, 10/13/19 (c)(d) | 319 | 86 |
| 8.25%, 10/13/24 (c)(d) | 375 | 106 |
| 9.00%, 5/7/23 (c)(d) | 344 | 98 |
| 9.25%, 9/15/27 - 5/7/28 (c)(d) | 1142 | 377 |
| 9.38%, 1/13/34 (c)(d) | 51 | 17 |
| 11.75%, 10/21/26 (c)(d) | 221 | 73 |
| 11.95%, 8/5/31 (c)(d) | 260 | 86 |
| 12.75%, 8/23/22 (c)(d) | 499 | 158 |
| 13.63%, 8/15/18 (c)(d) | 122 | 41 |
|  |  | 3384 |
| **Zambia (0.1%)** | **Zambia (0.1%)** | **Zambia (0.1%)** |
| **Sovereign (0.1%)** | **Sovereign (0.1%)** | **Sovereign (0.1%)** |
| Zambia Government International Bond, <br>5.75%, 6/30/33 (b)(c)(d) | 134 | 132 |
| **Total Fixed Income Securities (Cost $101,504)** | **Total Fixed Income Securities (Cost $101,504)** | 105830 |
|  | **Shares** |  |
| **Common Stock (0.0%)‡** | **Common Stock (0.0%)‡** | **Common Stock (0.0%)‡** |
| **Hong Kong (0.0%)‡** | **Hong Kong (0.0%)‡** | **Hong Kong (0.0%)‡** |
| Times China Holdings Ltd. (h) <br>**(Cost $5)** | 300062 | 4 |
|  | **No. of<br>Warrants** |  |
| **Warrants (0.0%)‡** | **Warrants (0.0%)‡** | **Warrants (0.0%)‡** |
| **Venezuela (0.0%)‡** | **Venezuela (0.0%)‡** | **Venezuela (0.0%)‡** |
| Venezuela Government International Bond, <br>Oil-Linked Payment Obligation expires <br>4/15/20 (e)(h) **(Cost $—)** | 3750 | 7 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Short-Term Investments (3.7%)** | **Short-Term Investments (3.7%)** | **Short-Term Investments (3.7%)** |
| **Investment Company (3.4%)** | **Investment Company (3.4%)** | **Investment Company (3.4%)** |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities <br>Portfolio — Institutional Class, <br>3.61% (See Note H) **(Cost $3,905)** | 3905180 | $3905 |
|  | **Face Amount<br>(000)** |  |
| **United States (0.3%)** | **United States (0.3%)** | **United States (0.3%)** |
| **U.S. Treasury Security (0.3%)** | **U.S. Treasury Security (0.3%)** | **U.S. Treasury Security (0.3%)** |
| U.S. Treasury Bill, <br>3.84%, 3/3/26 (i)(j) **(Cost $308)** | $310 | 308 |
| **Total Short-Term Investments (Cost $4,213)** | **Total Short-Term Investments (Cost $4,213)** | 4213 |
| **Total Investments (97.4%) (Cost $105,722) (k)(l)(m)(n)** | **Total Investments (97.4%) (Cost $105,722) (k)(l)(m)(n)** | 110054 |
| **Other Assets in Excess of Liabilities (2.6%)** | **Other Assets in Excess of Liabilities (2.6%)** | 2944 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $112998 |

---

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 December 31, 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 December 31, 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) Income may be paid in additional securities and/or cash at the discretion of the issuer.

(g) 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 December 31, 2025.

(h) Non-income producing security.

(i) Rate shown is the yield to maturity at December 31, 2025.

(j) All or a portion of the security was pledged to cover margin requirements for swap agreements.

(k) The approximate fair value and percentage of net assets, $4,000 and 0.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(l) Securities are available for collateral in connection with open foreign currency forward exchange contracts, futures contracts and swap agreements.

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

------

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

December 31, 2025

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

(m) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $107,263,000. The aggregate gross unrealized appreciation is approximately $8,816,000 and the aggregate gross unrealized depreciation is approximately $6,285,000, resulting in net unrealized appreciation of approximately $2,531,000.

(n) At December 31, 2025, the Fund had unfunded loan commitments of $2,265,000, which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Unfunded<br>Loan<br>Commitments<br>(000)** | **Value<br>(000)** | **Unrealized <br>Appreciation/<br>(Depreciation)<br>(000)** |
| Staatsolie Maatschappij<br>Suriname NV | $1795 | $1795 | $0 |
| VMOS SA | 472 | 470 | (2) |
|  | $2267 | $2265 | $(2) |

---

EURIBOR Euro Interbank Offered Rate.

GMTN Global Medium Term Note.

JSC Joint Stock Company.

PIK Payment-in-Kind.

SOFR Secured Overnight Financing Rate.

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br>to <br>Deliver<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Citibank NA | 490 | $573 | 1/9/26 | $(4 |
| Goldman Sachs International | 2571 | $3005 | 1/9/26 | (17 |
| Goldman Sachs International | 914 | $1068 | 1/9/26 | (6 |
| Goldman Sachs International | 990 | $1157 | 1/9/26 | (7 |
| Goldman Sachs International | 1090 | $1274 | 1/9/26 | (7 |
| Goldman Sachs International | 630 | $737 | 1/9/26 | (4 |
| Goldman Sachs International | 265 | $309 | 1/9/26 | (2 |
| Goldman Sachs International | 145 | $169 | 1/9/26 | (1 |
| Goldman Sachs International | 1049 | $1226 | 1/9/26 | (7 |
| Goldman Sachs International | 4 | $5 | 1/9/26 | (— |
| Goldman Sachs International | 924 | $1080 | 1/9/26 | (6 |
| Goldman Sachs International | 342 | $399 | 1/9/26 | (2 |
| Goldman Sachs International | $128 | 110 | 1/9/26 | 1 |
| Goldman Sachs International | $187 | 160 | 1/9/26 | 1 |
| Goldman Sachs International | $14 | 12 | 1/9/26 |  |
| UBS AG | $116 | 99 | 1/9/26 | (— |
|  |  |  |  | $(61 |

---

**Futures Contracts:**

The Fund had the following futures contracts open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number <br>of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| U.S. Treasury 2 yr. Note (United States) | 10 | Mar-26 | $2000 | $2088 | $(1) |
| U.S. Treasury 5 yr. Note (United States) | 30 | Mar-26 | 3000 | 3279 | (5) |
| U.S. Treasury 10 yr. Ultra Note (United States) | 78 | Mar-26 | 7800 | 8971 | (52) |
| U.S. Treasury Long Bond (United States) | 44 | Mar-26 | 4400 | 5086 | (55) |
| Ultra U.S. Treasury Bond (United States) | 89 | Mar-26 | 8900 | 10502 | (184) |

---

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

------

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

December 31, 2025

Portfolio of Investments (cont'd)

**Emerging Markets Debt Portfolio**

**Futures Contracts: (cont'd):**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number <br>of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| German Euro-Bobl Index (Germany) | 20 | Mar-26 | (2000) | $(2730) | $11 |
| German Euro-Bund Index (Germany) | 43 | Mar-26 | (4300) | (6447) | 47 |
| German Euro-Schatz Index (Germany) | 13 | Mar-26 | (1300) | (1631) | 2 |
| U.S. Treasury 10 yr. Note (United States) | 46 | Mar-26 | $(4600) | (5172) | 22 |
|  |  |  |  |  | $(215) |

---

**Credit Default Swap Agreements:**

The Fund had the following credit default swap agreements open at December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty and <br>Reference Obligation** | **Credit<br>Rating of<br>Reference<br>Obligation†** | **Buy/Sell<br>Protection** | **Pay/<br>Received<br>Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Upfront<br>Payment<br>Paid<br>(Received)<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Morgan Stanley & Co. LLC\* <br>Egypt Government <br>International Bonds | NR | Sell | 1.00% | Quarterly | 12/20/28 | $188 | $(5) | $(55) | $50 |
| Goldman Sachs <br>International Petroleos <br>Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/26 | 261 | (1) | (12) | 11 |
| Morgan Stanley & Co. LLC\* <br>Petrobras Global <br>Finance BV | NR | Buy | 1.00 | Quarterly | 12/20/30 | 1985 | 47 | 50 | (3) |
| Goldman Sachs <br>International <br>Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 710 | (10) | (18) | 8 |
| JPMorgan Chase Bank NA <br>Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 312 | (4) | (9) | 5 |
| Barclays Bank PLC <br>Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 12/20/26 | 634 | (4) | (11) | 7 |
| Barclays Bank PLC <br>Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 476 | (7) | (12) | 5 |
| Barclays Bank PLC <br>Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 100 | (2) | (3) | 1 |
|  |  |  |  |  |  |  | $14 | $(70) | $84 |

---

@ Value is less than $500.

† Credit rating as issued by Standard & Poor's.

\* Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.

NR Not rated.

EUR — Euro

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Sovereign | 66.1 | % |
| Corporate Bonds | 23.7 |  |
| Senior Loan Interests | 6.4 |  |
| Other\* | 3.8 |  |
| 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 $45,906 and net unrealized depreciation of approximately $215,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $61,000. Also does not include open swap agreements with net unrealized appreciation of approximately $84,000.

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

------

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

December 31, 2025

**Emerging Markets Debt Portfolio**

---

| | |
|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2025<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $101,817) | $106149 |
| Investment in Security of Affiliated Issuer, at Value (Cost $3,905) | 3905 |
| Total Investments in Securities, at Value (Cost $105,722) | 110054 |
| Cash | 15 |
| Foreign Currency, at Value (Cost $262) | 325 |
| Interest Receivable | 1968 |
| Receivable for Variation Margin on Futures Contracts | 1011 |
| Receivable for Investments Sold | 552 |
| Receivable for Fund Shares Sold | 107 |
| Unrealized Appreciation on Swap Agreements | 37 |
| Receivable from Affiliate | 15 |
| Unrealized Appreciation on Foreign Currency Forward Exchange Contracts | 2 |
| Receivable for Variation Margin on Swap Agreements | 1 |
| Other Assets | 15 |
| Total Assets | 114102 |
| **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax | 518 |
| Payable for Investments Purchased | 177 |
| Payable for Advisory Fees | 122 |
| Upfront Payment Received on Open Swap Agreements | 65 |
| Unrealized Depreciation on Foreign Currency Forward Exchange Contracts | 63 |
| Payable for Servicing Fees | 44 |
| Payable for Custodian Fees | 40 |
| Payable for Fund Shares Redeemed | 26 |
| Payable for Administration Fees | 8 |
| Payable for Professional Fees | 6 |
| Net Unrealized Depreciation on Unfunded Commitments | 2 |
| Payable for Transfer Agency Fees | 2 |
| Payable for Distribution Fees — Class II Shares |  |
| Other Liabilities | 31 |
| Total Liabilities | 1104 |
| **NET ASSETS** | $112998 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $172394 |
| Total Accumulated Loss | (59396 |
| **Net Assets** | $112998 |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $103114 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 19,074,836 Outstanding <br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $5.41 |
| **CLASS II:** | **CLASS II:** |
| **Net Assets** | $9884 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 1,852,234 Outstanding <br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $5.34 |

---

@ Amount is less than $500.

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

------

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

December 31, 2025

**Emerging Markets Debt Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2025<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Interest from Securities of Unaffiliated Issuers (Net of $4 of Foreign Taxes Withheld) | $8954 |
| Dividends from Security of Affiliated Issuer (Note H) | 143 |
| Dividends from Securities of Unaffiliated Issuers | 1 |
| Total Investment Income | 9098 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 799 |
| Professional Fees | 248 |
| Servicing Fees (Note D) | 178 |
| Administration Fees (Note C) | 85 |
| Custodian Fees (Note G) | 74 |
| Distribution Fees — Class II Shares (Note E) | 25 |
| Shareholder Reporting Fees | 17 |
| Transfer Agency Fees (Note F) | 15 |
| Pricing Fees | 11 |
| Directors' Fees and Expenses | 7 |
| Other Expenses | 24 |
| Total Expenses | 1483 |
| Waiver of Advisory Fees (Note B) | (288) |
| Waiver of Distribution Fees — Class II Shares (Note E) | (20) |
| Rebate from Morgan Stanley Affiliate (Note H) | (7) |
| Net Expenses | 1168 |
| **Net Investment Income** | 7930 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $50 of Capital Gain Country Tax) | (2012) |
| Foreign Currency Forward Exchange Contracts | (738) |
| Foreign Currency Transactions | (70) |
| Futures Contracts | 7 |
| Swap Agreements | (37) |
| Net Realized Loss | (2850) |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $106) | 9229 |
| Foreign Currency Forward Exchange Contracts | (234) |
| Foreign Currency Translation | 107 |
| Futures Contracts | 617 |
| Swap Agreements | 55 |
| Unfunded Commitments | (2) |
| Net Change in Unrealized Appreciation (Depreciation) | 9772 |
| **Net Realized Loss and Change in Unrealized Appreciation (Depreciation)** | 6922 |
| **Net Increase in Net Assets Resulting from Operations** | $14852 |

---

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

------

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

December 31, 2025

**Emerging Markets Debt Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $7930 | $12734 |
| Net Realized Gain (Loss) | (2850) | 181 |
| Net Change in Unrealized Appreciation (Depreciation) | 9772 | (1851) |
| Net Increase in Net Assets Resulting from Operations | 14852 | 11064 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I | (13668) | (9587) |
| Class II | (1438) | (1154) |
| Total Dividends and Distributions to Shareholders | (15106) | (10741) |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Class I: | Class I: | Class I: |
| Subscribed | 12286 | 6024 |
| Distributions Reinvested | 13668 | 9587 |
| Redeemed | (15247) | (16771) |
| Class II: | Class II: | Class II: |
| Subscribed | 512 | 714 |
| Distributions Reinvested | 1438 | 1154 |
| Redeemed | (2544) | (2786) |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | 10113 | (2078) |
| Total Increase (Decrease) in Net Assets | 9859 | (1755) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 103139 | 104894 |
| End of Period | $112998 | $103139 |
| **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** |
| Class I: | Class I: | Class I: |
| Shares Subscribed | 2249 | 1086 |
| Shares Issued on Distributions Reinvested | 2766 | 1830 |
| Shares Redeemed | (2797) | (3033) |
| Net Increase (Decrease) in Class I Shares Outstanding | 2218 | (117) |
| Class II: | Class II: | Class II: |
| Shares Subscribed | 97 | 132 |
| Shares Issued on Distributions Reinvested | 295 | 222 |
| Shares Redeemed | (476) | (511) |
| Net Decrease in Class II Shares Outstanding | (84) | (157) |

---

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

------

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

December 31, 2025

Financial Highlights

**Emerging Markets Debt Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $5.49 | $5.51 | $5.38 | $7.20 | $7.74 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.40 | 0.67 | 0.48 | 0.41 | 0.34 |
| Net Realized and Unrealized Gain (Loss) | 0.36 | (0.09) | 0.13 | (1.78) | (0.49) |
| Total from Investment Operations | 0.76 | 0.58 | 0.61 | (1.37) | (0.15) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.84) | (0.60) | (0.48) | (0.45) | (0.39) |
| **Net Asset Value, End of Period** | $5.41 | $5.49 | $5.51 | $5.38 | $7.20 |
| **Total Return<sup>(2)</sup>** | 15.33% | 11.23% | 11.84%<sup>(3)</sup> | (18.74)% | (2.02)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $103114 | $92617 | $93484 | $91828 | $133413 |
| Ratio of Expenses Before Expense Limitation | 1.37% | 1.33% | 1.32% | 1.24% | 1.17% |
| Ratio of Expenses After Expense Limitation | 1.09%<sup>(4)</sup> | 1.09%<sup>(4)</sup> | 1.09%<sup>(4)</sup> | 1.10%<sup>(4)</sup> | 1.12%<sup>(4)(5)</sup> |
| Ratio of Net Investment Income | 7.45%<sup>(4)</sup> | 12.18%<sup>(4)</sup> | 9.07%<sup>(4)</sup> | 6.96%<sup>(4)</sup> | 4.59%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 119% | 139% | 117% | 75% | 28% |

---

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

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

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

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

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

(6) Amount is less than 0.005%.

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

------

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

December 31, 2025

Financial Highlights

**Emerging Markets Debt Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $5.43 | $5.45 | $5.33 | $7.14 | $7.67 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.40 | 0.67 | 0.47 | 0.40 | 0.34 |
| Net Realized and Unrealized Gain (Loss) | 0.35 | (0.09) | 0.12 | (1.76) | (0.48) |
| Total from Investment Operations | 0.75 | 0.58 | 0.59 | (1.36) | (0.14) |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.84) | (0.60) | (0.47) | (0.45) | (0.39) |
| **Net Asset Value, End of Period** | $5.34 | $5.43 | $5.45 | $5.33 | $7.14 |
| **Total Return<sup>(2)</sup>** | 15.24% | 11.28% | 11.69%<sup>(3)</sup> | (18.81)% | (1.96)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $9884 | $10522 | $11410 | $12093 | $16181 |
| Ratio of Expenses Before Expense Limitation | 1.62% | 1.58% | 1.57% | 1.49% | 1.42% |
| Ratio of Expenses After Expense Limitation | 1.14%<sup>(4)</sup> | 1.14%<sup>(4)</sup> | 1.14%<sup>(4)</sup> | 1.15%<sup>(4)</sup> | 1.17%<sup>(4)(5)</sup> |
| Ratio of Net Investment Income | 7.40%<sup>(4)</sup> | 12.13%<sup>(4)</sup> | 9.02%<sup>(4)</sup> | 6.91%<sup>(4)</sup> | 4.54%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.01% | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 119% | 139% | 117% | 75% | 28% |

---

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

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

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

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

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

(6) Amount is less than 0.005%.

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

------

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

December 31, 2025

Notes to Financial Statements

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

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

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

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

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

**1. Security Valuation:** (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of

the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (2) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (3) certain senior loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) over-the-counter ("OTC") swaps may be valued by an outside pricing service approved by the Directors or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Directors have designated the Company's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company's valuation policies and procedures, which are reviewed at least annually by the Directors.

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

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

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

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

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

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

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

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Corporate Bonds | $— | $26099 | $— | $26099 |
| Sovereign |  | 72731 |  | 72731 |
| Senior Loan Interests |  | 7000 |  | 7000 |
| **Total Fixed Income <br>Securities** | **—** | **105830** | **—** | **105830** |
| **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |
| Real Estate <br>Management & <br>Development |  | 4 |  | 4 |
| **Warrants** |  | 7 |  | 7 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| U.S. Treasury Security |  | 308 |  | 308 |
| Investment Company | 3905 |  |  | 3905 |
| **Total Short-Term <br>Investments** | **3905** | **308** | **—** | **4213** |
| **Foreign Currency <br>Forward Exchange <br>Contracts** |  | 2 |  | 2 |
| **Futures Contracts** | 82 |  |  | 82 |
| **Credit Default Swap <br>Agreements** |  | 87 |  | 87 |
| **Total Assets** | **3987** | **106238** | **—** | **110225** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency <br>Forward Exchange <br>Contracts** |  | (63) |  | (63) |
| **Futures Contracts** | (297) |  |  | (297) |
| **Credit Default Swap <br>Agreement** |  | (3) |  | (3) |
| **Total Liabilities** | **(297)** | **(66)** | **—** | **(363)** |
| **Total** | $**3690** | $**106172** | $**—** | $**109862** |

---

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

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

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

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

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

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

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

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

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

values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

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

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

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

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

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

bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

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

**Swaps:** The Fund may enter into OTC swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

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

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

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced

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

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

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

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Asset Derivatives<br>Statement of Assets<br>and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Foreign Currency<br>Forward <br>Exchange <br>Contracts | Unrealized Appreciation<br>on Foreign Currency<br>Forward Exchange<br>Contracts | Currency Risk | $2 |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Interest<br>Rate Risk | 82<br> (a) |
| Swap Agreements | Variation Margin on<br>Swap Agreements | Credit Risk | 50<br> (a) |
| Swap Agreements | Unrealized Appreciation<br>on Swap Agreements | Credit Risk | 37 |
| Total |  |  | $171 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **Liability Derivatives<br>Statement of Assets<br>and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Foreign Currency<br>Forward <br>Exchange <br>Contracts | Unrealized Depreciation<br>on Foreign Currency<br>Forward Exchange<br>Contracts | Currency Risk | $(63) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Interest<br>Rate Risk | (297)(a) |
| Swap Agreements | Variation Margin on<br>Swap Agreements | Credit Risk | (3)(a) |
| Total |  |  | $(363) |

---

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

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2025 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Foreign Currency<br>Forward Exchange<br>Contracts | $(738) |
| Interest Rate Risk | Future Contracts | 7 |
| Credit Risk | Swap Agreements | (37) |
| Total |  | $(768) |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Foreign Currency<br>Forward Exchange<br>Contracts | $(234) |
| Interest Rate Risk | Future Contracts | 617 |
| Credit Risk | Swap Agreements | 55 |
| Total |  | $438 |

---

At December 31, 2025, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities Presented in the<br>Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the<br>Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the<br>Statement of Assets and Liabilities** |
| **Derivative(a)** | **Assets(a)<br>(000)** | **Liabilities(a)<br>(000)** |
| Foreign Currency Forward Exchange <br>Contracts | $2 | $(63) |
| Swap Agreements | 37 |  |
| Total | $39 | $(63) |

---

(a) Excludes exchange-traded derivatives.

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

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

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

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

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** |
| **Counterparty** | **Gross Liability<br>Derivatives<br>Presented in the<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Gross Liability<br>Derivatives<br>Presented in the<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Barclays <br>Bank PLC | $13 |  | $— | $— | $13 |  |
| Goldman <br>Sachs <br>International | 21 |  | (2) |  | 19 |  |
| JPMorgan <br>Chase <br>Bank NA | 5 |  |  |  | 5 |  |
| Total | $39 |  | $(2) | $— | $37 |  |
| **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Statement of<br>Assets and Liabilities** |
| **Counterparty** | **Gross Liability<br>Derivatives<br>Presented in the<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Gross Liability<br>Derivatives<br>Presented in the<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Pledged<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Citibank NA | $4 |  | $— | $— | $4 |  |
| Goldman <br>Sachs <br>International | 59 |  | (2) |  | 57 |  |
| UBS AG |  | @ |  |  |  | @ |
| Total | $63 |  | $(2) | $— | $61 |  |

---

@ Value is less than $500.

For the year ended December 31, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Foreign Currency Forward Exchange Contracts:** | **Foreign Currency Forward Exchange Contracts:** |
| Average monthly principal amount | $13574000 |
| **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $70149000 |
| **Swap Agreements:** | **Swap Agreements:** |
| Average monthly notional amount | $3090000 |

---

**6. Senior Loans:** Senior Loans are typically structured by a syndicate of lenders ("Lenders"), one or more of which administers the Senior Loan on behalf of the Lenders

("Agent"). Lenders may sell interests in Senior Loans to third parties ("Participations") or may assign all or a portion of their interest in a Senior Loan to third parties ("Assignments"). Senior Loans are exempt from registration under the Securities Act of 1933. Presently, Senior Loans are not readily marketable and are often subject to restrictions on resale.

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

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

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

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

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

paid for purchases may be delivered before the exchange is complete. This may subject the Fund to further risk of loss in the event of a failure to complete the transaction by the counterparty.

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

**10. Segment Reporting:** The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

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

---

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

---

For the year ended December 31, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.47% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.10% for Class I shares and 1.15% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2025, approximately $288,000 of advisory fees were waived pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

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

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

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

**E. Distribution Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.20% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the year ended December 31, 2025, this waiver amounted to approximately $20,000.

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

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2025, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $1,000.

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

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

**H. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $118,916,000 and $117,967,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2025

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2025, advisory fees paid were reduced by approximately $7,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $— | $68243 | $64338 | $143 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2025<br>(000)** |
| Liquidity Fund | $— | $— | $3905 |

---

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

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

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

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

The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. As of December 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. Tax positions taken or expected to be taken in the course of preparing the Fund's tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the state departments of revenue and by foreign tax authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2025 and 2024 was as follows:

---

| | |
|:---|:---|
| **2025 Distributions<br>Paid From:** | **2024 Distributions<br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Ordinary<br>Income<br>(000)** |
| $15106 | $10741 |

---

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

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

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2025.

At December 31, 2025, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $8027 | $— |

---

At December 31, 2025, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $3,521,000 and $66,426,000, respectively, that do not have an expiration date.

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

**J. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2025, the Fund did not have any borrowings under the Facility.

**K. Other:** At December 31, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 82.6%.

**L. Market and Geopolitical Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity of the Fund's investments, which may in turn impact the Fund's ability to sell securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These types of events

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

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 preexisting risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

------

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

December 31, 2025

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Emerging Markets Debt Portfolio and the Board of Directors of Morgan Stanley Variable Insurance Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Emerging Markets Debt Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Variable Insurance Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Variable Insurance Fund, Inc.) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2619223_ga002.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 25, 2026

------

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

December 31, 2025

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2025.

The Fund designated approximately $639,000 of its distributions paid as qualified interest income.

The Fund designated approximately $6,768,000 of its distributions paid as business interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

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

December 31, 2025

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

MBDBX-NCSR 12.31.25

------

![](j2619224_aa001.jpg)

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

Annual Financial Statements and Additional Information

December 31, 2025

Emerging Markets Equity Portfolio

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

------

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

December 31, 2025

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-4) | 2 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-4) | 4 |
| [Statement of Operations](#StatementofOperations-4) | 5 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-4) | 6 |
| [Financial Highlights](#FinancialHighlights-4) | 7 |
| [Notes to Financial Statements](#NotestoFinancialStatements-4) | 9 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-4) | 17 |
| [Federal Tax Notice](#FederalTaxNotice-4) | 18 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

------

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

December 31, 2025

Portfolio of Investments

**Emerging Markets Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (100.8%)** | **Common Stocks (100.8%)** | **Common Stocks (100.8%)** |
| **Brazil (5.9%)** | **Brazil (5.9%)** | **Brazil (5.9%)** |
| Banco BTG Pactual SA (Units) (a) | 53844 | $516 |
| Itau Unibanco Holding SA (Preference) | 282360 | 2018 |
| Motiva Infraestrutura de Mobilidade SA | 519988 | 1426 |
| Rede D'Or Sao Luiz SA | 234955 | 1740 |
| Telefonica Brasil SA | 148469 | 889 |
| Vale SA | 81677 | 1066 |
| WEG SA | 329961 | 2915 |
|  |  | 10570 |
| **Chile (0.8%)** | **Chile (0.8%)** | **Chile (0.8%)** |
| Banco de Chile | 7834777 | 1512 |
| **China (21.1%)** | **China (21.1%)** | **China (21.1%)** |
| Alibaba Group Holding Ltd. (b) | 355200 | 6522 |
| Bank of Jiangsu Co. Ltd., Class A | 706500 | 1052 |
| Bank of Ningbo Co. Ltd., Class A | 204200 | 821 |
| BYD Co. Ltd., H Shares (b) | 49600 | 606 |
| China Construction Bank Corp., H Shares (b) | 3094230 | 3063 |
| China International Capital Corp. Ltd., <br>Class H (b) | 279200 | 705 |
| China Merchants Bank Co. Ltd., H Shares (b) | 363500 | 2473 |
| Contemporary Amperex Technology Co. Ltd., <br>Class A | 21600 | 1136 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br>Class A | 157609 | 1344 |
| Kuaishou Technology (b) | 78700 | 651 |
| NARI Technology Co. Ltd., Class A | 301600 | 970 |
| NAURA Technology Group Co. Ltd., Class A | 17120 | 1124 |
| NetEase, Inc. (b) | 47100 | 1296 |
| Ping An Insurance Group Co. of China Ltd., <br>Class H (b) | 120000 | 1008 |
| Shenzhen Inovance Technology Co. Ltd., <br>Class A | 104000 | 1121 |
| Tencent Holdings Ltd. (b) | 130400 | 10007 |
| Trip.com Group Ltd. ADR | 25352 | 1823 |
| Xiaomi Corp., Class B (b)(c) | 230600 | 1164 |
| Yum China Holdings, Inc. | 17879 | 854 |
|  |  | 37740 |
| **Czech Republic (0.7%)** | **Czech Republic (0.7%)** | **Czech Republic (0.7%)** |
| Komercni Banka AS | 21033 | 1186 |
| **India (21.3%)** | **India (21.3%)** | **India (21.3%)** |
| 360 ONE WAM Ltd. | 68873 | 913 |
| Avenue Supermarts Ltd. (c) | 16691 | 703 |
| Axis Bank Ltd. | 106114 | 1501 |
| Bajaj Auto Ltd. | 12654 | 1316 |
| Bajaj Finance Ltd. | 150752 | 1658 |
| CG Power & Industrial Solutions Ltd. | 65757 | 474 |
| Colgate-Palmolive India Ltd. | 13499 | 312 |
| Grasim Industries Ltd. | 39220 | 1235 |
| HDFC Asset Management Co. Ltd. | 51031 | 1518 |
| HDFC Bank Ltd. | 95332 | 1053 |
| HDFC Bank Ltd. ADR | 47400 | 1732 |
| Hindalco Industries Ltd. | 72358 | 714 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Hitachi Energy India Ltd. | 6821 | $| 1390 |
| ICICI Bank Ltd. | 192789 |  | 2885 |
| IDFC First Bank Ltd. | 1834393 |  | 1748 |
| Infosys Ltd. ADR (d) | 106646 |  | 1900 |
| Larsen & Toubro Ltd. | 25348 |  | 1152 |
| Lodha Developers Ltd. | 89671 |  | 1060 |
| Mahindra & Mahindra Ltd. | 62797 |  | 2594 |
| MakeMyTrip Ltd. (c) | 7631 |  | 627 |
| Max Healthcare Institute Ltd. | 113384 |  | 1319 |
| Pidilite Industries Ltd. | 65286 |  | 1077 |
| Reliance Industries Ltd. | 196855 |  | 3445 |
| Samvardhana Motherson International Ltd. | 625350 |  | 835 |
| Shriram Finance Ltd. | 111149 |  | 1234 |
| State Bank of India | 220877 |  | 2416 |
| Swiggy Ltd. (c) | 107616 |  | 463 |
| United Breweries Ltd. | 45404 |  | 820 |
|  |  |  | 38094 |
| **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** |
| Cisarua Mountain Dairy Tbk. PT | 2454000 |  | 832 |
| **Korea, Republic of (12.7%)** | **Korea, Republic of (12.7%)** | **Korea, Republic of (12.7%)** | **Korea, Republic of (12.7%)** |
| HYBE Co. Ltd. (c) | 2222 |  | 508 |
| Hyundai Motor Co. | 7824 |  | 1616 |
| KB Financial Group, Inc. | 20174 |  | 1737 |
| Kia Corp. | 12497 |  | 1059 |
| KT&G Corp. | 9415 |  | 928 |
| NAVER Corp. | 8489 |  | 1427 |
| Samsung Electronics Co. Ltd. | 157841 |  | 13230 |
| SK Hynix, Inc. | 5090 |  | 2305 |
|  |  |  | 22810 |
| **Malaysia (1.3%)** | **Malaysia (1.3%)** | **Malaysia (1.3%)** | **Malaysia (1.3%)** |
| CIMB Group Holdings Bhd. | 635600 |  | 1291 |
| Malayan Banking Bhd. | 389600 |  | 1006 |
|  |  |  | 2297 |
| **Mexico (3.4%)** | **Mexico (3.4%)** | **Mexico (3.4%)** | **Mexico (3.4%)** |
| Grupo Financiero Banorte SAB de CV Series O | 257711 |  | 2388 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 273496 |  | 583 |
| Prologis Property Mexico SA de CV REIT | 323560 |  | 1352 |
| Wal-Mart de Mexico SAB de CV | 596520 |  | 1855 |
|  |  |  | 6178 |
| **Peru (0.5%)** | **Peru (0.5%)** | **Peru (0.5%)** | **Peru (0.5%)** |
| Credicorp Ltd. | 3143 |  | 902 |
| **Poland (3.0%)** | **Poland (3.0%)** | **Poland (3.0%)** | **Poland (3.0%)** |
| Allegro.eu SA (c) | 235762 |  | 2023 |
| Budimex SA | 6423 |  | 1136 |
| Powszechna Kasa Oszczednosci Bank <br>Polski SA | 93843 |  | 2215 |
|  |  |  | 5374 |
| **Saudi Arabia (1.0%)** | **Saudi Arabia (1.0%)** | **Saudi Arabia (1.0%)** | **Saudi Arabia (1.0%)** |
| Alinma Bank | 139809 |  | 908 |
| Bupa Arabia for Cooperative Insurance Co. | 24713 |  | 916 |
|  |  |  | 1824 |

---

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

------

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

December 31, 2025

Portfolio of Investments (cont'd)

**Emerging Markets Equity Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **South Africa (3.3%)** | **South Africa (3.3%)** | **South Africa (3.3%)** |
| AVI Ltd. | 236576 | $1510 |
| Capitec Bank Holdings Ltd. | 10378 | 2605 |
| Clicks Group Ltd. | 51331 | 1046 |
| OUTsurance Group Ltd. | 186913 | 809 |
|  |  | 5970 |
| **Taiwan (23.1%)** | **Taiwan (23.1%)** | **Taiwan (23.1%)** |
| Airtac International Group | 26901 | 793 |
| Alchip Technologies Ltd. | 14000 | 1563 |
| ASE Technology Holding Co. Ltd. | 170000 | 1340 |
| Chailease Holding Co. Ltd. | 193980 | 650 |
| Delta Electronics, Inc. | 47000 | 1434 |
| Hon Hai Precision Industry Co. Ltd. | 366000 | 2683 |
| MediaTek, Inc. | 43000 | 1952 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 549000 | 26987 |
| Unimicron Technology Corp. | 248000 | 1732 |
| Wiwynn Corp. | 16242 | 2314 |
|  |  | 41448 |
| **United Kingdom (1.6%)** | **United Kingdom (1.6%)** | **United Kingdom (1.6%)** |
| Antofagasta PLC | 63619 | 2794 |
| **United States (0.6%)** | **United States (0.6%)** | **United States (0.6%)** |
| MercadoLibre, Inc. (c) | 540 | 1088 |
| **Total Common Stocks (Cost $105,979)** | **Total Common Stocks (Cost $105,979)** | 180619 |
| **Short-Term Investments (1.4%)** | **Short-Term Investments (1.4%)** | **Short-Term Investments (1.4%)** |
| **Investment Company (0.5%)** | **Investment Company (0.5%)** | **Investment Company (0.5%)** |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 3.71% <br>(See Note H) **(Cost $1,012)** | 1012295 | 1012 |
| **Securities held as Collateral on Loaned Securities (0.9%)** | **Securities held as Collateral on Loaned Securities (0.9%)** | **Securities held as Collateral on Loaned Securities (0.9%)** |
| **Investment Company (0.9%)** | **Investment Company (0.9%)** | **Investment Company (0.9%)** |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 3.71% <br>(See Note H) **(Cost $1,598)** | 1597623 | 1598 |
| **Total Short-Term Investments (Cost $2,610)** | **Total Short-Term Investments (Cost $2,610)** | 2610 |
| **Total Investments (102.2%) (Cost $108,589)<br>including $1,900 of Securities Loaned (e)(f)** | **Total Investments (102.2%) (Cost $108,589)<br>including $1,900 of Securities Loaned (e)(f)** | 183229 |
| **Liabilities in Excess of Other Assets (–2.2%)** | **Liabilities in Excess of Other Assets (–2.2%)** | (3982) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $179247 |

---

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

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

(b) Security trades on the Hong Kong exchange.

(c) Non-income producing security.

(d) All or a portion of this security was on loan at December 31, 2025.

(e) The approximate fair value and percentage of net assets, $165,515,000 and 92.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

(f) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $109,525,000. The aggregate gross unrealized appreciation is approximately $76,325,000 and the aggregate gross unrealized depreciation is approximately $4,936,000, resulting in net unrealized appreciation of approximately $71,389,000.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 39.4% |
| Banks | 20.1 |
| Semiconductors & Semiconductor Equipment | 19.4 |
| Tech Hardware, Storage & Peripherals | 9.2 |
| Interactive Media & Services | 6.6 |
| Broadline Retail | 5.3 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2025.

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

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

------

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

December 31, 2025

**Emerging Markets Equity Portfolio**

---

| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | **December 31, 2025<br>(000)** | **December 31, 2025<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> (Cost $105,979) | $180619 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $2,610) | 2610 |  |
| Total Investments in Securities, at Value (Cost $108,589) | 183229 |  |
| Foreign Currency, at Value (Cost $160) | 162 |  |
| Dividends Receivable | 352 |  |
| Receivable for Fund Shares Sold | 111 |  |
| Tax Reclaim Receivable | 43 |  |
| Receivable from Securities Lending Income | 15 |  |
| Receivable from Affiliate | 4 |  |
| Other Assets | 20 |  |
| Total Assets | 183936 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Deferred Capital Gain Country Tax | 2514 |  |
| Collateral on Securities Loaned, at Value | 1598 |  |
| Payable for Advisory Fees | 298 |  |
| Payable for Fund Shares Redeemed | 79 |  |
| Payable for Servicing Fees | 65 |  |
| Payable for Custodian Fees | 58 |  |
| Payable for Professional Fees | 28 |  |
| Payable for Administration Fees | 12 |  |
| Payable for Transfer Agency Fees | 4 |  |
| Payable for Distribution Fees — Class II Shares |  | @ |
| Other Liabilities | 33 |  |
| Total Liabilities | 4689 |  |
| **NET ASSETS** | $179247 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $97624 |  |
| Total Distributable Earnings | 81623 |  |
| **Net Assets** | $179247 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $126715 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 7,213,440 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $17.57 |  |
| **CLASS II:** | **CLASS II:** | **CLASS II:** |
| **Net Assets** | $52532 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 3,003,616 Outstanding <br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $17.49 |  |
| **<sup>(1)</sup> Including:** | **<sup>(1)</sup> Including:** | **<sup>(1)</sup> Including:** |
| Securities on Loan, at Value: | $1900 |  |

---

@ Amount is less than $500.

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

------

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

December 31, 2025

**Emerging Markets Equity Portfolio**

---

| | |
|:---|:---|
| Statement of Operations | **Year Ended<br>December 31, 2025<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers (Net of $504 of Foreign Taxes Withheld) | $3676 |
| Dividends from Security of Affiliated Issuer (Note H) | 118 |
| Income from Securities Loaned — Net | 55 |
| Total Investment Income | 3849 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 1223 |
| Servicing Fees (Note D) | 261 |
| Professional Fees | 240 |
| Custodian Fees (Note G) | 137 |
| Administration Fees (Note C) | 131 |
| Distribution Fees — Class II Shares (Note E) | 121 |
| Transfer Agency Fees (Note F) | 28 |
| Shareholder Reporting Fees | 26 |
| Directors' Fees and Expenses | 8 |
| Pricing Fees | 7 |
| Other Expenses | 28 |
| Total Expenses | 2210 |
| Waiver of Distribution Fees — Class II Shares (Note E) | (97) |
| Waiver of Advisory Fees (Note B) | (49) |
| Rebate from Morgan Stanley Affiliate (Note H) | (4) |
| Net Expenses | 2060 |
| **Net Investment Income** | 1789 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of $296 of Capital Gain Country Tax) | 8080 |
| Foreign Currency Transactions | (80) |
| Net Realized Gain | 8000 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $409) | 37177 |
| Foreign Currency Translation | 12 |
| Net Change in Unrealized Appreciation (Depreciation) | 37189 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 45189 |
| **Net Increase in Net Assets Resulting from Operations** | $46978 |

---

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

------

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

December 31, 2025

**Emerging Markets Equity Portfolio**

---

| | | |
|:---|:---|:---|
| Statements of Changes in Net Assets | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $1789 | $1655 |
| Net Realized Gain | 8000 | 8140 |
| Net Change in Unrealized Appreciation (Depreciation) | 37189 | 2525 |
| Net Increase in Net Assets Resulting from Operations | 46978 | 12320 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I | (4290) | (1538) |
| Class II | (1806) | (636) |
| Total Dividends and Distributions to Shareholders | (6096) | (2174) |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Class I: | Class I: | Class I: |
| Subscribed | 11013 | 7816 |
| Distributions Reinvested | 4290 | 1538 |
| Redeemed | (25513) | (20302) |
| Class II: | Class II: | Class II: |
| Subscribed | 2890 | 2516 |
| Distributions Reinvested | 1806 | 636 |
| Redeemed | (9728) | (9906) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (15242) | (17702) |
| Total Increase (Decrease) in Net Assets | 25640 | (7556) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 153607 | 161163 |
| End of Period | $179247 | $153607 |
| **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** |
| Class I: | Class I: | Class I: |
| Shares Subscribed | 701 | 559 |
| Shares Issued on Distributions Reinvested | 285 | 106 |
| Shares Redeemed | (1652) | (1477) |
| Net Decrease in Class I Shares Outstanding | (666) | (812) |
| Class II: | Class II: | Class II: |
| Shares Subscribed | 189 | 185 |
| Shares Issued on Distributions Reinvested | 120 | 44 |
| Shares Redeemed | (631) | (721) |
| Net Decrease in Class II Shares Outstanding | (322) | (492) |

---

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

------

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

December 31, 2025

Financial Highlights

**Emerging Markets Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $13.73 | $12.90 | $11.92 | $18.11 | $17.73 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.17 | 0.14 | 0.19 | 0.19 | 0.08 |
| Net Realized and Unrealized Gain (Loss) | 4.26 | 0.88 | 1.21 | (4.81) | 0.46 |
| Total from Investment Operations | 4.43 | 1.02 | 1.40 | (4.62) | 0.54 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.06) | (0.19) | (0.20) | (0.06) | (0.16) |
| Net Realized Gain | (0.53) |  | (0.22) | (1.51) |  |
| Total Distributions | (0.59) | (0.19) | (0.42) | (1.57) | (0.16) |
| **Net Asset Value, End of Period** | $17.57 | $13.73 | $12.90 | $11.92 | $18.11 |
| **Total Return<sup>(2)</sup>** | 32.96% | 7.82% | 11.97%<sup>(3)</sup> | (25.08)% | 2.99% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $126715 | $108157 | $112121 | $111050 | $160661 |
| Ratio of Expenses Before Expense Limitation | 1.28% | 1.26% | 1.28% | 1.32% | 1.25% |
| Ratio of Expenses After Expense Limitation | 1.25%<sup>(4)</sup> | 1.25%<sup>(4)</sup> | 1.24%<sup>(4)(5)</sup> | 1.25%<sup>(4)</sup> | 1.25%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.11%<sup>(4)</sup> | 1.04%<sup>(4)</sup> | 1.52%<sup>(4)(5)</sup> | 1.41%<sup>(4)</sup> | 0.44%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 23% | 36% | 33% | 38% | 39% |

---

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

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

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

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

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

---

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

---

(6) Amount is less than 0.005%.

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

------

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

December 31, 2025

Financial Highlights

**Emerging Markets Equity Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $13.67 | $12.85 | $11.87 | $18.04 | $17.66 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.16 | 0.14 | 0.18 | 0.18 | 0.07 |
| Net Realized and Unrealized Gain (Loss) | 4.25 | 0.86 | 1.22 | (4.79) | 0.46 |
| Total from Investment Operations | 4.41 | 1.00 | 1.40 | (4.61) | 0.53 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.06) | (0.18) | (0.20) | (0.05) | (0.15) |
| Net Realized Gain | (0.53) |  | (0.22) | (1.51) |  |
| Total Distributions | (0.59) | (0.18) | (0.42) | (1.56) | (0.15) |
| **Net Asset Value, End of Period** | $17.49 | $13.67 | $12.85 | $11.87 | $18.04 |
| **Total Return<sup>(2)</sup>** | 32.90% | 7.72% | 11.96%<sup>(3)</sup> | (25.13)% | 2.95% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $52532 | $45450 | $49042 | $48709 | $67300 |
| Ratio of Expenses Before Expense Limitation | 1.53% | 1.51% | 1.53% | 1.57% | 1.50% |
| Ratio of Expenses After Expense Limitation | 1.30%<sup>(4)</sup> | 1.30%<sup>(4)</sup> | 1.29%<sup>(4)(5)</sup> | 1.30%<sup>(4)</sup> | 1.30%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.06%<sup>(4)</sup> | 0.99%<sup>(4)</sup> | 1.47%<sup>(4)(5)</sup> | 1.36%<sup>(4)</sup> | 0.39%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 23% | 36% | 33% | 38% | 39% |

---

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

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

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

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

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

---

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

---

(6) Amount is less than 0.005%.

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

------

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

December 31, 2025

Notes to Financial Statements

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

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

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

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

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

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

as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Company ("MSIM Company") (the "Sub- Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (5) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts")

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

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

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

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

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

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

• Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making

this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobile Components | $— | $835 | $— | $835 |
| Automobiles |  | 7191 |  | 7191 |
| Banks | 5022 | 31489 |  | 36511 |
| Beverages |  | 820 |  | 820 |
| Broadline Retail | 1088 | 8545 |  | 9633 |
| Capital Markets |  | 3652 |  | 3652 |
| Chemicals |  | 1077 |  | 1077 |
| Construction & <br>Engineering |  | 2288 |  | 2288 |
| Construction Materials |  | 1235 |  | 1235 |
| Consumer Finance |  | 2891 |  | 2891 |
| Consumer Staples <br>Distribution & Retail | 1855 | 1749 |  | 3604 |
| Diversified <br>Telecommunication <br>Services |  | 889 |  | 889 |
| Electrical Equipment |  | 6886 |  | 6886 |
| Electronic Equipment, <br>Instruments & <br>Components |  | 5848 |  | 5848 |
| Entertainment |  | 1805 |  | 1805 |
| Financial Services |  | 650 |  | 650 |
| Food Products |  | 2342 |  | 2342 |
| Health Care Providers & <br>Services |  | 3059 |  | 3059 |
| Hotels, Restaurants & <br>Leisure | 3304 | 463 |  | 3767 |
| Household Products | 583 |  |  | 583 |
| Industrial REITs | 1352 |  |  | 1352 |
| Information Technology <br>Services | 1900 |  |  | 1900 |
| Insurance |  | 2732 |  | 2732 |

---

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Interactive Media & <br>Services | $— | $12085 | $— | $12085 |
| Machinery |  | 1914 |  | 1914 |
| Metals & Mining |  | 4575 |  | 4575 |
| Oil, Gas & Consumable <br>Fuels |  | 3445 |  | 3445 |
| Personal Care Products |  | 312 |  | 312 |
| Pharmaceuticals |  | 1344 |  | 1344 |
| Real Estate <br>Management & <br>Development |  | 1060 |  | 1060 |
| Semiconductors & <br>Semiconductor <br>Equipment |  | 35273 |  | 35273 |
| Tech Hardware, <br>Storage & Peripherals |  | 16707 |  | 16707 |
| Tobacco |  | 928 |  | 928 |
| Transportation <br>Infrastructure |  | 1426 |  | 1426 |
| **Total Common Stocks** | **15104** | **165515** | **—** | **180619** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 2610 |  |  | 2610 |
| **Total Assets** | $**17714** | $**165515** | $**—** | $**183229** |

---

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

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

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

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in

securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

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

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

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

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

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

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

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

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** | **Gross Amount Not Offset in the Statement of Assets and Liabilities** |
| **Gross Asset <br>Amount<br>Presented in <br>the Statement <br>of Assets and <br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| $1900<br> (a) | $— | $(1900)(b)(c) | $0 |

---

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

(b) The Fund received cash collateral of approximately $1,598,000, which was subsequently invested in the Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $375,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

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

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

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 & <br>90 days<br>(000)** | **>90 days<br>(000)** | **Total<br>(000)** |
| **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** | **Securities Lending <br>Transactions** |
| Common Stocks | $1598 | $— | $— | $— | $1598 |
| **Total Borrowings** | $**1598** | $**—** | $**—** | $**—** | $**1598** |
| **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** | **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** | **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** | **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** | **Gross amount of <br>recognized liabilities <br>for securities lending <br>transactions** | $**1598** |

---

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

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

Settlement and registration of foreign securities transactions may be subject to significant risks not normally associated with investments in the United States. In certain markets, ownership of shares is defined according to entries in the issuer's share register. It is possible that a Fund holding these securities could lose its share registration

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

through fraud, negligence or even mere oversight. In addition, shares being delivered for sales and cash being paid for purchases may be delivered before the exchange is complete. This may subject the Fund to further risk of loss in the event of a failure to complete the transaction by the counterparty.

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

**8. Segment Reporting:** The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

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

---

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

---

For the year ended December 31, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.72% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.25% for Class I shares and 1.30% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2025, approximately $49,000 of advisory fees were waived pursuant to this arrangement.

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

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

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

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

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

**E. Distribution Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.20% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the year ended December 31, 2025, this waiver amounted to approximately $97,000.

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

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2025, co-transfer agency

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $1,000.

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

**H. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $36,482,000 and $53,812,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2025.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2025, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $6285 | $37964 | $41639 | $118 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2025<br>(000)** |
| Liquidity Fund | $— | $— | $2610 |

---

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 under the Act, 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 year ended ended December 31, 2025, the Fund did not engage in any cross-trade transactions.

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

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

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

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

The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

federal income or excise tax is necessary. As of December 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. Tax positions taken or expected to be taken in the course of preparing the Fund's tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the state departments of revenue and by foreign tax authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2025 Distributions <br>Paid From:** | **2025 Distributions <br>Paid From:** | **2024 Distributions <br>Paid From:** | **2024 Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $633 | $5463 | $2174 | $— |

---

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

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

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2025.

At December 31, 2025, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $2294 | $7953 |

---

**J. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2025, the Fund did not have any borrowings under the Facility.

**K. Other:** At December 31, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 67.1%.

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

------

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

December 31, 2025

Notes to Financial Statements (cont'd)

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 similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). 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 preexisting risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

------

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

December 31, 2025

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Emerging Markets Equity Portfolio and the Board of Directors of Morgan Stanley Variable Insurance Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Emerging Markets Equity Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Variable Insurance Fund, Inc. (the "Company")), including the portfolio of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Variable Insurance Fund, Inc.) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2619224_ga002.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 25, 2026

------

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

December 31, 2025

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2025.

The Fund designated and paid approximately $5,463,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2025. When distributed, certain earnings may be subject to maximum tax rate of 15% as provided for by the Jobs and growth Tax Reconciliation Act of 2003. The fund designed up to a maximum of approximately $2,216,000 as taxable at this lower rate.

The Fund intends to pass through foreign tax credits of approximately $788,000 and has derived net income from sources within foreign countries amounting to approximately $4,428,000.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

(This page has been left blank intentionally.)

------

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

December 31, 2025

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

MSMBX-NCSR 12.31.25

------

![](j2619225_aa001.jpg)

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

Annual Financial Statements and Additional Information

December 31, 2025

Global Strategist Portfolio

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

------

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

December 31, 2025

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-5) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-5) | 26 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-5) | 27 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-5) | 28 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-5) | 29 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-5) | 31 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-5) | 45 |
| [Federal Tax Notice](#FederalTaxNotice-5) | 46 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

------

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

December 31, 2025

Consolidated Portfolio of Investments

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Fixed Income Securities (45.0%)** | **Fixed Income Securities (45.0%)** | **Fixed Income Securities (45.0%)** |
| **Agency Fixed Rate Mortgages (3.9%)** | **Agency Fixed Rate Mortgages (3.9%)** | **Agency Fixed Rate Mortgages (3.9%)** |
| **United States (3.9%)** | **United States (3.9%)** | **United States (3.9%)** |
| Federal Home Loan Mortgage Corporation,<br>Conventional Pools:<br>2.00%, 6/1/52 | $558 | $452 |
| 3.00%, 11/1/52 | 87 | 77 |
| 4.50%, 1/1/49 | 11 | 11 |
| 5.50%, 12/1/54 | 236 | 240 |
| 6.00%, 9/1/54 | 127 | 131 |
| Gold Pools:<br>3.50%, 2/1/45 - 6/1/45 | 137 | 128 |
| 4.50%, 1/1/49 | 7 | 7 |
| Federal National Mortgage Association,<br>Conventional Pools: | Federal National Mortgage Association,<br>Conventional Pools: | Federal National Mortgage Association,<br>Conventional Pools: |
| 2.50%, 10/1/51 | 255 | 216 |
| 3.00%, 4/1/52 | 337 | 299 |
| 3.50%, 1/1/51 | 342 | 320 |
| 4.00%, 11/1/41 - 1/1/46 | 137 | 133 |
| 4.50%, 3/1/41 - 11/1/44 | 51 | 50 |
| 5.00%, 1/1/41 - 3/1/41 | 20 | 21 |
| 5.50%, 8/1/55 | 215 | 219 |
| 6.00%, 1/1/38 - 10/1/55 | 152 | 158 |
| 6.50%, 10/1/53 | 16 | 17 |
| January TBA:<br>2.50%, 1/1/55 (a) | 530 | 448 |
| 3.00%, 1/1/56 (a) | 60 | 53 |
| 4.00%, 1/1/56 (a) | 60 | 57 |
| 4.50%, 1/1/55 (a) | 60 | 59 |
| 5.00%, 1/1/55 (a) | 140 | 140 |
| Government National Mortgage Association,<br>Various Pools: | Government National Mortgage Association,<br>Various Pools: | Government National Mortgage Association,<br>Various Pools: |
| 4.00%, 7/15/44 | 6 | 6 |
| 5.00%, 2/20/49 | 3 | 3 |
| **Total Agency Fixed Rate Mortgages (Cost $3,341)**  | **Total Agency Fixed Rate Mortgages (Cost $3,341)**  | 3245 |
| **Asset-Backed Securities (0.9%)** | **Asset-Backed Securities (0.9%)** | **Asset-Backed Securities (0.9%)** |
| **Ireland (0.0%)‡** | **Ireland (0.0%)‡** | **Ireland (0.0%)‡** |
| European Residential Loan Securitisation <br>2019-NPL1 DAC, Class A<br>1 Month EURIBOR + 3.25%,<br>5.15%, 7/24/54 (b) | 30 | 36 |
| **United States (0.9%)** | **United States (0.9%)** | **United States (0.9%)** |
| Cloud Capital Holdco LP, Class A2<br>5.78%, 11/22/49 (c) | $150 | 151 |
| DataBank Issuer II LLC, Class A2<br>5.18%, 9/27/55 (c) | 160 | 158 |
| Renaissance Home Equity Loan Trust,<br>1 Month Term SOFR + 0.87%,<br>4.61%, 12/25/32 (b) | 68 | 64 |
| Retained Vantage Data Centers Issuer <br>LLC, Class A2A<br>5.00%, 9/15/48 (c) | 100 | 100 |
| SLM Student Loan Trust,<br>3 Month EURIBOR + 0.55%,<br>2.62%, 7/25/39 (b) | 42 | 47 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| STAR Trust, Class A<br>1 Month Term SOFR + 1.75%,<br>5.50%, 10/17/41 (b)(c) | $200 | $ | 200 |
|  |  |  | 720 |
| **Total Asset-Backed Securities (Cost $743)** | **Total Asset-Backed Securities (Cost $743)** |  | 756 |
| **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** |
| **Germany (0.0%)‡** | **Germany (0.0%)‡** | **Germany (0.0%)‡** | **Germany (0.0%)‡** |
| Berg Finance DAC,<br>3 Month EURIBOR + 1.05%,<br>3.07%, 4/22/33 (b) | 15 |  | 18 |
| **United States (0.5%)** | **United States (0.5%)** | **United States (0.5%)** | **United States (0.5%)** |
| BAMLL Trust,<br>1 Month Term SOFR + 2.35%,<br>6.10%, 8/15/39 (b)(c) | $200 |  | 201 |
| BPR Trust,<br>1 Month Term SOFR + 3.00%,<br>6.75%, 5/15/39 (b)(c) | 100 |  | 100 |
| JW Commercial Mortgage Trust,<br>1 Month Term SOFR + 1.62%,<br>5.37%, 6/15/39 (b)(c) | 100 |  | 100 |
|  |  |  | 401 |
| **Total Commercial Mortgage-Backed Securities (Cost $418)** | **Total Commercial Mortgage-Backed Securities (Cost $418)** |  | 419 |
| **Corporate Bonds (7.7%)** | **Corporate Bonds (7.7%)** | **Corporate Bonds (7.7%)** | **Corporate Bonds (7.7%)** |
| **Australia (0.4%)** | **Australia (0.4%)** | **Australia (0.4%)** | **Australia (0.4%)** |
| NBN Co. Ltd.,<br>2.63%, 5/5/31 (c) | 200 |  | 184 |
| Westpac Banking Corp.,<br>2.67%, 11/15/35 | 125 |  | 113 |
|  |  |  | 297 |
| **Canada (0.3%)** | **Canada (0.3%)** | **Canada (0.3%)** | **Canada (0.3%)** |
| Province of Quebec Canada,<br>0.00%, 10/29/30 | 210 |  | 216 |
| **France (0.6%)** | **France (0.6%)** | **France (0.6%)** | **France (0.6%)** |
| AXA SA,<br>3.25%, 5/28/49 | 100 |  | 117 |
| BNP Paribas SA,<br>1.13%, 6/11/26 | 225 |  | 263 |
| BPCE SA,<br>5.75%, 6/1/33 | 100 |  | 125 |
|  |  |  | 505 |
| **Germany (0.5%)** | **Germany (0.5%)** | **Germany (0.5%)** | **Germany (0.5%)** |
| Allianz SE,<br>5.82%, 7/25/53 | 100 |  | 131 |
| RWE AG,<br>3.63%, 1/10/32 | 30 |  | 36 |
| Volkswagen International Finance NV,<br>Series 10Y<br>1.88%, 3/30/27 | 200 |  | 233 |
|  |  |  | 400 |
| **Japan (0.1%)** | **Japan (0.1%)** | **Japan (0.1%)** | **Japan (0.1%)** |
| JT International Financial Services BV,<br>3.63%, 4/11/34 | 100 |  | 116 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Korea, Republic of (0.2%)** | **Korea, Republic of (0.2%)** | **Korea, Republic of (0.2%)** |
| Korea Southern Power Co. Ltd.,<br>0.75%, 1/27/26 (c) | $200 | $200 |
| **Luxembourg (0.1%)** | **Luxembourg (0.1%)** | **Luxembourg (0.1%)** |
| Blackstone Property Partners Europe <br>Holdings SARL,<br>1.25%, 4/26/27 | 100 | 116 |
| **Netherlands (0.2%)** | **Netherlands (0.2%)** | **Netherlands (0.2%)** |
| Alliander NV,<br>4.50%, 3/27/32 (d) | 100 | 122 |
| **Spain (0.1%)** | **Spain (0.1%)** | **Spain (0.1%)** |
| CaixaBank SA,<br>4.00%, 3/5/37 | 100 | 118 |
| **United Arab Emirates (0.2%)** | **United Arab Emirates (0.2%)** | **United Arab Emirates (0.2%)** |
| Galaxy Pipeline Assets Bidco Ltd.,<br>2.63%, 3/31/36 (c) | $225 | 199 |
| **United Kingdom (0.5%)** | **United Kingdom (0.5%)** | **United Kingdom (0.5%)** |
| BAT Capital Corp.,<br>3.56%, 8/15/27 | 108 | 107 |
| HSBC Holdings PLC,<br>2.87%, 11/22/32 | 200 | 182 |
| Lloyds Banking Group PLC,<br>2.00%, 4/12/28 | 100 | 131 |
|  |  | 420 |
| **United States (4.5%)** | **United States (4.5%)** | **United States (4.5%)** |
| Aon North America, Inc.,<br>5.45%, 3/1/34 | $100 | 104 |
| AT&T, Inc.,<br>2.90%, 12/4/26 | 100 | 134 |
| 3.65%, 6/1/51 | $75 | 53 |
| Bank of New York Mellon Corp.,<br>MTN<br>5.19%, 3/14/35 | 75 | 78 |
| Boeing Co.,<br>5.81%, 5/1/50 | 50 | 49 |
| 6.26%, 5/1/27 | 25 | 26 |
| 6.30%, 5/1/29 | 25 | 27 |
| Charles Schwab Corp.,<br>5.85%, 5/19/34 | 90 | 96 |
| Charter Communications Operating <br>LLC/Charter Communications <br>Operating Capital,<br>3.50%, 3/1/42 | 25 | 17 |
| 5.38%, 5/1/47 | 100 | 82 |
| Citigroup, Inc.,<br>3.06%, 1/25/33 | 275 | 252 |
| Diamondback Energy, Inc.,<br>6.25%, 3/15/33 | 50 | 54 |
| Enterprise Products Operating LLC,<br>3.95%, 1/31/60 | 50 | 37 |
| 5.20%, 1/15/36 | 25 | 25 |
| Global Payments, Inc.,<br>4.45%, 6/1/28 | 100 | 100 |
| Goldman Sachs Group, Inc.,<br>0.75%, 3/23/32 | 90 | 91 |
| 5.85%, 4/25/35 | $100 | 106 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| Hyundai Capital America,<br>5.30%, 6/24/29 (c) | $150 | $| 154 |
| Jefferies Financial Group, Inc.,<br>2.63%, 10/15/31 | 100 |  | 89 |
| JPMorgan Chase & Co.,<br>6.25%, 10/23/34 | 175 |  | 192 |
| Las Vegas Sands Corp.,<br>5.63%, 6/15/28 | 25 |  | 26 |
| 5.90%, 6/1/27 | 50 |  | 51 |
| 6.00%, 8/15/29 - 6/14/30 | 60 |  | 63 |
| Medtronic Global Holdings SCA,<br>1.00%, 7/2/31 | 100 |  | 105 |
| Meta Platforms, Inc.,<br>5.63%, 11/15/55 | $50 |  | 48 |
| Metropolitan Life Global Funding I,<br>2.95%, 4/9/30 (c) | 150 |  | 142 |
| Micron Technology, Inc.,<br>5.30%, 1/15/31 | 200 |  | 207 |
| Nuveen LLC,<br>5.85%, 4/15/34 (c) | 25 |  | 26 |
| ONEOK, Inc.,<br>5.05%, 11/1/34 | 100 |  | 99 |
| 6.50%, 9/1/30 (c) | 100 |  | 107 |
| Oracle Corp.,<br>5.20%, 9/26/35 | 75 |  | 72 |
| 5.88%, 9/26/45 | 25 |  | 23 |
| Pfizer Investment Enterprises Pte. Ltd.,<br>5.34%, 5/19/63 | 50 |  | 46 |
| PNC Financial Services Group, Inc.,<br>6.88%, 10/20/34 | 125 |  | 142 |
| Prologis Euro Finance LLC,<br>1.88%, 1/5/29 | 100 |  | 114 |
| Thermo Fisher Scientific, Inc.,<br>0.88%, 10/1/31 | 100 |  | 104 |
| Transcontinental Gas Pipe Line Co. LLC,<br>4.60%, 3/15/48 | $125 |  | 109 |
| U.S. Bancorp,<br>5.68%, 1/23/35 | 50 |  | 53 |
| 5.84%, 6/12/34 | 75 |  | 80 |
| Upjohn Finance BV,<br>1.91%, 6/23/32 | 100 |  | 103 |
| Verizon Communications, Inc.,<br>2.55%, 3/21/31 | $50 |  | 46 |
| 3.38%, 10/27/36 | 100 |  | 112 |
| Vontier Corp.,<br>2.40%, 4/1/28 | $50 |  | 48 |
|  |  |  | 3692 |
| **Total Corporate Bonds (Cost $6,309)** | **Total Corporate Bonds (Cost $6,309)** |  | 6401 |
| **Mortgages — Other (1.6%)** | **Mortgages — Other (1.6%)** | **Mortgages — Other (1.6%)** | **Mortgages — Other (1.6%)** |
| **United Kingdom (0.1%)** | **United Kingdom (0.1%)** | **United Kingdom (0.1%)** | **United Kingdom (0.1%)** |
| Landmark Mortgage Securities No. 3 PLC,<br>1 day GBP SONIA + 2.22%,<br>6.15%, 4/17/44 (b) | 45 |  | 58 |
| **United States (1.5%)** | **United States (1.5%)** | **United States (1.5%)** | **United States (1.5%)** |
| A&D Mortgage Trust, Class A1<br>6.13%, 5/25/68 (c) | $135 |  | 136 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Face Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Bayview Opportunity Master Fund VI Trust,<br>3.00%, 1/25/52 (b)(c) | $| 79 | $| 69 |
| Chase Home Lending Mortgage Trust,<br>5.50%, 8/25/55 (b)(c) |  | 115 |  | 116 |
| Federal Home Loan Mortgage Corp. <br>Seasoned Credit Risk Transfer Trust,<br>3.00%, 11/25/57 |  | 68 |  | 60 |
| 3.00%, 7/25/58 |  | 72 |  | 63 |
| 3.00%, 10/25/58 |  | 11 |  | 10 |
| 4.00%, 10/25/58 |  | 10 |  | 9 |
| Federal Home Loan Mortgage Corp. <br>Whole Loan Securities Trust,<br>3.00%, 9/25/45 |  | 13 |  | 11 |
| 3.00%, 7/25/46 |  | 7 |  | 6 |
| 3.00%, 5/25/47 |  | 31 |  | 27 |
| 3.50%, 5/25/45 |  | 6 |  | 5 |
| 3.50%, 9/25/45 |  | 15 |  | 14 |
| 3.50%, 7/25/46 |  | 9 |  | 8 |
| 4.00%, 5/25/45 |  | 2 |  | 2 |
| 3.00%, 12/25/46 |  | 25 |  | 22 |
| GCAT Trust, Class 2A2<br>6.50%, 1/25/54 (b)(c) |  | 80 |  | 82 |
| GS Mortgage-Backed Securities Trust, <br>Class A1<br>6.00%, 2/25/56 (b)(c) |  | 89 |  | 91 |
| Hundred Acre Wood Trust,<br>2.50%, 12/25/51 (b)(c) |  | 75 |  | 63 |
| JP Morgan Mortgage Trust,<br>3.00%, 4/25/52 (b)(c) |  | 135 |  | 118 |
| 3.00%, 9/25/52 (b)(c) |  | 149 |  | 130 |
| 3.25%, 7/25/52 (b)(c) |  | 72 |  | 65 |
| PRKCM 2023-AFC1 Trust, Class A1<br>6.60%, 2/25/58 (c) |  | 97 |  | 97 |
| PRMI Securitization Trust,<br>2.50%, 4/25/51 (b)(c) |  | 75 |  | 63 |
|  |  |  |  | 1267 |
| **Total Mortgages — Other (Cost $1,412)** | **Total Mortgages — Other (Cost $1,412)** | **Total Mortgages — Other (Cost $1,412)** |  | 1325 |
| **Sovereign (21.2%)** | **Sovereign (21.2%)** | **Sovereign (21.2%)** | **Sovereign (21.2%)** | **Sovereign (21.2%)** |
| **Australia (1.1%)** | **Australia (1.1%)** | **Australia (1.1%)** | **Australia (1.1%)** | **Australia (1.1%)** |
| Australia Government Bond,<br>1.25%, 5/21/32 | AUD | 190 |  | 104 |
| Queensland Treasury Corp.,<br>3.25%, 5/21/35 (c) | EUR | 100 |  | 116 |
| South Australian Government <br>Financing Authority,<br>1.75%, 5/24/34 | AUD | 200 |  | 103 |
| Treasury Corp. of Victoria,<br>2.00%, 9/17/35 |  | 420 |  | 209 |
| 2.25%, 9/15/33 |  | 389 |  | 213 |
| MTN<br>1.50%, 9/10/31 |  | 260 |  | 145 |
|  |  |  |  | 890 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** |
| Republic of Austria Government Bond,<br>0.00%, 2/20/30 | EUR | 60 | $64 |
| **Belgium (0.2%)** | **Belgium (0.2%)** | **Belgium (0.2%)** | **Belgium (0.2%)** |
| Kingdom of Belgium Government Bond,<br>1.70%, 6/22/50 |  | 80 | 59 |
| 3.45%, 6/22/43 |  | 100 | 110 |
|  |  |  | 169 |
| **Canada (1.2%)** | **Canada (1.2%)** | **Canada (1.2%)** | **Canada (1.2%)** |
| British Columbia Investment <br>Management Corp.,<br>4.00%, 6/2/35 | CAD | 200 | 147 |
| Canadian Government Bond,<br>2.00%, 12/1/51 |  | 20 | 10 |
| 3.25%, 12/1/33 |  | 430 | 313 |
| 3.50%, 12/1/57 |  | 210 | 143 |
| Province of Alberta Canada,<br>3.38%, 4/2/35 | EUR | 100 | 118 |
| Province of Ontario Canada,<br>3.25%, 7/3/35 |  | 100 | 116 |
| Province of Quebec Canada,<br>3.25%, 5/22/35 |  | 100 | 116 |
|  |  |  | 963 |
| **Chile (0.3%)** | **Chile (0.3%)** | **Chile (0.3%)** | **Chile (0.3%)** |
| Chile Government International Bond,<br>3.75%, 1/14/32 |  | 100 | 119 |
| 3.80%, 7/1/35 |  | 30 | 35 |
| 3.88%, 7/9/31 |  | 100 | 121 |
|  |  |  | 275 |
| **China (3.7%)** | **China (3.7%)** | **China (3.7%)** | **China (3.7%)** |
| China Government Bond,<br>1.43%, 1/25/30 | CNY | 2640 | 376 |
| 2.04%, 11/25/34 |  | 1920 | 279 |
| 2.37%, 1/20/27 |  | 1200 | 174 |
| 2.40%, 7/15/28 |  | 1000 | 147 |
| 2.69%, 8/15/32 |  | 1300 | 197 |
| 2.80%, 11/15/32 |  | 3390 | 519 |
| 3.12%, 10/25/52 |  | 400 | 66 |
| 3.13%, 11/21/29 |  | 3550 | 541 |
| 3.27%, 11/19/30 |  | 2510 | 390 |
| 3.52%, 4/25/46 |  | 50 | 9 |
| 3.53%, 10/18/51 |  | 200 | 35 |
| 3.81%, 9/14/50 |  | 300 | 54 |
| 3.86%, 7/22/49 |  | 1410 | 256 |
|  |  |  | 3043 |
| **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** |
| Czech Republic Government Bond,<br>1.20%, 3/13/31 | CZK | 1100 | 46 |
| **Denmark (0.1%)** | **Denmark (0.1%)** | **Denmark (0.1%)** | **Denmark (0.1%)** |
| Denmark Government Bond,<br>0.50%, 11/15/27 | DKK | 580 | 89 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Estonia (0.1%)** | **Estonia (0.1%)** | **Estonia (0.1%)** |
| Estonia Government International Bond,<br>3.25%, 1/17/34 | 60 | $70 |
| **Finland (0.2%)** | **Finland (0.2%)** | **Finland (0.2%)** |
| Finland Government Bond,<br>0.13%, 4/15/36 | 220 | 189 |
| **France (2.0%)** | **France (2.0%)** | **France (2.0%)** |
| Agence Francaise de Developpement <br>EPIC,<br>1.50%, 10/31/34 | 100 | 99 |
| French Republic Government Bond OAT,<br>0.00%, 11/25/29 | 630 | 670 |
| 2.70%, 2/25/31 | 690 | 805 |
| SNCF Reseau,<br>1.88%, 3/30/34 | 100 | 103 |
|  |  | 1677 |
| **Germany (2.6%)** | **Germany (2.6%)** | **Germany (2.6%)** |
| Bundesobligation,<br>1.30%, 10/15/27 | 1110 | 1287 |
| Bundesrepublik Deutschland <br>Bundesanleihe,<br>0.00%, 8/15/31 | 80 | 82 |
| 0.25%, 2/15/29 | 240 | 265 |
| 2.50%, 8/15/54 | 340 | 330 |
| State of North Rhine-Westphalia <br>Germany,<br>1.65%, 2/22/38 | 230 | 224 |
|  |  | 2188 |
| **Greece (0.0%)‡** | **Greece (0.0%)‡** | **Greece (0.0%)‡** |
| Hellenic Republic Government Bond,<br>4.38%, 7/18/38 | 30 | 38 |
| **Hungary (0.3%)** | **Hungary (0.3%)** | **Hungary (0.3%)** |
| Hungary Government Bond,<br>3.00%, 8/21/30 | 8480 | 22 |
| Hungary Government International Bond,<br>6.25%, 9/22/32 | $200 | 214 |
|  |  | 236 |
| **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** |
| Indonesia Treasury Bond,<br>8.38%, 3/15/34 | 1646000 | 113 |
| **Ireland (0.1%)** | **Ireland (0.1%)** | **Ireland (0.1%)** |
| Ireland Government Bond,<br>0.40%, 5/15/35 | 60 | 55 |
| **Italy (0.9%)** | **Italy (0.9%)** | **Italy (0.9%)** |
| Italy Buoni Poliennali Del Tesoro,<br>0.45%, 2/15/29 | 50 | 55 |
| 2.50%, 12/1/32 | 80 | 91 |
| 3.85%, 7/1/34 | 110 | 134 |
| 4.00%, 11/15/30 | 210 | 260 |
| 4.45%, 9/1/43 | 58 | 72 |
| 4.50%, 10/1/53 | 100 | 120 |
|  |  | 732 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Japan (2.9%)** | **Japan (2.9%)** | **Japan (2.9%)** |
| Japan Government Ten Year Bond,<br>0.80%, 3/20/34 | 31150 | $182 |
| 0.90%, 9/20/34 | 68150 | 399 |
| 1.10%, 6/20/34 | 16900 | 101 |
| 1.40%, 3/20/35 | 78900 | 479 |
| Japan Government Thirty Year Bond,<br>0.30%, 6/20/46 | 31200 | 118 |
| 0.40%, 9/20/49 | 37000 | 127 |
| 0.70%, 12/20/51 | 22200 | 77 |
| Japan Government Twenty Year Bond,<br>0.40%, 6/20/41 | 65050 | 298 |
| Japan Government Two Year Bond,<br>1.00%, 12/1/27 | 103000 | 656 |
|  |  | 2437 |
| **Korea, Republic of (0.5%)** | **Korea, Republic of (0.5%)** | **Korea, Republic of (0.5%)** |
| Export-Import Bank of Korea,<br>0.63%, 2/9/26 | $200 | 199 |
| Korea Development Bank,<br>0.80%, 7/19/26 | 200 | 197 |
|  |  | 396 |
| **Lithuania (0.3%)** | **Lithuania (0.3%)** | **Lithuania (0.3%)** |
| Lithuania Government International Bond,<br>3.50%, 7/3/31 | 240 | 288 |
| **Malaysia (0.2%)** | **Malaysia (0.2%)** | **Malaysia (0.2%)** |
| Malaysia Government Bond,<br>3.58%, 7/15/32 | 390 | 97 |
| 3.89%, 8/15/29 | 410 | 104 |
|  |  | 201 |
| **Mexico (0.4%)** | **Mexico (0.4%)** | **Mexico (0.4%)** |
| Mexican Bonos,<br>7.50%, 6/3/27 | 1700 | 94 |
| 7.75%, 11/23/34 | 1000 | 52 |
| 8.50%, 5/31/29 | 800 | 45 |
| Mexico Government International Bond,<br>3.50%, 9/19/29 | 100 | 117 |
|  |  | 308 |
| **Netherlands (0.3%)** | **Netherlands (0.3%)** | **Netherlands (0.3%)** |
| Netherlands Government Bond,<br>0.00%, 7/15/30 | 180 | 189 |
| 2.75%, 1/15/47 | 20 | 21 |
|  |  | 210 |
| **New Zealand (0.3%)** | **New Zealand (0.3%)** | **New Zealand (0.3%)** |
| New Zealand Government Bond,<br>4.25%, 5/15/34 | 60 | 34 |
| 4.50%, 5/15/35 | 21 | 12 |
| New Zealand Local Government <br>Funding Agency Bond,<br>MTN<br>4.40%, 9/8/27 | 310 | 207 |
|  |  | 253 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Face Amount<br>(000)** | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Norway (0.0%)‡** | **Norway (0.0%)‡** | **Norway (0.0%)‡** | **Norway (0.0%)‡** |
| Norway Government Bond,<br>3.75%, 6/12/35 | NOK | 160 | $15 |
| **Poland (0.1%)** | **Poland (0.1%)** | **Poland (0.1%)** | **Poland (0.1%)** |
| Republic of Poland Government Bond,<br>1.75%, 4/25/32 | PLN | 200 | 47 |
| **Portugal (0.0%)‡** | **Portugal (0.0%)‡** | **Portugal (0.0%)‡** | **Portugal (0.0%)‡** |
| Portugal Obrigacoes do Tesouro OT,<br>3.63%, 6/12/54 | EUR | 30 | 33 |
| **Romania (0.1%)** | **Romania (0.1%)** | **Romania (0.1%)** | **Romania (0.1%)** |
| Romanian Government International <br>Bond,<br>5.25%, 3/10/30 |  | 70 | 86 |
| 6.50%, 10/7/45 (c) |  | 20 | 24 |
|  |  |  | 110 |
| **Saudi Arabia (0.2%)** | **Saudi Arabia (0.2%)** | **Saudi Arabia (0.2%)** | **Saudi Arabia (0.2%)** |
| Saudi Government International Bond,<br>3.38%, 3/5/32 (c) |  | 160 | 189 |
| **Singapore (0.1%)** | **Singapore (0.1%)** | **Singapore (0.1%)** | **Singapore (0.1%)** |
| Singapore Government Bond,<br>2.63%, 8/1/32 | SGD | 100 | 81 |
| **Slovakia (0.2%)** | **Slovakia (0.2%)** | **Slovakia (0.2%)** | **Slovakia (0.2%)** |
| Slovakia Government Bond,<br>3.75%, 2/27/40 | EUR | 130 | 148 |
| **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** |
| Spain Government Bond,<br>0.00%, 1/31/28 |  | 50 | 56 |
| 2.70%, 10/31/48 |  | 40 | 38 |
| 3.45%, 10/31/34 |  | 410 | 492 |
| 3.50%, 5/31/29 |  | 160 | 195 |
| 4.00%, 10/31/54 |  | 20 | 23 |
|  |  |  | 804 |
| **Sweden (0.1%)** | **Sweden (0.1%)** | **Sweden (0.1%)** | **Sweden (0.1%)** |
| Sweden Government Bond,<br>2.25%, 5/11/35 | SEK | 400 | 42 |
| **Switzerland (0.2%)** | **Switzerland (0.2%)** | **Switzerland (0.2%)** | **Switzerland (0.2%)** |
| Swiss Confederation Government Bond,<br>0.25%, 6/23/35 | CHF | 110 | 139 |
| **Thailand (0.2%)** | **Thailand (0.2%)** | **Thailand (0.2%)** | **Thailand (0.2%)** |
| Thailand Government Bond,<br>1.59%, 12/17/35 | THB | 2560 | 81 |
| 2.00%, 12/17/31 |  | 3660 | 121 |
|  |  |  | 202 |
| **United Kingdom (1.0%)** | **United Kingdom (1.0%)** | **United Kingdom (1.0%)** | **United Kingdom (1.0%)** |
| United Kingdom Gilt,<br>0.63%, 10/22/50 | GBP | 320 | 160 |
| 0.88%, 7/31/33 |  | 220 | 232 |
| 3.75%, 10/22/53 |  | 70 | 74 |
| 4.25%, 7/31/34 |  | 290 | 386 |
|  |  |  | 852 |
| **Total Sovereign (Cost $18,058)** | **Total Sovereign (Cost $18,058)** | **Total Sovereign (Cost $18,058)** | 17592 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount<br>(000)** | **Value<br>(000)** |
| **Supranational (0.7%)** | **Supranational (0.7%)** | **Supranational (0.7%)** |
| Corp. Andina de Fomento,<br>5.00%, 1/24/29 - 1/22/30 | $140 | $144 |
| MTN<br>5.30%, 2/19/29 | 700 | 467 |
| **Total Supranational (Cost $603)**  | **Total Supranational (Cost $603)**  | 611 |
| **U.S. Treasury Securities (8.5%)** | **U.S. Treasury Securities (8.5%)** | **U.S. Treasury Securities (8.5%)** |
| **United States (8.5%)** | **United States (8.5%)** | **United States (8.5%)** |
| U.S. Treasury Bonds,<br>1.13%, 5/15/40 | $620 | 394 |
| 4.88%, 8/15/45 | 325 | 328 |
| U.S. Treasury Inflation Indexed Bond,<br>1.88%, 7/15/35 | 4074 | 4064 |
| U.S. Treasury Notes,<br>3.38%, 5/15/33 | 720 | 692 |
| 4.00%, 7/31/32 | 460 | 463 |
| 4.13%, 9/30/27 - 8/31/30 | 1060 | 1079 |
| **Total U.S. Treasury Securities (Cost $7,136)** |  | 7020 |
| **Total Fixed Income Securities (Cost $38,020)** | **Total Fixed Income Securities (Cost $38,020)** | 37369 |
|  | **Shares** |  |
| **Common Stocks (49.2%)** | **Common Stocks (49.2%)** | **Common Stocks (49.2%)** |
| **Australia (0.9%)** | **Australia (0.9%)** | **Australia (0.9%)** |
| ANZ Group Holdings Ltd. | 1644 | 40 |
| APA Group | 727 | 4 |
| Aristocrat Leisure Ltd. | 306 | 12 |
| ASX Ltd. | 108 | 4 |
| BHP Group Ltd. | 2798 | 84 |
| Brambles Ltd. | 753 | 11 |
| CAR Group Ltd. | 209 | 4 |
| Cochlear Ltd. | 36 | 6 |
| Coles Group Ltd. | 749 | 11 |
| Commonwealth Bank of Australia | 912 | 97 |
| Computershare Ltd. | 289 | 7 |
| CSL Ltd. | 271 | 31 |
| Evolution Mining Ltd. | 1129 | 9 |
| Fortescue Ltd. | 947 | 14 |
| Goodman Group REIT | 1052 | 22 |
| Insurance Australia Group Ltd. | 1295 | 7 |
| Lottery Corp. Ltd. | 1235 | 4 |
| Lynas Rare Earths Ltd. (e) | 501 | 4 |
| Macquarie Group Ltd. | 198 | 27 |
| Medibank Pvt Ltd. | 1515 | 5 |
| National Australia Bank Ltd. | 1691 | 48 |
| Northern Star Resources Ltd. | 762 | 13 |
| Origin Energy Ltd. | 955 | 7 |
| Pro Medicus Ltd. | 31 | 5 |
| Qantas Airways Ltd. | 408 | 3 |
| QBE Insurance Group Ltd. | 825 | 11 |
| REA Group Ltd. | 29 | 4 |
| Rio Tinto Ltd. | 204 | 20 |
| Santos Ltd. | 1797 | 7 |
| Scentre Group REIT | 2892 | 8 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **Australia (cont'd)** | **Australia (cont'd)** | **Australia (cont'd)** | **Australia (cont'd)** |
| SGH Ltd. | 113 | $| 3 |
| Sigma Healthcare Ltd. | 2874 |  | 6 |
| Sonic Healthcare Ltd. | 259 |  | 4 |
| South32 Ltd. | 2492 |  | 6 |
| Stockland REIT | 1352 |  | 5 |
| Suncorp Group Ltd. | 595 |  | 7 |
| Telstra Group Ltd. | 2204 |  | 7 |
| Transurban Group (Units) | 1723 |  | 16 |
| Vicinity Ltd. REIT | 2161 |  | 4 |
| Washington H Soul Pattinson & Co. Ltd. | 188 |  | 5 |
| Wesfarmers Ltd. | 623 |  | 34 |
| Westpac Banking Corp. | 1881 |  | 48 |
| WiseTech Global Ltd. | 110 |  | 5 |
| Woodside Energy Group Ltd. | 1046 |  | 16 |
| Woolworths Group Ltd. | 680 |  | 13 |
| Xero Ltd. (e) | 92 |  | 7 |
|  |  |  | 715 |
| **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** |
| Erste Group Bank AG | 193 |  | 23 |
| OMV AG | 92 |  | 5 |
| Raiffeisen Bank International AG | 82 |  | 4 |
| Verbund AG | 236 |  | 17 |
|  |  |  | 49 |
| **Belgium (0.2%)** | **Belgium (0.2%)** | **Belgium (0.2%)** | **Belgium (0.2%)** |
| Ageas SA | 85 |  | 6 |
| Anheuser-Busch InBev SA | 560 |  | 36 |
| Argenx SE (e) | 35 |  | 29 |
| D'ieteren Group | 12 |  | 2 |
| Elia Group SA | 147 |  | 19 |
| Financiere de Tubize SA | 11 |  | 3 |
| Groupe Bruxelles Lambert NV | 46 |  | 4 |
| KBC Group NV | 132 |  | 17 |
| Sofina SA | 9 |  | 3 |
| Syensqo SA | 41 |  | 3 |
| UCB SA | 71 |  | 20 |
|  |  |  | 142 |
| **Canada (1.9%)** | **Canada (1.9%)** | **Canada (1.9%)** | **Canada (1.9%)** |
| Agnico Eagle Mines Ltd. | 283 |  | 48 |
| Alamos Gold, Inc., Class A | 236 |  | 9 |
| Alimentation Couche-Tard, Inc. | 418 |  | 23 |
| AltaGas Ltd. | 166 |  | 5 |
| ARC Resources Ltd. | 326 |  | 6 |
| AtkinsRealis Group, Inc. | 93 |  | 6 |
| Bank of Montreal | 397 |  | 52 |
| Bank of Nova Scotia | 687 |  | 51 |
| Barrick Mining Corp. | 953 |  | 42 |
| BCE, Inc. | 42 |  | 1 |
| Bombardier, Inc., Class B (e) | 48 |  | 8 |
| Brookfield Asset Management Ltd., Class A | 229 |  | 12 |
| Brookfield Corp. | 1147 |  | 53 |
| Brookfield Renewable Corp. | 77 |  | 3 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| CAE, Inc. (e) | 169 | $5 |
| Cameco Corp. | 240 | 22 |
| Canadian Imperial Bank of Commerce | 517 | 47 |
| Canadian National Railway Co. | 293 | 29 |
| Canadian Natural Resources Ltd. | 1165 | 39 |
| Canadian Pacific Kansas City Ltd. | 509 | 37 |
| Canadian Tire Corp. Ltd., Class A | 28 | 4 |
| Canadian Utilities Ltd., Class A | 74 | 2 |
| CCL Industries, Inc., Class B | 80 | 5 |
| Celestica, Inc. (e) | 65 | 19 |
| Cenovus Energy, Inc. | 801 | 14 |
| CGI, Inc. | 110 | 10 |
| Constellation Software, Inc. | 11 | 26 |
| Descartes Systems Group, Inc. (e) | 49 | 4 |
| Dollarama, Inc. | 152 | 23 |
| Element Fleet Management Corp. | 225 | 6 |
| Emera, Inc. | 166 | 8 |
| Empire Co. Ltd., Class A | 70 | 2 |
| Enbridge, Inc. | 1208 | 58 |
| Fairfax Financial Holdings Ltd. | 12 | 23 |
| First Quantum Minerals Ltd. (e) | 390 | 10 |
| FirstService Corp. | 23 | 4 |
| Fortis, Inc. | 279 | 15 |
| Franco-Nevada Corp. | 108 | 22 |
| George Weston Ltd. | 97 | 7 |
| GFL Environmental, Inc. | 136 | 6 |
| Gildan Activewear, Inc. | 99 | 6 |
| Great-West Lifeco, Inc. | 154 | 8 |
| Hydro One Ltd. | 183 | 7 |
| iA Financial Corp., Inc. | 51 | 7 |
| IGM Financial, Inc. | 46 | 2 |
| Imperial Oil Ltd. | 97 | 8 |
| Intact Financial Corp. | 99 | 21 |
| Ivanhoe Mines Ltd., Class A (e) | 422 | 5 |
| Keyera Corp. | 127 | 4 |
| Kinross Gold Corp. | 683 | 19 |
| Loblaw Cos. Ltd. | 333 | 15 |
| Lundin Gold, Inc. | 62 | 5 |
| Lundin Mining Corp. | 379 | 8 |
| Magna International, Inc. | 151 | 8 |
| Manulife Financial Corp. | 943 | 34 |
| Metro, Inc. | 114 | 8 |
| National Bank of Canada | 218 | 27 |
| Nutrien Ltd. | 269 | 17 |
| Open Text Corp. | 143 | 5 |
| Pan American Silver Corp. | 236 | 12 |
| Pembina Pipeline Corp. | 321 | 12 |
| Power Corp. of Canada | 310 | 16 |
| RB Global, Inc. | 104 | 11 |
| Restaurant Brands International, Inc. | 177 | 12 |
| Rogers Communications, Inc., Class B | 202 | 8 |
| Royal Bank of Canada | 782 | 133 |
| Saputo, Inc. | 138 | 4 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **Canada (cont'd)** | **Canada (cont'd)** | **Canada (cont'd)** | **Canada (cont'd)** |
| Shopify, Inc., Class A (e) | 690 | $| 111 |
| Stantec, Inc. | 63 |  | 6 |
| Sun Life Financial, Inc. | 311 |  | 19 |
| Suncor Energy, Inc. | 680 |  | 30 |
| TC Energy Corp. | 573 |  | 32 |
| Teck Resources Ltd., Class B | 247 |  | 12 |
| TELUS Corp. | 285 |  | 4 |
| TFI International, Inc. | 44 |  | 5 |
| Thomson Reuters Corp. | 88 |  | 12 |
| TMX Group Ltd. | 155 |  | 6 |
| Toromont Industries Ltd. | 45 |  | 5 |
| Toronto-Dominion Bank | 942 |  | 89 |
| Tourmaline Oil Corp. | 205 |  | 9 |
| Wheaton Precious Metals Corp. | 255 |  | 30 |
| Whitecap Resources, Inc. | 671 |  | 6 |
| WSP Global, Inc. | 72 |  | 13 |
|  |  |  | 1577 |
| **China (0.0%)** | **China (0.0%)** | **China (0.0%)** | **China (0.0%)** |
| China Common Rich Renewable Energy <br>Investments Ltd. (e)(f) | 18000 |  |  |
| **Denmark (0.3%)** | **Denmark (0.3%)** | **Denmark (0.3%)** | **Denmark (0.3%)** |
| AP Moller — Maersk AS Series B | 4 |  | 10 |
| Carlsberg AS Series B | 53 |  | 7 |
| Coloplast AS Series B | 71 |  | 6 |
| Danske Bank AS | 378 |  | 19 |
| Demant AS (e) | 54 |  | 2 |
| DSV AS | 115 |  | 29 |
| Genmab AS (e) | 34 |  | 10 |
| Novo Nordisk AS, Class B | 1690 |  | 86 |
| Novonesis Novozymes B Series B | 197 |  | 13 |
| Orsted AS (e) | 1807 |  | 34 |
| Pandora AS | 45 |  | 5 |
| Rockwool AS, Class B | 55 |  | 2 |
| Tryg AS | 190 |  | 5 |
| Vestas Wind Systems AS | 570 |  | 15 |
|  |  |  | 243 |
| **Finland (0.2%)** | **Finland (0.2%)** | **Finland (0.2%)** | **Finland (0.2%)** |
| Elisa OYJ | 77 |  | 3 |
| Fortum OYJ | 1509 |  | 32 |
| Kesko OYJ, Class B | 149 |  | 3 |
| Kone OYJ, Class B | 184 |  | 13 |
| Metso OYJ | 362 |  | 6 |
| Neste OYJ | 231 |  | 5 |
| Nokia OYJ | 2886 |  | 19 |
| Nordea Bank Abp | 1695 |  | 32 |
| Orion OYJ, Class B | 60 |  | 5 |
| Sampo OYJ, Class A | 1321 |  | 16 |
| Stora Enso OYJ, Class R | 318 |  | 4 |
| UPM-Kymmene OYJ | 287 |  | 8 |
| Wartsila OYJ Abp | 275 |  | 10 |
|  |  |  | 156 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **France (1.7%)** | **France (1.7%)** | **France (1.7%)** |
| Accor SA | 110 | $6 |
| Aeroports de Paris SA | 19 | 3 |
| Air Liquide SA | 322 | 61 |
| Airbus SE | 331 | 77 |
| Alstom SA (e) | 194 | 6 |
| Amundi SA | 34 | 3 |
| ArcelorMittal SA | 263 | 12 |
| AXA SA | 968 | 46 |
| BioMerieux | 23 | 3 |
| BNP Paribas SA | 562 | 53 |
| Bollore SE | 393 | 2 |
| Bouygues SA | 107 | 6 |
| Bureau Veritas SA | 190 | 6 |
| Capgemini SE | 87 | 14 |
| Carrefour SA | 330 | 6 |
| Cie de Saint-Gobain SA | 250 | 25 |
| Cie Generale des Etablissements Michelin SCA | 375 | 12 |
| Covivio SA REIT | 31 | 2 |
| Credit Agricole SA | 597 | 12 |
| Danone SA | 361 | 33 |
| Dassault Aviation SA | 11 | 4 |
| Dassault Systemes SE | 373 | 10 |
| Edenred SE | 133 | 3 |
| Eiffage SA | 38 | 5 |
| Engie SA | 6184 | 162 |
| EssilorLuxottica SA | 169 | 53 |
| Eurofins Scientific SE | 66 | 5 |
| Euronext NV | 42 | 6 |
| FDJ UNITED | 62 | 2 |
| Gecina SA REIT | 26 | 2 |
| Getlink SE | 167 | 3 |
| Hermes International SCA | 18 | 45 |
| Ipsen SA | 21 | 3 |
| Kering SA | 42 | 15 |
| Klepierre SA REIT | 120 | 5 |
| Legrand SA | 147 | 22 |
| L'Oreal SA | 134 | 58 |
| LVMH Moet Hennessy Louis Vuitton SE | 139 | 105 |
| Orange SA | 1030 | 17 |
| Pernod Ricard SA | 113 | 10 |
| Publicis Groupe SA | 129 | 13 |
| Renault SA | 108 | 5 |
| Rexel SA | 125 | 5 |
| Safran SA | 201 | 70 |
| Sanofi SA | 614 | 59 |
| Sartorius Stedim Biotech | 16 | 4 |
| Schneider Electric SE | 306 | 84 |
| Societe Generale SA | 396 | 32 |
| Sodexo SA | 49 | 3 |
| STMicroelectronics NV | 376 | 10 |
| Thales SA | 52 | 14 |
| TotalEnergies SE | 1108 | 72 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **France (cont'd)** | **France (cont'd)** | **France (cont'd)** | **France (cont'd)** |
| Unibail-Rodamco-Westfield REIT | 68 | $| 7 |
| Veolia Environnement SA | 2135 |  | 74 |
| Vinci SA | 279 |  | 39 |
|  |  |  | 1414 |
| **Germany (1.6%)** | **Germany (1.6%)** | **Germany (1.6%)** | **Germany (1.6%)** |
| adidas AG | 96 |  | 19 |
| Allianz SE (Registered) | 215 |  | 99 |
| BASF SE | 495 |  | 26 |
| Bayer AG (Registered) | 542 |  | 24 |
| Bayerische Motoren Werke AG | 157 |  | 17 |
| Bayerische Motoren Werke AG (Preference) | 31 |  | 3 |
| Beiersdorf AG | 54 |  | 6 |
| Brenntag SE | 68 |  | 4 |
| Commerzbank AG | 410 |  | 17 |
| Continental AG | 62 |  | 5 |
| CTS Eventim AG & Co. KGaA | 35 |  | 3 |
| Daimler Truck Holding AG | 266 |  | 12 |
| Delivery Hero SE (e) | 108 |  | 3 |
| Deutsche Bank AG (Registered) | 1033 |  | 40 |
| Deutsche Boerse AG | 104 |  | 27 |
| Deutsche Lufthansa AG (Registered) | 338 |  | 3 |
| Deutsche Post AG (Registered) | 536 |  | 29 |
| Deutsche Telekom AG (Registered) | 2038 |  | 66 |
| Dr. Ing hc F Porsche AG (Preference) | 63 |  | 3 |
| E.ON SE | 7594 |  | 144 |
| Evonik Industries AG | 142 |  | 2 |
| Fresenius Medical Care AG | 122 |  | 6 |
| Fresenius SE & Co. KGaA | 235 |  | 14 |
| GEA Group AG | 82 |  | 6 |
| Hannover Rueck SE (Registered) | 33 |  | 10 |
| Heidelberg Materials AG | 74 |  | 19 |
| Henkel AG & Co. KGaA | 58 |  | 4 |
| Henkel AG & Co. KGaA (Preference) | 89 |  | 7 |
| Hensoldt AG | 36 |  | 3 |
| HOCHTIEF AG | 9 |  | 4 |
| Infineon Technologies AG | 725 |  | 32 |
| Knorr-Bremse AG | 41 |  | 5 |
| LEG Immobilien SE | 42 |  | 3 |
| Mercedes-Benz Group AG (Registered) | 403 |  | 28 |
| Merck KGaA | 71 |  | 10 |
| MTU Aero Engines AG | 30 |  | 12 |
| Muenchener Rueckversicherungs-Gesellschaft <br>AG in Muenchen (Registered) | 73 |  | 48 |
| Nemetschek SE | 32 |  | 4 |
| Porsche Automobil Holding SE (Preference) | 86 |  | 4 |
| Qiagen NV | 121 |  | 6 |
| Rational AG | 3 |  | 2 |
| Rheinmetall AG | 26 |  | 47 |
| RWE AG | 2150 |  | 114 |
| SAP SE | 581 |  | 141 |
| Sartorius AG (Preference) | 15 |  | 4 |
| Scout24 SE | 42 |  | 4 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Siemens AG (Registered) | 423 | $| 119 |
| Siemens Energy AG (e) | 433 |  | 61 |
| Siemens Healthineers AG | 189 |  | 10 |
| Symrise AG | 74 |  | 6 |
| Talanx AG | 36 |  | 5 |
| Volkswagen AG (Preference) | 116 |  | 14 |
| Vonovia SE | 419 |  | 12 |
| Zalando SE (e) | 124 |  | 4 |
|  |  |  | 1320 |
| **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** |
| AIA Group Ltd. | 5913 |  | 61 |
| BOC Hong Kong Holdings Ltd. | 2060 |  | 11 |
| CK Asset Holdings Ltd. | 1078 |  | 5 |
| CK Hutchison Holdings Ltd. | 1495 |  | 10 |
| CK Infrastructure Holdings Ltd. | 353 |  | 3 |
| CLP Holdings Ltd. | 919 |  | 8 |
| Futu Holdings Ltd. ADR (e) | 32 |  | 5 |
| Galaxy Entertainment Group Ltd. | 1103 |  | 5 |
| Hang Seng Bank Ltd. | 422 |  | 8 |
| Henderson Land Development Co. Ltd. | 823 |  | 3 |
| HKT Trust & HKT Ltd. | 2112 |  | 3 |
| Hong Kong & China Gas Co. Ltd. | 6276 |  | 6 |
| Hong Kong Exchanges & Clearing Ltd. | 677 |  | 35 |
| Hongkong Land Holdings Ltd. | 609 |  | 4 |
| Jardine Matheson Holdings Ltd. | 91 |  | 6 |
| Link REIT | 1519 |  | 7 |
| MTR Corp. Ltd. | 868 |  | 3 |
| Power Assets Holdings Ltd. | 775 |  | 6 |
| Sands China Ltd. | 1355 |  | 3 |
| Sino Land Co. Ltd. | 2048 |  | 3 |
| SITC International Holdings Co. Ltd. | 745 |  | 3 |
| Sun Hung Kai Properties Ltd. | 808 |  | 10 |
| Swire Pacific Ltd., Class A | 195 |  | 2 |
| Techtronic Industries Co. Ltd. | 817 |  | 9 |
| WH Group Ltd. | 4684 |  | 5 |
| Wharf Holdings Ltd. | 599 |  | 2 |
| Wharf Real Estate Investment Co. Ltd. | 934 |  | 3 |
|  |  |  | 229 |
| **Ireland (0.1%)** | **Ireland (0.1%)** | **Ireland (0.1%)** | **Ireland (0.1%)** |
| AIB Group PLC | 1130 |  | 12 |
| Bank of Ireland Group PLC | 506 |  | 10 |
| Kerry Group PLC, Class A | 84 |  | 8 |
| Kingspan Group PLC | 80 |  | 7 |
| Ryanair Holdings PLC | 442 |  | 15 |
|  |  |  | 52 |
| **Israel (0.1%)** | **Israel (0.1%)** | **Israel (0.1%)** | **Israel (0.1%)** |
| Azrieli Group Ltd. | 24 |  | 3 |
| Bank Hapoalim BM | 708 |  | 16 |
| Bank Leumi Le-Israel BM | 843 |  | 19 |
| Check Point Software Technologies Ltd. (e) | 49 |  | 9 |
| CyberArk Software Ltd. (e) | 29 |  | 13 |
| Elbit Systems Ltd. | 16 |  | 9 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **Israel (cont'd)** | **Israel (cont'd)** | **Israel (cont'd)** | **Israel (cont'd)** |
| ICL Group Ltd. | 438 | $| 3 |
| Israel Discount Bank Ltd., Class A | 693 |  | 7 |
| Mizrahi Tefahot Bank Ltd. | 88 |  | 6 |
| Monday.com Ltd. (e) | 24 |  | 4 |
| Nice Ltd. (e) | 35 |  | 4 |
| Nova Ltd. (e) | 17 |  | 6 |
| Phoenix Financial Ltd. | 130 |  | 5 |
| Teva Pharmaceutical Industries Ltd. ADR (e) | 650 |  | 20 |
| Wix.com Ltd. (e) | 32 |  | 3 |
|  |  |  | 127 |
| **Italy (0.8%)** | **Italy (0.8%)** | **Italy (0.8%)** | **Italy (0.8%)** |
| Banca Mediolanum SpA | 125 |  | 3 |
| Banca Monte dei Paschi di Siena SpA | 1094 |  | 12 |
| Banco BPM SpA | 634 |  | 10 |
| BPER Banca SpA | 820 |  | 11 |
| Buzzi SpA | 43 |  | 3 |
| Davide Campari-Milano NV | 339 |  | 2 |
| Enel SpA | 27627 |  | 287 |
| Eni SpA | 1134 |  | 21 |
| Ferrari NV | 70 |  | 26 |
| FinecoBank Banca Fineco SpA | 341 |  | 9 |
| Generali | 472 |  | 20 |
| Infrastrutture Wireless Italiane SpA | 154 |  | 1 |
| Intesa Sanpaolo SpA | 7933 |  | 55 |
| Leonardo SpA | 224 |  | 13 |
| Moncler SpA | 130 |  | 8 |
| Nexi SpA | 288 |  | 1 |
| Poste Italiane SpA | 255 |  | 6 |
| Prysmian SpA | 156 |  | 16 |
| Recordati Industria Chimica e Farmaceutica SpA | 63 |  | 4 |
| Snam SpA | 6839 |  | 45 |
| Stellantis NV | 1113 |  | 12 |
| Telecom Italia SpA (e) | 6474 |  | 4 |
| Tenaris SA | 206 |  | 4 |
| Terna — Rete Elettrica Nazionale | 4780 |  | 51 |
| UniCredit SpA | 782 |  | 65 |
| Unipol Assicurazioni SpA | 200 |  | 5 |
|  |  |  | 694 |
| **Netherlands (0.7%)** | **Netherlands (0.7%)** | **Netherlands (0.7%)** | **Netherlands (0.7%)** |
| ABN AMRO Bank NV CVA | 331 |  | 12 |
| Adyen NV (e) | 14 |  | 23 |
| Aegon Ltd. | 742 |  | 6 |
| AerCap Holdings NV | 99 |  | 14 |
| Akzo Nobel NV | 95 |  | 7 |
| ASM International NV | 26 |  | 16 |
| ASML Holding NV | 216 |  | 233 |
| ASR Nederland NV | 88 |  | 6 |
| Basic-Fit NV (e) | 788 |  | 27 |
| BE Semiconductor Industries NV | 41 |  | 6 |
| Coca-Cola Europacific Partners PLC | 116 |  | 10 |
| CVC Capital Partners PLC | 119 |  | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| DSM-Firmenich AG | 96 | $| 8 |
| EXOR NV | 52 |  | 4 |
| Heineken Holding NV | 72 |  | 5 |
| Heineken NV | 161 |  | 13 |
| IMCD NV | 33 |  | 3 |
| ING Groep NV | 1708 |  | 48 |
| InPost SA (e) | 138 |  | 2 |
| JDE Peet's NV | 95 |  | 4 |
| Koninklijke Ahold Delhaize NV | 501 |  | 21 |
| Koninklijke KPN NV | 2174 |  | 10 |
| Koninklijke Philips NV | 433 |  | 12 |
| Magnum Ice Cream Co. NV (e) | 276 |  | 4 |
| NN Group NV | 150 |  | 12 |
| Prosus NV (e) | 731 |  | 45 |
| Randstad NV | 60 |  | 2 |
| Universal Music Group NV | 615 |  | 16 |
| Wolters Kluwer NV | 130 |  | 13 |
|  |  |  | 584 |
| **New Zealand (0.0%)‡** | **New Zealand (0.0%)‡** | **New Zealand (0.0%)‡** | **New Zealand (0.0%)‡** |
| Auckland International Airport Ltd. | 717 |  | 3 |
| Contact Energy Ltd. | 366 |  | 2 |
| Fisher & Paykel Healthcare Corp. Ltd. | 250 |  | 5 |
| Infratil Ltd. | 389 |  | 3 |
| Meridian Energy Ltd. | 551 |  | 2 |
|  |  |  | 15 |
| **Norway (0.1%)** | **Norway (0.1%)** | **Norway (0.1%)** | **Norway (0.1%)** |
| Aker BP ASA | 186 |  | 5 |
| DNB Bank ASA | 523 |  | 14 |
| Equinor ASA | 450 |  | 11 |
| Gjensidige Forsikring ASA | 118 |  | 3 |
| Kongsberg Gruppen ASA | 259 |  | 7 |
| Mowi ASA | 276 |  | 7 |
| Norsk Hydro ASA | 815 |  | 6 |
| Orkla ASA | 411 |  | 5 |
| Salmar ASA | 40 |  | 2 |
| Telenor ASA | 361 |  | 5 |
| Yara International ASA | 97 |  | 4 |
|  |  |  | 69 |
| **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** |
| Banco Comercial Portugues SA, Class R | 5138 |  | 5 |
| EDP Renovaveis SA | 1106 |  | 16 |
| EDP SA | 10990 |  | 51 |
| Galp Energia SGPS SA | 281 |  | 5 |
| Jeronimo Martins SGPS SA | 190 |  | 4 |
|  |  |  | 81 |
| **Singapore (0.2%)** | **Singapore (0.2%)** | **Singapore (0.2%)** | **Singapore (0.2%)** |
| CapitaLand Ascendas REIT (e) | 2139 |  | 5 |
| CapitaLand Integrated Commercial Trust REIT (e) | 3347 |  | 6 |
| CapitaLand Investment Ltd. | 1278 |  | 3 |
| DBS Group Holdings Ltd. | 1157 |  | 51 |
| Grab Holdings Ltd., Class A (e) | 1318 |  | 7 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **Singapore (cont'd)** | **Singapore (cont'd)** | **Singapore (cont'd)** | **Singapore (cont'd)** |
| Keppel Ltd. | 793 | $| 6 |
| Oversea-Chinese Banking Corp. Ltd. | 1855 |  | 28 |
| Sea Ltd. ADR (e) | 212 |  | 27 |
| Sembcorp Industries Ltd. | 488 |  | 2 |
| Singapore Airlines Ltd. | 857 |  | 4 |
| Singapore Exchange Ltd. | 467 |  | 6 |
| Singapore Technologies Engineering Ltd. | 850 |  | 6 |
| Singapore Telecommunications Ltd. | 4078 |  | 14 |
| United Overseas Bank Ltd. | 685 |  | 19 |
| Wilmar International Ltd. | 1060 |  | 2 |
| Yangzijiang Shipbuilding Holdings Ltd. | 1416 |  | 4 |
|  |  |  | 190 |
| **South Africa (0.0%)‡** | **South Africa (0.0%)‡** | **South Africa (0.0%)‡** | **South Africa (0.0%)‡** |
| Valterra Platinum Ltd. | 79 |  | 7 |
| **Spain (1.1%)** | **Spain (1.1%)** | **Spain (1.1%)** | **Spain (1.1%)** |
| Acciona SA | 84 |  | 18 |
| ACS Actividades de Construccion y Servicios SA | 100 |  | 10 |
| Aena SME SA | 421 |  | 12 |
| Amadeus IT Group SA | 253 |  | 19 |
| Banco Bilbao Vizcaya Argentaria SA | 3278 |  | 77 |
| Banco de Sabadell SA | 2899 |  | 11 |
| Banco Santander SA | 8427 |  | 99 |
| Bankinter SA | 381 |  | 6 |
| CaixaBank SA | 2196 |  | 27 |
| Cellnex Telecom SA | 275 |  | 9 |
| Endesa SA | 1078 |  | 39 |
| Ferrovial SE | 291 |  | 19 |
| Grifols SA | 168 |  | 2 |
| Iberdrola SA | 21558 |  | 467 |
| Industria de Diseno Textil SA | 612 |  | 40 |
| International Consolidated Airlines Group SA | 667 |  | 4 |
| Mapfre SA | 519 |  | 2 |
| Naturgy Energy Group SA | 816 |  | 25 |
| Redeia Corp. SA | 1384 |  | 25 |
| Repsol SA | 640 |  | 12 |
| Telefonica SA | 2043 |  | 8 |
|  |  |  | 931 |
| **Sweden (0.5%)** | **Sweden (0.5%)** | **Sweden (0.5%)** | **Sweden (0.5%)** |
| AddTech AB, Class B | 143 |  | 5 |
| Alfa Laval AB | 159 |  | 8 |
| Assa Abloy AB, Class B | 552 |  | 21 |
| Atlas Copco AB, Class A | 2336 |  | 40 |
| Beijer Ref AB | 225 |  | 4 |
| Boliden AB (e) | 156 |  | 9 |
| Epiroc AB, Class A | 580 |  | 12 |
| EQT AB | 272 |  | 11 |
| Essity AB, Class B | 332 |  | 10 |
| Evolution AB | 73 |  | 5 |
| Fastighets AB Balder, Class B (e) | 393 |  | 3 |
| H & M Hennes & Mauritz AB, Class B | 271 |  | 5 |
| Hexagon AB, Class B | 1145 |  | 13 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Holmen AB, Class B | 39 | $| 1 |
| Industrivarden AB, Class A | 151 |  | 7 |
| Indutrade AB | 151 |  | 4 |
| Investment AB Latour, Class B | 81 |  | 2 |
| Investor AB, Class B | 1001 |  | 36 |
| L E Lundbergforetagen AB, Class B | 42 |  | 2 |
| Lifco AB, Class B | 128 |  | 5 |
| Nibe Industrier AB, Class B | 833 |  | 3 |
| Saab AB, Class B | 173 |  | 10 |
| Sagax AB, Class B | 120 |  | 3 |
| Sandvik AB | 589 |  | 19 |
| Securitas AB, Class B | 272 |  | 4 |
| Skandinaviska Enskilda Banken AB, Class A | 839 |  | 18 |
| Skanska AB, Class B | 188 |  | 5 |
| SKF AB, Class B | 189 |  | 5 |
| Spotify Technology SA (e) | 87 |  | 51 |
| Svenska Cellulosa AB SCA, Class B | 334 |  | 4 |
| Svenska Handelsbanken AB, Class A | 800 |  | 12 |
| Swedbank AB, Class A | 468 |  | 16 |
| Swedish Orphan Biovitrum AB (e) | 109 |  | 4 |
| Tele2 AB, Class B | 300 |  | 5 |
| Telefonaktiebolaget LM Ericsson, Class B | 1550 |  | 15 |
| Telia Co. AB | 1283 |  | 5 |
| Trelleborg AB, Class B | 112 |  | 5 |
| Volvo AB, Class B | 878 |  | 28 |
|  |  |  | 415 |
| **Switzerland (1.3%)** | **Switzerland (1.3%)** | **Switzerland (1.3%)** | **Switzerland (1.3%)** |
| ABB Ltd. (Registered) | 858 |  | 63 |
| Alcon AG | 275 |  | 22 |
| Avolta AG (Registered) | 49 |  | 3 |
| Banque Cantonale Vaudoise (Registered) | 17 |  | 2 |
| Barry Callebaut AG (Registered) | 2 |  | 3 |
| Belimo Holding AG (Registered) | 5 |  | 5 |
| BKW AG | 72 |  | 15 |
| Chocoladefabriken Lindt & Spruengli AG | 1 |  | 15 |
| Cie Financiere Richemont SA, Class A (Registered) | 293 |  | 63 |
| EMS-Chemie Holding AG (Registered) | 4 |  | 3 |
| Galderma Group AG (e) | 85 |  | 17 |
| Geberit AG (Registered) | 19 |  | 15 |
| Givaudan SA (Registered) | 5 |  | 20 |
| Helvetia Baloise Holding AG (Registered) | 44 |  | 12 |
| Holcim AG (e) | 279 |  | 27 |
| Julius Baer Group Ltd. | 113 |  | 9 |
| Kuehne & Nagel International AG (Registered) | 26 |  | 6 |
| Logitech International SA (Registered) | 84 |  | 8 |
| Lonza Group AG (Registered) | 38 |  | 26 |
| Nestle SA (Registered) | 1408 |  | 140 |
| Novartis AG (Registered) | 1028 |  | 142 |
| Partners Group Holding AG | 12 |  | 15 |
| Roche Holding AG | 17 |  | 7 |
| Roche Holding AG (Genusschein) | 381 |  | 157 |
| Sandoz Group AG | 229 |  | 17 |
| Schindler Holding AG | 22 |  | 8 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **Switzerland (cont'd)** | **Switzerland (cont'd)** | **Switzerland (cont'd)** | **Switzerland (cont'd)** |
| Schindler Holding AG (Registered) | 13 | $| 5 |
| SGS SA (Registered) | 91 |  | 10 |
| Sika AG (Registered) (e) | 83 |  | 17 |
| Sonova Holding AG (Registered) | 28 |  | 7 |
| Straumann Holding AG (Registered) | 62 |  | 7 |
| Swatch Group AG | 16 |  | 3 |
| Swiss Life Holding AG (Registered) | 16 |  | 18 |
| Swiss Prime Site AG (Registered) (e) | 44 |  | 7 |
| Swiss Re AG | 162 |  | 27 |
| Swisscom AG (Registered) | 14 |  | 10 |
| UBS Group AG (Registered) | 1733 |  | 80 |
| VAT Group AG | 15 |  | 7 |
| Zurich Insurance Group AG | 80 |  | 61 |
|  |  |  | 1079 |
| **United Kingdom (2.5%)** | **United Kingdom (2.5%)** | **United Kingdom (2.5%)** | **United Kingdom (2.5%)** |
| 3i Group PLC | 553 |  | 24 |
| Admiral Group PLC | 145 |  | 6 |
| Anglo American PLC | 617 |  | 26 |
| Antofagasta PLC | 218 |  | 10 |
| Ashtead Group PLC | 238 |  | 16 |
| Associated British Foods PLC | 178 |  | 5 |
| AstraZeneca PLC | 857 |  | 159 |
| Auto Trader Group PLC | 484 |  | 4 |
| Aviva PLC | 1701 |  | 16 |
| BAE Systems PLC | 1693 |  | 39 |
| Barclays PLC | 7801 |  | 50 |
| Barratt Redrow PLC | 753 |  | 4 |
| BP PLC | 8786 |  | 51 |
| British American Tobacco PLC | 1219 |  | 69 |
| BT Group PLC | 3313 |  | 8 |
| Bunzl PLC | 180 |  | 5 |
| Centrica PLC | 16025 |  | 37 |
| Coca-Cola HBC AG (e) | 121 |  | 6 |
| Compass Group PLC | 950 |  | 30 |
| DCC PLC | 55 |  | 3 |
| Diageo PLC | 1249 |  | 27 |
| Endeavour Mining PLC | 108 |  | 6 |
| Entain PLC | 337 |  | 3 |
| Evraz PLC (e)(f) | 464 |  |  |
| Experian PLC | 508 |  | 23 |
| Fresnillo PLC | 123 |  | 5 |
| Glencore PLC (e) | 5560 |  | 30 |
| GSK PLC | 2258 |  | 55 |
| Haleon PLC | 4946 |  | 25 |
| Halma PLC | 213 |  | 10 |
| Hikma Pharmaceuticals PLC | 92 |  | 2 |
| HSBC Holdings PLC | 9614 |  | 151 |
| Imperial Brands PLC | 428 |  | 18 |
| Informa PLC | 727 |  | 9 |
| InterContinental Hotels Group PLC | 81 |  | 11 |
| Intertek Group PLC | 86 |  | 5 |
| J Sainsbury PLC | 954 |  | 4 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| JD Sports Fashion PLC | 1394 | $| 2 |
| Kingfisher PLC | 965 |  | 4 |
| Land Securities Group PLC REIT | 392 |  | 3 |
| Legal & General Group PLC | 3158 |  | 11 |
| Lloyds Banking Group PLC | 33139 |  | 44 |
| London Stock Exchange Group PLC | 259 |  | 31 |
| M&G PLC | 1271 |  | 5 |
| Marks & Spencer Group PLC | 1145 |  | 5 |
| Melrose Industries PLC | 704 |  | 6 |
| National Grid PLC | 16867 |  | 259 |
| NatWest Group PLC | 4519 |  | 40 |
| Next PLC | 64 |  | 12 |
| Paragon Offshore PLC (e)(f) | 67 |  |  |
| Pearson PLC | 321 |  | 5 |
| Phoenix Group Holdings PLC | 391 |  | 4 |
| Prudential PLC | 1426 |  | 22 |
| Reckitt Benckiser Group PLC | 377 |  | 31 |
| RELX PLC | 1017 |  | 41 |
| Rentokil Initial PLC | 1401 |  | 8 |
| Rio Tinto PLC | 625 |  | 50 |
| Rolls-Royce Holdings PLC | 4709 |  | 73 |
| Sage Group PLC | 537 |  | 8 |
| Schroders PLC | 404 |  | 2 |
| Segro PLC REIT | 712 |  | 7 |
| Severn Trent PLC | 923 |  | 35 |
| Shell PLC | 3234 |  | 119 |
| Smith & Nephew PLC | 449 |  | 7 |
| Smiths Group PLC | 183 |  | 6 |
| Spirax Group PLC | 41 |  | 4 |
| SSE PLC | 4088 |  | 120 |
| Standard Chartered PLC | 1086 |  | 27 |
| Tesco PLC | 3613 |  | 21 |
| Unilever PLC | 1212 |  | 79 |
| United Utilities Group PLC | 2312 |  | 37 |
| Vodafone Group PLC | 10605 |  | 14 |
| Whitbread PLC | 97 |  | 3 |
| Wise PLC, Class A (e) | 369 |  | 4 |
|  |  |  | 2101 |
| **United States (34.5%)** | **United States (34.5%)** | **United States (34.5%)** | **United States (34.5%)** |
| 3M Co. | 256 |  | 41 |
| Abbott Laboratories | 836 |  | 105 |
| AbbVie, Inc. | 843 |  | 193 |
| Accenture PLC, Class A | 297 |  | 80 |
| Adobe, Inc. (e) | 202 |  | 71 |
| Advanced Micro Devices, Inc. (e) | 781 |  | 167 |
| AECOM | 64 |  | 6 |
| Affirm Holdings, Inc. (e) | 131 |  | 10 |
| Aflac, Inc. | 244 |  | 27 |
| Agilent Technologies, Inc. | 137 |  | 19 |
| Air Products & Chemicals, Inc. | 107 |  | 26 |
| Airbnb, Inc., Class A (e) | 206 |  | 28 |
| Alexandria Real Estate Equities, Inc. REIT | 74 |  | 4 |
| Allegion PLC | 41 |  | 7 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Alliant Energy Corp. | 123 | $8 |
| Allstate Corp. | 126 | 26 |
| Alnylam Pharmaceuticals, Inc. (e) | 63 | 25 |
| Alphabet, Inc., Class A | 5160 | 1617 |
| Altria Group, Inc. | 804 | 46 |
| Amazon.com, Inc. (e) | 4627 | 1068 |
| Amcor PLC | 1096 | 9 |
| Ameren Corp. | 129 | 13 |
| American Electric Power Co., Inc. | 256 | 30 |
| American Express Co. | 270 | 100 |
| American Financial Group, Inc. | 32 | 4 |
| American Homes 4 Rent, Class A REIT | 160 | 5 |
| American International Group, Inc. | 266 | 23 |
| American Tower Corp. REIT | 226 | 40 |
| American Water Works Co., Inc. | 93 | 12 |
| Ameriprise Financial, Inc. | 46 | 23 |
| AMETEK, Inc. | 111 | 23 |
| Amgen, Inc. | 260 | 85 |
| Amphenol Corp., Class A | 587 | 79 |
| Amrize Ltd. (e) | 239 | 13 |
| Analog Devices, Inc. | 238 | 65 |
| Annaly Capital Management, Inc. REIT | 311 | 7 |
| Aon PLC, Class A | 98 | 35 |
| Apollo Global Management, Inc. | 211 | 31 |
| Apple, Inc. | 7126 | 1937 |
| Applied Materials, Inc. | 383 | 98 |
| AppLovin Corp., Class A (e) | 114 | 77 |
| Aptiv PLC (e) | 105 | 8 |
| Arch Capital Group Ltd. (e) | 179 | 17 |
| Archer-Daniels-Midland Co. | 230 | 13 |
| ARES Management Corp., Class A | 104 | 17 |
| Arista Networks, Inc. (e) | 505 | 66 |
| Arthur J Gallagher & Co. | 123 | 32 |
| Astera Labs, Inc. (e) | 64 | 11 |
| AT&T, Inc. | 3405 | 85 |
| Atlassian Corp., Class A (e) | 80 | 13 |
| Atmos Energy Corp. | 77 | 13 |
| Autodesk, Inc. (e) | 102 | 30 |
| Automatic Data Processing, Inc. | 195 | 50 |
| AutoZone, Inc. (e) | 8 | 27 |
| AvalonBay Communities, Inc. REIT | 68 | 12 |
| Avery Dennison Corp. | 38 | 7 |
| Axon Enterprise, Inc. (e) | 36 | 20 |
| Baker Hughes Co. | 472 | 21 |
| Ball Corp. | 123 | 7 |
| Bank of America Corp. | 3423 | 188 |
| Bank of New York Mellon Corp. | 339 | 39 |
| Baxter International, Inc. | 251 | 5 |
| Becton Dickinson & Co. | 138 | 27 |
| Bentley Systems, Inc., Class B | 77 | 3 |
| Berkshire Hathaway, Inc., Class B (e) | 660 | 332 |
| Best Buy Co., Inc. | 98 | 7 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Biogen, Inc. (e) | 70 | $12 |
| Blackrock, Inc. | 71 | 76 |
| Blackstone, Inc. | 354 | 55 |
| Block, Inc., Class A (e) | 267 | 17 |
| Bloom Energy Corp., Class A (e) | 110 | 10 |
| Boeing Co. (e) | 373 | 81 |
| Booking Holdings, Inc. | 16 | 86 |
| Booz Allen Hamilton Holding Corp. | 59 | 5 |
| Boston Scientific Corp. (e) | 714 | 68 |
| Bristol-Myers Squibb Co. | 984 | 53 |
| Broadcom, Inc. | 2173 | 752 |
| Broadridge Financial Solutions, Inc. | 56 | 12 |
| Brown & Brown, Inc. | 139 | 11 |
| Brown-Forman Corp., Class B | 88 | 2 |
| Builders FirstSource, Inc. (e) | 54 | 6 |
| Bunge Global SA | 67 | 6 |
| Burlington Stores, Inc. (e) | 31 | 9 |
| BXP, Inc. REIT | 72 | 5 |
| Cadence Design Systems, Inc. (e) | 132 | 41 |
| Capital One Financial Corp. | 311 | 75 |
| Cardinal Health, Inc. | 114 | 23 |
| Carlisle Cos., Inc. | 21 | 7 |
| Carlyle Group, Inc. | 114 | 7 |
| Carnival Corp. (e) | 509 | 16 |
| Carrier Global Corp. | 367 | 19 |
| Carvana Co. (e) | 63 | 27 |
| Caterpillar, Inc. | 227 | 130 |
| Cboe Global Markets, Inc. | 50 | 13 |
| CBRE Group, Inc., Class A (e) | 143 | 23 |
| CDW Corp. | 63 | 9 |
| Cencora, Inc. | 89 | 30 |
| Centene Corp. (e) | 235 | 10 |
| CenterPoint Energy, Inc. | 311 | 12 |
| CF Industries Holdings, Inc. | 78 | 6 |
| CH Robinson Worldwide, Inc. | 57 | 9 |
| Charles Schwab Corp. | 833 | 83 |
| Charter Communications, Inc., Class A (e) | 42 | 9 |
| Cheniere Energy, Inc. | 104 | 20 |
| Chevron Corp. | 920 | 140 |
| Chipotle Mexican Grill, Inc. (e) | 656 | 24 |
| Chubb Ltd. | 181 | 56 |
| Church & Dwight Co., Inc. | 117 | 10 |
| Ciena Corp. (e) | 69 | 16 |
| Cigna Group | 128 | 35 |
| Cincinnati Financial Corp. | 75 | 12 |
| Cintas Corp. | 174 | 33 |
| Cisco Systems, Inc. | 1911 | 147 |
| Citigroup, Inc. | 898 | 105 |
| Citizens Financial Group, Inc. | 209 | 12 |
| Clorox Co. | 58 | 6 |
| Cloudflare, Inc., Class A (e) | 152 | 30 |
| CME Group, Inc. | 172 | 47 |
| CMS Energy Corp. | 143 | 10 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| CNH Industrial NV | 422 | $4 |
| Coca-Cola Co. | 1953 | 137 |
| Cognizant Technology Solutions Corp., Class A | 236 | 20 |
| Coinbase Global, Inc., Class A (e) | 100 | 23 |
| Colgate-Palmolive Co. | 369 | 29 |
| Comcast Corp., Class A | 1767 | 53 |
| Comfort Systems USA, Inc. | 17 | 16 |
| ConocoPhillips | 597 | 56 |
| Consolidated Edison, Inc. | 172 | 17 |
| Constellation Brands, Inc., Class A | 72 | 10 |
| Constellation Energy Corp. | 150 | 53 |
| Cooper Cos., Inc. (e) | 96 | 8 |
| Copart, Inc. (e) | 442 | 17 |
| Corebridge Financial, Inc. | 138 | 4 |
| CoreWeave, Inc., Class A (e) | 83 | 6 |
| Corning, Inc. | 393 | 34 |
| Corpay, Inc. (e) | 32 | 10 |
| Corteva, Inc. | 326 | 22 |
| CoStar Group, Inc. (e) | 203 | 14 |
| Costco Wholesale Corp. | 214 | 185 |
| Coterra Energy, Inc. | 363 | 10 |
| Credo Technology Group Holding Ltd. (e) | 76 | 11 |
| CRH PLC | 327 | 41 |
| Crowdstrike Holdings, Inc., Class A (e) | 122 | 57 |
| Crown Castle, Inc. REIT | 208 | 18 |
| CSX Corp. | 895 | 32 |
| Cummins, Inc. | 67 | 34 |
| CVS Health Corp. | 607 | 48 |
| Danaher Corp. | 309 | 71 |
| Darden Restaurants, Inc. | 56 | 10 |
| Datadog, Inc., Class A (e) | 148 | 20 |
| Deckers Outdoor Corp. (e) | 71 | 7 |
| Deere & Co. | 124 | 58 |
| Dell Technologies, Inc., Class C | 158 | 20 |
| Delta Air Lines, Inc. | 80 | 6 |
| Devon Energy Corp. | 285 | 10 |
| Dexcom, Inc. (e) | 188 | 12 |
| Diamondback Energy, Inc. | 89 | 13 |
| Dick's Sporting Goods, Inc. | 33 | 7 |
| Digital Realty Trust, Inc. REIT | 163 | 25 |
| Docusign, Inc. (e) | 97 | 7 |
| Dollar General Corp. | 105 | 14 |
| Dollar Tree, Inc. (e) | 93 | 11 |
| Dominion Energy, Inc. | 407 | 24 |
| Domino's Pizza, Inc. | 16 | 7 |
| DoorDash, Inc., Class A (e) | 186 | 42 |
| Dover Corp. | 66 | 13 |
| Dow, Inc. | 344 | 8 |
| DR Horton, Inc. | 130 | 19 |
| DraftKings, Inc., Class A (e) | 216 | 7 |
| DTE Energy Co. | 99 | 13 |
| Duke Energy Corp. | 371 | 43 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| DuPont de Nemours, Inc. | 204 | $8 |  |
| Dynatrace, Inc. (e) | 146 | 6 |  |
| Eaton Corp. PLC | 187 | 60 |  |
| eBay, Inc. | 216 | 19 |  |
| EchoStar Corp., Class A (e) | 67 | 7 |  |
| Ecolab, Inc. | 123 | 32 |  |
| Edison International | 183 | 11 |  |
| Edwards Lifesciences Corp. (e) | 282 | 24 |  |
| Electronic Arts, Inc. | 114 | 23 |  |
| Elevance Health, Inc. | 109 | 38 |  |
| Eli Lilly & Co. | 384 | 413 |  |
| EMCOR Group, Inc. | 22 | 13 |  |
| Emerson Electric Co. | 271 | 36 |  |
| Entegris, Inc. | 73 | 6 |  |
| Entergy Corp. | 213 | 20 |  |
| EOG Resources, Inc. | 260 | 27 |  |
| EQT Corp. | 296 | 16 |  |
| Equifax, Inc. | 59 | 13 |  |
| Equinix, Inc. REIT | 47 | 36 |  |
| Equitable Holdings, Inc. | 144 | 7 |  |
| Equity LifeStyle Properties, Inc. REIT | 89 | 5 |  |
| Equity Residential REIT | 174 | 11 |  |
| Erie Indemnity Co., Class A | 12 | 3 |  |
| Essential Utilities, Inc. | 134 | 5 |  |
| Essex Property Trust, Inc. REIT | 31 | 8 |  |
| Estee Lauder Cos., Inc., Class A | 114 | 12 |  |
| Everest Group Ltd. | 20 | 7 |  |
| Evergy, Inc. | 110 | 8 |  |
| Eversource Energy | 177 | 12 |  |
| Exelon Corp. | 482 | 21 |  |
| Expand Energy Corp. | 112 | 12 |  |
| Expedia Group, Inc. | 57 | 16 |  |
| Expeditors International of Washington, Inc. | 66 | 10 |  |
| Extra Space Storage, Inc. REIT | 102 | 13 |  |
| Exxon Mobil Corp. | 2021 | 243 |  |
| F&G Annuities & Life, Inc. | 7 |  | @ |
| F5, Inc. (e) | 28 | 7 |  |
| Fair Isaac Corp. (e) | 11 | 19 |  |
| Fastenal Co. | 553 | 22 |  |
| FedEx Corp. | 109 | 31 |  |
| Ferguson Enterprises, Inc. | 95 | 21 |  |
| Fidelity National Financial, Inc. | 124 | 7 |  |
| Fidelity National Information Services, Inc. | 250 | 17 |  |
| Fifth Third Bancorp | 321 | 15 |  |
| First Citizens BancShares, Inc., Class A | 4 | 9 |  |
| First Solar, Inc. (e) | 49 | 13 |  |
| FirstEnergy Corp. | 262 | 12 |  |
| Fiserv, Inc. (e) | 263 | 18 |  |
| Flex Ltd. (e) | 182 | 11 |  |
| Flutter Entertainment PLC (e) | 81 | 17 |  |
| Ford Motor Co. | 1880 | 25 |  |
| Fortinet, Inc. (e) | 317 | 25 |  |
| Fortive Corp. | 162 | 9 |  |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Fox Corp., Class A | 174 | $12 |
| Freeport-McMoRan, Inc. | 706 | 36 |
| Gaming & Leisure Properties, Inc. REIT | 137 | 6 |
| Garmin Ltd. | 79 | 16 |
| Gartner, Inc. (e) | 36 | 9 |
| GE HealthCare Technologies, Inc. | 220 | 18 |
| GE Vernova, Inc. | 131 | 86 |
| Gen Digital, Inc. | 253 | 7 |
| General Dynamics Corp. | 110 | 37 |
| General Electric Co. | 514 | 158 |
| General Mills, Inc. | 257 | 12 |
| General Motors Co. | 457 | 37 |
| Genuine Parts Co. | 68 | 8 |
| Gilead Sciences, Inc. | 597 | 73 |
| Global Payments, Inc. | 117 | 9 |
| GoDaddy, Inc., Class A (e) | 67 | 8 |
| Goldman Sachs Group, Inc. | 147 | 129 |
| Graco, Inc. | 80 | 7 |
| Halliburton Co. | 408 | 12 |
| Hartford Insurance Group, Inc. | 135 | 19 |
| HCA Healthcare, Inc. | 80 | 37 |
| Healthpeak Properties, Inc. REIT | 333 | 5 |
| HEICO Corp. | 59 | 16 |
| Hershey Co. | 72 | 13 |
| Hewlett Packard Enterprise Co. | 640 | 15 |
| Hilton Worldwide Holdings, Inc. | 114 | 33 |
| Hologic, Inc. (e) | 107 | 8 |
| Home Depot, Inc. | 484 | 167 |
| Honeywell International, Inc. | 306 | 60 |
| Hormel Foods Corp. | 146 | 3 |
| Howmet Aerospace, Inc. | 185 | 38 |
| HP, Inc. | 461 | 10 |
| Hubbell, Inc. | 26 | 12 |
| HubSpot, Inc. (e) | 24 | 10 |
| Humana, Inc. | 58 | 15 |
| Huntington Bancshares, Inc. | 760 | 13 |
| Hyatt Hotels Corp., Class A | 21 | 3 |
| IDEX Corp. | 36 | 6 |
| IDEXX Laboratories, Inc. (e) | 39 | 26 |
| Illinois Tool Works, Inc. | 133 | 33 |
| Illumina, Inc. (e) | 74 | 10 |
| Incyte Corp. (e) | 81 | 8 |
| Ingersoll Rand, Inc. | 191 | 15 |
| Insmed, Inc. (e) | 102 | 18 |
| Insulet Corp. (e) | 34 | 10 |
| Intel Corp. (e) | 2163 | 80 |
| Interactive Brokers Group, Inc., Class A | 217 | 14 |
| Intercontinental Exchange, Inc. | 274 | 44 |
| International Business Machines Corp. | 445 | 132 |
| International Flavors & Fragrances, Inc. | 123 | 8 |
| International Paper Co. | 242 | 10 |
| Intuit, Inc. | 135 | 89 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Intuitive Surgical, Inc. (e) | 173 | $98 |
| Invitation Homes, Inc. REIT | 278 | 8 |
| IonQ, Inc. (e) | 145 | 6 |
| IQVIA Holdings, Inc. (e) | 82 | 18 |
| Iron Mountain, Inc. REIT | 141 | 12 |
| J.M. Smucker Co. | 52 | 5 |
| Jabil, Inc. | 52 | 12 |
| Jack Henry & Associates, Inc. | 35 | 6 |
| Jacobs Solutions, Inc. | 58 | 8 |
| JB Hunt Transport Services, Inc. | 37 | 7 |
| Johnson & Johnson | 1154 | 239 |
| Johnson Controls International PLC | 316 | 38 |
| JPMorgan Chase & Co. | 1335 | 430 |
| Kenvue, Inc. | 919 | 16 |
| Keurig Dr. Pepper, Inc. | 616 | 17 |
| KeyCorp | 452 | 9 |
| Keysight Technologies, Inc. (e) | 83 | 17 |
| Kimberly-Clark Corp. | 159 | 16 |
| Kimco Realty Corp. REIT | 325 | 7 |
| Kinder Morgan, Inc. | 951 | 26 |
| KKR & Co., Inc. | 301 | 38 |
| KLA Corp. | 64 | 78 |
| Kraft Heinz Co. | 423 | 10 |
| Kroger Co. | 303 | 19 |
| L3Harris Technologies, Inc. | 90 | 26 |
| Labcorp Holdings, Inc. | 40 | 10 |
| Lam Research Corp. | 616 | 105 |
| Las Vegas Sands Corp. | 151 | 10 |
| Leidos Holdings, Inc. | 59 | 11 |
| Lennar Corp., Class A | 103 | 11 |
| Lennox International, Inc. | 15 | 7 |
| Liberty Media Corp.-Liberty Formula One, Class C (e) | 101 | 10 |
| Linde PLC | 224 | 96 |
| Live Nation Entertainment, Inc. (e) | 79 | 11 |
| Lockheed Martin Corp. | 100 | 48 |
| Loews Corp. | 85 | 9 |
| Lowe's Cos., Inc. | 271 | 65 |
| LPL Financial Holdings, Inc. | 39 | 14 |
| Lululemon Athletica, Inc. (e) | 51 | 11 |
| LyondellBasell Industries NV, Class A | 124 | 5 |
| M&T Bank Corp. | 76 | 15 |
| Marathon Petroleum Corp. | 146 | 24 |
| Markel Group, Inc. (e) | 6 | 13 |
| Marriott International, Inc., Class A | 112 | 35 |
| Marsh & McLennan Cos., Inc. | 236 | 44 |
| Martin Marietta Materials, Inc. | 29 | 18 |
| Marvell Technology, Inc. | 419 | 36 |
| Masco Corp. | 101 | 6 |
| Mastercard, Inc., Class A | 410 | 234 |
| McCormick & Co., Inc. | 122 | 8 |
| McDonald's Corp. | 345 | 105 |
| McKesson Corp. | 60 | 49 |
| Medtronic PLC | 618 | 59 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| MercadoLibre, Inc. (e) | 22 | $44 |
| Merck & Co., Inc. | 1198 | 126 |
| Meta Platforms, Inc., Class A | 1053 | 695 |
| MetLife, Inc. | 272 | 21 |
| Mettler-Toledo International, Inc. (e) | 10 | 14 |
| Microchip Technology, Inc. | 263 | 17 |
| Micron Technology, Inc. | 529 | 151 |
| Microsoft Corp. | 3407 | 1648 |
| Mid-America Apartment Communities, Inc. REIT | 56 | 8 |
| Mondelez International, Inc., Class A | 620 | 33 |
| MongoDB, Inc. (e) | 40 | 17 |
| Monolithic Power Systems, Inc. | 23 | 21 |
| Monster Beverage Corp. (e) | 349 | 27 |
| Moody's Corp. | 78 | 40 |
| Motorola Solutions, Inc. | 80 | 31 |
| MSCI, Inc. | 37 | 21 |
| Nasdaq, Inc. | 221 | 21 |
| Natera, Inc. (e) | 63 | 14 |
| NetApp, Inc. | 96 | 10 |
| Netflix, Inc. (e) | 2055 | 193 |
| Neurocrine Biosciences, Inc. (e) | 48 | 7 |
| Newmont Corp. | 562 | 56 |
| News Corp., Class A | 180 | 5 |
| NextEra Energy, Inc. | 983 | 79 |
| NIKE, Inc., Class B | 569 | 36 |
| NiSource, Inc. | 225 | 9 |
| Nordson Corp. | 26 | 6 |
| Norfolk Southern Corp. | 108 | 31 |
| Northern Trust Corp. | 92 | 13 |
| Northrop Grumman Corp. | 65 | 37 |
| NRG Energy, Inc. | 93 | 15 |
| Nucor Corp. | 111 | 18 |
| Nutanix, Inc., Class A (e) | 125 | 6 |
| NVIDIA Corp. | 11859 | 2212 |
| NVR, Inc. (e) | 1 | 7 |
| NXP Semiconductors NV | 123 | 27 |
| Occidental Petroleum Corp. | 351 | 14 |
| Oklo, Inc. (e) | 55 | 4 |
| Okta, Inc. (e) | 82 | 7 |
| Old Dominion Freight Line, Inc. | 91 | 14 |
| Omnicom Group, Inc. | 152 | 12 |
| ON Semiconductor Corp. (e) | 201 | 11 |
| ONEOK, Inc. | 299 | 22 |
| Oracle Corp. | 835 | 163 |
| O'Reilly Automotive, Inc. (e) | 410 | 37 |
| Otis Worldwide Corp. | 188 | 16 |
| PACCAR, Inc. | 253 | 28 |
| Packaging Corp. of America | 43 | 9 |
| Palantir Technologies, Inc., Class A (e) | 1110 | 197 |
| Palo Alto Networks, Inc. (e) | 328 | 60 |
| Parker-Hannifin Corp. | 61 | 54 |
| Paychex, Inc. | 156 | 17 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Paycom Software, Inc. | 25 | $4 |
| PayPal Holdings, Inc. | 442 | 26 |
| Pentair PLC | 79 | 8 |
| PepsiCo, Inc. | 654 | 94 |
| Pfizer, Inc. | 2734 | 68 |
| PG&E Corp. | 1040 | 17 |
| Philip Morris International, Inc. | 743 | 119 |
| Phillips 66 | 194 | 25 |
| Pinterest, Inc., Class A (e) | 292 | 8 |
| PNC Financial Services Group, Inc. | 190 | 40 |
| PPG Industries, Inc. | 109 | 11 |
| PPL Corp. | 353 | 12 |
| Principal Financial Group, Inc. | 108 | 10 |
| Procter & Gamble Co. | 1124 | 161 |
| Progressive Corp. | 281 | 64 |
| Prologis, Inc. REIT | 447 | 57 |
| Prudential Financial, Inc. | 170 | 19 |
| PTC, Inc. (e) | 58 | 10 |
| Public Service Enterprise Group, Inc. | 238 | 19 |
| Public Storage REIT | 76 | 20 |
| PulteGroup, Inc. | 95 | 11 |
| Pure Storage, Inc., Class A (e) | 152 | 10 |
| Qnity Electronics, Inc. | 101 | 8 |
| QUALCOMM, Inc. | 521 | 89 |
| Quanta Services, Inc. | 72 | 30 |
| Quest Diagnostics, Inc. | 54 | 9 |
| Raymond James Financial, Inc. | 92 | 15 |
| Realty Income Corp. REIT | 438 | 25 |
| Reddit, Inc., Class A (e) | 47 | 11 |
| Regency Centers Corp. REIT | 83 | 6 |
| Regeneron Pharmaceuticals, Inc. | 50 | 39 |
| Regions Financial Corp. | 431 | 12 |
| Reliance, Inc. | 26 | 8 |
| Republic Services, Inc. | 104 | 22 |
| ResMed, Inc. | 70 | 17 |
| Rivian Automotive, Inc., Class A (e) | 378 | 7 |
| Robinhood Markets, Inc., Class A (e) | 358 | 40 |
| ROBLOX Corp., Class A (e) | 282 | 23 |
| Rocket Cos., Inc., Class A | 444 | 9 |
| Rocket Lab Corp. (e) | 209 | 15 |
| Rockwell Automation, Inc. | 54 | 21 |
| Rollins, Inc. | 140 | 8 |
| Roper Technologies, Inc. | 52 | 23 |
| Ross Stores, Inc. | 157 | 28 |
| Royal Caribbean Cruises Ltd. | 126 | 35 |
| Royalty Pharma PLC, Class A | 198 | 8 |
| RPM International, Inc. | 62 | 6 |
| RTX Corp. | 644 | 118 |
| S&P Global, Inc. | 150 | 78 |
| Salesforce, Inc. | 457 | 121 |
| Samsara, Inc., Class A (e) | 168 | 6 |
| SBA Communications Corp. REIT | 51 | 10 |
| Seagate Technology Holdings PLC | 103 | 28 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Sempra | 311 | $27 |
| ServiceNow, Inc. (e) | 500 | 77 |
| Sherwin-Williams Co. | 114 | 37 |
| Simon Property Group, Inc. REIT | 157 | 29 |
| SLB Ltd. | 715 | 27 |
| Smurfit WestRock PLC | 252 | 10 |
| Snap, Inc., Class A (e) | 518 | 4 |
| Snap-on, Inc. | 25 | 9 |
| Snowflake, Inc., Class A (e) | 155 | 34 |
| SoFi Technologies, Inc. (e) | 578 | 15 |
| Solventum Corp. (e) | 75 | 6 |
| Southern Co. | 523 | 46 |
| SS&C Technologies Holdings, Inc. | 106 | 9 |
| Starbucks Corp. | 542 | 46 |
| State Street Corp. | 137 | 18 |
| Steel Dynamics, Inc. | 68 | 12 |
| STERIS PLC | 47 | 12 |
| Strategy, Inc., Class A (e) | 127 | 19 |
| Stryker Corp. | 166 | 58 |
| Sun Communities, Inc. REIT | 60 | 7 |
| Super Micro Computer, Inc. (e) | 258 | 8 |
| Synchrony Financial | 181 | 15 |
| Synopsys, Inc. (e) | 89 | 42 |
| Sysco Corp. | 229 | 17 |
| T. Rowe Price Group, Inc. | 106 | 11 |
| Take-Two Interactive Software, Inc. (e) | 89 | 23 |
| Tapestry, Inc. | 101 | 13 |
| Targa Resources Corp. | 103 | 19 |
| Target Corp. | 221 | 22 |
| TE Connectivity PLC | 142 | 32 |
| Teledyne Technologies, Inc. (e) | 23 | 12 |
| Teradyne, Inc. | 77 | 15 |
| Tesla, Inc. (e) | 1390 | 625 |
| Texas Instruments, Inc. | 441 | 76 |
| Texas Pacific Land Corp. | 28 | 8 |
| Textron, Inc. | 87 | 8 |
| Thermo Fisher Scientific, Inc. | 181 | 105 |
| TJX Cos., Inc. | 537 | 82 |
| T-Mobile U.S., Inc. | 240 | 49 |
| Toast, Inc., Class A (e) | 221 | 8 |
| Tractor Supply Co. | 258 | 13 |
| Trade Desk, Inc., Class A (e) | 213 | 8 |
| Tradeweb Markets, Inc., Class A | 56 | 6 |
| Trane Technologies PLC | 106 | 41 |
| TransDigm Group, Inc. | 27 | 36 |
| TransUnion | 93 | 8 |
| Travelers Cos., Inc. | 108 | 31 |
| Trimble, Inc. (e) | 115 | 9 |
| Truist Financial Corp. | 626 | 31 |
| Twilio, Inc., Class A (e) | 74 | 11 |
| Tyler Technologies, Inc. (e) | 21 | 10 |
| Tyson Foods, Inc., Class A | 137 | 8 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| U.S. Bancorp | 754 | $40 |
| Uber Technologies, Inc. (e) | 952 | 78 |
| UDR, Inc. REIT | 151 | 6 |
| Ulta Beauty, Inc. (e) | 22 | 13 |
| Union Pacific Corp. | 284 | 66 |
| United Airlines Holdings, Inc. (e) | 40 | 4 |
| United Parcel Service, Inc., Class B | 357 | 35 |
| United Rentals, Inc. | 31 | 25 |
| United Therapeutics Corp. (e) | 21 | 10 |
| UnitedHealth Group, Inc. | 439 | 145 |
| Universal Health Services, Inc., Class B | 27 | 6 |
| Valero Energy Corp. | 147 | 24 |
| Veeva Systems, Inc., Class A (e) | 75 | 17 |
| Ventas, Inc. REIT | 219 | 17 |
| Veralto Corp. | 119 | 12 |
| VeriSign, Inc. | 41 | 10 |
| Verisk Analytics, Inc. | 66 | 15 |
| Verizon Communications, Inc. | 2026 | 83 |
| Vertex Pharmaceuticals, Inc. (e) | 124 | 56 |
| Vertiv Holdings Co., Class A | 176 | 29 |
| VICI Properties, Inc. REIT | 511 | 14 |
| Visa, Inc., Class A | 817 | 287 |
| Vistra Corp. | 162 | 26 |
| Vulcan Materials Co. | 64 | 18 |
| W.R. Berkley Corp. | 145 | 10 |
| Walmart, Inc. | 2097 | 234 |
| Walt Disney Co. | 858 | 98 |
| Warner Bros Discovery, Inc. (e) | 1127 | 32 |
| Waste Connections, Inc. | 123 | 22 |
| Waste Management, Inc. | 192 | 42 |
| Waters Corp. (e) | 29 | 11 |
| Watsco, Inc. | 17 | 6 |
| WEC Energy Group, Inc. | 154 | 16 |
| Wells Fargo & Co. | 1548 | 144 |
| Welltower, Inc. REIT | 319 | 59 |
| West Pharmaceutical Services, Inc. | 34 | 9 |
| Western Digital Corp. | 168 | 29 |
| Westinghouse Air Brake Technologies Corp. | 83 | 18 |
| Weyerhaeuser Co. REIT | 347 | 8 |
| Williams Cos., Inc. | 583 | 35 |
| Williams-Sonoma, Inc. | 59 | 11 |
| Willis Towers Watson PLC | 47 | 15 |
| Workday, Inc., Class A (e) | 105 | 23 |
| WP Carey, Inc. REIT | 105 | 7 |
| WW Grainger, Inc. | 22 | 22 |
| Xcel Energy, Inc. | 284 | 21 |
| Xylem, Inc. | 117 | 16 |
| Yum! Brands, Inc. | 134 | 20 |
| Zebra Technologies Corp., Class A (e) | 25 | 6 |
| Zillow Group, Inc., Class C (e) | 81 | 6 |
| Zimmer Biomet Holdings, Inc. | 96 | 9 |
| Zoetis, Inc. | 213 | 27 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** | **United States (cont'd)** |
| Zoom Communications, Inc., Class A (e) | 124 | $11 |  |
| Zscaler, Inc. (e) | 50 | 11 |  |
|  |  | 28648 |  |
| **Total Common Stocks (Cost $28,064)** | **Total Common Stocks (Cost $28,064)** | 40838 |  |
|  | **No. of<br>Rights** |  |  |
| **Rights (0.0%)‡** | **Rights (0.0%)‡** | **Rights (0.0%)‡** | **Rights (0.0%)‡** |
| **United States (0.0%)‡** | **United States (0.0%)‡** | **United States (0.0%)‡** | **United States (0.0%)‡** |
| Abiomed, Inc.,<br>CVR expires 12/22/28 (e) **(Cost $—@)** | 14 |  | @ |
|  | **No. of<br>Warrants** |  |  |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| **Canada (0.0%)** | **Canada (0.0%)** | **Canada (0.0%)** | **Canada (0.0%)** |
| Constellation Software, Inc.<br>expires 3/31/40 (e)(f) **(Cost $—)** | 16 |  |  |
|  | **Shares** |  |  |
| **Short-Term Investment (5.7%)** | **Short-Term Investment (5.7%)** | **Short-Term Investment (5.7%)** | **Short-Term Investment (5.7%)** |
| **Investment Company (5.7%)** | **Investment Company (5.7%)** | **Investment Company (5.7%)** | **Investment Company (5.7%)** |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 3.71% (See Note H) <br>**(Cost $4,691)** | 4690984 | 4691 |  |
| **Total Investments (99.9%) (Cost $70,775) (g)(h)(i)** | **Total Investments (99.9%) (Cost $70,775) (g)(h)(i)** | 82898 |  |
| **Other Assets in Excess of Liabilities (0.1%)** | **Other Assets in Excess of Liabilities (0.1%)** | 92 |  |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $82990 |  |

---

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 December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.

(c) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(d) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of December 31, 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 approximate fair value and percentage of net assets, $10,446,000 and 12.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(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) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $70,881,000. The aggregate gross unrealized appreciation is approximately $14,500,000 and the aggregate gross unrealized depreciation is approximately $3,663,000, resulting in net unrealized appreciation of approximately $10,837,000.

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.

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br>to <br>Deliver<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Bank of America NA | 738 | $105 | 3/18/26 | $(1 |
| Bank of America NA | $460 | 437 | 1/6/26 | 54 |
| Bank of America NA | $5 | 15 | 3/18/26 |  |
| Barclays Bank PLC | 16 | $2 | 3/18/26 |  |
| Barclays Bank PLC | 7 | $1 | 3/18/26 | (— |
| Barclays Bank PLC | 1826 | $34 | 4/6/26 | (5 |
| Barclays Bank PLC | 4138 | $77 | 4/6/26 | (13 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br>to <br>Deliver<br>(000)** | **Contracts<br>to <br>Deliver<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Barclays Bank PLC | 17516 |  | $334 |  | 4/6/26 | $(47 |
| Barclays Bank PLC | 2272 |  | $44 |  | 4/6/26 | (5 |
| Barclays Bank PLC | $2 |  | 3 |  | 3/18/26 |  |
| Barclays Bank PLC | $95 |  | 72 |  | 3/18/26 | 1 |
| Barclays Bank PLC | $2 |  | 7 |  | 3/18/26 |  |
| Barclays Bank PLC | $— | @ |  | @ | 3/18/26 | (— |
| Barclays Bank PLC | $28 |  | 122 |  | 3/18/26 |  |
| Barclays Bank PLC | $74 |  | 685 |  | 3/18/26 | 1 |
| Barclays Bank PLC | $— | @ |  | @ | 3/18/26 | (— |
| Barclays Bank PLC | $297 |  | 17232 |  | 4/6/26 | 78 |
| BNP Paribas SA | 32 |  | $21 |  | 3/18/26 | (— |
| BNP Paribas SA | 35 |  | $44 |  | 3/18/26 | (— |
| BNP Paribas SA | 1074 |  | $154 |  | 3/18/26 | (1 |
| BNP Paribas SA | 2678 |  | $1 |  | 3/18/26 |  |
| BNP Paribas SA | 65 |  | $10 |  | 3/18/26 |  |
| BNP Paribas SA | 30 |  | $35 |  | 1/14/26 | (1 |
| BNP Paribas SA | 31428 |  | $205 |  | 3/18/26 | 3 |
| BNP Paribas SA | 78 |  | $8 |  | 3/18/26 | (— |
| BNP Paribas SA | 246 |  | $8 |  | 3/18/26 |  |
| BNP Paribas SA | $15 |  | 13453 |  | 3/18/26 |  |
| BNP Paribas SA | $10 |  | 78 |  | 3/18/26 | (— |
| BNP Paribas SA | $16 |  | 259533 |  | 3/11/26 |  |
| BNP Paribas SA | $— | @ | 4 |  | 3/18/26 | (— |
| BNP Paribas SA | $16 |  | 161 |  | 3/18/26 |  |
| BNP Paribas SA | $39 |  | 142 |  | 3/18/26 | 1 |
| BNP Paribas SA | 11 |  | $1 |  | 3/18/26 | (— |
| Citibank NA | 64 |  | $75 |  | 3/18/26 |  |
| Citibank NA | $271 |  | 374 |  | 3/18/26 | 2 |
| Citibank NA | $11 |  | 15 |  | 3/18/26 |  |
| Citibank NA | $8 |  | 168 |  | 3/18/26 |  |
| Citibank NA | $16 |  | 51 |  | 3/18/26 |  |
| Citibank NA | $459 |  | 67359 |  | 1/6/26 | (29 |
| Citibank NA | $301 |  | 440506 |  | 3/18/26 | 5 |
| Citibank NA | $20 |  | 67 |  | 3/18/26 |  |
| Goldman Sachs International | 57 |  | $38 |  | 3/18/26 | (— |
| Goldman Sachs International | 15 |  | $3 |  | 3/18/26 |  |
| Goldman Sachs International | 6 |  | $1 |  | 3/18/26 |  |
| Goldman Sachs International | 64 |  | $70 |  | 1/6/26 | (5 |
| Goldman Sachs International | 599 |  | $693 |  | 1/6/26 | (11 |
| Goldman Sachs International | 280 |  | $325 |  | 4/28/26 | (6 |
| Goldman Sachs International | 285 |  | $329 |  | 4/28/26 | (7 |
| Goldman Sachs International | 41 |  | $48 |  | 3/18/26 |  |
| Goldman Sachs International | 4 |  | $5 |  | 3/18/26 | (— |
| Goldman Sachs International | 6888 |  | $47 |  | 1/6/26 | 3 |
| Goldman Sachs International | 96155 |  | $694 |  | 1/6/26 | 80 |
| Goldman Sachs International | 44709 |  | $325 |  | 4/28/26 | 36 |
| Goldman Sachs International | 45762 |  | $328 |  | 4/28/26 | 33 |
| Goldman Sachs International | 4072 |  | $27 |  | 3/18/26 |  |
| Goldman Sachs International | 9949 |  | $64 |  | 3/18/26 |  |
| Goldman Sachs International | 142136 |  | $97 |  | 3/18/26 | (2 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br>to <br>Deliver<br>(000)** | **Contracts<br>to <br>Deliver<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Goldman Sachs International | 299 |  | $73 | 3/18/26 | $(1 |
| Goldman Sachs International | 38 |  | $9 | 3/18/26 | (— |
| Goldman Sachs International | 39607 |  | $1168 | 1/6/26 | (89 |
| Goldman Sachs International | 36390 |  | $1090 | 1/6/26 | (65 |
| Goldman Sachs International | 37497 |  | $1103 | 1/6/26 | (87 |
| Goldman Sachs International | 107296 |  | $3285 | 4/28/26 | (150 |
| Goldman Sachs International | 293 |  | $9 | 3/18/26 |  |
| Goldman Sachs International | 1943 |  | $35 | 4/6/26 | (7 |
| Goldman Sachs International | 49955 |  | $997 | 4/6/26 | (90 |
| Goldman Sachs International | 30175 |  | $506 | 1/25/27 | (20 |
| Goldman Sachs International | 28393 |  | $468 | 1/25/27 | (27 |
| Goldman Sachs International | $33 |  | 50 | 3/18/26 | (— |
| Goldman Sachs International | $30 |  | 42 | 3/18/26 |  |
| Goldman Sachs International | $194 |  | 1359 | 3/18/26 | 2 |
| Goldman Sachs International | $731 |  | 5126 | 3/18/26 | 5 |
| Goldman Sachs International | $250 |  | 226 | 1/6/26 | 16 |
| Goldman Sachs International | $657 |  | 565 | 4/28/26 | 10 |
| Goldman Sachs International | $659 |  | 90471 | 4/28/26 | (76 |
| Goldman Sachs International | $84 |  | 2802 | 1/6/26 | 5 |
| Goldman Sachs International | $3373 |  | 110692 | 1/6/26 | 141 |
| Goldman Sachs International | $1703 |  | 54034 | 4/28/26 | 27 |
| Goldman Sachs International | $1666 |  | 53262 | 4/28/26 | 39 |
| Goldman Sachs International | $320 |  | 18398 | 4/6/26 | 81 |
| Goldman Sachs International | $309 |  | 16846 | 4/6/26 | 57 |
| Goldman Sachs International | $379 |  | 21090 | 4/6/26 | 80 |
| Goldman Sachs International | $72 |  | 4084 | 4/6/26 | 17 |
| Goldman Sachs International | $968 |  | 58568 | 1/25/27 | 52 |
| HSBC Bank PLC | $125 |  | 106 | 3/18/26 |  |
| HSBC Bank PLC | $8 |  | 138 | 3/18/26 |  |
| JPMorgan Chase Bank NA | 216 |  | $31 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | 154 |  | $24 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | 26 |  | $4 | 3/18/26 |  |
| JPMorgan Chase Bank NA | 48 |  | $57 | 3/18/26 |  |
| JPMorgan Chase Bank NA | 49 |  | $65 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | 102923 |  | $671 | 3/18/26 | 9 |
| JPMorgan Chase Bank NA | 1558 |  | $85 | 3/18/26 | (1 |
| JPMorgan Chase Bank NA | 28 |  | $16 | 3/18/26 |  |
| JPMorgan Chase Bank NA | 38 |  | $4 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | $29 |  | 40 | 3/18/26 |  |
| JPMorgan Chase Bank NA | $17 |  | 15810 | 3/18/26 | 1 |
| JPMorgan Chase Bank NA | $— | @ | 90 | 3/18/26 |  |
| JPMorgan Chase Bank NA | $19 |  | 60 | 3/18/26 |  |
| JPMorgan Chase Bank NA | $14 |  | 1281 | 3/18/26 |  |
| JPMorgan Chase Bank NA | $877 |  | 135939 | 3/18/26 | (4 |
| JPMorgan Chase Bank NA | $7 |  | 120 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | $6 |  | 10 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | $10 |  | 36 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | $2 |  | 2 | 3/18/26 |  |
| JPMorgan Chase Bank NA | 29 |  | $2 | 3/18/26 | (— |
| Royal Bank of Canada | 13 |  | $15 | 3/18/26 |  |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br>to <br>Deliver<br>(000)** | **Contracts<br>to <br>Deliver<br>(000)** | **In<br>Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Royal Bank of Canada | 70 |  | $82 | 3/18/26 | $— |
| Standard Chartered Bank | 137 |  | $100 | 3/18/26 |  |
| State Street Bank and Trust Co. | 60 |  | $81 | 3/18/26 | (— |
| UBS AG | 1517 |  | $1006 | 3/18/26 | (6 |
| UBS AG | 551 |  | $644 | 1/14/26 | (4 |
| UBS AG | 1813 |  | $2121 | 3/18/26 | (17 |
| UBS AG | 130179 |  | $8 | 3/17/26 | (— |
| UBS AG | 24183 |  | $158 | 3/18/26 | 2 |
| UBS AG | 22 |  | $2 | 3/18/26 | (— |
| UBS AG | 15 |  | $11 | 3/18/26 | (— |
| UBS AG | 2083 |  | $66 | 3/18/26 | (1 |
| UBS AG | $17 |  | 24 | 3/18/26 |  |
| UBS AG | $53 |  | 42 | 3/18/26 | 1 |
| UBS AG | $343 |  | 290 | 3/18/26 | (1 |
| UBS AG | $33 |  | 25 | 3/18/26 |  |
| UBS AG | $1 |  | 419 | 3/18/26 |  |
| UBS AG | $248 |  | 35683 | 1/6/26 | (20 |
| UBS AG | $— | @ | 2 | 3/18/26 | (— |
| UBS AG | $1 |  | 62 | 3/18/26 |  |
|  |  |  |  |  | $43 |

---

**Futures Contracts:**

The Fund had the following futures contracts open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number <br>of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| Euro-Buxl 30 yr. Bond Index (Germany) | 1 | Mar-26 | 100 | $129 | $(3 |
| German Euro-Schatz Index (Germany) | 5 | Mar-26 | 500 | 627 | (1 |
| KFE 10 yr. Treasury Bond Index (Korea, Republic of) | 5 | Mar-26 | 500000 | 392 | 1 |
| Ultra U.S. Treasury Bond (United States) | 3 | Mar-26 | $300 | 354 | (7 |
| U.S. Treasury 2 yr. Note (United States) | 15 | Mar-26 | 3000 | 3132 | (2 |
| U.S. Treasury 10 yr. Note (United States) | 1 | Mar-26 | 100 | 112 | (1 |
| U.S. Treasury Long Bond (United States) | 3 | Mar-26 | 300 | 347 | (4 |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| Euro Stoxx 50 Index (Germany) | 3 | Mar-26 | (— | (206) | (2 |
| French Government Bond Index (France) | 1 | Mar-26 | (100 | (142) | 1 |
| German Euro-Bobl Index (Germany) | 13 | Mar-26 | (1300 | (1775) | 8 |
| German Euro-Bund Index (Germany) | 4 | Mar-26 | (400 | (600) | 6 |
| MSCI Canada Index (United States) | 12 | Mar-26 | $(— | (2112) | (44 |
| MSCI Emerging Market Index (United States) | 13 | Mar-26 | (1 | (917) | (8 |
| MSCI USA Index (United States) | 1 | Mar-26 | (— | (322) | (6 |
| Nikkei 225 Index (Japan) | 3 | Mar-26 | (2 | (483) | 2 |
| SFE 3 yr. Australian Bond Index (Australia) | 6 | Mar-26 | (600 | (420) | 1 |
| SFE 10 yr. Australian Bond Index (Australia) | 6 | Mar-26 | (600 | (438) |  |
| U.S. Treasury 5 yr. Note (United States) | 4 | Mar-26 | $(400 | (437) | 2 |
| U.S. Treasury 10 yr. Note (United States) | 4 | Mar-26 | (400 | (450) | 1 |
|  |  |  |  |  | $(56 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Index** | **Pay/<br>Receive<br>Total Return<br>of Reference<br>Index** | **Floating Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Upfront<br>Payment<br>Paid<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Barclays Bank PLC | Bloomberg Global-Aggregate <br>Total Return Index Value <br>Hedged USD Index | Receive | SOFR - 0.22% | Quarterly | 9/30/26 | $12265 | $28 | $— | $28 |
| Barclays Bank PLC | Bloomberg Global-Aggregate <br>Total Return Index Value <br>Hedged USD Index | Receive | SOFR - 0.24% | Quarterly | 9/30/26 | 3227 | (6) |  | (6) |
| Barclays Bank PLC | Bloomberg U.S. MBS Index <br>Total Return Value <br>Unhedged USD Index | Pay | SOFR + 0.45% | Quarterly | 10/1/26 | 2236 | 7 |  | 7 |
| Barclays Bank PLC | Bloomberg US Mortgage-Backed <br>Securities Total Return Index | Pay | SOFR + 0.53% | Quarterly | 10/1/26 | 2434 | 3 |  | 3 |
| Barclays Bank PLC | Markit iBoxx USD Liquid <br>Investment Grade Index <br>Total Return Index | Pay | 3 Month <br>EURIBOR + 0.00% | Quarterly | 9/20/26 | 1456 | 8 |  | 8 |
| BNP Paribas SA | Bloomberg US Mortgage-Backed<br>Securities Total Return Index | Pay | SOFR + 0.00% | Quarterly | 9/20/26 | 1668 | 28 |  | 28 |
| BNP Paribas SA | iBoxx EUR Liquid <br>High Yield Index | Pay | 3 Month <br>EURIBOR + 0.00% | Quarterly | 9/20/26 | 2103 | (8) |  | (8) |
| BNP Paribas SA | MSCI Daily Total Return <br>Net Australia USD Index | Receive | SOFR + 0.48% | Quarterly | 1/12/26 | $318 | 5 |  | 5 |
| BNP Paribas SA | MSCI Japan Net Total <br>Return USD Index | Pay | SOFR + 0.36% | Quarterly | 2/10/26 | 2933 | (20) |  | (20) |
| BNP Paribas SA | MSCI Total Return Net USA Index | Pay | SOFR + 0.45% | Quarterly | 10/2/26 | 367 | 6 |  | 6 |
| BNP Paribas SA | MSCI Total Return Net USA Index | Pay | SOFR + 0.31% | Quarterly | 12/21/26 | 1951 | 18 |  | 18 |
| Goldman Sachs & <br>Co. LLC | MSCI Emerging Markets Net <br>Total Return Index | Pay | SOFR + 0.38% | Quarterly | 1/28/26 | 6360 | 38 |  | 38 |
| Goldman Sachs <br>International | MSCI Total Return <br>Net Europe Index | Receive | SOFR + 0.67% | Quarterly | 1/12/26 | 1035 | (42) |  | (42) |
| Goldman Sachs <br>International | MSCI World Net Total Return <br>USD Index | Receive | SOFR + 0.61% | Quarterly | 1/12/26 | 415 | (7) |  | (7) |
| JPMorgan Chase <br>Bank NA | AI Defense Index†† | Pay | SOFR + 0.45% | Quarterly | 12/21/26 | 1834 | 46 |  | 46 |
| JPMorgan Chase <br>Bank NA | J.P. Morgan EMBI Global <br>Core Index | Pay | SOFR + 0.70% | Quarterly | 10/1/26 | 827 | 11 |  | 11 |
| JPMorgan Chase <br>Bank NA | MSCI Daily Total Return <br>Net Australia USD Index | Receive | SOFR + 0.23% | Quarterly | 6/22/26 | 798 | (18) |  | (18) |
| JPMorgan Chase <br>Bank NA | US Policy Index†† | Pay | SOFR + 0.38% | Quarterly | 12/21/26 | 837 | 1 |  | 1 |
| JPMorgan Chase <br>Bank NA | US Regional Banks Index | Pay | SOFR - 0.05% | Quarterly | 12/21/26 | 542 | (19) |  | (19) |
| UBS AG | EU Banks Index†† | Pay | SOFR - 0.01% | Quarterly | 6/23/26 | 1995 | 24 |  | 24 |
| UBS AG | German Stimulus Index†† | Pay | SOFR + 0.30% | Quarterly | 6/23/26 | 1912 | 25 |  | 25 |
| UBS AG | MSCI Total Return Net <br>Europe Index | Receive | SOFR + 0.13% | Quarterly | 6/23/26 | 3910 | (56) |  | (56) |
| UBS AG | MSCI Total Return Net <br>Europe Index | Receive | SOFR + 0.13% | Quarterly | 6/23/26 | 696 | (7) |  | (7) |
| UBS AG | MSCI USA Index | Pay | SOFR + 0.78% | Quarterly | 10/23/26 | 3400 | 45 |  | 45 |
| UBS AG | MSCI World Net Total Return <br>USD Index | Receive | SOFR + 0.22% | Quarterly | 6/23/26 | 1419 | (15) |  | (15) |
|  |  |  |  |  |  |  | $95 | $— | $95 |

---

†† See tables below for details of the equity basket holdings underlying the swaps.

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

The following table represents the equity basket holdings underlying the total return swap with AI Defense Index as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **AI Defense Index** | **AI Defense Index** | **AI Defense Index** | **AI Defense Index** |
| Aerovironment, Inc. | 460 | $111 | 0.13% |
| BAE Systems PLC | 29325 | 676 | 0.81 |
| Bigbear.AI Holdings, Inc. | 22395 | 121 | 0.15 |
| Blacksky Technology, Inc. | 7407 | 139 | 0.17 |
| C3.AI, Inc. — Class A | 8452 | 114 | 0.14 |
| CACI International, Inc. - Class A | 290 | 155 | 0.19 |
| Chemring Group PLC | 18367 | 117 | 0.14 |
| Cohort PLC | 7578 | 92 | 0.11 |
| Droneshield Ltd. | 47233 | 97 | 0.12 |
| Elbit Systems Ltd. | 488 | 282 | 0.34 |
| Electro Optic Systems Holdings, Inc. | 21536 | 136 | 0.16 |
| Hensoldt AG | 1124 | 97 | 0.12 |
| Huntington Ingalls Industries, Inc. | 505 | 172 | 0.21 |
| IPG Photonics Corp. | 1833 | 131 | 0.16 |
| Karman Holdings, Inc. | 2047 | 150 | 0.18 |
| Kratos Defense & Security | 1586 | 120 | 0.15 |
| L3Harris Technologies, Inc. | 1876 | 551 | 0.66 |
| Leidos Holdings, Inc. | 1362 | 246 | 0.30 |
| Leonardo DRS, Inc. | 3234 | 110 | 0.13 |
| Leonardo SpA | 5900 | 340 | 0.41 |
| Lockheed Martin Corp. | 1736 | 840 | 1.01 |
| Mercury Systems, Inc. | 1888 | 138 | 0.17 |
| Next Vision Stabilized Systems, Ltd. | 3095 | 204 | 0.25 |
| Nlight, Inc. | 4885 | 183 | 0.22 |
| Northrop Grumman Corp. | 1417 | 808 | 0.97 |
| Ondas Holdings, Inc. | 19159 | 187 | 0.23 |
| Palantir Technologies, Inc. — Class A | 3244 | 577 | 0.69 |
| Parsons Corp. | 1751 | 108 | 0.13 |
| Red Cat Holdings, Inc. | 14874 | 118 | 0.14 |
| Rheinmetall AG | 374 | 685 | 0.82 |
| RTX Corp. | 5185 | 951 | 1.15 |
| Saab AB — Series B | 5657 | 330 | 0.40 |
| Science Applications International corp. | 1439 | 145 | 0.17 |
| Teledyne Technologies, Inc. | 488 | 249 | 0.30 |
| Thales SA | 1936 | 522 | 0.63 |
| TTM Technologies | 2587 | 179 | 0.22 |

---

The following table represents the equity basket holdings underlying the total return swap with US Policy Index as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **US Policy Index** | **US Policy Index** | **US Policy Index** | **US Policy Index** |
| Air Products & Chemicals, Inc. | 1449 | $358 | 0.43% |
| ATS Corp. | 3792 | 104 | 0.13 |
| Carrier Global Corp. | 5810 | 307 | 0.37 |
| Caterpillar, Inc. | 1057 | 605 | 0.73 |
| Circle Internet Group, Inc. | 661 | 52 | 0.06 |
| Cognex Corp. | 2245 | 81 | 0.10 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **US Policy Index (cont'd)** | **US Policy Index (cont'd)** | **US Policy Index (cont'd)** | **US Policy Index (cont'd)** |
| Coinbase Global, Inc. — Class A | 353 | $80 | 0.10% |
| Cummins, Inc. | 819 | 418 | 0.50 |
| Donaldson Co., Inc. | 1229 | 109 | 0.13 |
| Dover Corp. | 942 | 184 | 0.22 |
| Eagle Materials, Inc. | 446 | 92 | 0.11 |
| Eaton Corp. PLC | 1331 | 424 | 0.51 |
| Emcor Group, Inc. | 279 | 170 | 0.21 |
| Emerson Electric Co. | 3556 | 472 | 0.57 |
| Fastenal Co. | 7019 | 282 | 0.34 |
| Fortive Corp. | 2205 | 122 | 0.15 |
| GE Vernova, Inc. | 420 | 275 | 0.33 |
| Honeywell International, Inc. | 2267 | 442 | 0.53 |
| Hubbell, Inc. | 351 | 156 | 0.19 |
| Ingersoll-Rand, Inc. | 2430 | 193 | 0.23 |
| Jacobs Solutions, Inc. | 723 | 96 | 0.12 |
| Johnson Controls International PLC | 3917 | 469 | 0.57 |
| Kennametal, Inc. | 4871 | 138 | 0.17 |
| Lincoln Electric Holdings, Inc. | 420 | 101 | 0.12 |
| Linde PLC | 1028 | 439 | 0.53 |
| Martin Marietta Materials | 377 | 234 | 0.28 |
| Mirion Technologies, Inc. | 4791 | 112 | 0.14 |
| Nvent Electric PLC | 1039 | 106 | 0.13 |
| Parker Hannifin Corp. | 654 | 575 | 0.69 |
| Quanta Services, Inc. | 854 | 360 | 0.43 |
| Repligen Corp. | 745 | 122 | 0.15 |
| Rockwell Automation, Inc. | 675 | 262 | 0.32 |
| Sempra | 3618 | 319 | 0.38 |
| Solstice Adv Materials, Inc. | 575 | 28 | 0.03 |
| Terex Corp. | 2039 | 109 | 0.13 |
| Timken Co. | 1323 | 111 | 0.13 |
| Trane Technologies PLC | 1173 | 456 | 0.55 |
| United Rentals, Inc. | 411 | 333 | 0.40 |
| Vulcan Materials Co. | 782 | 223 | 0.27 |
| WW Grainger, Inc. | 317 | 320 | 0.39 |

---

The following table represents the equity basket holdings underlying the total return swap with EU Banks Index as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **EU Banks Index** | **EU Banks Index** | **EU Banks Index** | **EU Banks Index** |
| ABN AMRO Bank NV — CVA | 3870 | $135 | 0.16% |
| AIB Group PLC | 14051 | 152 | 0.18 |
| Banca Generali SpA | 378 | 25 | 0.03 |
| Banca Monte Dei Paschi Siena | 13966 | 150 | 0.18 |
| Banco Bilbao Vizcaya Argenta | 38461 | 905 | 1.09 |
| Banco BPM SpA | 7333 | 112 | 0.14 |
| Banco Comercial Portugues — Class R | 59009 | 62 | 0.07 |
| Banco De Sabadell SA | 34159 | 135 | 0.16 |
| Banco Santander SA | 96915 | 1145 | 1.38 |
| Bank of Ireland Group PLC | 5788 | 111 | 0.13 |

---

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **EU Banks Index (cont'd)** | **EU Banks Index (cont'd)** | **EU Banks Index (cont'd)** | **EU Banks Index (cont'd)** |
| Bankinter SA | 4381 | $73 | 0.09% |
| Bawag Group AG | 529 | 80 | 0.10 |
| BNP Paribas | 17646 | 1673 | 2.02 |
| Bper Banca SpA | 8762 | 119 | 0.14 |
| Caixabank SA | 23345 | 286 | 0.34 |
| Commerzbank AG | 5025 | 213 | 0.26 |
| Credit Agricole SA | 16487 | 340 | 0.41 |
| Deutsche Bank AG — Reg | 12941 | 503 | 0.61 |
| Erste Group Bank AG | 1963 | 237 | 0.29 |
| Finecobank SpA | 3945 | 103 | 0.12 |
| ING Groep NV | 20086 | 566 | 0.68 |
| Intesa Sanpaolo | 94001 | 653 | 0.79 |
| Kbc Ancora | 245 | 21 | 0.03 |
| Kbc Group NV | 1428 | 186 | 0.22 |
| Nordea Bank Abp | 21651 | 409 | 0.49 |
| Raiffeisen Bank International AG | 898 | 40 | 0.05 |
| Societe Generale SA | 11206 | 904 | 1.09 |
| Unicaja Banco SA | 7437 | 24 | 0.03 |
| Unicredit SpA | 10128 | 843 | 1.02 |

---

The following table represents the equity basket holdings underlying the total return swap with German Stimulus Index as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **German Stimulus Index** | **German Stimulus Index** | **German Stimulus Index** | **German Stimulus Index** |
| ABB Ltd. — Reg | 9864 | $736 | 0.89% |
| Alstom SA | 12110 | 358 | 0.43 |
| Atlas Copco AB — A Shares | 35728 | 643 | 0.78 |
| Bilfinger SE | 2433 | 307 | 0.37 |
| Buzzi SpA | 5543 | 338 | 0.41 |
| E.ON SE | 28389 | 537 | 0.65 |
| Gea Group AG | 4215 | 286 | 0.34 |
| Geberit AG — Reg | 532 | 416 | 0.50 |
| Georg Fischer AG — Reg | 3590 | 243 | 0.29 |
| Heidelberg Materials AG | 2335 | 611 | 0.74 |
| Holcim Ltd. | 6379 | 625 | 0.75 |
| Kingspan Group PLC | 3933 | 342 | 0.41 |
| Kion Group AG | 4299 | 344 | 0.41 |
| Knorr-Bremse AG | 3656 | 408 | 0.49 |
| Nordex SE | 10639 | 364 | 0.44 |
| Rockwool A/S — B Shares | 6933 | 246 | 0.30 |
| Siemens AG — Reg | 2649 | 743 | 0.90 |
| Siemens Energy AG | 6160 | 870 | 1.05 |
| Spie SA | 5507 | 318 | 0.38 |
| Ssab AB — B Shares | 44818 | 339 | 0.41 |
| Thyssenkrupp AG | 21021 | 229 | 0.28 |
| Tkms Ag& Co KGaA | 1038 | 81 | 0.10 |
| United Internet AG — Reg | 8401 | 273 | 0.33 |
| Volvo AB — B Shares | 19660 | 631 | 0.76 |

---

@ Value is less than $500.

CVA Certificaten Van Aandelen.

EUR EURO

EURIBOR Euro Interbank Offered Rate.

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

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Common Stocks | 49.3 | % |
| Sovereign | 21.2 |  |
| U.S. Treasury Securities | 8.5 |  |
| Corporate Bonds | 7.7 |  |
| Other\* | 7.7 |  |
| Short-Term Investment | 5.6 |  |
| 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 $13,395,000 and net unrealized depreciation of approximately $56,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $43,000. Also does not include open swap agreements with net unrealized appreciation of approximately $95,000.

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

------

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

December 31, 2025

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2025<br>(000)** | **December 31, 2025<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $66,084) | $78207 |  |
| Investment in Security of Affiliated Issuer, at Value (Cost $4,691) | 4691 |  |
| Total Investments in Securities, at Value (Cost $70,775) | 82898 |  |
| Foreign Currency, at Value (Cost $285) | 284 |  |
| Cash |  | @ |
| Unrealized Appreciation on Foreign Currency Forward Exchange Contracts | 842 |  |
| Receivable for Variation Margin on Futures Contracts | 416 |  |
| Interest Receivable | 321 |  |
| Unrealized Appreciation on Swap Agreements | 293 |  |
| Due from Adviser | 66 |  |
| Due from Broker | 35 |  |
| Tax Reclaim Receivable | 34 |  |
| Dividends Receivable | 23 |  |
| Receivable from Affiliate | 15 |  |
| Receivable for Variation Margin on Swap Agreements | 1 |  |
| Receivable for Investments Sold |  | @ |
| Receivable for Fund Shares Sold |  | @ |
| Other Assets | 12 |  |
| Total Assets | 85240 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 864 |  |
| Unrealized Depreciation on Foreign Currency Forward Exchange Contracts | 799 |  |
| Unrealized Depreciation on Swap Agreements | 198 |  |
| Payable for Fund Shares Redeemed | 179 |  |
| Payable for Custodian Fees | 116 |  |
| Payable for Servicing Fees | 30 |  |
| Payable for Professional Fees | 8 |  |
| Payable for Administration Fees | 6 |  |
| Payable for Transfer Agency Fees | 3 |  |
| Payable for Distribution Fees — Class II Shares | 1 |  |
| Deferred Capital Gain Country Tax | 1 |  |
| Other Liabilities | 45 |  |
| Total Liabilities | 2250 |  |
| **NET ASSETS** | $82990 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $64081 |  |
| Total Distributable Earnings | 18909 |  |
| **Net Assets** | $82990 |  |
| **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $68953 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 6,604,879 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $10.44 |  |
| **CLASS II:** | **CLASS II:** | **CLASS II:** |
| **Net Assets** | $14037 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 1,359,561 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $10.32 |  |

---

@ Amount is less than $500.

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

------

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

December 31, 2025

**Global Strategist Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2025<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Interest from Securities of Unaffiliated Issuers (Net of $2 of Foreign Taxes Withheld) | $1269 |
| Dividends from Securities of Unaffiliated Issuers (Net of $41 of Foreign Taxes Withheld) | 642 |
| Dividends from Security of Affiliated Issuer (Note H) | 239 |
| Total Investment Income | 2150 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 612 |
| Custodian Fees (Note G) | 274 |
| Professional Fees | 234 |
| Servicing Fees (Note D) | 126 |
| Pricing Fees | 98 |
| Administration Fees (Note C) | 65 |
| Distribution Fees — Class II Shares (Note E) | 35 |
| Transfer Agency Fees (Note F) | 20 |
| Shareholder Reporting Fees | 12 |
| Directors' Fees and Expenses | 7 |
| Other Expenses | 16 |
| Total Expenses | 1499 |
| Waiver of Advisory Fees (Note B) | (612) |
| Expenses Reimbursed by Adviser (Note B) | (119) |
| Waiver of Distribution Fees — Class II Shares (Note E) | (21) |
| Rebate from Morgan Stanley Affiliate (Note H) | (14) |
| Net Expenses | 733 |
| **Net Investment Income** | 1417 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 2632 |
| Foreign Currency Forward Exchange Contracts | 61 |
| Foreign Currency Transactions | 171 |
| Futures Contracts | (124) |
| Swap Agreements | 2459 |
| Net Realized Gain | 5199 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Decrease in Deferred Capital Gain Country Tax of $1) | 6058 |
| Foreign Currency Forward Exchange Contracts | 25 |
| Foreign Currency Translation | (201) |
| Futures Contracts | (81) |
| Swap Agreements | 624 |
| Net Change in Unrealized Appreciation (Depreciation) | 6425 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 11624 |
| **Net Increase in Net Assets Resulting from Operations** | $13041 |

---

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

------

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

December 31, 2025

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $1417 | $1899 |
| Net Realized Gain | 5199 | 3899 |
| Net Change in Unrealized Appreciation (Depreciation) | 6425 | 233 |
| Net Increase in Net Assets Resulting from Operations | 13041 | 6031 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class I | (2341) |  |
| Class II | (503) |  |
| Total Dividends and Distributions to Shareholders | (2844) |  |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Class I: | Class I: | Class I: |
| Subscribed | 3713 | 3855 |
| Distributions Reinvested | 2341 |  |
| Redeemed | (13516) | (9510) |
| Class II: | Class II: | Class II: |
| Subscribed | 1702 | 1366 |
| Distributions Reinvested | 503 |  |
| Redeemed | (3982) | (2077) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (9239) | (6366) |
| Total Increase (Decrease) in Net Assets | 958 | (335) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 82032 | 82367 |
| End of Period | $82990 | $82032 |
| **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** |
| Class I: | Class I: | Class I: |
| Shares Subscribed | 379 | 425 |
| Shares Issued on Distributions Reinvested | 240 |  |
| Shares Redeemed | (1389) | (1051) |
| Net Decrease in Class I Shares Outstanding | (770) | (626) |
| Class II: | Class II: | Class II: |
| Shares Subscribed | 173 | 153 |
| Shares Issued on Distributions Reinvested | 52 |  |
| Shares Redeemed | (411) | (233) |
| Net Decrease in Class II Shares Outstanding | (186) | (80) |

---

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

------

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

December 31, 2025

Consolidated Financial Highlights

**Global Strategist Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $9.21 | $8.57 | $7.64 | $11.30 | $10.99 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.17 | 0.21 | 0.17 | 0.14 | 0.10 |
| Net Realized and Unrealized Gain (Loss) | 1.41 | 0.43 | 0.89 | (2.07) | 0.81 |
| Total from Investment Operations | 1.58 | 0.64 | 1.06 | (1.93) | 0.91 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  | (0.13) |  | (0.21) |
| Net Realized Gain | (0.35) |  |  | (1.73) | (0.39) |
| Total Distributions | (0.35) |  | (0.13) | (1.73) | (0.60) |
| **Net Asset Value, End of Period** | $10.44 | $9.21 | $8.57 | $7.64 | $11.30 |
| **Total Return<sup>(2)</sup>** | 17.40% | 7.47% | 14.07%<sup>(3)</sup> | (16.94)% | 8.37% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $68953 | $67928 | $68557 | $66072 | $88704 |
| Ratio of Expenses Before Expense Limitation | 1.80% | 1.79% | 1.69% | 1.77% | 1.52% |
| Ratio of Expenses After Expense Limitation | 0.88%<sup>(4)</sup> | 0.88%<sup>(4)</sup> | 0.87%<sup>(4)(5)</sup> | 0.88%<sup>(4)</sup> | 0.90%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.75%<sup>(4)</sup> | 2.30%<sup>(4)</sup> | 2.06%<sup>(4)(5)</sup> | 1.59%<sup>(4)</sup> | 0.89%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.02% | 0.02% | 0.02% | 0.02% | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 95% | 98% | 102% | 99% | 111% |

---

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.88% | 2.05% |

---

(6) Amount is less than 0.005%.

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

------

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

December 31, 2025

Consolidated Financial Highlights

**Global Strategist Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $9.12 | $8.49 | $7.58 | $11.23 | $10.93 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.16 | 0.20 | 0.16 | 0.13 | 0.09 |
| Net Realized and Unrealized Gain (Loss) | 1.39 | 0.43 | 0.88 | (2.05) | 0.80 |
| Total from Investment Operations | 1.55 | 0.63 | 1.04 | (1.92) | 0.89 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income |  |  | (0.13) |  | (0.20) |
| Net Realized Gain | (0.35) |  |  | (1.73) | (0.39) |
| Total Distributions | (0.35) |  | (0.13) | (1.73) | (0.59) |
| **Net Asset Value, End of Period** | $10.32 | $9.12 | $8.49 | $7.58 | $11.23 |
| **Total Return<sup>(2)</sup>** | 17.36% | 7.42% | 13.94%<sup>(3)</sup> | (17.07)% | 8.22% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $14037 | $14104 | $13810 | $13548 | $16785 |
| Ratio of Expenses Before Expense Limitation | 2.05% | 2.04% | 1.94% | 2.02% | 1.77% |
| Ratio of Expenses After Expense Limitation | 0.98%<sup>(4)</sup> | 0.98%<sup>(4)</sup> | 0.97%<sup>(4)(5)</sup> | 0.98%<sup>(4)</sup> | 1.00%<sup>(4)</sup> |
| Ratio of Net Investment Income | 1.65%<sup>(4)</sup> | 2.20%<sup>(4)</sup> | 1.96%<sup>(4)(5)</sup> | 1.49%<sup>(4)</sup> | 0.79%<sup>(4)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.02% | 0.02% | 0.02% | 0.02% | 0.00%<sup>(6)</sup> |
| Portfolio Turnover Rate | 95% | 98% | 102% | 99% | 111% |

---

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| December 31, 2023 | 0.98% | 1.95% |

---

(6) Amount is less than 0.005%.

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements

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

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

The accompanying consolidated financial statements relates to the Global Strategist Portfolio. The Fund seeks total return and has issued two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

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

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

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, VIF Global Strategist Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest, directly or indirectly through the use of derivatives, in securities, commodities, commodity-related instruments and other investments, primarily futures, swaps and notes. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2025, the Subsidiary

represented approximately $2,019,000 or approximately 2.43% of the total net assets of the Fund.

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

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange. Total return swaps may also be fair valued using direct accrual/return calculations if prices on the reference asset on the total return leg of the swap are available from a pricing service/vendor for such instrument. In the event that the reference asset on the total return leg of the swap is a benchmark index, then price of such reference asset may be obtained from a pricing service provider or from the benchmark index sponsor; (6) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (7) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts

("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

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

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

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

• Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** |
| Agency Fixed Rate <br>Mortgages | $— | $3245 | $— | $3245 |
| Asset-Backed Securities |  | 756 |  | 756 |
| Commercial Mortgage - <br>Backed Securities |  | 419 |  | 419 |
| Corporate Bonds |  | 6401 |  | 6401 |
| Mortgages - Other |  | 1325 |  | 1325 |
| Sovereign |  | 17592 |  | 17592 |
| Supranational |  | 611 |  | 611 |
| U.S. Treasury Securities |  | 7020 |  | 7020 |
| **Total Fixed Income <br>Securities** | **—** | **37369** | **—** | **37369** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | 651 | 390 |  | 1041 |
| Air Freight & Logistics | 85 | 60 |  | 145 |
| Automobile Components | 16 | 17 |  | 33 |
| Automobiles | 694 | 112 |  | 806 |
| Banks | 1462 | 1450 |  | 2912 |
| Beverages | 297 | 106 |  | 403 |
| Biotechnology | 540 | 76 |  | 616 |
| Broadline Retail | 1185 | 91 |  | 1276 |
| Building Products | 131 | 78 |  | 209 |
| Capital Markets | 963 | 322 |  | 1285 |
| Chemicals | 282 | 173 |  | 455 |
| Commercial Services & <br>Supplies | 179 | 23 |  | 202 |
| Communications <br>Equipment | 267 | 34 |  | 301 |
| Construction & <br>Engineering | 90 | 88 |  | 178 |
| Construction Materials | 90 | 49 |  | 139 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Consumer Finance | $205 | $— | $— |  | $205 |  |
| Consumer Staples <br>Distribution & Retail | 557 | 88 |  |  | 645 |  |
| Containers & Packaging | 57 |  |  |  | 57 |  |
| Distributors | 8 | 2 |  |  | 10 |  |
| Diversified Consumer <br>Services |  | 5 |  |  | 5 |  |
| Diversified REITs | 7 | 16 |  |  | 23 |  |
| Diversified <br>Telecommunication <br>Services | 173 | 170 |  |  | 343 |  |
| Electric Utilities | 442 | 1167 |  |  | 1609 |  |
| Electrical Equipment | 277 | 261 |  |  | 538 |  |
| Electronic Equipment, <br>Instruments & <br>Components | 240 | 23 |  |  | 263 |  |
| Energy Equipment & <br>Services | 60 | 4 |  | † | 64 | † |
| Entertainment | 464 | 21 |  |  | 485 |  |
| Financial Services | 1025 | 109 |  |  | 1134 |  |
| Food Products | 119 | 229 |  |  | 348 |  |
| Gas Utilities | 18 | 80 |  |  | 98 |  |
| Ground Transportation | 306 | 3 |  |  | 309 |  |
| Health Care <br>Equipment & Supplies | 570 | 140 |  |  | 710 |  |
| Health Care Providers & <br>Services | 455 | 30 |  |  | 485 |  |
| Health Care REITs | 85 |  |  |  | 85 |  |
| Health Care Technology | 17 | 5 |  |  | 22 |  |
| Hotels, Restaurants & <br>Leisure | 552 | 136 |  |  | 688 |  |
| Household Durables | 64 | 4 |  |  | 68 |  |
| Household Products | 222 | 52 |  |  | 274 |  |
| Independent Power & <br>Renewable Electricity <br>Producers | 29 | 166 |  |  | 195 |  |
| Industrial Conglomerates | 101 | 159 |  |  | 260 |  |
| Industrial REITs | 57 | 34 |  |  | 91 |  |
| Information Technology <br>Services | 488 | 14 |  |  | 502 |  |
| Insurance | 643 | 562 |  |  | 1205 |  |
| Interactive Media & <br>Services | 2335 | 16 |  |  | 2351 |  |
| Investment Company |  |  |  | † |  | † |
| Life Sciences Tools & <br>Services | 257 | 45 |  |  | 302 |  |
| Machinery | 464 | 218 |  |  | 682 |  |
| Marine Transportation |  | 19 |  |  | 19 |  |
| Media | 106 | 22 |  |  | 128 |  |
| Metals & Mining | 352 | 311 |  | † | 663 | † |
| Mortgage Real Estate <br>Investment | 7 |  |  |  | 7 |  |

---

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Multi-Utilities | $162 | $678 |  | $— |  | $840 |  |
| Office REITs | 5 | 2 |  |  |  | 7 |  |
| Oil, Gas & Consumable <br>Fuels | 984 | 329 |  |  |  | 1313 |  |
| Paper & Forest Products |  | 17 |  |  |  | 17 |  |
| Passenger Airlines | 10 | 29 |  |  |  | 39 |  |
| Personal Care Products | 28 | 143 |  |  |  | 171 |  |
| Pharmaceuticals | 954 | 795 |  |  |  | 1749 |  |
| Professional Services | 164 | 107 |  |  |  | 271 |  |
| Real Estate <br>Management & <br>Development | 47 | 64 |  |  |  | 111 |  |
| Residential REITs | 70 |  |  |  |  | 70 |  |
| Retail REITs | 67 | 31 |  |  |  | 98 |  |
| Semiconductors & <br>Semiconductor <br>Equipment | 4049 | 303 |  |  |  | 4352 |  |
| Software | 2963 | 179 |  |  |  | 3142 |  |
| Specialized REITs | 202 |  |  |  |  | 202 |  |
| Specialty Retail | 493 | 58 |  |  |  | 551 |  |
| Tech Hardware, <br>Storage & Peripherals | 2073 | 8 |  |  |  | 2081 |  |
| Textiles, Apparel & <br>Luxury Goods | 73 | 263 |  |  |  | 336 |  |
| Tobacco | 165 | 87 |  |  |  | 252 |  |
| Trading Companies & <br>Distributors | 115 | 45 |  |  |  | 160 |  |
| Transportation <br>Infrastructure |  | 37 |  |  |  | 37 |  |
| Water Utilities | 17 | 72 |  |  |  | 89 |  |
| Wireless <br>Telecommunication <br>Services | 57 | 19 |  |  |  | 76 |  |
| **Total Common Stocks** | **30392** | **10446** |  | **—** | **†** | **40838** | **†** |
| **Rights** |  |  | @ |  |  |  | @ |
| **Warrants** |  |  |  |  | † |  | † |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 4691 |  |  |  |  | 4691 |  |
| **Foreign Currency <br>Forward Exchange <br>Contracts** |  | 842 |  |  |  | 842 |  |
| **Futures Contracts** | 22 |  |  |  |  | 22 |  |
| **Total Return Swap <br>Agreements** |  | 293 |  |  |  | 293 |  |
| **Total Assets** | **35105** | **48950** |  | **—** | **†** | **84055** | **†** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency <br>Forward Exchange <br>Contracts** | $— | $(799) | $— |  | $(799 |
| **Futures Contracts** | (78) |  |  |  | (78 |
| **Total Return Swap <br>Agreements** |  | (198) |  |  | (198 |
| **Total Liabilities** | **(78)** | **(997)** | **—** |  | **(1075** |
| **Total** | $**35027** | $**47953** | $**—** | **†** | $**82980** |

---

† Includes one or more securities valued at zero.

@ Value is less than $500.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Common<br>Stocks<br>(000)** | **Common<br>Stocks<br>(000)** | **Warrants<br>(000)** | **Warrants<br>(000)** |
| **Beginning Balance** | $— | †† | $— | †† |
| Purchases |  |  |  |  |
| Sales |  |  |  |  |
| Transfers in |  |  |  |  |
| Transfers out |  |  |  |  |
| Corporate actions |  |  |  |  |
| Change in unrealized <br>appreciation (depreciation) |  |  |  |  |
| Realized gains (losses) |  |  |  |  |
| **Ending Balance** | $— | †† | $— | †† |
| Net change in unrealized appreciation <br>(depreciation) from investments still <br>held as of December 31, 2025 | $— |  | $— |  |

---

†† Includes one or more securities valued at zero.

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

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

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

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

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

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

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

shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

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

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

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

**Options:** With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

ex-change risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for premiums paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to the Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option

transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns. As of December 31, 2025, the Fund did not have any open option contracts.

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

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

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

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

The Fund may enter into total return swaps in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include, but not be limited to, a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swaps may be used to obtain long or short exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swaps may effectively add leverage to the Fund's portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are subject to the risk that a counterparty will default on its payment obligations to the Fund thereunder, and conversely, that the Fund will not be able to meet its obligation to the counterparty.

The Fund may enter into interest rate swaps which is an agreement between two parties to exchange their respective commitments to pay or receive interest. Interest rate swaps are generally entered into on a net basis. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of market loss with respect to interest rate swaps is typically limited to the net amount of interest payments that the Fund is contractually obligated to make.

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

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

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

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

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated<br>Statement of Assets<br>and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Foreign Currency<br>Forward <br>Exchange<br>Contracts | Unrealized Appreciation<br>on Foreign Currency<br>Forward Exchange<br>Contracts | Currency Risk | $842 |
| Futures Contracts | Variation Margin on <br>Futures Contracts | Equity Risk | 2<br> (a) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Interest<br>Rate Risk | 20<br> (a) |
| Swap Agreements | Unrealized Appreciation<br>on Swap Agreements | Equity Risk | 293 |
| Total |  |  | $1157 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Liability Derivatives<br>Consolidated<br>Statement of Assets<br>and Liabilities<br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Foreign Currency<br>Forward<br>Exchange<br>Contracts | Unrealized Depreciation <br>on Foreign Currency <br>Forward Exchange <br>Contracts | Currency Risk | $(799) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Equity Risk | (60)(a) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | Interest<br>Rate Risk | (18)(a) |
| Swap Agreements | Unrealized Depreciation <br>on Swap Agreements | Equity Risk | (198) |
| Total |  |  | $(1075) |

---

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

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2025 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Foreign Currency Forward <br>Exchange Contracts | $61 |
| Commodity Risk | Future Contracts | (13) |
| Equity Risk | Future Contracts | (108) |
| Interest Rate Risk | Future Contracts | (3) |
| Equity Risk | Swap Agreements | 2845 |
| Interest Rate Risk | Swap Agreements | (386) |
| Equity Risk | Investments<br>(Purchased Options) | 33<br> (a) |
| Total |  | $2429 |

---

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

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Foreign Currency Forward <br>Exchange Contracts | $25 |
| Commodity Risk | Future Contracts | (30) |
| Equity Risk | Future Contracts | (76) |
| Interest Rate Risk | Future Contracts | 25 |
| Equity Risk | Swap Agreements | 666 |
| Interest Rate Risk | Swap Agreements | (42) |
| Total |  | $568 |

---

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

At December 31, 2025, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities Presented in the <br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the <br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the <br>Consolidated Statement of Assets and Liabilities** |
| **Derivative(a)** | **Assets(a)<br>(000)** | **Liabilities(a)<br>(000)** |
| Foreign Currency Forward <br>Exchange Contracts | $842 | $(799) |
| Swap Agreements | 293 | (198) |
| Total | $1135 | $(997) |

---

(a) Excludes exchange-traded derivatives.

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

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

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented <br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Gross Asset<br>Derivatives<br>Presented <br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Bank of <br>America NA | $54 |  | $(1) | $— | $53 |  |
| Barclays Bank <br>PLC | 126 |  | (76) |  | 50 |  |
| BNP Paribas SA | 61 |  | (30) |  | 31 |  |
| Citibank NA | 7 |  | (7) |  | 0 |  |
| Goldman Sachs <br>International | 722 |  | (681) |  | 41 |  |
| HSBC Bank PLC |  | @ |  |  |  | @ |
| JPMorgan <br>Chase Bank <br>NA | 68 |  | (42) |  | 26 |  |
| Royal Bank of <br>Canada |  | @ |  |  |  | @ |
| Standard <br>Chartered <br>Bank |  | @ |  |  |  | @ |
| UBS AG | 97 |  | (81) |  | 16 |  |
| Total | $1135 |  | $(918) | $— | $217 |  |
| **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of <br>Assets and Liabilities** |
| **Counterparty** | **Gross Liability<br>Derivatives<br>Presented <br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Gross Liability<br>Derivatives<br>Presented <br>in the<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Pledged<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Bank of <br>America NA | $1 |  | $(1) | $— | $0 |  |
| Barclays Bank <br>PLC | 76 |  | (76) |  | 0 |  |
| BNP Paribas SA | 30 |  | (30) |  | 0 |  |
| Citibank NA | 29 |  | (7) |  | 22 |  |
| Goldman Sachs <br>International | 692 |  | (681) |  | 11 |  |
| JPMorgan <br>Chase Bank <br>NA | 42 |  | (42) |  | 0 |  |
| State Street <br>Bank and <br>Trust Co. |  | @ |  |  |  | @ |
| UBS AG | 127 |  | (81) |  | 46 |  |
| Total | $997 |  | $(918) | $— | $79 |  |

---

@ Value is less than $500.

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

For the year ended December 31, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Foreign Currency Forward Exchange Contracts:** | **Foreign Currency Forward Exchange Contracts:** |
| Average monthly principal amount | $38997000 |
| **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $19007000 |
| **Swap Agreements:** | **Swap Agreements:** |
| Average monthly notional amount | $17585000 |

---

**5. When-Issued/Delayed Delivery Securities:** The Fund purchases and sells when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Fund's commitments to purchase such securities. Purchasing securities on a when- issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

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

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the

respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

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

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

**9. Segment Reporting:** The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

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

---

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

---

For the year ended December 31, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

and other extraordinary expenses (including litigation), will not exceed 0.90% for Class I shares and 1.00% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2025, approximately $612,000 of advisory fees were waived and approximately $119,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of December 31, 2025, amounts owed by the Adviser to the Fund are reflected in Due from Adviser on the Consolidated Statement of Assets and Liabilities.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

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

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

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

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

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

**E. Distribution Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.15% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the year ended December 31, 2025, this waiver amounted to approximately $21,000.

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

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2025, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to less than $500.

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

**H. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $33,424,000 and $30,698,000, respectively. For the year ended December 31, 2025, purchases and sales of long-term U.S. Government securities were approximately $38,360,000 and $36,356,000, respectively.

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

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 year ended December 31, 2025, advisory fees paid were reduced by approximately $14,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $15081 | $45672 | $56062 | $239 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2025<br>(000)** |
| Liquidity Fund | $— | $— | $4691 |

---

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 under the Act, 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 year ended December 31, 2025, the Fund did not engage in any cross-trade transactions.

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

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

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

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

The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. As of December 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. Tax positions taken or expected to be taken in the course of preparing the Fund's tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the state departments of revenue and by foreign tax authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2025 Distributions <br>Paid From:** | **2025 Distributions <br>Paid From:** | **2024 Distributions <br>Paid From:** | **2024 Distributions <br>Paid From:** |
| **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| $2017 | $827 | $— | $— |

---

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

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

Permanent differences, due to tax adjustments related to the Subsidiary, resulted in the following reclassification among the components of net assets at December 31, 2025:

---

| | |
|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Paid in<br>Capital<br>(000)** |
| $180 | $(180) |

---

At December 31, 2025, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| $5380 | $2105 |

---

**J. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2025, the Fund did not have any borrowings under the Facility.

**K. Other:** At December 31, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 77.5%

**L. Market and Geopolitical Risk:** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity of the Fund's investments, which may in turn impact the Fund's ability to sell securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). 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,

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

adversely affect and increase the volatility of the Fund's share price and exacerbate preexisting risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

------

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

December 31, 2025

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Global Strategist Portfolio and the Board of Directors of Morgan Stanley Variable Insurance Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Global Strategist Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Variable Insurance Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2025, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Variable Insurance Fund, Inc.) at December 31, 2025, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2619225_ga002.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 25, 2026

------

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

December 31, 2025

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2025. For corporate shareholders 15.37% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $827,000 as a long-term capital gain distribution.

The Fund designated approximately $14,000 of its distributions paid as qualified business income.

The Fund designated approximately $453,000 of its distributions paid as qualified interest income.

The Fund designated approximately $906,000 of its distributions paid as business interest income.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2025. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $630,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

(This page has been left blank intentionally.)

------

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

December 31, 2025

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

MGTPX-NCSR 12.31.25

------

![](j2619226_aa001.jpg)

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

Annual Financial Statements and Additional Information

December 31, 2025

Growth Portfolio

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

------

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

December 31, 2025

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Consolidated Portfolio of Investments](#ConsolidatedPortfolioofInvestments-6) | 2 |
| [Consolidated Statement of Assets and Liabilities](#ConsolidatedStatementofAssetsandLiabilities-6) | 4 |
| [Consolidated Statement of Operations](#ConsolidatedStatementofOperations-6) | 5 |
| [Consolidated Statements of Changes in Net Assets](#ConsolidatedStatementsofChangesinNetAssets-6) | 6 |
| [Consolidated Financial Highlights](#ConsolidatedFinancialHighlights-6) | 7 |
| [Notes to Consolidated Financial Statements](#NotestoConsolidatedFinancialStatements-6) | 9 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-6) | 20 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

------

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

December 31, 2025

Consolidated Portfolio of Investments

**Growth Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (90.5%)** | **Common Stocks (90.5%)** | **Common Stocks (90.5%)** |
| **Automobiles (9.8%)** | **Automobiles (9.8%)** | **Automobiles (9.8%)** |
| Tesla, Inc. (a) | 137413 | $61797 |
| **Biotechnology (3.4%)** | **Biotechnology (3.4%)** | **Biotechnology (3.4%)** |
| Roivant Sciences Ltd. (a) | 977792 | 21218 |
| **Broadline Retail (1.1%)** | **Broadline Retail (1.1%)** | **Broadline Retail (1.1%)** |
| MercadoLibre, Inc. (a) | 3329 | 6705 |
| **Capital Markets (0.4%)** | **Capital Markets (0.4%)** | **Capital Markets (0.4%)** |
| Coinbase Global, Inc., Class A (a) | 12530 | 2834 |
| **Electronic Equipment, Instruments & <br>Components (0.0%)** | **Electronic Equipment, Instruments & <br>Components (0.0%)** | **Electronic Equipment, Instruments & <br>Components (0.0%)** |
| Magic Leap, Inc., Class A (a)(b)(c)<br>(acquisition cost — $1,526;<br>acquired 12/22/15) | 3138 |  |
| **Entertainment (4.6%)** | **Entertainment (4.6%)** | **Entertainment (4.6%)** |
| ROBLOX Corp., Class A (a) | 361377 | 29282 |
| **Financial Services (10.1%)** | **Financial Services (10.1%)** | **Financial Services (10.1%)** |
| Affirm Holdings, Inc. (a) | 634220 | 47205 |
| Federal National Mortgage Association (a) | 1551381 | 16646 |
|  |  | 63851 |
| **Health Care Equipment & Supplies (3.1%)** | **Health Care Equipment & Supplies (3.1%)** | **Health Care Equipment & Supplies (3.1%)** |
| Medline, Inc., Class A (a) | 459376 | 19294 |
| **Hotels, Restaurants & Leisure (4.8%)** | **Hotels, Restaurants & Leisure (4.8%)** | **Hotels, Restaurants & Leisure (4.8%)** |
| DoorDash, Inc., Class A (a) | 134706 | 30508 |
| **Information Technology Services (20.5%)** | **Information Technology Services (20.5%)** | **Information Technology Services (20.5%)** |
| Cloudflare, Inc., Class A (a) | 391418 | 77168 |
| Shopify, Inc., Class A (Canada) (a) | 185824 | 29912 |
| Snowflake, Inc., Class A (a) | 103234 | 22646 |
|  |  | 129726 |
| **Pharmaceuticals (5.7%)** | **Pharmaceuticals (5.7%)** | **Pharmaceuticals (5.7%)** |
| Royalty Pharma PLC, Class A | 936896 | 36202 |
| **Real Estate Management & Development (0.5%)** | **Real Estate Management & Development (0.5%)** | **Real Estate Management & Development (0.5%)** |
| Opendoor Technologies, Inc. (a) | 521207 | 3039 |
| **Software (17.4%)** | **Software (17.4%)** | **Software (17.4%)** |
| AppLovin Corp., Class A (a) | 77516 | 52232 |
| Aurora Innovation, Inc. (a) | 3918659 | 15047 |
| BitMine Immersion Technologies, Inc. | 196894 | 5346 |
| Samsara, Inc., Class A (a) | 416790 | 14775 |
| Strategy, Inc., Class A (a) | 149760 | 22756 |
|  |  | 110156 |
| **Tech Hardware, Storage & Peripherals (2.9%)** | **Tech Hardware, Storage & Peripherals (2.9%)** | **Tech Hardware, Storage & Peripherals (2.9%)** |
| IonQ, Inc. (a) | 403158 | 18090 |
| **Trading Companies & Distributors (6.2%)** | **Trading Companies & Distributors (6.2%)** | **Trading Companies & Distributors (6.2%)** |
| Core & Main, Inc., Class A (a) | 191383 | 9946 |
| QXO, Inc. (a) | 1526845 | 29453 |
|  |  | 39399 |
| **Total Common Stocks (Cost $366,189)** | **Total Common Stocks (Cost $366,189)** | 572101 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Preferred Stocks (4.5%)** | **Preferred Stocks (4.5%)** | **Preferred Stocks (4.5%)** |
| **Financial Services (0.3%)** | **Financial Services (0.3%)** | **Financial Services (0.3%)** |
| Stripe, Inc., Series I (a)(b)(c)<br>(acquisition cost — $1,061;<br>acquired 3/17/23) | 52681 | $1836 |
| **Software (4.2%)** | **Software (4.2%)** | **Software (4.2%)** |
| Databricks, Inc., Series H (a)(b)(c)<br>(acquisition cost — $8,310;<br>acquired 8/31/21) | 113088 | 20804 |
| Databricks, Inc., Series I (a)(b)(c)<br>(acquisition cost — $2,242;<br>acquired 9/15/23) | 30506 | 5612 |
| Lookout, Inc., Series F (a)(b)(c)<br>(acquisition cost — $1,618;<br>acquired 6/17/14) | 141612 | 449 |
|  |  | 26865 |
| **Total Preferred Stocks (Cost $13,231)** | **Total Preferred Stocks (Cost $13,231)** | 28701 |
| **Investment Company (2.8%)** | **Investment Company (2.8%)** | **Investment Company (2.8%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $13,615)** | 351849 | 17469 |
| **Short-Term Investment (2.6%)** | **Short-Term Investment (2.6%)** | **Short-Term Investment (2.6%)** |
| **Investment Company (2.6%)** | **Investment Company (2.6%)** | **Investment Company (2.6%)** |
| Morgan Stanley Institutional Liquidity <br>Funds — Treasury Securities <br>Portfolio — Institutional Class, 3.61% <br>(See Note H) **(Cost $16,790)** | 16790066 | 16790 |
| **Total Investments Excluding Purchased<br>Options (100.4%) (Cost $409,825)** |  | 635061 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $3,420)** | **Total Purchased Options Outstanding (0.1%)<br>(Cost $3,420)** | 521 |
| **Total Investments (100.5%) (Cost $413,245) (d)(e)** | **Total Investments (100.5%) (Cost $413,245) (d)(e)** | 635582 |
| **Liabilities in Excess of Other Assets (–0.5%)** | **Liabilities in Excess of Other Assets (–0.5%)** | (3342) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $632240 |

---

(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 December 31, 2025 amounts to approximately $28,701,000 and represents 4.5% of net assets.

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

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

(e) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $433,427,000. The aggregate gross unrealized appreciation is approximately $255,519,000 and the aggregate gross unrealized depreciation is approximately $55,857,000, resulting in net unrealized appreciation of approximately $199,662,000.

ETF Exchange Traded Fund.

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

------

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

December 31, 2025

Consolidated Portfolio of Investments (cont'd)

**Growth Portfolio**

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Depreciation<br>(000)** |
| Standard Chartered Bank | USD/CNH CNH | 7.32 | Dec-26 | 229095347 | $229095 | $418 |  | $649 | $(231) |
| Standard Chartered Bank | USD/CNH CNH | 7.58 | Aug-26 | 245535661 | 245536 | 89 |  | 804 | (715) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 169787952 | 169788 | 13 |  | 707 | (694) |
| JPMorgan Chase Bank NA | USD/CNH CNH | 7.82 | Feb-26 | 173385312 | 173385 |  | @ | 716 | (716) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 112218546 | 112219 | 1 |  | 544 | (543) |
|  |  |  |  |  |  | $521 |  | $3420 | $(2899) |

---

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 26.1% |
| Software | 21.6 |
| Information Technology Services | 20.4 |
| Financial Services | 10.3 |
| Automobiles | 9.7 |
| Trading Companies & Distributors | 6.2 |
| Pharmaceuticals | 5.7 |
| Total Investments | 100.0% |

---

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

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

------

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

December 31, 2025

**Growth Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | **December 31, 2025<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Value (Cost $396,455) | $618792 |
| Investment in Security of Affiliated Issuer, at Value (Cost $16,790) | 16790 |
| Total Investments in Securities, at Value (Cost $413,245) | 635582 |
| Foreign Currency, at Value (Cost $1) | 1 |
| Receivable for Fund Shares Sold | 277 |
| Receivable from Affiliate | 65 |
| Other Assets | 35 |
| Total Assets | 635960 |
| **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 1409 |
| Due to Broker | 1010 |
| Payable for Advisory Fees | 510 |
| Payable for Fund Shares Redeemed | 396 |
| Payable for Servicing Fees | 220 |
| Payable for Distribution Fees — Class II Shares | 47 |
| Payable for Administration Fees | 44 |
| Payable for Custodian Fees | 17 |
| Payable for Professional Fees | 13 |
| Payable for Directors' Fees and Expenses | 10 |
| Payable for Transfer Agency Fees | 4 |
| Other Liabilities | 40 |
| Total Liabilities | 3720 |
| **NET ASSETS** | $632240 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $365194 |
| Total Distributable Earnings | 267046 |
| **Net Assets** | $632240 |
| **CLASS I:** | **CLASS I:** |
| **Net Assets** | $416013 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 15,663,164 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $26.56 |
| **CLASS II:** | **CLASS II:** |
| **Net Assets** | $216227 |
| **Net Asset Value, Offering and Redemption Price Per Share** Applicable to 10,784,128 Outstanding<br>$0.001 Par Value Shares (Authorized 500,000,000 Shares) | $20.05 |

---

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

------

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

December 31, 2025

**Growth Portfolio**

---

| | |
|:---|:---|
| Consolidated Statement of Operations | **Year Ended<br>December 31, 2025<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Dividends from Security of Affiliated Issuer (Note H) | $1125 |
| Dividends from Securities of Unaffiliated Issuers (Net of $6 of Foreign Taxes Withheld) | 636 |
| Total Investment Income | 1761 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 3613 |
| Servicing Fees (Note D) | 997 |
| Distribution Fees — Class II Shares (Note E) | 753 |
| Administration Fees (Note C) | 578 |
| Professional Fees | 205 |
| Custodian Fees (Note G) | 37 |
| Shareholder Reporting Fees | 27 |
| Transfer Agency Fees (Note F) | 25 |
| Directors' Fees and Expenses | 16 |
| Pricing Fees | 3 |
| Interest Expense | 2 |
| Other Expenses | 51 |
| Total Expenses | 6307 |
| Waiver of Advisory Fees (Note B) | (1432 |
| Rebate from Morgan Stanley Affiliate (Note H) | (53 |
| Net Expenses | 4822 |
| **Net Investment Loss** | (3061 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 95926 |
| Payment from Adviser (Note B) | 251 |
| Foreign Currency Transactions | 15 |
| Net Realized Gain | 96192 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 56987 |
| Foreign Currency Translation |  |
| Net Change in Unrealized Appreciation (Depreciation) | 56987 |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | 153179 |
| **Net Increase in Net Assets Resulting from Operations** | $150118 |

---

@ Amount is less than $500.

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

------

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

December 31, 2025

**Growth Portfolio**

---

| | | |
|:---|:---|:---|
| Consolidated Statements of Changes in Net Assets | **Year Ended<br>December 31, 2025<br>(000)** | **Year Ended<br>December 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Loss | $(3061) | $(9140) |
| Net Realized Gain | 96192 | 136106 |
| Net Change in Unrealized Appreciation (Depreciation) | 56987 | 155439 |
| Net Increase in Net Assets Resulting from Operations | 150118 | 282405 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Class I: | Class I: | Class I: |
| Subscribed | 13291 | 12162 |
| Redeemed | (100467) | (55667) |
| Class II: | Class II: | Class II: |
| Subscribed | 62907 | 44034 |
| Redeemed | (211432) | (79866) |
| Net Decrease in Net Assets Resulting from Capital Share Transactions | (235701) | (79337) |
| Total Increase (Decrease) in Net Assets | (85583) | 203068 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 717823 | 514755 |
| End of Period | $632240 | $717823 |
| **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** | **<sup>(1)</sup> Capital Share Transactions:** |
| Class I: | Class I: | Class I: |
| Shares Subscribed | 537 | 815 |
| Shares Redeemed | (4145) | (3776) |
| Net Decrease in Class I Shares Outstanding | (3608) | (2961) |
| Class II: | Class II: | Class II: |
| Shares Subscribed | 3389 | 3712 |
| Shares Redeemed | (11125) | (6712) |
| Net Decrease in Class II Shares Outstanding | (7736) | (3000) |

---

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

------

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

December 31, 2025

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $21.58 | $13.35 | $8.98 | $53.72 | $70.24 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.07) | (0.24) | (0.03) | (0.07) | (0.35) |
| Net Realized and Unrealized Gain (Loss) | 5.05 | 8.47 | 4.40 | (30.00) | 2.53 |
| Total from Investment Operations | 4.98 | 8.23 | 4.37 | (30.07) | 2.18 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (14.67) | (18.70) |
| **Net Asset Value, End of Period** | $26.56<br><sup>(2)</sup> | $21.58<br><sup>(2)</sup> | $13.35 | $8.98 | $53.72 |
| **Total Return<sup>(3)</sup>** | 23.08%<sup>(2)</sup> | 61.65%<sup>(2)(5)</sup> | 48.66%<sup>(4)(6)</sup> | (60.07)%<sup>(4)</sup> | 0.10%<sup>(4)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $416013 | $415789 | $296798 | $220167 | $645473 |
| Ratio of Expenses Before Expense Limitation | 0.77% | 2.18% | 0.78% | 0.78% | 0.74% |
| Ratio of Expenses After Expense Limitation | 0.56%<sup>(7)</sup> | 1.97%<sup>(7)(8)</sup> | 0.56%<sup>(7)</sup> | 0.57%<sup>(7)</sup> | 0.57%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.56%<sup>(7)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.27)%<sup>(7)</sup> | (1.63)%<sup>(7)(8)</sup> | (0.28)%<sup>(7)</sup> | (0.39)%<sup>(7)</sup> | (0.52)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 60% | 44% | 33% | 41% | 59% |

---

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

(2) The net asset value and total return have been calculated on net assets which includes an adjustment made in accordance with GAAP required at period end for financial reporting purposes.

(3) Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 15.06% for Class I shares due to a payment from a class action settlement involving the Fund's past holdings. Had this payment not occurred, the total return for Class I shares would have been 46.59%.

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

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

(8) If the Fund had not paid the asset recovery fee, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2024 | 0.56% | (0.22)% |

---

(9) Amount is less than 0.005%.

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

------

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

December 31, 2025

Consolidated Financial Highlights

**Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Selected Per Share Data and Ratios** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $16.31 | $10.13 | $6.83 | $48.42 | $65.09 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.10) | (0.21) | (0.04) | (0.09) | (0.46) |
| Net Realized and Unrealized Gain (Loss) | 3.84 | 6.39 | 3.34 | (26.83) | 2.49 |
| Total from Investment Operations | 3.74 | 6.18 | 3.30 | (26.92) | 2.03 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  | (14.67) | (18.70) |
| **Net Asset Value, End of Period** | $20.05<br><sup>(2)</sup> | $16.31<br><sup>(2)</sup> | $10.13 | $6.83 | $48.42 |
| **Total Return<sup>(3)</sup>** | 22.93%<sup>(2)</sup> | 61.01%<sup>(2)(5)</sup> | 48.32%<sup>(4)(6)</sup> | (60.16)%<sup>(4)</sup> | (0.15)%<sup>(4)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $216227 | $302034 | $217957 | $154448 | $359607 |
| Ratio of Expenses Before Expense Limitation | 1.02% | 2.40% | 1.03% | 1.03% | 0.99% |
| Ratio of Expenses After Expense Limitation | 0.81%<sup>(7)</sup> | 2.19%<sup>(7)(8)</sup> | 0.81%<sup>(7)</sup> | 0.82%<sup>(7)</sup> | 0.82%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation Excluding Interest Expense | 0.81%<sup>(7)</sup> | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Loss | (0.52)%<sup>(7)</sup> | (1.85)%<sup>(7)(8)</sup> | (0.53)%<sup>(7)</sup> | (0.64)%<sup>(7)</sup> | (0.77)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01% | 0.01% | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 60% | 44% | 33% | 41% | 59% |

---

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

(2) The net asset value and total return have been calculated on net assets which includes an adjustment made in accordance with GAAP required at period end for financial reporting purposes.

(3) Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 14.81% for Class II shares due to a payment from a class action settlement involving the Fund's past holdings. Had this payment not occurred, the total return for Class II shares would have been 46.20%.

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

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

(8) If the Fund had not paid the asset recovery fee, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class II shares:

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| December 31, 2024 | 0.81% | (0.47)% |

---

(9) Amount is less than 0.005%.

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements

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

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

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

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

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

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

consistent with those of the Fund. As of December 31, 2025, the Subsidiary represented approximately $17,469,000 or approximately 2.76% of the net assets of the Fund.

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

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a reputable broker/dealer or valued by a pricing service/vendor; (4) fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (6) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Directors have designated the Company's Adviser as its valuation

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

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

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

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

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

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

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Automobiles | $61797 | $— | $— |  | $61797 |  |
| Biotechnology | 21218 |  |  |  | 21218 |  |
| Broadline Retail | 6705 |  |  |  | 6705 |  |
| Capital Markets | 2834 |  |  |  | 2834 |  |
| Electronic Equipment, <br>Instruments & <br>Components |  |  |  | † |  | † |
| Entertainment | 29282 |  |  |  | 29282 |  |
| Financial Services | 63851 |  |  |  | 63851 |  |
| Health Care <br>Equipment & Supplies | 19294 |  |  |  | 19294 |  |
| Hotels, Restaurants & <br>Leisure | 30508 |  |  |  | 30508 |  |
| Information Technology <br>Services | 129726 |  |  |  | 129726 |  |
| Pharmaceuticals | 36202 |  |  |  | 36202 |  |
| Real Estate <br>Management & <br>Development | 3039 |  |  |  | 3039 |  |
| Software | 110156 |  |  |  | 110156 |  |
| Tech Hardware, <br>Storage & Peripherals | 18090 |  |  |  | 18090 |  |
| Trading Companies & <br>Distributors | 39399 |  |  |  | 39399 |  |
| **Total Common Stocks** | **572101** | **—** | **—** | **†** | **572101** | **†** |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Financial Services |  |  | 1836 |  | 1836 |  |
| Software |  |  | 26865 |  | 26865 |  |
| **Total Preferred Stocks** | **—** | **—** | **28701** |  | **28701** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **Investment Company** | $17469 | $— | $— |  | $17469 |  |
| **Call Options Purchased** |  | 521 |  |  | 521 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 16790 |  |  |  | 16790 |  |
| **Total Assets** | $**606360** | $**521** | $**28701** | **†** | $**635582** | **†** |

---

† Includes a security valued at zero.

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **Common<br>Stock<br>(000)** | **Common<br>Stock<br>(000)** | **Preferred<br>Stocks<br>(000)** |
| **Beginning Balance** | $— | † | $15472 |
| Purchases |  |  |  |
| Sales |  |  |  |
| Transfers in |  |  |  |
| Transfers out |  |  |  |
| Corporate actions |  |  |  |
| Change in unrealized appreciation <br>(depreciation) |  |  | 13229 |
| Realized gains (losses) |  |  |  |
| **Ending Balance** | $— | † | $28701 |
| Net change in unrealized appreciation <br>(depreciation) from investments still <br>held as of December 31, 2025 | $— |  | $13229 |

---

† Includes a security valued at zero.

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 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 December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value at<br>December 31, 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 | $28701 | Market Transaction <br>Method | Precedent Transaction | $3.24–$183.96/$171.89 | Increase |
|  |  | Discounted Cash Flow | Weighted Average<br>Cost of Capital | <br>14.0%–18.0%/15.6% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.0%–4.0%/3.5% | Increase |
|  |  | Market Comparable<br>Companies | Enterprise Value/<br>Revenue | <br>1.2x–31.3x/7.5x | Increase |
|  |  |  | Discount for Lack of <br>Marketability | <br>6.0%–12.0%/10.8% | 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.

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

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

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

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

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

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

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments by U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

and offered for investment. The "local" and "foreign shares"market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

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

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

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

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

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

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<br>Consolidated <br>Statement of Assets <br>and Liabilities <br>Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| Purchased Options | Investments, at Value<br>(Purchased Options) | Currency<br>Risk | $521<br> (a) |

---

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

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2025 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Investments <br>(Purchased Options) | $(2769)(a) |

---

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

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Primary Risk Exposure** | **Derivative<br>Type** | **Value<br>(000)** |
| Currency Risk | Investments <br>(Purchased Options) | $(2049) |

---

At December 31, 2025, the Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities** |
| **Derivative** | **Assets(a)<br>(000)** | **Liabilities(a)<br>(000)** |
| Purchased Options | $521<br> (b) | $— |

---

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

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

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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset in the Consolidated Statement of<br>Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented <br>in the<br>Consolidated <br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Gross Asset<br>Derivatives<br>Presented <br>in the<br>Consolidated <br>Statement of<br>Assets and<br>Liabilities(a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received(b)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** | **Net<br>Amount<br>(not less<br>than $0)<br>(000)** |
| Goldman Sachs & <br>Co. LLC | $13 |  | $— | $(13) | $0 |  |
| JPMorgan <br>Chase Bank NA |  | @ |  |  |  | @ |
| Standard <br>Chartered Bank | 508 |  |  | (508) | 0 |  |
| Total | $521 |  | $— | $(521) | $0 |  |

---

@ Value is less than $500.

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

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

For the year ended December 31, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount | $799006000 |

---

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

**6. Indemnifications:** The Company enters into contracts that contain a variety of indemnification clauses. The

Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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

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

**9. Segment Reporting:** The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financial Statements. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

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

---

| | | | |
|:---|:---|:---|:---|
| **First $1<br>billion** | **Next $1<br>billion** | **Next $1<br>billion** | **Over $3<br>billion** |
| 0.50% | 0.45% | 0.40% | 0.35% |

---

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

For the year ended December 31, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.29% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.57% for Class I shares and 0.82% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended December 31, 2025, approximately $1,432,000 of advisory fees were waived pursuant to this arrangement.

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

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

The Adviser made a payment to the Fund of $251,442 related to a class action suit involving the Fund's past holdings which is included in "Payment from the Adviser" in the Consolidated Statement of Operations.

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

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

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

**E. Distribution Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley,

serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares.

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

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2025, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to less than $500.

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

**H. Security Transactions and Transactions with Affiliates:** For the year ended December 31, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $426,576,000 and $589,344,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2025.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2025, advisory fees paid were reduced by approximately $53,000 relating to the Fund's investment in the Liquidity Fund.

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company** | **Value<br>December 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** |
| Liquidity Fund | $31572 | $439650 | $454432 | $1125 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated<br>Investment<br>Company (cont'd)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>December 31,<br>2025<br>(000)** |
| Liquidity Fund | $— | $— | $16790 |

---

During the year ended December 31, 2025, the Fund incurred approximately $5,000 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 under the Act, 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 year ended December 31, 2025, the Fund did not engage in any cross-trade transactions.

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

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as invest-

ment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

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

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

The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. As of December 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. Tax positions taken or expected to be taken in the course of preparing the Fund's tax returns are evaluated to determine whether the tax positions are "more-likely-than-not"

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the state departments of revenue and by foreign tax authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. There were no distributions paid during fiscal years 2025 and 2024

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

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

Permanent differences, due to a net operating loss and tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2025:

---

| | |
|:---|:---|
| **Total<br>Distributable<br>Earnings<br>(000)** | **Paid in<br>Capital<br>(000)** |
| $2523 | $(2523) |

---

At December 31, 2025, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Income<br>(000)** |
| $— | $66175 |

---

During the year ended December 31, 2025, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $33,382,000.

**J. Credit Facility:** The Company and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency

purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended December 31, 2025, the Fund did not have any borrowings under the Facility.

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

The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETF's investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

The value of an 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

------

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

December 31, 2025

Notes to Consolidated Financial Statements (cont'd)

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

**L. Other:** At December 31, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 80.0%.

------

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

December 31, 2025

Report of Independent Registered Public Accounting Firm

**To the Shareholders of Growth Portfolio and the Board of Directors of Morgan Stanley Variable Insurance Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Growth Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Variable Insurance Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of December 31, 2025, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Variable Insurance Fund, Inc.) at December 31, 2025, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2619226_ga002.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

February 25, 2026

------

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

December 31, 2025

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

MEGTX-NCSR 12.31.25

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable<u>.</u>

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

This information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

**Item 16. Controls and Procedures**

(a) It is the conclusion of the registrant's
 principal executive officer and principal financial officer that the effectiveness of the
 registrant's current disclosure controls and procedures (such disclosure controls and
 procedures having been evaluated within 90 days of the date of this filing) provide reasonable
 assurance that the information required to be disclosed by the registrant has been recorded,
 processed, summarized and reported within the time period specified in the Commission's
 rules and forms and that the information required to be disclosed by the registrant
 has been accumulated and communicated to the registrant's principal executive officer
 and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the
 registrant's internal controls over financial reporting during the period covered by
 this report that has materially affected, or is reasonably likely to materially affect, the
 registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

(a)(1) Registrant's Code of Ethics For Principal Executive and Senior financial Officers - Not applicable (please see Item 2).

---

| | |
|:---|:---|
| (a)(2)(i) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not applicable |

---

---

| | |
|:---|:---|
| [(a)(3)](tm261922d1_ex99-cert.htm) | [Separate certifications by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act are attached](tm261922d1_ex99-cert.htm) |

---

---

| | |
|:---|:---|
| (a)(4) | A written solicitation to purchase securities under Rule 23c-1 under the 1940 Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons – Not applicable |

---

(a)(5) Change in the registrant's independent public accountant – Not applicable

[(b)](tm261922d1_ex99-906cert.htm) [A certification by the registrant's principal executive officer and principal financial officer, required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act, and Section 1350 of Chapter 63 of Title 18 of the United States Code is attached](tm261922d1_ex99-906cert.htm)

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Morgan Stanley Variable Insurance Fund, Inc. | Morgan Stanley Variable Insurance Fund, Inc. |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | February 26, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |
| Date: | February 26, 2026 |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | February 26, 2026 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**MORGAN STANLY Variable Insurance Fund, Inc.**

**FORM N-CSR**

**Exhibit 19(a)(3)**

**<u>CERTIFICATION</u>**

I, Francis J. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Morgan Stanley
 Variable Insurance Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement
 of a material fact or omit to state a material fact necessary to make the statements made,
 in light of the circumstances under which such statements were made, not misleading with
 respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial
 information included in this report, fairly present in all material respects the financial
 condition, results of operations, changes in net assets, and cash flows (if the financial
 statements are required to include a statement of cash flows) of the registrant as of, and
 for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible
 for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
 have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure that material
 information relating to the registrant, including its consolidated subsidiaries, is made
 known to us by others within those entities, particularly during the period in which this
 report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused
 such internal control over financial reporting to be designed under our supervision, to provide
 reasonable assurance regarding the reliability of financial reporting and the preparation
 of financial statements for external purposes in accordance with generally accepted accounting
 principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
 and procedures and presented in this report our conclusions about the effectiveness of the
 disclosure controls and procedures, as of a date within 90 days prior to the filing date
 of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal
 control over financial reporting that occurred during the period covered by this report that
 has materially affected, or is reasonably likely to materially affect, the registrant's internal
 control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed
 to the registrant's auditors and the audit committee of the registrant's board of directors
 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design
 or operation of internal control over financial reporting which are reasonably likely to
 adversely affect the registrant's ability to record, process, summarize, and report financial
 information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other
 employees who have a significant role in the registrant's internal control over financial
 reporting.

---

| | |
|:---|:---|
| Date: February 26, 2026 | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |

---

**MORGAN STANLEY Variable Insurance Fund, Inc.**

**FORM N-CSR**

**Exhibit 19(a)(3)**

**<u>CERTIFICATION</u>**

I, John H. Gernon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Morgan Stanley
 Variable Insurance Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement
 of a material fact or omit to state a material fact necessary to make the statements made,
 in light of the circumstances under which such statements were made, not misleading with
 respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial
 information included in this report, fairly present in all material respects the financial
 condition, results of operations, changes in net assets, and cash flows (if the financial
 statements are required to include a statement of cash flows) of the registrant as of, and
 for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible
 for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
 have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure that material
 information relating to the registrant, including its consolidated subsidiaries, is made
 known to us by others within those entities, particularly during the period in which this
 report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused
 such internal control over financial reporting to be designed under our supervision, to provide
 reasonable assurance regarding the reliability of financial reporting and the preparation
 of financial statements for external purposes in accordance with generally accepted accounting
 principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
 and procedures and presented in this report our conclusions about the effectiveness of the
 disclosure controls and procedures, as of a date within 90 days prior to the filing date
 of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal
 control over financial reporting that occurred during the period covered by this report that
 has materially affected, or is reasonably likely to materially affect, the registrant's internal
 control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed
 to the registrant's auditors and the audit committee of the registrant's board of directors
 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design
 or operation of internal control over financial reporting which are reasonably likely to
 adversely affect the registrant's ability to record, process, summarize, and report financial
 information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other
 employees who have a significant role in the registrant's internal control over financial
 reporting.

---

| | |
|:---|:---|
| Date: February 26, 2026 | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Form N-CSR Item 19(b) Exhibit**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Morgan Stanley Variable Insurance Fund, Inc. (the "Fund"), that:

(a) The Annual Report of the Fund on Form N-CSR for the period ended
 December 31, 2025 (the "Report") fully complies with the requirements of
 Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
 and

(b) the information contained in the Report fairly presents, in all material
 respects, the financial condition and the results of operations of the **Fund** for such
 period.

**A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.**

---

| |
|:---|
| Morgan Stanley Variable Insurance Fund, Inc. |
| Date: February 26, 2026 |
| /s/ Francis J. Smith |
| Francis J. Smith |
| Principal Financial Officer |
| Date: February 26, 2026 |
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

---