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

Morgan Stanley Variable Insurance Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

1585 Broadway, New York, New York 10036

(Address of Principal Executive Offices)

John H. Gernon

1585 Broadway, New York, New York 10036

(Name and Address of Agent for Services)

(212) 762-1886

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

June 30, 2025

Date of Reporting Period

Item 1. Reports to Stockholders

(a)

TABLE OF CONTENTS

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio I - MMGPX

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio II - MMGTX

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

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

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

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

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio I - MEGIX

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio II - MEGTX

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

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

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio

Class I MMGPX

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio for the period of January 1, 2025 to June 30, 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 six months?^{Footnote Reference1}

(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	$52	0.95%^{Footnote Reference2}

Footnote	Description
Footnote¹	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.
Footnote²	Annualized

Key Fund Statistics

Total Net Assets	$223,823,319
# of Portfolio Holdings	35
Portfolio Turnover Rate	52%

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)

Value	Value
Short-Term Investments	0.8%
Real Estate	2.4%
Consumer Staples	4.2%
Health Care	9.4%
Communication Services	10.6%
Financials	11.5%
Industrials	12.2%
Consumer Discretionary	12.4%
Information Technology	36.5%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Cloudflare, Inc.	12.9%
QXO, Inc.	6.4%
Affirm Holdings, Inc.	6.4%
MicroStrategy, Inc.	6.2%
ROBLOX Corp.	5.9%
Core & Main, Inc.	5.1%
IonQ, Inc.	5.0%
Royalty Pharma PLC	4.8%
Trade Desk, Inc.	4.7%
Snowflake, Inc.	3.6%
Total	61.0%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

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

Semi-Annual Shareholder Report June 30, 2025

MMGPX -TSR-SAR

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio

Class II MMGTX

Semi-Annual Shareholder Report June 30, 2025

What were the Fund costs for the last six months?^{Footnote Reference1}

(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	$58	1.05%^{Footnote Reference2}

Footnote	Description
Footnote¹	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.
Footnote²	Annualized

Key Fund Statistics

Total Net Assets	$223,823,319
# of Portfolio Holdings	35
Portfolio Turnover Rate	52%

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)

Value	Value
Short-Term Investments	0.8%
Real Estate	2.4%
Consumer Staples	4.2%
Health Care	9.4%
Communication Services	10.6%
Financials	11.5%
Industrials	12.2%
Consumer Discretionary	12.4%
Information Technology	36.5%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Cloudflare, Inc.	12.9%
QXO, Inc.	6.4%
Affirm Holdings, Inc.	6.4%
MicroStrategy, Inc.	6.2%
ROBLOX Corp.	5.9%
Core & Main, Inc.	5.1%
IonQ, Inc.	5.0%
Royalty Pharma PLC	4.8%
Trade Desk, Inc.	4.7%
Snowflake, Inc.	3.6%
Total	61.0%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

Householding

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

Semi-Annual Shareholder Report June 30, 2025

MMGTX -TSR-SAR

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

Class I MEMEX

Semi-Annual Shareholder Report June 30, 2025

This semi-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 June 30, 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 six months?^{Footnote Reference1}

(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	$66	1.25%^{Footnote Reference2}

Footnote	Description
Footnote¹	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.
Footnote²	Annualized

Key Fund Statistics

Total Net Assets	$162,831,213
# of Portfolio Holdings	92
Portfolio Turnover Rate	14%

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)

Value	Value
Other	4.1%
Saudi Arabia	1.4%
Poland	2.8%
South Africa	3.3%
United States	4.0%
Mexico	4.9%
Brazil	5.1%
Korea, Republic of	8.2%
Taiwan	20.0%
China	21.9%
India	24.3%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Taiwan Semiconductor Manufacturing Co. Ltd.	12.7%
Tencent Holdings Ltd.	5.1%
Samsung Electronics Co. Ltd.	4.4%
China Construction Bank Corp.	2.5%
Alibaba Group Holding Ltd.	2.4%
Reliance Industries Ltd.	2.2%
ICICI Bank Ltd.	2.1%
BYD Co. Ltd.	1.9%
HDFC Bank Ltd.	1.9%
WEG SA	1.6%
Total	36.8%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

Householding

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

Semi-Annual Shareholder Report June 30, 2025

MEMEX -TSR-SAR

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

Class II MSMBX

Semi-Annual Shareholder Report June 30, 2025

What were the Fund costs for the last six months?^{Footnote Reference1}

(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	$69	1.30%^{Footnote Reference2}

Footnote	Description
Footnote¹	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.
Footnote²	Annualized

Key Fund Statistics

Total Net Assets	$162,831,213
# of Portfolio Holdings	92
Portfolio Turnover Rate	14%

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)

Value	Value
Other	4.1%
Saudi Arabia	1.4%
Poland	2.8%
South Africa	3.3%
United States	4.0%
Mexico	4.9%
Brazil	5.1%
Korea, Republic of	8.2%
Taiwan	20.0%
China	21.9%
India	24.3%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Taiwan Semiconductor Manufacturing Co. Ltd.	12.7%
Tencent Holdings Ltd.	5.1%
Samsung Electronics Co. Ltd.	4.4%
China Construction Bank Corp.	2.5%
Alibaba Group Holding Ltd.	2.4%
Reliance Industries Ltd.	2.2%
ICICI Bank Ltd.	2.1%
BYD Co. Ltd.	1.9%
HDFC Bank Ltd.	1.9%
WEG SA	1.6%
Total	36.8%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

Householding

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

Semi-Annual Shareholder Report June 30, 2025

MSMBX -TSR-SAR

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

Class I MIMPX

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio for the period of January 1, 2025 to June 30, 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 six months?^{Footnote Reference1}

(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	$46	0.88%^{Footnote Reference2}

Footnote	Description
Footnote¹	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.
Footnote²	Annualized

Key Fund Statistics

Total Net Assets	$82,264,133
# of Portfolio Holdings	1,393
Portfolio Turnover Rate	55%

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)

Value	Value
Rights	0.0%^{Footnote Reference†}
Warrants	0.0%^{Footnote Reference†}
Commercial Mortgage-Backed Securities	0.5%
Supranational	0.7%
Asset-Backed Securities	0.8%
Mortgages - Other	1.5%
U.S. Treasury Securities	3.6%
Agency Fixed Rate Mortgages	4.0%
Corporate Bonds	8.9%
Short-Term Investments	15.7%
Sovereign	18.7%
Common Stocks	45.6%

Footnote	Description
Footnote^†	Amount is less than 0.05%

Geographic Allocation (% of total investments)

Value	Value
Africa	0.0%^{Footnote Reference†}
South America	0.5%
Multi National	0.7%
Oceania	2.4%
Asia	8.4%
Europe	18.2%
North America	69.8%

Footnote	Description
Footnote^†	Amount is less than 0.05%

Additional Information

Householding

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

Semi-Annual Shareholder Report June 30, 2025

MIMPX -TSR-SAR

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

Class II MGTPX

Semi-Annual Shareholder Report June 30, 2025

What were the Fund costs for the last six months?^{Footnote Reference1}

(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	$51	0.98%^{Footnote Reference2}

Footnote	Description
Footnote¹	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.
Footnote²	Annualized

Key Fund Statistics

Total Net Assets	$82,264,133
# of Portfolio Holdings	1,393
Portfolio Turnover Rate	55%

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)

Value	Value
Rights	0.0%^{Footnote Reference†}
Warrants	0.0%^{Footnote Reference†}
Commercial Mortgage-Backed Securities	0.5%
Supranational	0.7%
Asset-Backed Securities	0.8%
Mortgages - Other	1.5%
U.S. Treasury Securities	3.6%
Agency Fixed Rate Mortgages	4.0%
Corporate Bonds	8.9%
Short-Term Investments	15.7%
Sovereign	18.7%
Common Stocks	45.6%

Footnote	Description
Footnote^†	Amount is less than 0.05%

Geographic Allocation (% of total investments)

Value	Value
Africa	0.0%^{Footnote Reference†}
South America	0.5%
Multi National	0.7%
Oceania	2.4%
Asia	8.4%
Europe	18.2%
North America	69.8%

Footnote	Description
Footnote^†	Amount is less than 0.05%

Additional Information

Householding

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

Semi-Annual Shareholder Report June 30, 2025

MGTPX -TSR-SAR

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio

Class I MEGIX

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio for the period of January 1, 2025 to June 30, 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 six months?^{Footnote Reference1}

(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	$32	0.56%^{Footnote Reference2}

Footnote	Description
Footnote¹	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.
Footnote²	Annualized

Key Fund Statistics

Total Net Assets	$783,364,568
# of Portfolio Holdings	29
Portfolio Turnover Rate	48%

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)

Value	Value
Short-Term Investments	2.1%
Industrials	4.9%
Health Care	5.8%
Communication Services	6.0%
Financials	14.8%
Consumer Discretionary	16.4%
Information Technology	50.0%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Cloudflare, Inc.	12.4%
MicroStrategy, Inc.	6.6%
Affirm Holdings, Inc.	6.6%
ROBLOX Corp.	5.9%
Tesla, Inc.	5.7%
AppLovin Corp.	5.3%
Shopify, Inc.	4.9%
DoorDash, Inc.	4.8%
MercadoLibre, Inc.	4.8%
Snowflake, Inc.	4.8%
Total	61.8%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

Householding

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

Semi-Annual Shareholder Report June 30, 2025

MEGIX -TSR-SAR

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio

Class II MEGTX

Semi-Annual Shareholder Report June 30, 2025

What were the Fund costs for the last six months?^{Footnote Reference1}

(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	$46	0.81%^{Footnote Reference2}

Footnote	Description
Footnote¹	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.
Footnote²	Annualized

Key Fund Statistics

Total Net Assets	$783,364,568
# of Portfolio Holdings	29
Portfolio Turnover Rate	48%

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)

Value	Value
Short-Term Investments	2.1%
Industrials	4.9%
Health Care	5.8%
Communication Services	6.0%
Financials	14.8%
Consumer Discretionary	16.4%
Information Technology	50.0%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Cloudflare, Inc.	12.4%
MicroStrategy, Inc.	6.6%
Affirm Holdings, Inc.	6.6%
ROBLOX Corp.	5.9%
Tesla, Inc.	5.7%
AppLovin Corp.	5.3%
Shopify, Inc.	4.9%
DoorDash, Inc.	4.8%
MercadoLibre, Inc.	4.8%
Snowflake, Inc.	4.8%
Total	61.8%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

Householding

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

Semi-Annual Shareholder Report June 30, 2025

MEGTX -TSR-SAR

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

Class I MEMNX

Semi-Annual Shareholder Report June 30, 2025

This semi-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 June 30, 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 six months?^{Footnote Reference1}

(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	$56	1.10%^{Footnote Reference2}

Footnote	Description
Footnote¹	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.
Footnote²	Annualized

Key Fund Statistics

Total Net Assets	$103,868,068
# of Portfolio Holdings	284
Portfolio Turnover Rate	65%

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)

Value	Value
Warrants	2.3%
Short-Term Investments	4.9%
Senior Loan Interests	8.9%
Corporate Bonds	28.3%
Sovereign	55.6%

Credit Quality (% of net assets)^{Footnote Reference*}

Value	Value
Cash and Equivalents	3.5%
Not Rated	6.8%
D	2.5%
CC	3.0%
CCC	13.9%
B	28.5%
BB	22.7%
BBB	14.4%
A	2.4%
AA	2.3%

Footnote	Description
Footnote^*	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

Householding

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

Semi-Annual Shareholder Report June 30, 2025

MEMNX -TSR-SAR

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

Class II MBDBX

Semi-Annual Shareholder Report June 30, 2025

What were the Fund costs for the last six months?^{Footnote Reference1}

(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	$59	1.15%^{Footnote Reference2}

Footnote	Description
Footnote¹	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.
Footnote²	Annualized

Key Fund Statistics

Total Net Assets	$103,868,068
# of Portfolio Holdings	284
Portfolio Turnover Rate	65%

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)

Value	Value
Warrants	2.3%
Short-Term Investments	4.9%
Senior Loan Interests	8.9%
Corporate Bonds	28.3%
Sovereign	55.6%

Credit Quality (% of net assets)^{Footnote Reference*}

Value	Value
Cash and Equivalents	3.5%
Not Rated	6.8%
D	2.5%
CC	3.0%
CCC	13.9%
B	28.5%
BB	22.7%
BBB	14.4%
A	2.4%
AA	2.3%

Footnote	Description
Footnote^*	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

Householding

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

Semi-Annual Shareholder Report June 30, 2025

MBDBX -TSR-SAR

(b) Not applicable.

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

(a)

Please see 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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (unaudited)

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.

June 30, 2025 (unaudited)

Table of Contents

Items 6 and 7 of Form N-CSR:
Consolidated Portfolio of Investments					2
Consolidated Statement of Assets and Liabilities					4
Consolidated Statement of Operations					5
Consolidated Statements of Changes in Net Assets					6
Consolidated Financial Highlights					7
Notes to Consolidated Financial Statements					9
Item 11 of Form N-CSR:
Investment Advisory Agreement Approval					21
Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (95.1%)
Automobiles (0.3%)
Rivian Automotive, Inc., Class A (a)		39,858	$	548
Beverages (0.6%)
Celsius Holdings, Inc. (a)		26,823		1,244
Biotechnology (1.8%)
Alnylam Pharmaceuticals, Inc. (a)		1,679		548
Argenx SE ADR (Belgium) (a)		835		460
ProKidney Corp. (a)		126,796		75
Roivant Sciences Ltd. (a)		261,218		2,944
				4,027
Broadline Retail (3.6%)
Global-e Online Ltd. (Israel) (a)		242,335		8,128
Entertainment (5.9%)
ROBLOX Corp., Class A (a)		125,839		13,238
Financial Services (8.6%)
Affirm Holdings, Inc. (a)		207,417		14,341
Federal National Mortgage Association (a)		464,779		4,434
Toast, Inc., Class A (a)		12,756		565
				19,340
Health Care Equipment & Supplies (0.5%)
Dexcom, Inc. (a)		12,914		1,127
Health Care Providers & Services (2.3%)
Agilon Health, Inc. (a)		1,269,583		2,920
HealthEquity, Inc. (a)		21,473		2,250
				5,170
Information Technology Services (16.7%)
Cloudflare, Inc., Class A (a)		148,753		29,129
Snowflake, Inc., Class A (a)		36,653		8,202
				37,331
Leisure Products (1.0%)
Peloton Interactive, Inc., Class A (a)		312,542		2,169
Machinery (0.7%)
Symbotic, Inc. (a)(b)		41,195		1,600
Media (4.8%)
Trade Desk, Inc., Class A (a)		148,479		10,689
Personal Care Products (3.6%)
Oddity Tech Ltd., Class A (Israel) (a)		107,758		8,133
Pharmaceuticals (4.8%)
Royalty Pharma PLC, Class A		298,360		10,750

	Shares		Value (000)
Real Estate Management & Development (2.4%)
Landbridge Co. LLC, Class A		80,480	$	5,439
Software (13.2%)
Aurora Innovation, Inc. (a)		1,527,634		8,005
MicroStrategy, Inc., Class A (a)		34,472		13,934
Samsara, Inc., Class A (a)		191,126		7,603
				29,542
Specialty Retail (7.6%)
Carvana Co. (a)		23,643		7,966
Chewy, Inc., Class A (a)		50,819		2,166
Floor & Decor Holdings, Inc., Class A (a)		91,703		6,966
				17,098
Tech Hardware, Storage & Peripherals (5.1%)
IonQ, Inc. (a)		264,511		11,366
Trading Companies & Distributors (11.6%)
Core & Main, Inc., Class A (a)		190,274		11,483
QXO, Inc. (a)		672,322		14,482
				25,965
Total Common Stocks (Cost $155,098)				212,904
Preferred Stocks (1.7%)
Software (1.7%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $2,666;acquired 8/31/21)		36,279		2,984
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $709; acquired 9/15/23)		9,645		793
Total Preferred Stocks (Cost $3,375)				3,777
Investment Company (2.9%)
iShares Bitcoin Trust ETF (a) (Cost $4,065)		105,046		6,430
Short-Term Investment (0.8%)
Investment Company (0.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.09% (See Note H) (Cost $1,791)		1,790,520		1,791
Total Investments Excluding Purchased Options (100.5%) (Cost $164,329)				224,902
Total Purchased Options Outstanding (0.1%) (Cost $1,113)				206
Total Investments (100.6%) (Cost $165,442) Including $1,600 of Securities Loaned (e)(f)				225,108
Liabilities in Excess of Other Assets (–0.6%)				(1,285	)
Net Assets (100.0%)			$	223,823

The Fund had the following Derivative Contract — PIPE open at June 30, 2025:

Counterparty				Referenced Obligation				Notional Amount				Settlement Date				Unrealized Depreciation (000)				% of Net Assets
Cantor Equity Partners, Inc.				Twenty One Capital, Inc. (a)(c)(d)(g)(h)				$	4,245,234			12/31/25				$	(172	)			(0.08	)%

The accompanying notes are an integral part of the consolidated financial statements.
2

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

(a) Non-income producing security.

(b) All or a portion of this security was on loan at June 30, 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 June 30, 2025 amounts to approximately $3,605,000 and represents 1.6% 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 June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $72,784,000 and the aggregate gross unrealized depreciation is approximately $13,290,000, resulting in net unrealized appreciation of approximately $59,494,000.

(g) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.

(h) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 202,154 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

PIPE Private Investment in Public Equity.

SPAC Special Purpose Acquisition Company.

Call Options Purchased:

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

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep-25		19,572,621	$	19,573	$	2		$	81	$	(79	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	7.71	May-26		50,125,188		50,125		105			208		(103	)
Standard Chartered Bank	USD/CNH	CNH	7.77	Oct-25		40,532,709		40,533		10			176		(166	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul-25		17,858,771		17,859		—	@		78		(78	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.82	Feb-26		47,784,367		47,784		46			197		(151	)
Standard Chartered Bank	USD/CNH	CNH	7.90	Apr-26		32,277,816		32,278		33			157		(124	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	8.02	Dec-25		45,434,046		45,434		10			216		(206	)
									$	206		$	1,113	$	(907	)

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Other*		29.9	%
Information Technology Services		16.6
Software		14.8
Trading Companies & Distributors		11.5
Financial Services		8.6
Specialty Retail		7.6
Entertainment		5.9
Tech Hardware, Storage & Peripherals		5.1
Total Investments		100.0	%**

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

** Does not include an open PIPE contract with unrealized depreciation of approximately $172,000.

The accompanying notes are an integral part of the consolidated financial statements.
3

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Discovery Portfolio

Consolidated Statement of Assets and Liabilities	June 30, 2025 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $163,651)	$	223,317
Investment in Security of Affiliated Issuer, at Value (Cost $1,791)		1,791
Total Investments in Securities, at Value (Cost $165,442)		225,108
Foreign Currency, at Value (Cost $1)		1
Receivable for Investments Sold		371
Receivable from Affiliate		14
Receivable from Securities Lending Income		2
Receivable for Fund Shares Sold		—	@
Other Assets		22
Total Assets		225,518
Liabilities:
Due to Broker		570
Payable for Fund Shares Redeemed		494
Payable for Advisory Fees		277
Unrealized Depreciation on Derivative Contracts — PIPE		172
Payable for Professional Fees		68
Payable for Servicing Fees		48
Payable for Administration Fees		14
Payable for Distribution Fees — Class II Shares		14
Payable for Custodian Fees		5
Payable for Transfer Agency Fees		—	@
Other Liabilities		33
Total Liabilities		1,695
NET ASSETS	$	223,823
Net Assets Consist of:
Paid-in-Capital		265,024
Total Accumulated Loss		(41,201	)
Net Assets	$	223,823
CLASS I:
Net Assets	$	48,367
Net Asset Value, Offering and Redemption Price Per Share Applicable to 6,139,151 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	7.88
CLASS II:
Net Assets	$	175,456
Net Asset Value, Offering and Redemption Price Per Share Applicable to 25,277,378 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	6.94
⁽¹⁾Including:
Securities on Loan, at Value:	$	1,600

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.
4

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Discovery Portfolio

Consolidated Statement of Operations	Six Months Ended June 30, 2025 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers	$	117
Dividends from Security of Affiliated Issuer (Note H)		82
Income from Securities Loaned — Net		17
Total Investment Income		216
Expenses:
Advisory Fees (Note B)		734
Distribution Fees — Class II Shares (Note E)		193
Servicing Fees (Note D)		150
Professional Fees		95
Administration Fees (Note C)		78
Custodian Fees (Note G)		10
Shareholder Reporting Fees		10
Transfer Agency Fees (Note F)		7
Directors' Fees and Expenses		3
Pricing Fees		2
Other Expenses		14
Total Expenses		1,296
Waiver of Advisory Fees (Note B)		(174	)
Waiver of Distribution Fees — Class II Shares (Note E)		(116	)
Rebate from Morgan Stanley Affiliate (Note H)		(4	)
Net Expenses		1,002
Net Investment Loss		(786	)
Realized Gain:
Investments Sold		12,895
Payment from the Adviser (Note B)		286
Foreign Currency Transaction		8
Net Realized Gain		13,189
Change in Unrealized Appreciation (Depreciation):
Investments		27,063
Foreign Currency Translation		—	@
Derivative Contracts — PIPE		(172	)
Net Change in Unrealized Appreciation (Depreciation)		26,891
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		40,080
Net Increase in Net Assets Resulting from Operations	$	39,294

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.
5

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Discovery Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended June 30, 2025 (unaudited) (000)			Year Ended December 31, 2024 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Loss	$	(786	)	$	(1,215	)
Net Realized Gain		13,189			27,369
Net Change in Unrealized Appreciation (Depreciation)		26,891			35,211
Net Increase in Net Assets Resulting from Operations		39,294			61,365
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		5,852			7,942
Redeemed		(6,155	)		(10,488	)
Class II:
Subscribed		3,590			3,386
Redeemed		(15,591	)		(31,044	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(12,304	)		(30,204	)
Total Increase in Net Assets		26,990			31,161
Net Assets:
Beginning of Period		196,833			165,672
End of Period	$	223,823		$	196,833
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		890			1,573
Shares Redeemed		(932	)		(2,061	)
Net Decrease in Class I Shares Outstanding		(42	)		(488	)
Class II:
Shares Subscribed		615			760
Shares Redeemed		(2,624	)		(6,818	)
Net Decrease in Class II Shares Outstanding		(2,009	)		(6,058	)

The accompanying notes are an integral part of the consolidated financial statements.
6

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Consolidated Financial Highlights

Discovery Portfolio

	Class I
	Six Months Ended June 30, 2025			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2024			2023			2022			2021			2020⁽¹⁾
Net Asset Value, Beginning of Period	$	6.51		$	4.59		$	3.18		$	17.04		$	29.50		$	13.05
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.02	)		(0.03	)		(0.02	)		(0.04	)		(0.19	)		(0.17	)
Net Realized and Unrealized Gain (Loss)		1.39			1.95			1.43			(9.83	)		(1.27	)		18.96
Total from Investment Operations		1.37			1.92			1.41			(9.87	)		(1.46	)		18.79
Distributions from and/or in Excess of:
Net Realized Gain		—			—			—			(3.99	)		(11.00	)		(2.34	)
Net Asset Value, End of Period	$	7.88		$	6.51		$	4.59		$	3.18		$	17.04		$	29.50
Total Return⁽³⁾		21.04	%⁽⁴⁾		41.83	%		44.34	%⁽⁵⁾		(62.96	)%		(11.06	)%		152.30	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	48,367		$	40,239		$	30,613		$	22,330		$	56,135		$	68,299
Ratio of Expenses Before Expense Limitation		1.13	%⁽⁶⁾		1.16	%		1.16	%		1.15	%		1.06	%		1.08	%
Ratio of Expenses After Expense Limitation		0.95	%⁽⁶⁾⁽⁷⁾		0.94	%⁽⁷⁾		0.94	%⁽⁷⁾		0.94	%⁽⁷⁾		0.95	%⁽⁷⁾		0.95	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			N/A			0.95	%⁽⁷⁾		N/A
Ratio of Net Investment Loss		(0.73	)%⁽⁶⁾⁽⁷⁾		(0.64	)%⁽⁷⁾		(0.56	)%⁽⁷⁾		(0.68	)%⁽⁷⁾		(0.78	)%⁽⁷⁾		(0.86	)%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.01	%		0.01	%		0.01	%		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		52	%⁽⁴⁾		64	%		60	%		49	%		95	%		112	%

(1) Not consolidated.

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

(3) 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.

(4) Not annualized.

(5) 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.

(6) Annualized.

(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) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.
7

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Consolidated Financial Highlights

Discovery Portfolio

	Class II
	Six Months Ended June 30, 2025			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2024			2023			2022			2021			2020⁽¹⁾
Net Asset Value, Beginning of Period	$	5.74		$	4.05		$	2.81		$	16.04		$	28.41		$	12.63
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.02	)		(0.03	)		(0.02	)		(0.04	)		(0.20	)		(0.18	)
Net Realized and Unrealized Gain (Loss)		1.22			1.72			1.26			(9.20	)		(1.17	)		18.30
Total from Investment Operations		1.20			1.69			1.24			(9.24	)		(1.37	)		18.12
Distributions from and/or in Excess of:
Net Realized Gain		—			—			—			(3.99	)		(11.00	)		(2.34	)
Net Asset Value, End of Period	$	6.94		$	5.74		$	4.05		$	2.81		$	16.04		$	28.41
Total Return⁽³⁾		20.91	%⁽⁴⁾		41.73	%		44.13	%⁽⁵⁾		(62.97	)%		(11.19	)%		152.04	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	175,456		$	156,594		$	135,059		$	99,597		$	267,182		$	332,541
Ratio of Expenses Before Expense Limitation		1.38	%⁽⁶⁾		1.41	%		1.41	%		1.40	%		1.31	%		1.33	%
Ratio of Expenses After Expense Limitation		1.05	%⁽⁶⁾⁽⁷⁾		1.04	%⁽⁷⁾		1.04	%⁽⁷⁾		1.04	%⁽⁷⁾		1.05	%⁽⁷⁾		1.05	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			N/A			1.05	%⁽⁷⁾		N/A
Ratio of Net Investment Loss		(0.83	)%⁽⁶⁾⁽⁷⁾		(0.74	)%⁽⁷⁾		(0.66	)%⁽⁷⁾		(0.78	)%⁽⁷⁾		(0.88	)%⁽⁷⁾		(0.96	)%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.01	%		0.01	%		0.01	%		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		52	%⁽⁴⁾		64	%		60	%		49	%		95	%		112	%

(1) Not consolidated.

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

(4) Not annualized.

(6) Annualized.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.
8

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

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 June 30, 2025, the

Subsidiary represented approximately $6,428,000 or approximately 2.87% 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.

June 30, 2025 (unaudited)

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; (6) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; 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.

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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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 June 30, 2025:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Assets:
Common Stocks	$	212,904	⁽¹⁾	$	—	$	—		$	212,904
Preferred Stocks
Software		—			—		3,777			3,777
Investment Company		6,430			—		—			6,430
Call Options Purchased		—			206		—			206
Short-Term Investment
Investment Company		1,791			—		—			1,791
Total Assets		221,125			206		3,777			225,108
Liabilities:
Derivative Contract — PIPE		—			—		(172	)		(172	)
Total	$	221,125		$	206	$	3,605		$	224,936

(1) The level classification by major category of investments is the same as the category presentation in the 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 Stocks (000)			Derivative Contract — PIPE (000)
Beginning Balance	$	4,248		$	—
Purchases		—			—
Sales		—			—
PIPE transactions		—			(172	)
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		(471	)		—
Realized gains (losses)		—			—
Ending Balance	$	3,777		$	(172	)
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025	$	(471	)	$	—

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 June 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

	Fair Value at June 30, 2025 (000)			Valuation Technique	Unobservable Input	Amount*			Impact to Valuation from an Increase in Input**
Preferred Stocks	$	3,777		Discounted Cash Flow	Weighted Average Cost of Capital		15.0	%	Decrease
					Perpetual Growth Rate		3.5	%	Increase
				Market Comparable Companies	Enterprise Value/Revenue		14.8	x	Increase
					Discount for Lack of Marketability		15.0	%	Decrease
PIPE	$	(172	)	Market Implied	Discount for Lack of Marketability and Transaction Risk		27.5	%	Decrease

* Amount is indicative of the weighted average.

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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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 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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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.

Private Investment in Public Equity: The Fund may acquire equity securities of an issuer that are issued through a private investment in public equity transaction, including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company's securities. The Fund's PIPE investment represents an unfunded subscription agreement in a private investment in public equity.

At June 30, 2025, the Fund's derivative contract PIPE position is reflected as a Derivative Contract — PIPE in the Consolidated Portfolio of Investments.

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 June 30, 2025:

Asset Derivatives
Consolidated
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Purchased Options

Investments, at Value
(Purchased Options)

Currency Risk

206

(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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

for the six months ended June 30, 2025 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(325	)(a)

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

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(637	)(a)
Equity Risk	Derivative Contracts — PIPE		(172	)
Total		$	(809	)

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

At June 30, 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
Derivatives	Assets(b) (000)			Liabilities(b) (000)
Purchased Options	$	206	(a)	$	—

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

(b) 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.

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 June 30, 2025:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities(a) (000)		Financial Instrument (000)		Collateral Received(b) (000)			Net Amount (not less than $0) (000)
Goldman Sachs & Co. LLC	$	115	$	—	$	—		$	115
JPMorgan Chase Bank NA		48		—		(48	)		0
Standard Chartered Bank		43		—		(43	)		0
Total	$	206	$	—	$	(91	)	$	115

(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 six months ended June 30, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

Purchased Options:
Average monthly notional amount		209,437,000
Derivative Contracts — PIPE:
Average monthly notional amount	$	4,245,000

5. 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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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 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 June 30, 2025.

Gross Amount Not Offset in the Consolidated Statement of Assets and Liabilities
Gross Asset Amount Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	1,600	(a)	$	—	$	(1,565	)(b)(c)	$	35

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

(b) The Fund received non-cash collateral of approximately $1,565,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Consolidated Portfolio of Investments.

6. 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.

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.

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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

10. Segment Reporting: During the reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. 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. In connection with the adoption of ASU 2023-07, the Fund's President has been designated 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 million				Next $500 million				Over $1 billion
	0.75	%			0.70	%			0.65	%

For the six months ended June 30, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effectiverate of 0.57% 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 six months ended June 30, 2025, approximately $174,000 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 six months ended June 30, 2025, this waiver amounted to approximately $116,000.

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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

For the six months ended June 30, 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 six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $100,240,000 and $106,126,000, respectively. For the six months ended June 30, 2025, purchases and sales of long-term U.S. Government securities were approximately $3,406,000 and $0, respectively.

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 six months ended June 30, 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 six months ended June 30, 2025 is as follows:

Affiliated Investment Company				Value December 31, 2024 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Fund				$	6,711			$	37,062			$	41,982			$	82

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2025 (000)
Liquidity Fund				$	—			$	—			$	1,791

During the year ended June 30, 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 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a "readily available market quotation" for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5.

For the six months ended June 30, 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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

currency and are accrued based on the value of investments denominated in such currency.

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. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing 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 2024 and 2023.

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 reclassifications among the components of net assets at December 31, 2024:

Total Accumulated Loss (000)				Paid-in- Capital (000)
$	1			$	(1	)

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	954			$	—

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $35,822,000 and $77,300,000, 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, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately$23,449,000.

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 six months ended June 30, 2025, the Fund did not have any borrowings under the Facility.

K. Other: At June 30, 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 71.4%.

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

Bitcoin: 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 ETFs 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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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.

Special Purpose Acquisition Companies: The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. The Fund may acquire an interest in a SPAC in an IPO or a secondary market transaction.

Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may negatively affect the Fund's performance. Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

Other risks of investing in SPACs include that a significant portion of the monies raised by the SPAC may be expended during the search for a target transaction; an attractive transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may dissolve and be required to return any remaining monies to shareholders, causing the Fund to incur the opportunity cost of missed investment opportunities the Fund otherwise could have benefited from; a transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased

or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. In addition, a SPAC target company may have limited operating experience, a smaller size, limited product lines, markets, distribution channels and financial and managerial resources. Investing in the securities of smaller companies involves greater risk, and portfolio price volatility.

Private Investment in Public Equity: The Fund may acquire equity securities of an issuer that are issued through a PIPE transaction, including on a when-issued basis. The Fund will generally earmark an amount of cash or high quality securities equal (on a daily mark to market basis) to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, including through a SPAC, typically at a discount to the market price of the company's securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of the Fund's investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and the Fund cannot freely trade the securities. Generally, such restrictions cause the PIPEs to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and 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). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser and Administrator together are referred to as the "Adviser" and the advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one- and five-year periods but below its peer group average for the three-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's contractual management fee was higher than but close to its peer group average and the actual management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which includes breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

Profitability of the Adviser and Affiliates

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval (cont'd)

and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

Other Benefits of the Relationship

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

Other Factors and Current Trends

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

General Conclusion

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

(This page has been left blank intentionally.)

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

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 6.30.25

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (unaudited)

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.

June 30, 2025 (unaudited)

Table of Contents

Items 6 and 7 of Form N-CSR:
Portfolio of Investments					2
Statement of Assets and Liabilities					11
Statement of Operations					12
Statements of Changes in Net Assets					13
Financial Highlights					14
Notes to Financial Statements					16
Item 11 of Form N-CSR:
Investment Advisory Agreement Approval					26
Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (92.6%)
Albania (0.9%)
Sovereign (0.9%)
Albania Government International Bond, 3.50%, 11/23/31	EUR	100	$	115
4.75%, 2/14/35		690		813
				928
Angola (1.2%)
Corporate Bond (0.6%)
Azule Energy Finance PLC, 8.13%, 1/23/30 (a)	$	666		661
Sovereign (0.6%)
Angolan Government International Bond, 8.75%, 4/14/32		250		221
9.13%, 11/26/49		304		236
9.38%, 5/8/48		226		180
				637
				1,298
Argentina (3.1%)
Corporate Bonds (1.2%)
Banco Macro SA, 8.00%, 6/23/29 (a)		342		342
Generacion Mediterranea SA/Central Termica Roca SA, 11.00%, 11/1/31 (a)(b)(c)		284		165
IRSA Inversiones y Representaciones SA, 8.00%, 3/31/35 (a)		296		292
YPF SA, 8.25%, 1/17/34 (a)		435		436
				1,235
Senior Loan Interests (0.6%)
Provincia De Neuquen, Term Loan, 1 Month SOFR + 7.30%, 11.74%, 5/28/27 (d)		234		237
Telecom Argentina SA, Term Loan, 3 Month SOFR + 5.00%, 9.33%, 2/23/29 (d)		397		391
				628
Sovereign (1.3%)
Argentine Republic Government International Bond, 0.75%, 7/9/30 (e)		352		282
1.00%, 7/9/29		180		151
3.50%, 7/9/41 (e)		250		155
4.13%, 7/9/35 (e)		300		203
5.00%, 1/9/38 (e)		300		215
Provincia de Cordoba, 9.75%, 7/2/32 (a)(f)		343		344
				1,350
				3,213

	Face Amount (000)		Value (000)
Armenia (0.2%)
Sovereign (0.2%)
Republic of Armenia International Bond, 6.75%, 3/12/35	$	200	$	195
Azerbaijan (0.2%)
Sovereign (0.2%)
Republic of Azerbaijan International Bond, 3.50%, 9/1/32		230		206
Bahamas (2.1%)
Senior Loan Interests (1.0%)
Commonwealth of Bahamas, Term Loan, 6 Month EURIBOR + 6.85%, 8.89%, 11/24/28 (d)	EUR	866		1,022
Sovereign (1.1%)
Bahamas Government International Bond, 6.63%, 5/15/33	$	124		113
8.25%, 6/24/36 (a)		455		463
8.95%, 10/15/32		508		545
				1,121
				2,143
Benin (1.7%)
Sovereign (1.7%)
Benin Government International Bond, 4.95%, 1/22/35	EUR	607		612
6.88%, 1/19/52		746		735
7.96%, 2/13/38	$	200		190
8.38%, 1/23/41		274		264
				1,801
Brazil (4.6%)
Corporate Bonds (4.6%)
Braskem Netherlands Finance BV, 4.50%, 1/31/30		222		172
Constellation Oil Services Holding SA, 9.38%, 11/7/29 (a)		550		560
FORESEA Holding SA, 7.50%, 6/15/30		685		651
Gol Finance, Inc., 14.38%, 6/6/30 (a)		574		554
MV24 Capital BV, 6.75%, 6/1/34		211		205
OHI Group SA, 13.00%, 7/22/29 (a)		890		928
OI SA, 10.00% Cash, 13.50% PIK, 23.50%, 6/30/27 (a)(g)		310		202
Raizen Fuels Finance SA, 6.25%, 7/8/32 (a)(f)		200		199
Samarco Mineracao SA, 0.00% Cash, 9.00% PIK, 9.00%, 6/30/31 (b)(c)(g)		1,091		1,073

The accompanying notes are an integral part of the financial statements.
2

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (cont'd)
Unigel Luxembourg SA, 13.50% Cash, 15.00% PIK, 28.50%, 12/31/27 (g)	$	23	$	19
Yinson Boronia Production BV, 8.95%, 7/31/42 (a)		198		211
				4,774
Bulgaria (0.2%)
Sovereign (0.2%)
Bulgaria Government International Bond, 5.00%, 3/5/37		190		186
Cameroon (2.0%)
Corporate Bond (0.4%)
Golar LNG Ltd., 7.75%, 9/19/29		400		403
Sovereign (1.6%)
Republic of Cameroon International Bond, 5.95%, 7/7/32	EUR	473		438
9.50%, 7/31/31	$	1,344		1,256
				1,694
				2,097
Chile (1.4%)
Sovereign (1.4%)
Chile Government International Bond, 2.55%, 7/27/33		1,000		844
3.50%, 1/25/50		800		571
				1,415
China (1.3%)
Corporate Bonds (1.3%)
Alibaba Group Holding Ltd., 0.50%, 6/1/31		123		157
China Oil & Gas Group Ltd., 4.70%, 6/30/26		790		776
H World Group Ltd., 3.00%, 5/1/26		95		101
KWG Group Holdings Ltd., 7.88%, 8/30/24 (b)(c)		450		29
PDD Holdings, Inc., 0.00%, 12/1/25		97		95
Shimao Group Holdings Ltd., 5.60%, 7/15/26 (b)(c)		1,218		67
Sunac China Holdings Ltd., 0.00% Cash, 1.00% PIK, 1.00%, 9/30/32 (b)(c)		85		9
5.00% Cash, 6.00% PIK, 11.00%, 9/30/26 (b)(c)		72		9
5.25% Cash, 6.25% PIK, 11.50%, 9/30/27 (b)(c)		72		9
5.50% Cash, 6.50% PIK, 12.00%, 9/30/27 (b)(c)		145		18
5.75% Cash, 6.75% PIK, 12.50%, 9/30/28 (b)(c)		218		27

	Face Amount (000)		Value (000)
6.00% Cash, 7.00% PIK, 13.00%, 9/30/29 (b)(c)	$	219	$	27
6.25% Cash, 7.25% PIK, 13.50%, 9/30/30 (b)(c)		103		13
Times China Holdings Ltd., 5.55%, 6/4/24 (b)(c)		1,376		48
6.75%, 7/16/23 (b)(c)		280		10
				1,395
Colombia (2.7%)
Corporate Bonds (2.7%)
ABRA Global Finance, 6.00% Cash, 8.00% PIK, 14.00%, 10/22/29 (a)(g)		594		452
Avianca Midco 2 PLC, 9.00%, 12/1/28 (a)		684		649
9.63%, 2/14/30 (a)		202		187
Banco Davivienda SA, 6.65%, 4/22/31 (h)		208		185
8.13%, 7/2/35 (a)(f)		402		404
Banco de Occidente SA, 10.88%, 8/13/34		430		478
Bancolombia SA, 8.63%, 12/24/34		288		303
Canacol Energy Ltd., 5.75%, 11/24/28		500		173
				2,831
Costa Rica (0.5%)
Sovereign (0.5%)
Costa Rica Government International Bond, 6.55%, 4/3/34		520		544
Dominican Republic (1.9%)
Sovereign (1.9%)
Dominican Republic International Bond, 4.50%, 1/30/30		300		286
4.88%, 9/23/32		1,000		926
5.30%, 1/21/41		200		173
6.85%, 1/27/45		200		198
7.45%, 4/30/44		200		209
7.45%, 4/30/44 (a)		200		210
				2,002
Ecuador (0.9%)
Sovereign (0.9%)
Ecuador Government International Bond, 0.00%, 7/31/30		400		290
5.50%, 7/31/35 (e)		100		73
6.90%, 7/31/30 (e)		660		575
				938
Egypt (3.4%)
Sovereign (3.4%)
Egypt Government International Bond, 5.63%, 4/16/30	EUR	200		218
6.38%, 4/11/31		900		985
7.30%, 9/30/33	$	221		197

The accompanying notes are an integral part of the financial statements.
3

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Sovereign (cont'd)
7.63%, 5/29/32	$	200	$	185
7.90%, 2/21/48		400		308
8.50%, 1/31/47		1,256		1,021
8.63%, 2/4/30		353		357
9.45%, 2/4/33		251		254
				3,525
El Salvador (0.7%)
Sovereign (0.7%)
El Salvador Government International Bond, 7.65%, 6/15/35		140		136
8.25%, 4/10/32		300		305
9.25%, 4/17/30		150		159
9.65%, 11/21/54 (a)		165		170
				770
Ethiopia (1.8%)
Sovereign (1.8%)
Ethiopia International Bond, 6.63%, 12/11/24 (b)(c)		2,042		1,881
Gabon (0.2%)
Sovereign (0.2%)
Gabon Government International Bond, 6.63%, 2/6/31		200		160
Georgia (1.0%)
Corporate Bonds (1.0%)
Bank of Georgia JSC, 9.50%, 7/16/29 (h)		490		488
TBC Bank JSC, 10.25%, 7/30/29 (h)		528		529
				1,017
Ghana (2.1%)
Corporate Bonds (0.9%)
Kosmos Energy Ltd., 7.50%, 3/1/28		473		390
8.75%, 10/1/31		400		297
Tullow Oil PLC, 10.25%, 5/15/26		341		297
				984
Sovereign (1.2%)
Ghana Government International Bond, 0.00%, 1/3/30 (b)(c)		28		23
1.50%, 1/3/37 (b)(c)		138		64
5.00%, 7/3/29 - 7/3/35 (b)(c)(e)		1,446		1,145
				1,232
				2,216
Greece (0.6%)
Corporate Bond (0.6%)
Alpha Services & Holdings SA, 7.50%, 6/10/30 (h)	EUR	483		606

	Face Amount (000)		Value (000)
Guatemala (0.9%)
Sovereign (0.9%)
Guatemala Government Bond, 3.70%, 10/7/33	$	300	$	254
5.38%, 4/24/32		400		392
6.55%, 2/6/37		300		303
				949
Guyana (0.2%)
Corporate Bond (0.2%)
Secure International Finance Co., Inc., 10.00%, 6/3/29 (a)		188		189
Honduras (1.1%)
Sovereign (1.1%)
Honduras Government International Bond, 8.63%, 11/27/34 (a)		200		210
8.63%, 11/27/34		908		954
				1,164
Hong Kong (0.8%)
Corporate Bonds (0.8%)
CAS Capital No. 1 Ltd., 4.00%, 7/12/26 (h)		400		396
Yuexiu Co. Ltd. REIT MTN, 2.65%, 2/2/26		500		487
				883
Hungary (2.0%)
Corporate Bonds (1.0%)
MBH Bank Nyrt, 5.25%, 1/29/30	EUR	230		273
6.88%, 11/8/35		200		244
OTP Bank Nyrt, 7.30%, 7/30/35	$	225		230
8.75%, 5/15/33		254		272
				1,019
Sovereign (1.0%)
Hungary Government International Bond, 5.50%, 3/26/36		400		387
6.25%, 9/22/32		600		627
				1,014
				2,033
India (1.5%)
Corporate Bonds (1.5%)
HDFC Bank Ltd., 3.70%, 8/25/26 (h)		363		352
Piramal Finance Ltd., 7.80%, 1/29/28		370		372
Vedanta Resources Finance II PLC, 9.85%, 4/24/33 (a)		200		201
10.25%, 6/3/28 (a)		280		291
11.25%, 12/3/31 (a)		280		294
				1,510

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Iraq (0.1%)
Sovereign (0.1%)
Iraq International Bond, 5.80%, 1/15/28	$	105	$	104
Ivory Coast (0.5%)
Sovereign (0.5%)
Ivory Coast Government International Bond, 8.08%, 4/1/36		493		476
Jamaica (1.1%)
Corporate Bond (0.6%)
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., 9.00% Cash, 1.50% PIK, 10.50%, 5/25/27 (g)		606		612
Senior Loan Interests (0.5%)
Digicel International Finance Ltd., Term Loan, 3 Month SOFR + 5.25%, 9.53% Cash, 2.25% PIK, 11.78%, 5/25/27 (d)(g)		586		586
				1,198
Jordan (0.7%)
Sovereign (0.7%)
Jordan Government International Bond, 5.85%, 7/7/30		707		682
Kazakhstan (1.2%)
Corporate Bonds (1.2%)
ForteBank JSC, 7.75%, 2/4/30 (a)		690		688
Kaspi.KZ JSC, 6.25%, 3/26/30		550		555
				1,243
Kenya (0.6%)
Sovereign (0.6%)
Republic of Kenya Government International Bond, 8.25%, 2/28/48		257		209
9.50%, 3/5/36		450		425
				634
Kuwait (0.3%)
Sovereign (0.3%)
Kuwait International Government Bond, 3.50%, 3/20/27		300		296
Lebanon (1.2%)
Sovereign (1.2%)
Lebanon Government International Bond, 5.80%, 4/14/20 (b)(c)		737		139
6.00%, 1/27/23 (b)(c)		436		82
6.10%, 10/4/22 (b)(c)		769		145
6.15%, 6/19/49 (b)(c)		15		3
6.20%, 2/26/25 (b)(c)		98		19
6.25%, 5/27/22 - 6/12/25 (b)(c)		270		50
6.38%, 3/9/20 (b)(c)		50		9
6.40%, 5/26/23 (b)(c)		1,839		348

	Face Amount (000)		Value (000)
6.60%, 11/27/26 (b)(c)	$	7	$	1
6.65%, 4/22/24 - 11/3/28 (b)(c)		353		66
6.85%, 3/23/27 - 5/25/29 (b)(c)		1,380		261
7.00%, 3/20/28 - 3/23/32 (b)(c)		491		93
7.25%, 3/23/37 (b)(c)		106		20
				1,236
Malaysia (0.8%)
Corporate Bonds (0.8%)
Petronas Capital Ltd., 2.48%, 1/28/32		800		697
4.55%, 4/21/50		200		170
				867
Mexico (4.0%)
Corporate Bonds (2.3%)
Banco Mercantil del Norte SA, 8.38%, 5/20/31 (a)(h)		530		537
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.13%, 1/18/33		265		255
8.45%, 6/29/38		336		356
Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323, 11.00% Cash, 2.00% PIK, 13.00%, 9/12/30 (g)		539		437
Grupo Aeromexico SAB de CV, 8.63%, 11/15/31 (a)		538		515
Total Play Telecomunicaciones SA de CV, 11.13%, 12/31/32 (a)		321		305
				2,405
Sovereign (1.7%)
Petroleos Mexicanos, 4.50%, 1/23/26		219		216
6.75%, 9/21/47		453		328
6.84%, 1/23/30		1,069		1,034
6.88%, 8/4/26		132		132
				1,710
				4,115
Mongolia (0.4%)
Corporate Bond (0.2%)
Golomt Bank, 11.00%, 5/20/27		200		204
Sovereign (0.2%)
Mongolia Government International Bond, 7.88%, 6/5/29		200		208
				412
Montenegro (1.6%)
Sovereign (1.6%)
Montenegro Government International Bond, 4.88%, 4/1/32	EUR	1,285		1,501
7.25%, 3/12/31	$	200		208
				1,709

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Morocco (0.6%)
Sovereign (0.6%)
Morocco Government International Bond, 3.00%, 12/15/32	$	500	$	424
4.00%, 12/15/50 (a)		300		205
				629
Nicaragua (0.2%)
Corporate Bond (0.2%)
Polaris Renewable Energy, Inc., 9.50%, 12/3/29		250		260
Nigeria (1.9%)
Corporate Bond (0.5%)
Access Bank PLC, 6.13%, 9/21/26		483		477
Sovereign (1.4%)
Nigeria Government International Bond, 7.70%, 2/23/38		200		174
10.38%, 12/9/34		1,223		1,289
				1,463
				1,940
Oman (1.9%)
Sovereign (1.9%)
Oman Government International Bond, 5.38%, 3/8/27		200		202
6.00%, 8/1/29		300		315
6.25%, 1/25/31		500		532
6.75%, 1/17/48		440		455
7.38%, 10/28/32		400		454
				1,958
Pakistan (0.7%)
Sovereign (0.7%)
Pakistan Government International Bond, 6.88%, 12/5/27		267		253
7.38%, 4/8/31		481		428
				681
Paraguay (0.8%)
Corporate Bond (0.1%)
Frigorifico Concepcion SA, 7.70%, 7/21/28		204		159
Senior Loan Interests (0.7%)
Frigorifico Concepcion SA, Term Loan, 3 Month SOFR + 5.50%, 9.79%, 12/8/26 (d)		669		679
				838
Peru (1.5%)
Corporate Bonds (1.2%)
Auna SA, 10.00%, 12/18/29 (a)		493		517
Camposol SA, 6.00%, 2/3/27		157		154
Peru LNG Srl, 5.38%, 3/22/30		194		183

	Face Amount (000)		Value (000)
Petroleos del Peru SA, 5.63%, 6/19/47	$	540	$	342
				1,196
Sovereign (0.3%)
Peruvian Government International Bond, 3.00%, 1/15/34		300		253
5.88%, 8/8/54		100		97
				350
				1,546
Philippines (1.5%)
Sovereign (1.5%)
Philippine Government International Bond, 4.75%, 3/5/35		700		687
5.00%, 7/17/33		400		404
5.50%, 1/17/48		520		506
				1,597
Romania (4.3%)
Sovereign (4.3%)
Romanian Government International Bond, 1.75%, 7/13/30	EUR	98		99
2.00%, 4/14/33		79		71
2.63%, 12/2/40		99		73
2.75%, 4/14/41		78		57
2.88%, 4/13/42		84		62
3.38%, 1/28/50		49		35
3.88%, 10/29/35		88		87
4.63%, 4/3/49		444		392
5.13%, 6/15/48	$	48		37
5.63%, 2/22/36	EUR	148		166
5.75%, 3/24/35	$	1,422		1,317
5.88%, 7/11/32	EUR	98		117
6.00%, 5/25/34	$	48		46
6.00%, 9/24/44	EUR	135		147
6.25%, 9/10/34		98		117
6.75%, 7/11/39	EUR	394		467
7.50%, 2/10/37	$	1,002		1,042
7.63%, 1/17/53		96		97
				4,429
Serbia (0.4%)
Sovereign (0.4%)
Serbia International Bond, 2.05%, 9/23/36	EUR	270		243
2.13%, 12/1/30	$	200		169
				412
Sri Lanka (2.8%)
Sovereign (2.8%)
Sri Lanka Government International Bond, 3.10%, 1/15/30 (a)(b)(c)(e)		534		477
3.35%, 3/15/33 (a)(b)(c)(e)		650		526
3.60%, 6/15/35 - 2/15/38 (a)(b)(c)(e)		1,797		1,376
4.00%, 4/15/28 (a)(b)(c)		525		494
				2,873

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Suriname (5.3%)
Senior Loan Interests (1.8%)
Staatsolie Maatschappij Suriname NV, Revolver, 0.00%, 4/25/32 (i)	$	1,900	$	1,900
Sovereign (3.5%)
Suriname Government International Bond, 4.95% Cash, 3.00% PIK, 7.95%, 7/15/33 (b)(c)(g)		302		299
4.95% Cash, 3.00% PIK, 7.95%, 7/15/33 (a)(b)(c)(g)		1,746		1,732
9.00%, 12/31/50 (b)(c)(d)		64		72
9.00%, 12/31/50 (a)(b)(c)(d)		1,303		1,469
				3,572
				5,472
Tanzania, United Republic Of (4.3%)
Corporate Bond (0.2%)
HTA Group Ltd., 2.88%, 3/18/27		200		190
Senior Loan Interests (4.1%)
HTA Group Ltd., Term Loan, 3 Month SOFR + 4.31%, 8.59%, 9/13/28 (d)		580		577
Tanzania, Term Loan, 6 Month SOFR + 5.45%, 9.68%, 2/27/31 (d)		3,700		3,663
				4,240
				4,430
Togo (0.5%)
Corporate Bond (0.5%)
Ecobank Transnational, Inc., 10.13%, 10/15/29 (a)		532		544
Trinidad And Tobago (0.2%)
Sovereign (0.2%)
Trinidad & Tobago Government International Bond, 5.95%, 1/14/31		200		201
Tunisia (0.5%)
Sovereign (0.5%)
Tunisian Republic, 6.38%, 7/15/26	EUR	445		519
Turkey (1.8%)
Corporate Bonds (1.8%)
Cimko Cimento VE Beton Sanayi Ticaret AS, 10.75%, 5/21/30	$	200		200
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, 9.50%, 7/10/36		455		450
Limak Yenilenebilir Enerji AS, 9.63%, 8/12/30 (a)		353		349

	Face Amount (000)		Value (000)
WE Soda Investments Holding PLC, 9.50%, 10/6/28	$	382	$	399
Zorlu Enerji Elektrik Uretim AS, 11.00%, 4/23/30		461		426
				1,824
Ukraine (1.5%)
Corporate Bond (0.2%)
Kernel Holding SA, 6.75%, 10/27/27		204		181
Sovereign (1.3%)
Ukraine Government International Bond, 1.75%, 2/1/29 - 2/1/36 (b)(c)(e)		1,840		969
3.00%, 2/1/30 - 2/1/36 (b)(c)(e)		1,026		455
				1,424
				1,605
United Arab Emirates (2.3%)
Corporate Bond (0.5%)
Ittihad International Ltd., 9.75%, 11/9/28		520		543
Sovereign (1.8%)
Abu Dhabi Government International Bond, 3.13%, 4/16/30		650		623
3.88%, 4/16/50		600		468
5.00%, 4/30/34		700		730
				1,821
				2,364
Uruguay (1.2%)
Sovereign (1.2%)
Uruguay Government International Bond, 5.10%, 6/18/50		550		509
5.44%, 2/14/37		700		717
				1,226
Uzbekistan (2.0%)
Corporate Bonds (1.1%)
Jscb Agrobank, 9.25%, 10/2/29		750		795
Uzbek Industrial & Construction Bank ATB, 8.95%, 7/24/29		370		390
				1,185
Senior Loan Interests (0.1%)
Navoi Mining & Metallurgical Co., Term Loan, 3 Month SOFR + 4.76%, 9.03%, 4/23/27 (d)		136		135
Sovereign (0.8%)
National Bank of Uzbekistan, 8.50%, 7/5/29		740		779
				2,099

The accompanying notes are an integral part of the financial statements.
7

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Venezuela (2.5%)
Sovereign (2.5%)
Petroleos de Venezuela SA, 5.38%, 4/12/27 (b)(c)	$	1,771	$	223
5.50%, 4/12/37 (b)(c)		676		85
6.00%, 5/16/24 - 11/15/26 (b)(c)		3,121		398
6.00%, 10/28/49 (b)(c)		580		64
8.50%, 10/20/27 (b)(c)		112		115
8.50%, 10/27/20 (b)(c)		387		359
9.00%, 11/17/21 (b)(c)		732		95
9.75%, 5/17/35 (b)(c)		903		134
12.75%, 2/17/22 (b)(c)		504		75
Venezuela Government International Bond, 6.00%, 12/9/20 (b)(c)		552		77
7.00%, 12/1/18 - 3/31/38 (b)(c)		376		59
7.65%, 4/21/25 (b)(c)		500		81
7.75%, 10/13/19 (b)(c)		787		117
8.25%, 10/13/24 (b)(c)		718		118
9.00%, 5/7/23 (b)(c)		397		64
9.25%, 9/15/27 - 5/7/28 (b)(c)		1,644		321
9.38%, 1/13/34 (b)(c)		89		20
11.75%, 10/21/26 (b)(c)		292		59
11.95%, 8/5/31 (b)(c)		290		54
12.75%, 8/23/22 (b)(c)		685		124
13.63%, 8/15/18 (b)(c)		48		9
				2,651
Zambia (0.2%)
Sovereign (0.2%)
Zambia Government International Bond, 0.50%, 12/31/53 (b)(c)		201		138
5.75%, 6/30/33 (b)(c)(e)		134		123
				261
Total Fixed Income Securities (Cost $97,647)				96,200
	No. of Warrants
Warrants (2.3%)
Ukraine (2.3%)
Ukraine Government International Bond expires 8/1/41 (j)		3,295,000		2,361
Venezuela (0.0%)‡
Venezuela Government International Bond, Oil-Linked Payment Obligation expires 4/15/20 (j)(k)		3,750		22
Total Warrants (Cost $2,438)				2,383
	Shares
Short-Term Investments (4.9%)
Investment Company (4.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.09% (See Note H) (Cost $4,761)		4,760,981		4,761

	Face Amount (000)		Value (000)
United States (0.3%)
U.S. Treasury Security (0.3%)
U.S. Treasury Bill, 4.32%, 8/5/25 (l)(m) (Cost $309)	$	310	$	309
Total Short-Term Investments (Cost $5,070)				5,070
Total Investments (99.8%) (Cost $105,155) (n)(o)				103,653
Other Assets in Excess of Liabilities (0.2%)				215
Net Assets (100.0%)			$	103,868

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) Issuer in bankruptcy.

(d) Floating or variable rate securities: The rates disclosed are as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(e) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.

(f) When-issued security.

(g) Income may be paid in additional securities and/or cash at the discretion of the issuer.

(h) 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 June 30, 2025.

(i) In addition to the term loan, the Fund has an unfunded loan commitment of approximately $1,900,000, which could be extended at the option of the borrower. As of June 30, 2025, Staatsolie Maatschappij Suriname NV did not draw down any of the commitment.

(j) Non-income producing security.

(k) Perpetual maturity date. Date disclosed is the last expiration date.

(l) Rate shown is the yield to maturity at June 30, 2025.

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

(n) Securities are available for collateral in connection with purchase of when-issued securities, open foreign currency forward exchange contracts, futures contracts and swap agreements.

(o) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,649,000 and the aggregate gross unrealized depreciation is approximately $7,151,000, resulting in net unrealized depreciation of approximately $1,502,000.

EURIBOR Euro Interbank Offered Rate.

MTN Medium Term Note.

PIK Payment-in-Kind.

REIT Real Estate Investment Trust.

SOFR Secured Overnight Financing Rate.

The accompanying notes are an integral part of the financial statements.
8

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

Foreign Currency Forward Exchange Contracts:

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

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Citibank NA	EUR	556	$	636	7/11/25	$	(19	)
State Street Bank and Trust Co.	EUR	1,259	$	1,443	7/11/25		(42	)
State Street Bank and Trust Co.	EUR	945	$	1,082	7/11/25		(31	)
State Street Bank and Trust Co.	EUR	645	$	739	7/11/25		(21	)
State Street Bank and Trust Co.	EUR	924	$	1,059	7/11/25		(30	)
State Street Bank and Trust Co.	EUR	990	$	1,134	7/11/25		(33	)
State Street Bank and Trust Co.	EUR	365	$	419	7/11/25		(12	)
State Street Bank and Trust Co.	EUR	491	$	563	7/11/25		(16	)
State Street Bank and Trust Co.	EUR	829	$	950	7/11/25		(27	)
State Street Bank and Trust Co.	EUR	1,035	$	1,185	7/11/25		(34	)
State Street Bank and Trust Co.	EUR	141	$	161	7/11/25		(5	)
State Street Bank and Trust Co.	EUR	1,089	$	1,247	7/11/25		(36	)
State Street Bank and Trust Co.	EUR	1,108	$	1,269	7/11/25		(37	)
UBS AG	$	889	EUR	766	7/11/25		14
UBS AG	$	122	EUR	105	7/11/25		2
						$	(327	)

Futures Contracts:

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

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note (United States)		16	Sep-25	$	3,200		$	3,328		$	3
U.S. Treasury 5 yr. Note (United States)		30	Sep-25		3,000			3,270			46
U.S. Treasury 10 yr. Ultra Note (United States)		86	Sep-25		8,600			9,827			285
U.S. Treasury Long Bond (United States)		35	Sep-25		3,500			4,042			148
U.S. Treasury Ultra Long Bond (United States)		91	Sep-25		9,100			10,840			538
Short:
German Euro-Bobl Index (Germany)		26	Sep-25	EUR	(2,600	)		(3,604	)		11
German Euro-Bund Index (Germany)		32	Sep-25		(3,200	)		(4,906	)		25
German Euro-Schatz Index (Germany)		15	Sep-25		(1,500	)		(1,895	)		3
U.S. Treasury 10 yr. Note (United States)		25	Sep-25	$	(2,500	)		(2,803	)		(42	)
										$	1,017

Credit Default Swap Agreements:

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

Swap Counterparty and Reference Obligation	Credit Rating of Reference Obligation†	Buy/Sell Protection	Pay/ Received Fixed Rate			Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (Received) (000)			Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC* Egypt Government International Bonds	NR	Sell		1.00	%	Quarterly	12/20/28	$	188	$	(20	)	$	(55	)	$	36
Barclays Bank PLC Pan American Energy LLC	NR	Sell		1.00		Quarterly	12/20/25		240		—	@		(3	)		4

The accompanying notes are an integral part of the financial statements.
9

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

Credit Default Swap Agreements (cont'd):

Swap Counterparty and Reference Obligation	Credit Rating of Reference Obligation†	Buy/Sell Protection	Pay/ Received Fixed Rate			Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (Received) (000)			Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC* Petrobras Global Finance BV	NR	Sell		1.00	%	Quarterly	6/20/30	$	2,139	$	55		$	106		$	(52	)
Goldman Sachs International Egypt Government International Bonds	NR	Sell		1.00		Quarterly	6/20/30		60		(9	)		(16	)		6
Barclays Bank PLC Egypt Government International Bonds	NR	Sell		1.00		Quarterly	6/20/30		36		(6	)		(9	)		3
Goldman Sachs International Egypt Government International Bonds	NR	Sell		1.00		Quarterly	6/20/30		119		(19	)		(31	)		12
Goldman Sachs International Petroleos Mexicanos	NR	Sell		1.00		Quarterly	6/20/26		261		(5	)		(12	)		7
										$	(4	)	$	(20	)	$	16

@ 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 Total Investments
Sovereign		55.6	%
Corporate Bonds		28.3
Senior Loan Interests		8.9
Other*		7.2
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 $44,515,000 and net unrealized appreciation of approximately $1,017,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $327,000. Also does not include open swap agreements with net unrealized appreciation of approximately $16,000.

The accompanying notes are an integral part of the financial statements.
10

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Emerging Markets Debt Portfolio

Statement of Assets and Liabilities	June 30, 2025 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $100,394)	$	98,892
Investment in Security of Affiliated Issuer, at Value (Cost $4,761)		4,761
Total Investments in Securities, at Value (Cost $105,155)		103,653
Foreign Currency, at Value (Cost $547)		622
Cash		315
Interest Receivable		1,719
Receivable for Variation Margin on Futures Contracts		1,192
Receivable for Investments Sold		146
Receivable for Fund Shares Sold		55
Receivable from Affiliate		55
Unrealized Appreciation on Swap Agreements		32
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		16
Other Assets		20
Total Assets		107,825
Liabilities:
Payable for Unfunded Loan Commitments		1,900
Payable for Investments Purchased		968
Deferred Capital Gain Country Tax		387
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		343
Payable for Advisory Fees		120
Upfront Payment Received on Open Swap Agreements		71
Payable for Professional Fees		52
Payable for Servicing Fees		31
Payable for Custodian Fees		29
Payable for Fund Shares Redeemed		18
Payable for Administration Fees		7
Payable for Variation Margin on Swap Agreements		3
Payable for Transfer Agency Fees		—	@
Payable for Distribution Fees — Class II Shares		—	@
Other Liabilities		28
Total Liabilities		3,957
NET ASSETS	$	103,868
Net Assets Consist of:
Paid-in-Capital	$	157,842
Total Accumulated Loss		(53,974	)
Net Assets	$	103,868
CLASS I:
Net Assets	$	94,035
Net Asset Value, Offering and Redemption Price Per Share Applicable to 16,249,633 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	5.79
CLASS II:
Net Assets	$	9,833
Net Asset Value, Offering and Redemption Price Per Share Applicable to 1,718,821 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	5.72

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
11

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Emerging Markets Debt Portfolio

Statement of Operations	Six Months Ended June 30, 2025 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $0 of Foreign Taxes Withheld)	$	5,246
Dividends from Security of Affiliated Issuer (Note H)		45
Total Investment Income		5,291
Expenses:
Advisory Fees (Note B)		388
Professional Fees		106
Servicing Fees (Note D)		87
Administration Fees (Note C)		41
Custodian Fees (Note G)		38
Distribution Fees — Class II Shares (Note E)		13
Shareholder Reporting Fees		10
Pricing Fees		6
Transfer Agency Fees (Note F)		6
Directors' Fees and Expenses		2
Other Expenses		11
Total Expenses		708
Waiver of Advisory Fees (Note B)		(127	)
Waiver of Distribution Fees — Class II Shares (Note E)		(10	)
Rebate from Morgan Stanley Affiliate (Note H)		(2	)
Net Expenses		569
Net Investment Income		4,722
Realized Gain (Loss):
Investments Sold (Net of $42 of Capital Gain Country Tax)		(2,323	)
Foreign Currency Forward Exchange Contracts		(771	)
Foreign Currency Transaction		44
Futures Contracts		(1,482	)
Swap Agreements		(2	)
Net Realized Loss		(4,534	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $17)		3,518
Foreign Currency Forward Exchange Contracts		(500	)
Foreign Currency Translation		126
Futures Contracts		1,849
Swap Agreements		(13	)
Net Change in Unrealized Appreciation (Depreciation)		4,980
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		446
Net Increase in Net Assets Resulting from Operations	$	5,168

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
12

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Emerging Markets Debt Portfolio

Statements of Changes in Net Assets	Six Months Ended June 30, 2025 (unaudited) (000)			Year Ended December 31, 2024 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	4,722		$	12,734
Net Realized Gain (Loss)		(4,534	)		181
Net Change in Unrealized Appreciation (Depreciation)		4,980			(1,851	)
Net Increase in Net Assets Resulting from Operations		5,168			11,064
Dividends and Distributions to Shareholders:
Class I		—			(9,587	)
Class II		—			(1,154	)
Total Dividends and Distributions to Shareholders		—			(10,741	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		7,038			6,024
Distributions Reinvested		—			9,587
Redeemed		(10,277	)		(16,771	)
Class II:
Subscribed		190			714
Distributions Reinvested		—			1,154
Redeemed		(1,390	)		(2,786	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(4,439	)		(2,078	)
Total Increase (Decrease) in Net Assets		729			(1,755	)
Net Assets:
Beginning of Period		103,139			104,894
End of Period	$	103,868		$	103,139
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		1,238			1,086
Shares Issued on Distributions Reinvested		—			1,830
Shares Redeemed		(1,845	)		(3,033	)
Net Decrease in Class I Shares Outstanding		(607	)		(117	)
Class II:
Shares Subscribed		34			132
Shares Issued on Distributions Reinvested		—			222
Shares Redeemed		(252	)		(511	)
Net Decrease in Class II Shares Outstanding		(218	)		(157	)

The accompanying notes are an integral part of the financial statements.
13

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Financial Highlights

Emerging Markets Debt Portfolio

	Class I
	Six Months Ended June 30, 2025			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period	$	5.49		$	5.51		$	5.38		$	7.20		$	7.74		$	7.68
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.25			0.67			0.48			0.41			0.34			0.32
Net Realized and Unrealized Gain (Loss)		0.05			(0.09	)		0.13			(1.78	)		(0.49	)		0.08
Total from Investment Operations		0.30			0.58			0.61			(1.37	)		(0.15	)		0.40
Distributions from and/or in Excess of:
Net Investment Income		—			(0.60	)		(0.48	)		(0.45	)		(0.39	)		(0.34	)
Net Asset Value, End of Period	$	5.79		$	5.49		$	5.51		$	5.38		$	7.20		$	7.74
Total Return⁽²⁾		5.46	%⁽³⁾		11.23	%		11.84	%⁽⁴⁾		(18.74	)%		(2.02	)%		5.55	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	94,035		$	92,617		$	93,484		$	91,828		$	133,413		$	145,312
Ratio of Expenses Before Expense Limitation		1.35	%⁽⁵⁾		1.33	%		1.32	%		1.24	%		1.17	%		N/A
Ratio of Expenses After Expense Limitation		1.10	%⁽⁵⁾⁽⁶⁾		1.09	%⁽⁶⁾		1.09	%⁽⁶⁾		1.10	%⁽⁶⁾		1.12	%⁽⁶⁾⁽⁷⁾		1.15	%⁽⁶⁾
Ratio of Net Investment Income		9.14	%⁽⁵⁾⁽⁶⁾		12.18	%⁽⁶⁾		9.07	%⁽⁶⁾		6.96	%⁽⁶⁾		4.59	%⁽⁶⁾		4.34	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁸⁾		0.01	%		0.01	%		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		65	%⁽³⁾		139	%		117	%		75	%		28	%		40	%

(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) Not annualized.

(4) 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.

(5) Annualized.

(6) 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."

(7) 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.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.
14

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Financial Highlights

Emerging Markets Debt Portfolio

	Class II
	Six Months Ended June 30, 2025			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period	$	5.43		$	5.45		$	5.33		$	7.14		$	7.67		$	7.61
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.25			0.67			0.47			0.40			0.34			0.31
Net Realized and Unrealized Gain (Loss)		0.04			(0.09	)		0.12			(1.76	)		(0.48	)		0.08
Total from Investment Operations		0.29			0.58			0.59			(1.36	)		(0.14	)		0.39
Distributions from and/or in Excess of:
Net Investment Income		—			(0.60	)		(0.47	)		(0.45	)		(0.39	)		(0.33	)
Net Asset Value, End of Period	$	5.72		$	5.43		$	5.45		$	5.33		$	7.14		$	7.67
Total Return⁽²⁾		5.34	%⁽³⁾		11.28	%		11.69	%⁽⁴⁾		(18.81	)%		(1.96	)%		5.53	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9,833		$	10,522		$	11,410		$	12,093		$	16,181		$	17,762
Ratio of Expenses Before Expense Limitation		1.59	%⁽⁵⁾		1.58	%		1.57	%		1.49	%		1.42	%		1.40	%
Ratio of Expenses After Expense Limitation		1.15	%⁽⁵⁾⁽⁶⁾		1.14	%⁽⁶⁾		1.14	%⁽⁶⁾		1.15	%⁽⁶⁾		1.17	%⁽⁶⁾⁽⁷⁾		1.20	%⁽⁶⁾
Ratio of Net Investment Income		9.09	%⁽⁵⁾⁽⁶⁾		12.13	%⁽⁶⁾		9.02	%⁽⁶⁾		6.91	%⁽⁶⁾		4.54	%⁽⁶⁾		4.29	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁸⁾		0.01	%		0.01	%		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		65	%⁽³⁾		139	%		117	%		75	%		28	%		40	%

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

(3) Not annualized.

(5) Annualized.

(7) 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.

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.
15

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements

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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

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.

• 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.)

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

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Corporate Bonds	$	—		$	29,397		$	—	$	29,397
Sovereign		—			57,613			—		57,613
Senior Loan Interests		—			9,190			—		9,190
Total Fixed Income Securities		—			96,200			—		96,200
Warrants		—			2,383			—		2,383
Short-Term Investments
U.S. Treasury Security		—			309			—		309
Investment Company		4,761			—			—		4,761
Total Short-Term Investments		4,761			309			—		5,070
Foreign Currency Forward Exchange Contracts		—			16			—		16
Futures Contracts		1,059			—			—		1,059
Credit Default Swap Agreements		—			68			—		68
Total Assets		5,820			98,976			—		104,796
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(343	)		—		(343	)
Future Contract		(42	)		—			—		(42	)
Credit Default Swap Agreement		—			(52	)		—		(52	)
Total Liabilities		(42	)		(395	)		—		(437	)
Total	$	5,778		$	98,581		$	—	$	104,359

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.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

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.

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 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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

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 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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2025:

Asset Derivatives
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward
Exchange
Contracts

Unrealized Appreciation
on Foreign Currency
Forward Exchange
Contracts

Currency Risk

Futures Contracts

Variation Margin on
Futures Contracts

Interest
Rate Risk

1,059

(a)

Swap Agreements

Variation Margin on
Swap Agreements

Credit Risk

(a)

Swap Agreements

Unrealized Appreciation
on Swap Agreements

Credit Risk

Total

1,143

(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
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward
Exchange
Contracts

Unrealized Depreciation
on Foreign Currency
Forward Exchange
Contracts

Currency Risk

(343

)

Futures Contracts

Variation Margin on
Futures Contracts

Interest
Rate Risk

(42

)(a)

Swap Agreements

Variation Margin on
Swap Agreements

Credit Risk

(52

)(a)

Total

(437

)

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 six months ended June 30, 2025 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(771	)
Interest Rate Risk	Futures Contracts		(1,482	)
Credit Risk	Swap Agreements		(2	)
Total		$	(2,255	)

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(500	)
Interest Rate Risk	Futures Contracts		1,849
Credit Risk	Swap Agreements		(13	)
Total		$	1,336

At June 30, 2025, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(a)	Assets(b) (000)		Liabilities(b) (000)
Foreign Currency Forward Exchange Contracts	$	16	$	(343	)
Swap Agreements		32		—
Total	$	48	$	(343	)

(a) Excludes exchange-traded derivatives.

(b) 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.

June 30, 2025 (unaudited)

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 June 30, 2025:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)		Financial Instrument (000)		Collateral Received (000)		Net Amount (not less than $0) (000)
Barclays Bank PLC	$	7	$	—	$	—	$	7
Goldman Sachs International		25		—		—		25
UBS AG		16		—		—		16
Total	$	48	$	—	$	—	$	48
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)		Financial Instrument (000)		Collateral Pledged (000)		Net Amount (not less than $0) (000)
Citibank NA	$	19	$	—	$	—	$	19
State Street Bank and Trust Co.		324		—		—		324
Total	$	343	$	—	$	—	$	343

For the six months ended June 30, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	14,897,000
Futures Contracts:
Average monthly notional value	$	73,805,000
Swap Agreements:
Average monthly notional amount	$	1,562,000

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.

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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

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: During the reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. 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. In connection with the adoption of ASU 2023-07, the Fund's President has been designated 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 million				Next $500 million				Over $1 billion
	0.75	%			0.70	%			0.65	%

For the six months ended June 30, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.50% 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 six months ended June 30, 2025, approximately $127,000 of advisory fees were waived pursuant to this arrangement.

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.

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 six months ended June 30, 2025, this waiver amounted to approximately $10,000.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to less than $500.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $63,719,000 and $67,240,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 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 six months ended June 30, 2025, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2025 is as follows:

Affiliated Investment Company				Value December 31, 2024 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Fund				$	—			$	31,096			$	26,335			$	45

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2025 (000)
Liquidity Fund				$	—			$	—			$	4,761

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.

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.

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. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing 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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

tax purposes.The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:

2024 Distributions Paid From:		2023 Distributions Paid From:
Ordinary Income (000)		Ordinary Income (000)
$	10,741	$	9,020

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	15,106			$	—

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $4,170,000 and $62,321,000, respectively, that do not have an expiration date.

L. Market Risk: The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic 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. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and 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). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser, Sub-Adviser and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-year period but below its peer group average for the three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's contractual management fee and total expense ratio were higher than but close to its peer group averages and the actual management fee was lower than its peer group average. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval (cont'd)

Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

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 6.30.25

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (unaudited)

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.

June 30, 2025 (unaudited)

Table of Contents

Items 6 and 7 of Form N-CSR:
Portfolio of Investments					2
Statement of Assets and Liabilities					4
Statement of Operations					5
Statements of Changes in Net Assets					6
Financial Highlights					7
Notes to Financial Statements					9
Item 11 of Form N-CSR:
Investment Advisory Agreement Approval					16
Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Equity Portfolio

	Shares		Value (000)
Common Stocks (98.1%)
Brazil (5.2%)
Banco BTG Pactual SA (Units) (a)		56,103	$	436
Itau Unibanco Holding SA (Preference)		285,644		1,943
Raia Drogasil SA		342,985		954
Rede D'Or Sao Luiz SA		244,817		1,596
Vale SA		85,105		825
WEG SA		343,813		2,708
				8,462
Chile (0.8%)
Banco de Chile		8,163,661		1,235
China (22.2%)
Alibaba Group Holding Ltd. (b)		278,400		3,941
Bank of Jiangsu Co. Ltd., Class A		736,100		1,227
BYD Co. Ltd., H Shares (b)		201,000		3,130
China Construction Bank Corp., H Shares (b)		4,115,230		4,164
China International Capital Corp. Ltd., Class H (b)		282,800		641
China Merchants Bank Co. Ltd., H Shares (b)		379,000		2,659
JD.com, Inc., Class A (b)		27,030		442
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		129,609		939
Kweichow Moutai Co. Ltd., Class A		1,591		313
Meituan, Class B (b)(c)		64,780		1,042
NARI Technology Co. Ltd., Class A		310,700		972
NAURA Technology Group Co. Ltd., Class A		13,200		815
NetEase, Inc. (b)		49,000		1,321
Ping An Insurance Group Co. of China Ltd., Class H (b)		125,000		798
Shenzhen Inovance Technology Co. Ltd., Class A		108,400		977
Tencent Holdings Ltd. (b)		130,900		8,435
Trip.com Group Ltd. ADR		36,001		2,111
Xiaomi Corp., Class B (b)(c)		146,200		1,125
Yum China Holdings, Inc.		24,675		1,103
				36,155
Czech Republic (0.7%)
Komercni Banka AS		21,916		1,061
India (24.6%)
360 ONE WAM Ltd.		70,979		989
Axis Bank Ltd.		110,568		1,546
Bajaj Auto Ltd.		13,184		1,288
Bajaj Finance Ltd.		157,080		1,715
CG Power & Industrial Solutions Ltd.		67,768		539
Colgate-Palmolive India Ltd.		13,912		391
Grasim Industries Ltd.		40,866		1,356
HDFC Asset Management Co. Ltd.		26,587		1,610
HDFC Bank Ltd.		52,919		1,235
HDFC Bank Ltd. ADR		23,700		1,817
Hindalco Industries Ltd.		97,142		786
Hitachi Energy India Ltd.		7,937		1,852
ICICI Bank Ltd.		200,881		3,395
IDFC First Bank Ltd. (c)		1,911,396		1,624
Infosys Ltd. ADR (d)		111,123		2,059
Larsen & Toubro Ltd.		26,412		1,130

	Shares		Value (000)
Macrotech Developers Ltd.		93,435	$	1,511
Mahindra & Mahindra Ltd.		65,433		2,429
MakeMyTrip Ltd. (c)		7,952		779
Max Healthcare Institute Ltd.		118,144		1,758
Pidilite Industries Ltd.		33,641		1,199
Reliance Industries Ltd.		205,119		3,590
Samvardhana Motherson International Ltd.		434,400		784
Shriram Finance Ltd.		114,548		945
State Bank of India		230,149		2,201
Swiggy Ltd. (c)		112,133		524
United Breweries Ltd.		47,310		1,077
				40,129
Indonesia (0.5%)
Cisarua Mountain Dairy Tbk. PT		2,529,000		759
Korea, Republic of (8.3%)
HYBE Co. Ltd. (c)		2,290		524
KB Financial Group, Inc.		21,021		1,728
Kia Corp.		13,022		932
KT&G Corp.		9,703		916
NAVER Corp.		5,347		1,038
Samsung Electronics Co. Ltd.		164,468		7,273
SK Hynix, Inc.		5,246		1,130
				13,541
Malaysia (1.2%)
CIMB Group Holdings Bhd.		662,200		1,068
Malayan Banking Bhd.		401,600		925
				1,993
Mexico (5.0%)
Gruma SAB de CV, Class B		55,124		951
Grupo Financiero Banorte SAB de CV Series O		268,529		2,464
Kimberly-Clark de Mexico SAB de CV, Class A		978,054		1,793
Prologis Property Mexico SA de CV REIT		216,725		817
Wal-Mart de Mexico SAB de CV		621,560		2,056
				8,081
Poland (2.8%)
Allegro.eu SA (c)		245,660		2,365
Budimex SA		6,619		1,026
Powszechny Zaklad Ubezpieczen SA		68,978		1,206
				4,597
Saudi Arabia (1.4%)
Alinma Bank		144,084		1,030
Bupa Arabia for Cooperative Insurance Co.		25,468		1,209
				2,239
South Africa (3.3%)
AVI Ltd.		246,506		1,311
Capitec Bank Holdings Ltd.		12,905		2,580
Clicks Group Ltd.		53,485		1,120
OUTsurance Group Ltd.		94,454		418
				5,429

The accompanying notes are an integral part of the financial statements.
2

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Equity Portfolio

	Shares		Value (000)
Taiwan (20.2%)
Airtac International Group		26,901	$	801
Alchip Technologies Ltd.		17,000		1,803
ASE Technology Holding Co. Ltd.		244,000		1,224
Chailease Holding Co. Ltd.		199,000		862
Delta Electronics, Inc.		74,000		1,047
Hon Hai Precision Industry Co. Ltd.		450,000		2,483
MediaTek, Inc.		17,000		728
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		571,000		20,881
Unimicron Technology Corp.		258,000		1,007
Wiwynn Corp.		24,242		2,105
				32,941
United Kingdom (1.0%)
Antofagasta PLC		66,289		1,648
United States (0.9%)
MercadoLibre, Inc. (c)		556		1,453
Total Common Stocks (Cost $106,750)				159,723
Short-Term Investments (3.2%)
Investment Company (1.9%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.25% (See Note H) (Cost $3,037)		3,037,359		3,037
Securities held as Collateral on Loaned Securities (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.25% (See Note H) (Cost $2,111)		2,111,337		2,111
Total Short-Term Investments (Cost $5,148)				5,148
Total Investments (101.3%) (Cost $111,898) including $2,059 of Securities Loaned (e)(f)				164,871
Liabilities in Excess of Other Assets (–1.3%)				(2,040	)
Net Assets (100.0%)			$	162,831

(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.

(d) All or a portion of this security was on loan at June 30, 2025.

(e) The approximate fair value and percentage of net assets, $132,622,000 and 81.4%, 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 June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $56,269,000 and the aggregate gross unrealized depreciation is approximately $3,296,000, resulting in net unrealized appreciation of approximately $52,973,000.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		45.6	%
Banks		20.8
Semiconductors & Semiconductor Equipment		16.3
Tech Hardware, Storage & Peripherals		6.5
Interactive Media & Services		5.8
Broadline Retail		5.0
Total Investments		100.0	%

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

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

The accompanying notes are an integral part of the financial statements.
3

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Emerging Markets Equity Portfolio

Statement of Assets and Liabilities	June 30, 2025 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $106,750)	$	159,723
Investment in Security of Affiliated Issuer, at Value (Cost $5,148)		5,148
Total Investments in Securities, at Value (Cost $111,898)		164,871
Foreign Currency, at Value (Cost $51)		51
Receivable for Investments Sold		2,646
Dividends Receivable		353
Receivable for Fund Shares Sold		64
Tax Reclaim Receivable		51
Receivable from Affiliate		13
Receivable from Securities Lending Income		—	@
Other Assets		25
Total Assets		168,074
Liabilities:
Deferred Capital Gain Country Tax		2,459
Collateral on Securities Loaned, at Value		2,111
Payable for Advisory Fees		282
Payable for Fund Shares Redeemed		177
Payable for Professional Fees		67
Payable for Servicing Fees		54
Payable for Custodian Fees		39
Payable for Investments Purchased		13
Payable for Administration Fees		11
Payable for Distribution Fees — Class II Shares		—	@
Other Liabilities		30
Total Liabilities		5,243
NET ASSETS	$	162,831
Net Assets Consist of:
Paid-in-Capital	$	101,526
Total Distributable Earnings		61,305
Net Assets	$	162,831
CLASS I:
Net Assets	$	114,252
Net Asset Value, Offering and Redemption Price Per Share Applicable to 7,301,550 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	15.65
CLASS II:
Net Assets	$	48,579
Net Asset Value, Offering and Redemption Price Per Share Applicable to 3,118,478 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	15.58
⁽¹⁾Including:
Securities on Loan, at Value:	$	2,059

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Emerging Markets Equity Portfolio

Statement of Operations	Six Months Ended June 30, 2025 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $246 of Foreign Taxes Withheld)	$	1,732
Dividends from Security of Affiliated Issuer (Note H)		75
Income from Securities Loaned — Net		5
Total Investment Income		1,812
Expenses:
Advisory Fees (Note B)		576
Servicing Fees (Note D)		123
Professional Fees		101
Administration Fees (Note C)		61
Custodian Fees (Note G)		60
Distribution Fees — Class II Shares (Note E)		57
Shareholder Reporting Fees		13
Transfer Agency Fees (Note F)		10
Directors' Fees and Expenses		3
Pricing Fees		3
Other Expenses		13
Total Expenses		1,020
Waiver of Distribution Fees — Class II Shares (Note E)		(46	)
Waiver of Advisory Fees (Note B)		(4	)
Rebate from Morgan Stanley Affiliate (Note H)		(3	)
Net Expenses		967
Net Investment Income		845
Realized Gain (Loss):
Investments Sold (Net of $240 of Capital Gain Country Tax)		4,197
Foreign Currency Transaction		(56	)
Net Realized Gain		4,141
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $355)		15,565
Foreign Currency Translation		13
Net Change in Unrealized Appreciation (Depreciation)		15,578
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		19,719
Net Increase in Net Assets Resulting from Operations	$	20,564

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Emerging Markets Equity Portfolio

Statements of Changes in Net Assets	Six Months Ended June 30, 2025 (unaudited) (000)			Year Ended December 31, 2024 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	845		$	1,655
Net Realized Gain		4,141			8,140
Net Change in Unrealized Appreciation (Depreciation)		15,578			2,525
Net Increase in Net Assets Resulting from Operations		20,564			12,320
Dividends and Distributions to Shareholders:
Class I		—			(1,538	)
Class II		—			(636	)
Total Dividends and Distributions to Shareholders		—			(2,174	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		2,954			7,816
Distributions Reinvested		—			1,538
Redeemed		(11,315	)		(20,302	)
Class II:
Subscribed		1,233			2,516
Distributions Reinvested		—			636
Redeemed		(4,212	)		(9,906	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(11,340	)		(17,702	)
Total Increase (Decrease) in Net Assets		9,224			(7,556	)
Net Assets:
Beginning of Period		153,607			161,163
End of Period	$	162,831		$	153,607
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		208			559
Shares Issued on Distributions Reinvested		—			106
Shares Redeemed		(787	)		(1,477	)
Net Decrease in Class I Shares Outstanding		(579	)		(812	)
Class II:
Shares Subscribed		88			185
Shares Issued on Distributions Reinvested		—			44
Shares Redeemed		(295	)		(721	)
Net Decrease in Class II Shares Outstanding		(207	)		(492	)

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Financial Highlights

Emerging Markets Equity Portfolio

	Class I
	Six Months Ended June 30, 2025			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period	$	13.73		$	12.90		$	11.92		$	18.11		$	17.73		$	15.99
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.08			0.14			0.19			0.19			0.08			0.05
Net Realized and Unrealized Gain (Loss)		1.84			0.88			1.21			(4.81	)		0.46			2.15
Total from Investment Operations		1.92			1.02			1.40			(4.62	)		0.54			2.20
Distributions from and/or in Excess of:
Net Investment Income		—			(0.19	)		(0.20	)		(0.06	)		(0.16	)		(0.21	)
Net Realized Gain		—			—			(0.22	)		(1.51	)		—			(0.25	)
Total Distributions		—			(0.19	)		(0.42	)		(1.57	)		(0.16	)		(0.46	)
Net Asset Value, End of Period	$	15.65		$	13.73		$	12.90		$	11.92		$	18.11		$	17.73
Total Return⁽²⁾		13.98	%⁽³⁾		7.82	%		11.97	%⁽⁴⁾		(25.08	)%		2.99	%		14.44	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	114,252		$	108,157		$	112,121		$	111,050		$	160,661		$	166,989
Ratio of Expenses Before Expense Limitation		1.26	%⁽⁵⁾		1.26	%		1.28	%		1.32	%		1.25	%		1.30	%
Ratio of Expenses After Expense Limitation		1.25	%⁽⁵⁾⁽⁶⁾		1.25	%⁽⁶⁾		1.24	%⁽⁶⁾⁽⁷⁾		1.25	%⁽⁶⁾		1.25	%⁽⁶⁾		1.25	%⁽⁶⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.25	%⁽⁶⁾		N/A			1.25	%⁽⁶⁾
Ratio of Net Investment Income		1.11	%⁽⁵⁾⁽⁶⁾		1.04	%⁽⁶⁾		1.52	%⁽⁶⁾⁽⁷⁾		1.41	%⁽⁶⁾		0.44	%⁽⁶⁾		0.35	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		14	%⁽³⁾		36	%		33	%		38	%		39	%		52	%

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

(3) Not annualized.

(5) Annualized.

(7) 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 Ratio				Net Investment Income Ratio
December 31, 2023					1.25	%			1.51	%

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.
7

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Financial Highlights

Emerging Markets Equity Portfolio

	Class II
	Six Months Ended June 30, 2025			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period	$	13.67		$	12.85		$	11.87		$	18.04		$	17.66		$	15.93
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.07			0.14			0.18			0.18			0.07			0.04
Net Realized and Unrealized Gain (Loss)		1.84			0.86			1.22			(4.79	)		0.46			2.14
Total from Investment Operations		1.91			1.00			1.40			(4.61	)		0.53			2.18
Distributions from and/or in Excess of:
Net Investment Income		—			(0.18	)		(0.20	)		(0.05	)		(0.15	)		(0.20	)
Net Realized Gain		—			—			(0.22	)		(1.51	)		—			(0.25	)
Total Distributions		—			(0.18	)		(0.42	)		(1.56	)		(0.15	)		(0.45	)
Net Asset Value, End of Period	$	15.58		$	13.67		$	12.85		$	11.87		$	18.04		$	17.66
Total Return⁽²⁾		13.97	%⁽³⁾		7.72	%		11.96	%⁽⁴⁾		(25.13	)%		2.95	%		14.36	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	48,579		$	45,450		$	49,042		$	48,709		$	67,300		$	73,286
Ratio of Expenses Before Expense Limitation		1.51	%⁽⁵⁾		1.51	%		1.53	%		1.57	%		1.50	%		1.55	%
Ratio of Expenses After Expense Limitation		1.30	%⁽⁵⁾⁽⁶⁾		1.30	%⁽⁶⁾		1.29	%⁽⁶⁾⁽⁷⁾		1.30	%⁽⁶⁾		1.30	%⁽⁶⁾		1.30	%⁽⁶⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.30	%⁽⁶⁾		N/A			1.30	%⁽⁶⁾
Ratio of Net Investment Income		1.06	%⁽⁵⁾⁽⁶⁾		0.99	%⁽⁶⁾		1.47	%⁽⁶⁾⁽⁷⁾		1.36	%⁽⁶⁾		0.39	%⁽⁶⁾		0.30	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		14	%⁽³⁾		36	%		33	%		38	%		39	%		52	%

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

(3) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
December 31, 2023					1.30	%			1.46	%

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the financial statements.
8

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements

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.

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.

June 30, 2025 (unaudited)

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.

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Automobile Components	$	—	$	784	$	—	$	784
Automobiles		—		7,778		—		7,778
Banks		7,459		26,443		—		33,902
Beverages		—		1,390		—		1,390
Broadline Retail		1,453		6,748		—		8,201
Capital Markets		437		3,240		—		3,677
Chemicals		—		1,199		—		1,199
Construction & Engineering		—		2,156		—		2,156
Construction Materials		—		1,356		—		1,356
Consumer Finance		—		2,660		—		2,660
Consumer Staples Distribution & Retail		3,011		1,120		—		4,131
Electrical Equipment		2,708		3,363		—		6,071
Electronic Equipment, Instruments & Components		—		4,537		—		4,537
Entertainment		—		1,844		—		1,844
Financial Services		—		862		—		862
Food Products		951		2,069		—		3,020
Health Care Providers & Services		1,596		1,758		—		3,354
Hotels, Restaurants & Leisure		3,993		1,566		—		5,559
Household Products		1,793		—		—		1,793
Industrial REITs		817		—		—		817
Information Technology Services		2,059		—		—		2,059
Insurance		—		3,632		—		3,632
Interactive Media & Services		—		9,473		—		9,473
Machinery		—		1,778		—		1,778

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Common Stocks (cont'd)
Metals & Mining	$	825	$	2,434	$	—	$	3,259
Oil, Gas & Consumable Fuels		—		3,590		—		3,590
Personal Care Products		—		390		—		390
Pharmaceuticals		—		939		—		939
Real Estate Management & Development		—		1,511		—		1,511
Semiconductors & Semiconductor Equipment		—		26,582		—		26,582
Tech Hardware, Storage & Peripherals		—		10,503		—		10,503
Tobacco		—		916		—		916
Total Common Stocks		27,102		132,621		—		159,723
Short-Term Investments
Investment Company		5,148		—		—		5,148
Total Assets	$	32,250	$	132,621	$	—	$	164,871

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.

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.

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 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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

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 June 30, 2025:

Gross Amount Not Offset in the Statement of Assets and Liabilities
Gross Asset Amount Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	2,059	(a)	$	—	$	(2,059	)(b)(c)	$	0

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

(b) The Fund received cash collateral of approximately $2,111,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments.

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 June 30, 2025:

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 Days (000)		Total (000)
Securities Lending Transactions
Common Stocks	$	2,111	$	—	$	—	$	—	$	2,111
Total Borrowings	$	2,111	$	—	$	—	$	—	$	2,111
Gross amount of recognized liabilities for securities lending transactions									$	2,111

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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

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: During the reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. 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. In connection with the adoption of ASU 2023-07, the Fund's President has been designated 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.

First $1 billion				Next $1.5 billion				Over $2.5 billion
	0.75	%			0.70	%			0.65	%

For the six months ended June 30, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.74% 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 period ended June 30, 2025, approximately $4,000 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.

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 six months ended June 30, 2025, this waiver amounted to approximately $46,000.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to less than $500.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $20,636,000 and $33,261,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 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 six months ended June 30, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2025 is as follows:

Affiliated Investment Company				Value December 31, 2024 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	6,285			$	19,912			$	21,049			$	75

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2025 (000)
Liquidity Funds				$	—			$	—			$	5,148

in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a "readily available market quotation" for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5.

For the six months ended June 30, 2025, the Fund did not engage in any cross-trade transactions.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Financial Statements (cont'd)

interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing 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 2024 and 2023 was as follows:

2024 Distributions Paid From:				2023 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	2,174	$	—	$	2,595	$	2,837

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2024.

At December 31, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	633			$	5,463

During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $3,501,000.

During the six months ended June 30, 2025, the Fund did not have any borrowings under the Facility.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser, Sub-Adviser and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one- and five-year periods but below its peer group average for the three-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval (cont'd)

and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

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 6.30.25

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (unaudited)

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.

June 30, 2025 (unaudited)

Table of Contents

Items 6 and 7 of Form N-CSR:
Consolidated Portfolio of Investments					2
Consolidated Statement of Assets and Liabilities					31
Consolidated Statement of Operations					32
Consolidated Statements of Changes in Net Assets					33
Consolidated Financial Highlights					34
Notes to Consolidated Financial Statements					36
Item 11 of Form N-CSR:
Investment Advisory Agreement Approval					49
Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (38.1%)
Agency Fixed Rate Mortgages (4.0%)
United States (4.0%)
Federal Home Loan Mortgage Corporation, Conventional Pools: 2.00%, 6/1/52	$	573	$	455
3.00%, 11/1/52		90		78
4.50%, 1/1/49		11		11
Gold Pools: 3.50%, 2/1/45 - 6/1/45		144		133
4.50%, 1/1/49		7		7
Federal National Mortgage Association, Conventional Pools: 2.50%, 10/1/51		266		221
3.00%, 4/1/52		352		304
3.50%, 1/1/51		359		327
4.00%, 11/1/41 - 1/1/46		143		137
4.50%, 3/1/41 - 11/1/44		53		52
5.00%, 1/1/41 - 3/1/41		20		21
6.00%, 1/1/38		4		4
6.50%, 10/1/53		18		18
July TBA: 2.50%, 7/1/55 (a)		530		440
3.00%, 7/1/54 (a)		60		52
4.00%, 7/1/54 (a)		60		56
4.50%, 7/1/54 (a)		60		57
5.00%, 7/1/54 (a)		100		98
5.50%, 7/1/54 (a)		480		480
6.00%, 7/1/54 (a)		300		305
Government National Mortgage Association, Various Pools: 4.00%, 7/15/44		7		7
5.00%, 2/20/49		3		3
Total Agency Fixed Rate Mortgages (Cost $3,388)				3,266
Asset-Backed Securities (0.8%)
Ireland (0.1%)
European Residential Loan Securitisation 2019-NPL1 DAC, Class A 1 Month EURIBOR + 3.25%, 5.15%, 7/24/54 (b)	EUR	48		56
United States (0.7%)
Cloud Capital Holdco LP, Class A2 5.78%, 11/22/49 (c)	$	150		152
Renaissance Home Equity Loan Trust, 1 Month Term SOFR + 0.87%, 5.19%, 12/25/32 (b)		70		66
Retained Vantage Data Centers Issuer LLC, Class A2A 5.00%, 9/15/48 (c)		100		99
SLM Student Loan Trust, 3 Month EURIBOR + 0.55%, 2.71%, 7/25/39 (b)	EUR	45		50
STAR Trust, Class A 1 Month Term SOFR + 1.75%, 6.06%, 10/17/41 (b)(c)	$	200		201
				568
Total Asset-Backed Securities (Cost $606)				624

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (0.5%)
Germany (0.0%)‡
Berg Finance DAC, 3 Month EURIBOR + 1.05%, 3.29%, 4/22/33 (b)	EUR	15	$	17
United States (0.5%)
BAMLL Trust, 1 Month Term SOFR + 2.35%, 6.66%, 8/15/39 (b)(c)	$	200		202
BPR Trust, 1 Month Term SOFR + 3.00%, 7.31%, 5/15/39 (b)(c)		100		100
JW Commercial Mortgage Trust, 1 Month Term SOFR + 1.62%, 5.93%, 6/15/39 (b)(c)		100		100
				402
Total Commercial Mortgage-Backed Securities (Cost $418)				419
Corporate Bonds (8.8%)
Australia (0.4%)
NBN Co. Ltd., 2.63%, 5/5/31 (c)		200		181
Westpac Banking Corp., 2.67%, 11/15/35		125		110
				291
Brazil (0.3%)
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 2.50%, 1/15/27		225		219
Canada (0.5%)
Province of Ontario Canada, 4.10%, 3/4/33	CAD	140		107
Province of Quebec Canada, 0.00%, 10/29/30	EUR	210		215
Rogers Communications, Inc., 3.80%, 3/15/32	$	100		93
				415
France (0.6%)
AXA SA, 3.25%, 5/28/49	EUR	100		118
BNP Paribas SA, 1.13%, 6/11/26		225		262
BPCE SA, 5.75%, 6/1/33		100		127
				507
Germany (0.7%)
Allianz SE, 5.82%, 7/25/53		100		133
Kreditanstalt fuer Wiederaufbau, 0.38%, 4/23/30		180		193
RWE AG, 3.63%, 1/10/32		30		36
Volkswagen International Finance NV, Series 10Y 1.88%, 3/30/27		200		233
				595

The accompanying notes are an integral part of the consolidated financial statements.
2

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Japan (0.1%)
JT International Financial Services BV, 3.63%, 4/11/34	EUR	100	$	116
Korea, Republic of (0.2%)
Korea Southern Power Co. Ltd., 0.75%, 1/27/26 (c)	$	200		196
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings SARL, 1.25%, 4/26/27	EUR	100		114
Netherlands (0.2%)
Alliander NV, 4.50%, 3/27/32 (d)		100		121
Spain (0.2%)
CaixaBank SA, 4.00%, 3/5/37		100		118
United Arab Emirates (0.2%)
Galaxy Pipeline Assets Bidco Ltd., 2.63%, 3/31/36 (c)	$	225		191
United Kingdom (0.7%)
BAT Capital Corp., 3.56%, 8/15/27		108		106
HSBC Holdings PLC, 2.26%, 11/13/26	GBP	100		136
2.87%, 11/22/32	$	200		177
Lloyds Banking Group PLC, 2.00%, 4/12/28	GBP	100		132
				551
United States (4.6%)
Air Lease Corp., 3.13%, 12/1/30	$	125		116
Aon North America, Inc., 5.45%, 3/1/34		100		103
AT&T, Inc., 2.90%, 12/4/26	GBP	100		134
3.65%, 6/1/51	$	75		53
Bank of New York Mellon Corp., MTN 5.19%, 3/14/35		75		76
Boeing Co., 5.81%, 5/1/50		50		48
6.26%, 5/1/27		25		26
6.30%, 5/1/29		25		26
Charles Schwab Corp., 5.85%, 5/19/34		90		96
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 3/1/42		25		18
6.48%, 10/23/45		100		99
Citigroup, Inc., 3.79%, 3/17/33		275		257
Comcast Corp., 3.25%, 9/26/32	EUR	100		117

	Face Amount (000)		Value (000)
Diamondback Energy, Inc., 6.25%, 3/15/33	$	50	$	53
Enterprise Products Operating LLC, 3.95%, 1/31/60		50		36
4.95%, 2/15/35		25		25
Foundry JV Holdco LLC, 5.50%, 1/25/31 (c)		200		205
Global Payments, Inc., 4.45%, 6/1/28		100		100
Goldman Sachs Group, Inc., 0.75%, 3/23/32	EUR	90		91
5.85%, 4/25/35	$	100		105
Hyundai Capital America, 5.30%, 6/24/29 (c)		150		153
Jefferies Financial Group, Inc., 2.63%, 10/15/31		100		87
JPMorgan Chase & Co., 6.25%, 10/23/34		175		190
Kinder Morgan, Inc., 5.15%, 6/1/30		100		102
Las Vegas Sands Corp., 5.63%, 6/15/28		25		26
5.90%, 6/1/27		50		51
6.00%, 8/15/29 - 6/14/30		60		62
Medtronic Global Holdings SCA, 1.00%, 7/2/31	EUR	100		105
Metropolitan Life Global Funding I, 2.95%, 4/9/30 (c)	$	150		141
Nuveen LLC, 5.85%, 4/15/34 (c)		25		26
ONEOK, Inc., 5.05%, 11/1/34		75		73
6.05%, 9/1/33		25		26
Pfizer Investment Enterprises Pte. Ltd., 5.34%, 5/19/63		50		46
PNC Financial Services Group, Inc., 6.88%, 10/20/34		125		140
Prologis Euro Finance LLC, 1.88%, 1/5/29	EUR	100		114
Thermo Fisher Scientific, Inc., 0.88%, 10/1/31		100		104
Transcontinental Gas Pipe Line Co. LLC, 4.60%, 3/15/48	$	125		105
U.S. Bancorp, 5.68%, 1/23/35		50		52
5.84%, 6/12/34		75		79
Upjohn Finance BV, 1.91%, 6/23/32	EUR	100		102
Verizon Communications, Inc., 1.88%, 9/19/30	GBP	100		120
2.55%, 3/21/31	$	50		45
Vontier Corp., 2.40%, 4/1/28		50		47
				3,780
Total Corporate Bonds (Cost $7,105)				7,214

The accompanying notes are an integral part of the consolidated financial statements.
3

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (1.4%)
United Kingdom (0.1%)
Landmark Mortgage Securities No. 3 PLC, 3 Month GBP SONIA + 2.22%, 6.53%, 4/17/44 (b)	GBP	46	$	61
United States (1.3%)
Bayview Opportunity Master Fund VIA Trust, 3.00%, 1/25/52 (b)(c)	$	82		70
Chase Home Lending Mortgage Trust, 5.50%, 8/25/55 (b)(c)		152		151
Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, 3.00%, 11/25/57		71		61
3.00%, 7/25/58		75		64
3.00%, 10/25/58		12		10
4.00%, 10/25/58		10		10
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, 3.00%, 9/25/45		15		13
3.00%, 7/25/46		7		6
3.00%, 5/25/47		32		28
3.50%, 5/25/45		6		6
3.50%, 9/25/45		15		14
3.50%, 7/25/46		9		8
4.00%, 5/25/45		2		1
3.00%, 12/25/46		27		23
GCAT Trust, Class 2A2 6.50%, 1/25/54 (b)(c)		95		97
Hundred Acre Wood Trust, 2.50%, 12/25/51 (b)(c)		77		63
JP Morgan Mortgage Trust, 3.00%, 4/25/52 (b)(c)		143		122
3.00%, 9/25/52 (b)(c)		156		133
3.25%, 7/25/52 (b)(c)		77		68
PRKCM 2023-AFC1 Trust, Class A1 6.60%, 2/25/58 (c)		114		114
PRMI Securitization Trust, 2.50%, 4/25/51 (b)(c)		77		63
				1,125
Total Mortgages — Other (Cost $1,295)				1,186
Sovereign (18.5%)
Australia (0.8%)
Australia Government Bond, 1.25%, 5/21/32	AUD	190		106
Queensland Treasury Corp., 3.25%, 5/21/35 (c)	EUR	100		118
Treasury Corp. of Victoria, 2.00%, 9/17/35	AUD	420		211
2.25%, 9/15/33		389		214
				649
Austria (0.1%)
Republic of Austria Government Bond, 0.00%, 2/20/30	EUR	60		64

	Face Amount (000)		Value (000)
Belgium (0.3%)
Kingdom of Belgium Government Bond, 0.90%, 6/22/29	EUR	30	$	34
1.70%, 6/22/50		80		62
3.45%, 6/22/43		100		114
				210
Canada (1.5%)
British Columbia Investment Management Corp., 4.00%, 6/2/35	CAD	40		29
Canadian Government Bond, 2.00%, 12/1/51		20		11
3.25%, 12/1/33		920		679
Province of Alberta Canada, 3.38%, 4/2/35	EUR	100		119
Province of British Columbia, 4.75%, 6/12/34	$	150		152
Province of Ontario, 3.25%, 7/3/35 (e)	EUR	100		118
Province of Quebec Canada, 3.25%, 5/22/35		100		118
				1,226
Chile (0.3%)
Chile Government International Bond, 3.75%, 1/14/32		100		120
3.80%, 7/1/35 (e)		30		35
3.88%, 7/9/31		100		122
				277
China (3.5%)
China Development Bank, 3.34%, 7/14/25	CNY	410		57
China Government Bond, 1.43%, 1/25/30		2,470		344
2.04%, 11/25/34		810		116
2.37%, 1/20/27		1,200		170
2.40%, 7/15/28		1,000		144
2.69%, 8/15/32		1,300		194
2.80%, 11/15/32		3,250		491
3.12%, 10/25/52		400		70
3.13%, 11/21/29		3,550		531
3.27%, 11/19/30		2,510		384
3.52%, 4/25/46		50		9
3.53%, 10/18/51		200		37
3.81%, 9/14/50		300		58
3.86%, 7/22/49		1,380		264
				2,869
Colombia (0.1%)
Colombian TES, 7.00%, 3/26/31	COP	243,900		48
Czech Republic (0.1%)
Czech Republic Government Bond, 1.20%, 3/13/31	CZK	1,100		45

The accompanying notes are an integral part of the consolidated financial statements.
4

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Denmark (0.1%)
Denmark Government Bond, 0.50%, 11/15/27	DKK	580	$	89
Estonia (0.1%)
Estonia Government International Bond, 3.25%, 1/17/34	EUR	60		71
Finland (0.2%)
Finland Government Bond, 0.13%, 4/15/36		220		189
France (1.1%)
Agence Francaise de Developpement EPIC, 1.50%, 10/31/34		100		101
French Republic Government Bond OAT, 0.00%, 11/25/29		630		667
SNCF Reseau, 1.88%, 3/30/34		100		105
				873
Germany (0.8%)
Bundesrepublik Deutschland Bundesanleihe, 0.25%, 2/15/29		240		266
2.20%, 2/15/34		25		29
2.50%, 8/15/54		150		157
State of North Rhine-Westphalia Germany, 1.65%, 2/22/38		230		227
				679
Greece (0.0%)‡
Hellenic Republic Government Bond, 4.38%, 7/18/38		30		38
Hungary (0.3%)
Hungary Government Bond, 3.00%, 8/21/30	HUF	8,480		22
Hungary Government International Bond, 5.38%, 9/12/33	EUR	16		20
6.25%, 9/22/32	$	200		209
				251
Indonesia (0.1%)
Indonesia Treasury Bond, 8.38%, 3/15/34	IDR	1,646,000		113
Ireland (0.1%)
Ireland Government Bond, 0.40%, 5/15/35	EUR	60		55
Italy (1.0%)
Italy Buoni Poliennali Del Tesoro, 0.45%, 2/15/29		50		55
2.50%, 12/1/32		80		91
3.85%, 7/1/34		190		234
4.00%, 11/15/30		210		263
4.45%, 9/1/43		58		72
4.50%, 10/1/53		100		122
				837

	Face Amount (000)		Value (000)
Japan (2.4%)
Japan Government Ten Year Bond, 0.80%, 3/20/34	JPY	31,150	$	207
0.90%, 9/20/34		64,500		430
1.10%, 6/20/34		16,900		115
1.40%, 3/20/35		63,150		438
Japan Government Thirty Year Bond, 0.30%, 6/20/46		31,200		142
0.40%, 9/20/49		35,850		152
0.70%, 12/20/51		32,250		139
Japan Government Twenty Year Bond, 0.40%, 6/20/41		63,300		338
				1,961
Korea, Republic of (0.5%)
Export-Import Bank of Korea, 0.63%, 2/9/26	$	200		196
Korea Development Bank, 0.80%, 7/19/26		200		193
				389
Lithuania (0.1%)
Republic of Lithuania, 3.50%, 7/3/31	EUR	40		49
Malaysia (0.2%)
Malaysia Government Bond, 3.58%, 7/15/32	MYR	390		94
3.89%, 8/15/29		410		99
				193
Mexico (0.2%)
Mexican Bonos, 7.50%, 6/3/27	MXN	1,700		90
7.75%, 11/23/34		1,000		49
8.50%, 5/31/29		800		42
				181
Netherlands (0.3%)
Netherlands Government Bond, 0.00%, 7/15/30	EUR	180		189
2.75%, 1/15/47		20		22
				211
New Zealand (0.3%)
New Zealand Government Bond, 4.25%, 5/15/34	NZD	40		24
New Zealand Local Government Funding Agency Bond, MTN 4.40%, 9/8/27	AUD	310		207
				231
Norway (0.0%)‡
Norway Government Bond, 3.75%, 6/12/35	NOK	160		16
Poland (0.3%)
Bank Gospodarstwa Krajowego, 3.25%, 3/18/30	EUR	100		120

The accompanying notes are an integral part of the consolidated financial statements.
5

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Poland (cont'd)
Republic of Poland Government Bond, 1.75%, 4/25/32	PLN	200	$	45
Republic of Poland Government International Bond, 3.13%, 7/7/32 (e)	EUR	60		70
3.88%, 7/7/37 (e)		30		35
				270
Portugal (0.1%)
Portugal Obrigacoes do Tesouro OT, 3.63%, 6/12/54		90		102
Romania (0.1%)
Romanian Government International Bond, 5.25%, 3/10/30		70		84
Saudi Arabia (0.2%)
Saudi Government International Bond, 3.38%, 3/5/32 (c)		160		188
Singapore (0.1%)
Singapore Government Bond, 2.63%, 8/1/32	SGD	100		81
Slovakia (0.2%)
Slovakia Government Bond, 3.75%, 2/27/40	EUR	130		150
Slovenia (0.2%)
Slovenia Government International Bond, 5.00%, 9/19/33 (c)	$	200		203
Spain (1.0%)
Spain Government Bond, 0.00%, 1/31/28	EUR	50		56
2.70%, 10/31/48		40		39
3.45%, 10/31/34		410		496
3.50%, 5/31/29		160		197
4.00%, 10/31/54		20		23
				811
Sweden (0.0%)‡
Sweden Government Bond, 2.25%, 5/11/35	SEK	400		42
Switzerland (0.2%)
Swiss Confederation Government Bond, 0.25%, 6/23/35	CHF	110		137
Thailand (0.2%)
Thailand Government Bond, 1.59%, 12/17/35	THB	1,350		42
2.00%, 12/17/31		3,660		116
				158
United Kingdom (1.4%)
United Kingdom Gilt, 0.63%, 10/22/50	GBP	320		162
0.88%, 7/31/33		220		232
3.50%, 10/22/25		360		493
4.25%, 7/31/34		110		149
4.75%, 10/22/43		80		105
				1,141
Total Sovereign (Cost $15,251)				15,181

	Face Amount (000)		Value (000)
Supranational (0.6%)
Asian Development Bank, MTN 2.13%, 5/19/31	NZD	60	$	32
Corp. Andina de Fomento, 5.00%, 1/24/29 - 1/22/30	$	140		144
MTN 5.30%, 2/19/29	AUD	160		108
European Financial Stability Facility, 3.00%, 9/4/34	EUR	90		107
European Investment Bank, 0.00%, 1/14/31		140		144
Total Supranational (Cost $504)				535
U.S. Treasury Securities (3.5%)
United States (3.5%)
U.S. Treasury Bonds, 1.13%, 5/15/40	$	610		380
U.S. Treasury Notes, 1.13%, 10/31/26		620		598
3.38%, 5/15/33		620		591
4.13%, 9/30/27		1,330		1,342
Total U.S. Treasury Securities (Cost $3,006)				2,911
Total Fixed Income Securities (Cost $31,573)				31,336
	Shares
Common Stocks (44.9%)
Australia (0.9%)
ANZ Group Holdings Ltd.		1,622		31
APA Group		724		4
Aristocrat Leisure Ltd.		315		13
ASX Ltd.		108		5
BHP Group Ltd.		2,849		69
BlueScope Steel Ltd.		244		4
Brambles Ltd.		770		12
CAR Group Ltd.		210		5
Cochlear Ltd.		36		7
Coles Group Ltd.		749		10
Commonwealth Bank of Australia		914		111
Computershare Ltd.		290		8
CSL Ltd.		272		43
Evolution Mining Ltd.		1,123		6
Fortescue Ltd.		963		10
Goodman Group REIT		1,124		25
Insurance Australia Group Ltd.		1,314		8
James Hardie Industries PLC (f)		236		6
Lottery Corp. Ltd.		1,227		4
Macquarie Group Ltd.		199		30
Medibank Pvt Ltd.		1,530		5
National Australia Bank Ltd.		1,689		44
Northern Star Resources Ltd.		775		10
Origin Energy Ltd.		955		7
Pro Medicus Ltd.		32		6
Qantas Airways Ltd.		409		3
QBE Insurance Group Ltd.		834		13

The accompanying notes are an integral part of the consolidated financial statements.
6

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Australia (cont'd)
REA Group Ltd.		29	$	5
Reece Ltd.		124		1
Rio Tinto Ltd.		207		15
Santos Ltd.		1,826		9
Scentre Group REIT		2,894		7
SGH Ltd.		111		4
Sigma Healthcare Ltd.		2,573		5
Sonic Healthcare Ltd.		254		4
South32 Ltd.		2,578		5
Stockland REIT		1,343		5
Suncorp Group Ltd.		596		8
Telstra Group Ltd.		2,260		7
Transurban Group (Units)		1,739		16
Vicinity Ltd. REIT		2,155		3
Washington H Soul Pattinson & Co. Ltd.		133		4
Wesfarmers Ltd.		630		35
Westpac Banking Corp.		1,888		42
WiseTech Global Ltd.		112		8
Woodside Energy Group Ltd.		1,062		16
Woolworths Group Ltd.		683		14
Xero Ltd. (f)		81		10
				722
Austria (0.0%)‡
Erste Group Bank AG		195		17
OMV AG		93		5
Verbund AG		43		3
				25
Belgium (0.1%)
Ageas SA		89		6
Anheuser-Busch InBev SA		587		41
Argenx SE (f)		36		20
D'ieteren Group		13		3
Elia Group SA		29		3
Groupe Bruxelles Lambert NV		49		4
KBC Group NV		137		14
Sofina SA		9		3
Syensqo SA		43		3
UCB SA		76		15
				112
Canada (1.6%)
Agnico Eagle Mines Ltd.		299		36
Alamos Gold, Inc., Class A		241		6
Alimentation Couche-Tard, Inc.		431		21
AltaGas Ltd.		165		5
ARC Resources Ltd.		326		7
Bank of Montreal		403		45
Bank of Nova Scotia		695		38
Barrick Mining Corp.		992		21
BCE, Inc.		40		1
Brookfield Asset Management Ltd., Class A		227		13
Brookfield Corp.		749		46

	Shares		Value (000)
Brookfield Renewable Corp.		78	$	3
CAE, Inc. (f)		161		5
Cameco Corp.		246		18
Canadian Imperial Bank of Commerce		528		37
Canadian National Railway Co.		297		31
Canadian Natural Resources Ltd.		1,181		37
Canadian Pacific Kansas City Ltd.		520		41
Canadian Tire Corp. Ltd., Class A		29		4
Canadian Utilities Ltd., Class A		75		2
CCL Industries, Inc., Class B		82		5
Celestica, Inc. (f)		63		10
Cenovus Energy, Inc.		772		10
CGI, Inc.		113		12
Constellation Software, Inc.		11		40
Descartes Systems Group, Inc. (f)		47		5
Dollarama, Inc.		155		22
Element Fleet Management Corp.		223		6
Emera, Inc.		165		8
Empire Co. Ltd., Class A		71		3
Enbridge, Inc.		1,221		55
Fairfax Financial Holdings Ltd.		11		20
First Quantum Minerals Ltd. (f)		397		7
FirstService Corp.		23		4
Fortis, Inc.		279		13
Franco-Nevada Corp.		110		18
George Weston Ltd.		33		7
GFL Environmental, Inc.		118		6
Gildan Activewear, Inc.		78		4
Great-West Lifeco, Inc.		155		6
Hydro One Ltd.		185		7
iA Financial Corp., Inc.		51		6
IGM Financial, Inc.		47		1
Imperial Oil Ltd.		100		8
Intact Financial Corp.		100		23
Ivanhoe Mines Ltd., Class A (f)		415		3
Keyera Corp.		128		4
Kinross Gold Corp.		733		11
Loblaw Cos. Ltd.		84		14
Lundin Gold, Inc.		65		3
Lundin Mining Corp.		396		4
Magna International, Inc.		147		6
Manulife Financial Corp.		955		30
Metro, Inc.		117		9
National Bank of Canada		218		22
Nutrien Ltd.		272		16
Open Text Corp.		145		4
Pan American Silver Corp.		211		6
Pembina Pipeline Corp.		329		12
Power Corp. of Canada		310		12
Quebecor, Inc., Class B		88		3
RB Global, Inc.		103		11
Restaurant Brands International, Inc.		174		12
Rogers Communications, Inc., Class B		203		6

The accompanying notes are an integral part of the consolidated financial statements.
7

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont'd)
Royal Bank of Canada		788	$	104
Saputo, Inc.		142		3
Shopify, Inc., Class A (f)		670		77
Stantec, Inc.		63		7
Sun Life Financial, Inc.		315		21
Suncor Energy, Inc.		695		26
TC Energy Corp.		565		28
Teck Resources Ltd., Class B		265		11
TELUS Corp.		281		4
TFI International, Inc.		44		4
Thomson Reuters Corp.		88		18
TMX Group Ltd.		156		7
Toromont Industries Ltd.		45		4
Toronto-Dominion Bank		980		72
Tourmaline Oil Corp.		199		10
West Fraser Timber Co. Ltd.		30		2
Wheaton Precious Metals Corp.		261		23
Whitecap Resources, Inc.		695		5
WSP Global, Inc.		73		15
				1,352
China (0.0%)
China Common Rich Renewable Energy Investments Ltd. (f)(g)		18,000		—
Denmark (0.3%)
AP Moller — Maersk AS Series B		4		8
Carlsberg AS Series B		57		8
Coloplast AS Series B		74		7
Danske Bank AS		409		17
Demant AS (f)		50		2
DSV AS		121		29
Genmab AS (f)		37		8
Novo Nordisk AS, Class B		1,906		132
Novonesis Novozymes B Series B		208		15
Orsted AS (f)		99		4
Pandora AS		49		9
Rockwool AS, Class B		55		2
Tryg AS		201		5
Vestas Wind Systems AS		584		9
				255
Finland (0.1%)
Elisa OYJ		81		4
Fortum OYJ		261		5
Kesko OYJ, Class B		159		4
Kone OYJ, Class B		197		13
Metso OYJ		357		5
Neste OYJ		245		3
Nokia OYJ		3,182		17
Nordea Bank Abp		1,825		27
Orion OYJ, Class B		63		5
Sampo OYJ, Class A		1,404		15
Stora Enso OYJ, Class R		329		4

	Shares		Value (000)
UPM-Kymmene OYJ		304	$	8
Wartsila OYJ Abp		293		7
				117
France (1.4%)
Accor SA		108		6
Aeroports de Paris SA		19		2
Air Liquide SA		317		65
Airbus SE		321		67
Alstom SA (f)		191		4
Amundi SA		34		3
ArcelorMittal SA		254		8
Arkema SA		31		2
AXA SA		972		48
BioMerieux		23		3
BNP Paribas SA		554		50
Bollore SE		389		2
Bouygues SA		103		5
Bureau Veritas SA		173		6
Capgemini SE		89		15
Carrefour SA		325		5
Cie de Saint-Gobain SA		243		29
Cie Generale des Etablissements Michelin SCA		376		14
Covivio SA REIT		30		2
Credit Agricole SA		577		11
Danone SA		356		29
Dassault Aviation SA		11		4
Dassault Systemes SE		371		13
Edenred SE		125		4
Eiffage SA		37		5
Engie SA		994		23
EssilorLuxottica SA		166		46
Eurazeo SE		22		2
Eurofins Scientific SE		64		5
Euronext NV		42		7
FDJ UNITED		61		2
Gecina SA REIT		25		3
Getlink SE		164		3
Hermes International SCA		17		46
Ipsen SA		20		2
Kering SA		41		9
Klepierre SA REIT (f)		120		5
Legrand SA		143		19
L'Oreal SA		134		57
LVMH Moet Hennessy Louis Vuitton SE		151		79
Orange SA		1,013		15
Pernod Ricard SA		110		11
Publicis Groupe SA		125		14
Renault SA		107		5
Rexel SA		122		4
Safran SA		196		64
Sanofi SA		607		59
Sartorius Stedim Biotech		16		4
Schneider Electric SE		300		81

The accompanying notes are an integral part of the consolidated financial statements.
8

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
France (cont'd)
Societe Generale SA		397	$	23
Sodexo SA		48		3
STMicroelectronics NV		362		11
Teleperformance SE		29		3
Thales SA		50		15
TotalEnergies SE		1,119		68
Unibail-Rodamco-Westfield REIT		66		6
Veolia Environnement SA		339		12
Vinci SA		268		40
				1,148
Germany (1.4%)
adidas AG		102		24
Allianz SE (Registered)		228		93
BASF SE		528		26
Bayer AG (Registered)		583		18
Bayerische Motoren Werke AG		171		15
Bayerische Motoren Werke AG (Preference)		33		3
Beiersdorf AG		59		7
Brenntag SE		71		5
Commerzbank AG		526		17
Continental AG		66		6
Covestro AG (f)		106		8
CTS Eventim AG & Co. KGaA		37		5
Daimler Truck Holding AG		278		13
Delivery Hero SE (f)		115		3
Deutsche Bank AG (Registered)		1,085		32
Deutsche Boerse AG		110		36
Deutsche Lufthansa AG (Registered)		355		3
Deutsche Post AG (Registered)		567		26
Deutsche Telekom AG (Registered)		2,062		75
Dr. Ing hc F Porsche AG (Preference)		67		3
E.ON SE		1,316		24
Evonik Industries AG		152		3
Fresenius Medical Care AG		130		7
Fresenius SE & Co. KGaA		249		13
GEA Group AG		87		6
Hannover Rueck SE (Registered)		36		11
Heidelberg Materials AG		79		19
Henkel AG & Co. KGaA		61		4
Henkel AG & Co. KGaA (Preference)		99		8
Infineon Technologies AG		762		32
Knorr-Bremse AG		43		4
LEG Immobilien SE		44		4
Mercedes-Benz Group AG (Registered)		432		25
Merck KGaA		75		10
MTU Aero Engines AG		32		14
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		80		52
Nemetschek SE		34		5
Porsche Automobil Holding SE (Preference)		93		4
Qiagen NV (f)		125		6
Rational AG		3		3

	Shares		Value (000)
Rheinmetall AG		25	$	53
RWE AG		374		16
SAP SE		622		190
Sartorius AG (Preference)		15		4
Scout24 SE		44		6
Siemens AG (Registered)		447		115
Siemens Energy AG (f)		399		47
Siemens Healthineers AG		200		11
Symrise AG		78		8
Talanx AG		38		5
Volkswagen AG (Preference)		123		13
Vonovia SE		437		15
Zalando SE (f)		132		4
				1,159
Hong Kong (0.1%)
AIA Group Ltd.		1,843		17
BOC Hong Kong Holdings Ltd.		640		3
CK Asset Holdings Ltd.		320		1
CK Hutchison Holdings Ltd.		465		3
CK Infrastructure Holdings Ltd.		105		1
CLP Holdings Ltd.		284		2
Futu Holdings Ltd. ADR		10		1
Galaxy Entertainment Group Ltd.		358		2
Hang Seng Bank Ltd.		130		2
Henderson Land Development Co. Ltd.		238		1
HKT Trust & HKT Ltd.		663		1
Hong Kong & China Gas Co. Ltd.		1,944		2
Hong Kong Exchanges & Clearing Ltd.		206		11
Hongkong Land Holdings Ltd.		180		1
Jardine Matheson Holdings Ltd.		26		1
Link REIT		445		2
MTR Corp. Ltd.		256		1
Power Assets Holdings Ltd.		240		1
Sands China Ltd.		405		1
Sino Land Co. Ltd.		613		1
SITC International Holdings Co. Ltd.		241		1
Sun Hung Kai Properties Ltd.		244		3
Swire Pacific Ltd., Class A		61		—	@
Techtronic Industries Co. Ltd.		256		3
WH Group Ltd.		1,447		1
Wharf Holdings Ltd.		173		—	@
Wharf Real Estate Investment Co. Ltd.		275		1
				64
Ireland (0.1%)
AIB Group PLC		1,206		10
Bank of Ireland Group PLC		570		8
Kerry Group PLC, Class A		96		10
Kingspan Group PLC		90		8
Ryanair Holdings PLC		488		14
				50

The accompanying notes are an integral part of the consolidated financial statements.
9

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Israel (0.1%)
Azrieli Group Ltd.		25	$	3
Bank Hapoalim BM		730		14
Bank Leumi Le-Israel BM		873		16
Check Point Software Technologies Ltd. (f)		51		11
CyberArk Software Ltd. (f)		27		11
Elbit Systems Ltd.		16		7
ICL Group Ltd.		451		3
Israel Discount Bank Ltd., Class A		716		7
Mizrahi Tefahot Bank Ltd.		91		6
Monday.com Ltd. (f)		24		8
Nice Ltd. (f)		37		6
Teva Pharmaceutical Industries Ltd. ADR (f)		670		11
Wix.com Ltd. (f)		31		5
				108
Italy (0.1%)
Banca Mediolanum SpA		44		1
Banco BPM SpA		225		3
BPER Banca SpA		198		2
Davide Campari-Milano NV		121		1
DiaSorin SpA		4		—	@
Enel SpA		1,603		15
Eni SpA		434		7
Ferrari NV		25		12
FinecoBank Banca Fineco SpA		120		3
Generali		170		6
Infrastrutture Wireless Italiane SpA		54		1
Intesa Sanpaolo SpA		2,992		17
Leonardo SpA		78		4
Mediobanca Banca di Credito Finanziario SpA		99		2
Moncler SpA		47		3
Nexi SpA		94		1
Poste Italiane SpA		90		2
Prysmian SpA		55		4
Recordati Industria Chimica e Farmaceutica SpA		22		1
Snam SpA		396		2
Stellantis NV		401		4
Telecom Italia SpA (f)		2,079		1
Tenaris SA		80		1
Terna — Rete Elettrica Nazionale		276		3
UniCredit SpA		277		19
Unipol Assicurazioni SpA		72		1
				116
Netherlands (0.7%)
ABN AMRO Bank NV CVA		273		7
Adyen NV (f)		15		27
Aegon Ltd.		783		6
AerCap Holdings NV		110		13
Akzo Nobel NV		101		7
ASM International NV		28		18
ASML Holding NV		237		190
ASR Nederland NV		88		6
Basic-Fit NV (f)		788		24

	Shares		Value (000)
BE Semiconductor Industries NV		48	$	7
Coca-Cola Europacific Partners PLC		138		13
CVC Capital Partners PLC		122		2
DSM-Firmenich AG		111		12
EXOR NV		53		5
Heineken Holding NV		77		6
Heineken NV		172		15
IMCD NV		35		5
ING Groep NV		1,874		41
InPost SA (f)		131		2
JDE Peet's NV		101		3
Koninklijke Ahold Delhaize NV		547		23
Koninklijke KPN NV		2,288		11
Koninklijke Philips NV		492		12
NN Group NV		159		11
Prosus NV (f)		783		44
Randstad NV		63		3
Universal Music Group NV		646		21
Wolters Kluwer NV		142		24
				558
New Zealand (0.0%)‡
Auckland International Airport Ltd.		1,184		6
Contact Energy Ltd.		554		3
Fisher & Paykel Healthcare Corp. Ltd.		404		9
Infratil Ltd.		647		4
Meridian Energy Ltd.		905		3
				25
Norway (0.1%)
Aker BP ASA		197		5
DNB Bank ASA		553		15
Equinor ASA		518		13
Gjensidige Forsikring ASA		126		3
Kongsberg Gruppen ASA		268		10
Mowi ASA		287		6
Norsk Hydro ASA		854		5
Orkla ASA		437		5
Salmar ASA		42		2
Telenor ASA		384		6
Yara International ASA		106		4
				74
Portugal (0.0%)‡
EDP Renovaveis SA		162		2
EDP SA		1,621		7
Galp Energia SGPS SA		215		4
Jeronimo Martins SGPS SA		146		4
				17
Singapore (0.2%)
CapitaLand Ascendas REIT		1,803		4
CapitaLand Integrated Commercial Trust REIT		2,818		5
CapitaLand Investment Ltd.		1,124		2
DBS Group Holdings Ltd.		1,024		36
Genting Singapore Ltd.		2,905		2

The accompanying notes are an integral part of the consolidated financial statements.
10

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Singapore (cont'd)
Grab Holdings Ltd., Class A (f)		1,180	$	6
Keppel Ltd.		705		4
Oversea-Chinese Banking Corp. Ltd.		1,636		21
Sea Ltd. ADR (f)		186		30
Sembcorp Industries Ltd.		433		2
Singapore Airlines Ltd.		718		4
Singapore Exchange Ltd.		400		5
Singapore Technologies Engineering Ltd.		744		4
Singapore Telecommunications Ltd.		3,624		11
United Overseas Bank Ltd.		605		17
Wilmar International Ltd.		936		2
Yangzijiang Shipbuilding Holdings Ltd.		1,267		2
				157
South Africa (0.0%)‡
Valterra Platinum Ltd. (f)		79		3
Spain (0.3%)
Acciona SA		8		1
ACS Actividades de Construccion y Servicios SA		58		4
Aena SME SA		249		7
Amadeus IT Group SA		150		13
Banco Bilbao Vizcaya Argentaria SA		1,903		29
Banco de Sabadell SA		1,782		6
Banco Santander SA		5,041		42
Bankinter SA		225		3
CaixaBank SA		1,315		11
Cellnex Telecom SA		162		6
Endesa SA		105		3
Ferrovial SE		169		9
Grifols SA (f)		96		1
Iberdrola SA		1,910		37
Industria de Diseno Textil SA		363		19
International Consolidated Airlines Group SA		411		2
Redeia Corp. SA		133		3
Repsol SA		385		6
Telefonica SA		1,222		6
				208
Sweden (0.5%)
AddTech AB, Class B		152		5
Alfa Laval AB		172		7
Assa Abloy AB, Class B		596		19
Atlas Copco AB, Class A		2,548		39
Beijer Ref AB		225		4
Boliden AB (f)		163		5
Epiroc AB, Class A		617		12
EQT AB		211		7
Essity AB, Class B		359		10
Evolution AB		87		7
Fastighets AB Balder, Class B (f)		415		3
H & M Hennes & Mauritz AB, Class B		323		5
Hexagon AB, Class B		1,228		12
Holmen AB, Class B		46		2

	Shares		Value (000)
Industrivarden AB, Class A		164	$	6
Indutrade AB		161		4
Investment AB Latour, Class B		87		2
Investor AB, Class B		1,033		31
L E Lundbergforetagen AB, Class B		46		2
Lifco AB, Class B		138		6
Nibe Industrier AB, Class B		895		4
Saab AB, Class B		183		10
Sagax AB, Class B		128		3
Sandvik AB		626		14
Securitas AB, Class B		291		4
Skandinaviska Enskilda Banken AB, Class A		943		16
Skanska AB, Class B		200		5
SKF AB, Class B		200		5
Spotify Technology SA (f)		91		70
Svenska Cellulosa AB SCA, Class B		355		5
Svenska Handelsbanken AB, Class A		868		12
Swedbank AB, Class A		504		13
Swedish Orphan Biovitrum AB (f)		116		4
Tele2 AB, Class B		324		5
Telefonaktiebolaget LM Ericsson, Class B		1,645		14
Telia Co. AB		1,402		5
Trelleborg AB, Class B		120		4
Volvo AB, Class B		942		27
				408
Switzerland (1.4%)
ABB Ltd. (Registered)		1,044		63
Alcon AG		326		29
Amrize Ltd. (f)		350		17
Avolta AG (Registered)		52		3
Baloise Holding AG (Registered)		25		6
Banque Cantonale Vaudoise (Registered)		18		2
Barry Callebaut AG (Registered)		2		2
BKW AG		12		3
Chocoladefabriken Lindt & Spruengli AG		1		17
Cie Financiere Richemont SA, Class A (Registered)		356		67
EMS-Chemie Holding AG (Registered)		4		3
Galderma Group AG		69		10
Geberit AG (Registered)		23		18
Givaudan SA (Registered)		7		34
Helvetia Holding AG (Registered)		22		5
Holcim AG (f)		348		26
Julius Baer Group Ltd.		120		8
Kuehne & Nagel International AG (Registered)		31		7
Logitech International SA (Registered)		101		9
Lonza Group AG (Registered)		48		34
Nestle SA (Registered)		1,715		171
Novartis AG (Registered)		1,238		150
Partners Group Holding AG		15		20
Roche Holding AG		19		7
Roche Holding AG (Genusschein)		457		149
Sandoz Group AG		245		13
Schindler Holding AG		24		9

The accompanying notes are an integral part of the consolidated financial statements.
11

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Switzerland (cont'd)
Schindler Holding AG (Registered)		14	$	5
SGS SA (Registered)		95		10
SIG Group AG (f)		179		3
Sika AG (Registered) (f)		99		27
Sonova Holding AG (Registered)		33		10
Straumann Holding AG (Registered)		66		9
Swatch Group AG		17		3
Swiss Life Holding AG (Registered)		19		19
Swiss Prime Site AG (Registered) (f)		47		7
Swiss Re AG		199		34
Swisscom AG (Registered)		17		12
Temenos AG (Registered)		35		2
UBS Group AG (Registered)		2,122		72
VAT Group AG		16		7
Zurich Insurance Group AG		96		67
				1,169
United Kingdom (2.0%)
3i Group PLC		552		31
Admiral Group PLC		156		7
Anglo American PLC		625		18
Antofagasta PLC		223		6
Ashtead Group PLC		252		16
Associated British Foods PLC		190		5
AstraZeneca PLC		923		128
Auto Trader Group PLC		519		6
Aviva PLC		1,585		13
BAE Systems PLC		1,741		45
Barclays PLC		8,449		39
Barratt Redrow PLC		819		5
BP PLC		9,398		47
British American Tobacco PLC		1,195		57
BT Group PLC		3,495		9
Bunzl PLC		194		6
Centrica PLC		2,990		7
Coca-Cola HBC AG (f)		128		7
Compass Group PLC		1,012		34
Croda International PLC		79		3
DCC PLC		57		4
Diageo PLC		1,310		33
Entain PLC		345		4
Evraz PLC (f)(g)		464		—
Experian PLC		553		28
Glencore PLC (f)		5,773		22
GSK PLC		2,431		46
Haleon PLC		5,397		28
Halma PLC		222		10
Hikma Pharmaceuticals PLC		101		3
HSBC Holdings PLC		10,572		128
Imperial Brands PLC		459		18
Informa PLC		783		9
InterContinental Hotels Group PLC		88		10
Intertek Group PLC		95		6

	Shares		Value (000)
J Sainsbury PLC		1,047	$	4
JD Sports Fashion PLC		1,479		2
Kingfisher PLC		1,048		4
Land Securities Group PLC REIT		413		4
Legal & General Group PLC		3,459		12
Lloyds Banking Group PLC		35,556		37
London Stock Exchange Group PLC		284		42
M&G PLC		1,344		5
Marks & Spencer Group PLC		1,215		6
Melrose Industries PLC		767		6
Mondi PLC		256		4
National Grid PLC		2,886		42
NatWest Group PLC		4,781		34
Next PLC		69		12
Paragon Offshore PLC (f)(g)		67		—
Pearson PLC		355		5
Phoenix Group Holdings PLC		413		4
Prudential PLC		1,528		19
Reckitt Benckiser Group PLC		408		28
RELX PLC		1,103		60
Rentokil Initial PLC		1,485		7
Rio Tinto PLC		653		38
Rolls-Royce Holdings PLC		4,991		66
Sage Group PLC		582		10
Schroders PLC		427		2
Segro PLC REIT		756		7
Severn Trent PLC		158		6
Shell PLC		3,515		123
Smith & Nephew PLC		492		8
Smiths Group PLC		197		6
Spirax Group PLC		42		3
SSE PLC		658		17
Standard Chartered PLC		1,193		20
Tesco PLC		3,975		22
Unilever PLC CVA		1,508		92
United Utilities Group PLC		399		6
Vodafone Group PLC		11,712		13
Whitbread PLC		104		4
Wise PLC, Class A (f)		393		6
WPP PLC		637		4
				1,628
United States (33.5%)
3M Co.		274		42
Abbott Laboratories		886		121
AbbVie, Inc.		911		169
Accenture PLC, Class A		322		96
Adobe, Inc. (f)		216		84
Advanced Micro Devices, Inc. (f)		836		119
AECOM		68		8
Aflac, Inc.		263		28
Agilent Technologies, Inc.		146		17
Air Products & Chemicals, Inc.		114		32
Airbnb, Inc., Class A (f)		224		30

The accompanying notes are an integral part of the consolidated financial statements.
12

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Akamai Technologies, Inc. (f)		75	$	6
Albertsons Cos., Inc., Class A		192		4
Alexandria Real Estate Equities, Inc. REIT		80		6
Align Technology, Inc. (f)		36		7
Allegion PLC		44		6
Alliant Energy Corp.		131		8
Allstate Corp.		135		27
Alnylam Pharmaceuticals, Inc. (f)		66		22
Alphabet, Inc., Class A		5,547		980
Altria Group, Inc.		871		51
Amazon.com, Inc. (f)		4,840		1,062
Amcor PLC		1,166		11
Ameren Corp.		138		13
American Electric Power Co., Inc.		273		28
American Express Co.		281		90
American Financial Group, Inc.		34		4
American Homes 4 Rent, Class A REIT		170		6
American International Group, Inc.		299		26
American Tower Corp. REIT		238		53
American Water Works Co., Inc.		100		14
Ameriprise Financial, Inc.		49		26
AMETEK, Inc.		118		21
Amgen, Inc.		275		77
Amphenol Corp., Class A		616		61
Analog Devices, Inc.		255		61
Annaly Capital Management, Inc. REIT		307		6
ANSYS, Inc. (f)		44		15
Aon PLC, Class A		99		35
Apollo Global Management, Inc.		198		28
Apple, Inc.		7,677		1,575
Applied Materials, Inc.		416		76
AppLovin Corp., Class A (f)		121		42
Aptiv PLC (f)		115		8
Arch Capital Group Ltd.		192		17
Archer-Daniels-Midland Co.		255		13
ARES Management Corp., Class A		103		18
Arista Networks, Inc. (f)		557		57
Arthur J Gallagher & Co.		131		42
AT&T, Inc.		3,680		106
Atlassian Corp., Class A (f)		81		16
Atmos Energy Corp.		81		12
Autodesk, Inc. (f)		108		33
Automatic Data Processing, Inc.		207		64
AutoZone, Inc. (f)		8		30
AvalonBay Communities, Inc. REIT		72		15
Avantor, Inc. (f)		350		5
Avery Dennison Corp.		40		7
Axon Enterprise, Inc. (f)		37		31
Baker Hughes Co.		508		19
Ball Corp.		138		8
Bank of America Corp.		3,718		176
Bank of New York Mellon Corp.		363		33

	Shares		Value (000)
Baxter International, Inc.		264	$	8
Becton Dickinson & Co.		146		25
Bentley Systems, Inc., Class B		81		4
Berkshire Hathaway, Inc., Class B (f)		682		331
Best Buy Co., Inc.		104		7
Biogen, Inc. (f)		75		9
BioMarin Pharmaceutical, Inc. (f)		97		5
Blackrock, Inc.		75		79
Blackstone, Inc.		365		55
Block, Inc., Class A (f)		282		19
Boeing Co. (f)		370		78
Booking Holdings, Inc.		17		98
Booz Allen Hamilton Holding Corp.		65		7
Boston Scientific Corp. (f)		745		80
Bristol-Myers Squibb Co.		1,043		48
Broadcom, Inc.		2,292		632
Broadridge Financial Solutions, Inc.		60		15
Brown & Brown, Inc.		149		17
Brown-Forman Corp., Class B		93		3
Builders FirstSource, Inc. (f)		57		7
Bunge Global SA		71		6
Burlington Stores, Inc. (f)		32		7
BXP, Inc. REIT		76		5
Cadence Design Systems, Inc. (f)		138		43
Camden Property Trust REIT		55		6
Campbell's Co.		101		3
Capital One Financial Corp.		326		69
Cardinal Health, Inc.		122		20
Carlisle Cos., Inc.		23		9
Carlyle Group, Inc.		118		6
Carnival Corp. (f)		521		15
Carrier Global Corp.		391		29
Carvana Co. (f)		60		20
Caterpillar, Inc.		242		94
Cboe Global Markets, Inc.		53		12
CBRE Group, Inc., Class A (f)		151		21
CDW Corp.		67		12
Cencora, Inc.		94		28
Centene Corp. (f)		252		14
CenterPoint Energy, Inc.		334		12
CF Industries Holdings, Inc.		85		8
CH Robinson Worldwide, Inc.		59		6
Charles Schwab Corp.		875		80
Charter Communications, Inc., Class A (f)		47		19
Cheniere Energy, Inc.		115		28
Chevron Corp.		860		123
Chipotle Mexican Grill, Inc. (f)		688		39
Chubb Ltd.		194		56
Church & Dwight Co., Inc.		127		12
Cigna Group		139		46
Cincinnati Financial Corp.		80		12
Cintas Corp.		185		41
Cisco Systems, Inc.		2,036		141

The accompanying notes are an integral part of the consolidated financial statements.
13

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Citigroup, Inc.		967	$	82
Citizens Financial Group, Inc.		223		10
Clorox Co.		63		8
Cloudflare, Inc., Class A (f)		156		31
CME Group, Inc.		185		51
CMS Energy Corp.		153		11
CNH Industrial NV		443		6
Coca-Cola Co.		2,075		147
Cognizant Technology Solutions Corp., Class A		253		20
Coinbase Global, Inc., Class A (f)		108		38
Colgate-Palmolive Co.		392		36
Comcast Corp., Class A		1,923		69
Conagra Brands, Inc.		246		5
ConocoPhillips		653		59
Consolidated Edison, Inc.		185		19
Constellation Brands, Inc., Class A		84		14
Constellation Energy Corp.		160		52
Cooper Cos., Inc. (f)		100		7
Copart, Inc. (f)		467		23
Corebridge Financial, Inc.		126		4
Corning, Inc.		414		22
Corpay, Inc. (f)		34		11
Corteva, Inc.		350		26
CoStar Group, Inc. (f)		217		17
Costco Wholesale Corp.		226		224
Coterra Energy, Inc.		396		10
CRH PLC		338		31
Crowdstrike Holdings, Inc., Class A (f)		128		65
Crown Castle, Inc. REIT		222		23
Crown Holdings, Inc.		60		6
CSX Corp.		965		31
Cummins, Inc.		70		23
CVS Health Corp.		644		44
Danaher Corp.		332		66
Darden Restaurants, Inc.		60		13
Datadog, Inc., Class A (f)		145		19
DaVita, Inc. (f)		22		3
Deckers Outdoor Corp. (f)		76		8
Deere & Co.		131		67
Dell Technologies, Inc., Class C		169		21
Delta Air Lines, Inc.		83		4
Devon Energy Corp.		320		10
Dexcom, Inc. (f)		198		17
Diamondback Energy, Inc.		99		14
Dick's Sporting Goods, Inc.		28		6
Digital Realty Trust, Inc. REIT		171		30
Docusign, Inc. (f)		103		8
Dollar General Corp.		111		13
Dollar Tree, Inc. (f)		103		10
Dominion Energy, Inc.		430		24
Domino's Pizza, Inc.		17		8
DoorDash, Inc., Class A (f)		183		45

	Shares		Value (000)
Dover Corp.		70	$	13
Dow, Inc.		359		10
DR Horton, Inc.		143		18
DraftKings, Inc., Class A (f)		226		10
DTE Energy Co.		106		14
Duke Energy Corp.		396		47
DuPont de Nemours, Inc.		215		15
Dynatrace, Inc. (f)		152		8
Eaton Corp. PLC		197		70
eBay, Inc.		240		18
Ecolab, Inc.		130		35
Edison International		198		10
Edwards Lifesciences Corp. (f)		298		23
Electronic Arts, Inc.		127		20
Elevance Health, Inc.		115		45
Eli Lilly & Co.		418		326
EMCOR Group, Inc.		22		12
Emerson Electric Co.		288		38
Entegris, Inc.		77		6
Entergy Corp.		220		18
EOG Resources, Inc.		285		34
EQT Corp.		291		17
Equifax, Inc.		63		16
Equinix, Inc. REIT		48		38
Equitable Holdings, Inc.		158		9
Equity LifeStyle Properties, Inc. REIT		94		6
Equity Residential REIT		174		12
Erie Indemnity Co., Class A		13		5
Essential Utilities, Inc.		134		5
Essex Property Trust, Inc. REIT		33		9
Estee Lauder Cos., Inc., Class A		117		9
Everest Group Ltd.		22		7
Evergy, Inc.		117		8
Eversource Energy		187		12
Exelon Corp.		513		22
Expand Energy Corp.		107		13
Expedia Group, Inc.		62		10
Expeditors International of Washington, Inc.		70		8
Extra Space Storage, Inc. REIT		108		16
Exxon Mobil Corp.		2,242		242
F5, Inc. (f)		29		9
FactSet Research Systems, Inc.		19		8
Fair Isaac Corp. (f)		12		22
Fastenal Co.		581		24
FedEx Corp.		113		26
Ferguson Enterprises, Inc.		102		22
Fidelity National Financial, Inc.		133		7
Fidelity National Information Services, Inc.		270		22
Fifth Third Bancorp		343		14
First Citizens BancShares, Inc., Class A		5		10
First Solar, Inc. (f)		53		9
FirstEnergy Corp.		280		11
Fiserv, Inc. (f)		283		49

The accompanying notes are an integral part of the consolidated financial statements.
14

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Flutter Entertainment PLC (f)		89	$	25
Ford Motor Co.		1,956		21
Fortinet, Inc. (f)		334		35
Fortive Corp.		174		9
Fox Corp., Class A		183		10
Freeport-McMoRan, Inc.		744		32
Gaming & Leisure Properties, Inc. REIT		140		7
Garmin Ltd.		78		16
Gartner, Inc. (f)		39		16
GE HealthCare Technologies, Inc.		235		17
GE Vernova, Inc.		134		71
Gen Digital, Inc.		268		8
General Dynamics Corp.		117		34
General Electric Co.		529		136
General Mills, Inc.		280		15
General Motors Co.		488		24
Genuine Parts Co.		70		8
Gilead Sciences, Inc.		625		69
Global Payments, Inc.		125		10
GoDaddy, Inc., Class A (f)		72		13
Goldman Sachs Group, Inc.		158		112
Graco, Inc.		86		7
Halliburton Co.		443		9
Hartford Insurance Group, Inc.		146		19
HCA Healthcare, Inc.		93		36
Healthpeak Properties, Inc. REIT		358		6
HEICO Corp.		60		17
Hershey Co.		76		13
Hess Corp.		152		21
Hewlett Packard Enterprise Co.		668		14
Hilton Worldwide Holdings, Inc.		120		32
Hologic, Inc. (f)		115		7
Home Depot, Inc.		502		184
Honeywell International, Inc.		330		77
Hormel Foods Corp.		155		5
Howmet Aerospace, Inc.		189		35
HP, Inc.		482		12
Hubbell, Inc.		27		11
HubSpot, Inc. (f)		25		14
Humana, Inc.		61		15
Huntington Bancshares, Inc.		747		13
Hyatt Hotels Corp., Class A		21		3
IDEX Corp.		39		7
IDEXX Laboratories, Inc. (f)		41		22
Illinois Tool Works, Inc.		142		35
Illumina, Inc. (f)		81		8
Incyte Corp. (f)		86		6
Ingersoll Rand, Inc.		206		17
Insulet Corp. (f)		36		11
Intel Corp.		2,218		50
Interactive Brokers Group, Inc., Class A		221		12
Intercontinental Exchange, Inc.		292		54

	Shares		Value (000)
International Business Machines Corp.		475	$	140
International Flavors & Fragrances, Inc.		130		10
International Paper Co.		251		12
Intuit, Inc.		141		111
Intuitive Surgical, Inc. (f)		181		98
Invitation Homes, Inc. REIT		299		10
IQVIA Holdings, Inc. (f)		91		14
Iron Mountain, Inc. REIT		148		15
J.M. Smucker Co.		55		5
Jabil, Inc.		54		12
Jack Henry & Associates, Inc.		37		7
Jacobs Solutions, Inc.		63		8
JB Hunt Transport Services, Inc.		40		6
Johnson & Johnson		1,229		188
Johnson Controls International PLC		335		35
JPMorgan Chase & Co.		1,443		418
Juniper Networks, Inc.		170		7
Kellanova		141		11
Kenvue, Inc.		987		21
Keurig Dr. Pepper, Inc.		668		22
KeyCorp		475		8
Keysight Technologies, Inc. (f)		89		15
Kimberly-Clark Corp.		168		22
Kimco Realty Corp. REIT		349		7
Kinder Morgan, Inc.		1,023		30
KKR & Co., Inc.		312		42
KLA Corp.		68		61
Kraft Heinz Co.		462		12
Kroger Co.		322		23
L3Harris Technologies, Inc.		96		24
Labcorp Holdings, Inc.		42		11
Lam Research Corp.		653		64
Las Vegas Sands Corp.		179		8
Leidos Holdings, Inc.		62		10
Lennar Corp., Class A		117		13
Lennox International, Inc.		16		9
Liberty Media Corp.-Liberty Formula One, Class C (f)		108		11
Linde PLC		243		114
Live Nation Entertainment, Inc. (f)		82		12
LKQ Corp.		132		5
Lockheed Martin Corp.		108		50
Loews Corp.		91		8
Lowe's Cos., Inc.		283		63
LPL Financial Holdings, Inc.		41		15
Lululemon Athletica, Inc. (f)		55		13
LyondellBasell Industries NV, Class A		131		8
M&T Bank Corp.		83		16
Marathon Petroleum Corp.		162		27
Markel Group, Inc. (f)		7		14
Marriott International, Inc., Class A		118		32
Marsh & McLennan Cos., Inc.		250		55
Martin Marietta Materials, Inc.		31		17
Marvell Technology, Inc.		457		35

The accompanying notes are an integral part of the consolidated financial statements.
15

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Masco Corp.		107	$	7
Mastercard, Inc., Class A		411		231
McCormick & Co., Inc.		131		10
McDonald's Corp.		362		106
McKesson Corp.		63		46
Medtronic PLC		660		58
MercadoLibre, Inc. (f)		24		63
Merck & Co., Inc.		1,290		102
Meta Platforms, Inc., Class A		1,118		825
MetLife, Inc.		295		24
Mettler-Toledo International, Inc. (f)		11		13
Microchip Technology, Inc.		274		19
Micron Technology, Inc.		578		71
Microsoft Corp.		3,615		1,798
MicroStrategy, Inc., Class A (f)		124		50
Mid-America Apartment Communities, Inc. REIT		59		9
Molina Healthcare, Inc. (f)		28		8
Molson Coors Beverage Co., Class B		91		4
Mondelez International, Inc., Class A		667		45
MongoDB, Inc. (f)		42		9
Monolithic Power Systems, Inc.		24		18
Monster Beverage Corp. (f)		378		24
Moody's Corp.		81		41
Motorola Solutions, Inc.		85		36
MSCI, Inc.		39		22
Nasdaq, Inc.		219		20
Natera, Inc. (f)		65		11
NetApp, Inc.		105		11
Netflix, Inc. (f)		217		291
Neurocrine Biosciences, Inc. (f)		51		6
Newmont Corp. (TSX)		603		35
News Corp., Class A		194		6
NextEra Energy, Inc.		1,057		73
NIKE, Inc., Class B		510		36
NiSource, Inc.		239		10
Nordson Corp.		28		6
Norfolk Southern Corp.		116		30
Northern Trust Corp.		99		13
Northrop Grumman Corp.		70		35
NRG Energy, Inc.		100		16
Nucor Corp.		118		15
Nutanix, Inc., Class A (f)		130		10
NVIDIA Corp.		12,305		1,944
NVR, Inc. (f)		2		15
NXP Semiconductors NV		130		28
Occidental Petroleum Corp.		366		15
Okta, Inc. (f)		84		8
Old Dominion Freight Line, Inc.		97		16
Omnicom Group, Inc.		99		7
ON Semiconductor Corp. (f)		218		11
ONEOK, Inc.		319		26
Oracle Corp.		858		188

	Shares		Value (000)
O'Reilly Automotive, Inc. (f)		435	$	39
Otis Worldwide Corp.		202		20
Owens Corning		43		6
PACCAR, Inc.		267		25
Packaging Corp. of America		46		9
Palantir Technologies, Inc., Class A (f)		1,142		156
Palo Alto Networks, Inc. (f)		341		70
Parker-Hannifin Corp.		65		45
Paychex, Inc.		163		24
Paycom Software, Inc.		27		6
PayPal Holdings, Inc. (f)		481		36
Pentair PLC		84		9
PepsiCo, Inc.		691		91
Pfizer, Inc.		2,905		70
PG&E Corp.		1,130		16
Philip Morris International, Inc.		799		146
Phillips 66		211		25
Pinterest, Inc., Class A (f)		300		11
PNC Financial Services Group, Inc.		201		37
Pool Corp.		19		6
PPG Industries, Inc.		115		13
PPL Corp.		378		13
Principal Financial Group, Inc.		114		9
Procter & Gamble Co.		1,196		191
Progressive Corp.		298		80
Prologis, Inc. REIT		464		49
Prudential Financial, Inc.		180		19
PTC, Inc. (f)		61		11
Public Service Enterprise Group, Inc.		253		21
Public Storage REIT		80		23
PulteGroup, Inc.		102		11
Pure Storage, Inc., Class A (f)		158		9
QUALCOMM, Inc.		563		90
Quanta Services, Inc.		76		29
Quest Diagnostics, Inc.		57		10
Ralliant Corp. (f)		61		3
Raymond James Financial, Inc.		99		15
Realty Income Corp. REIT		455		26
Reddit, Inc., Class A (f)		36		5
Regency Centers Corp. REIT		88		6
Regeneron Pharmaceuticals, Inc.		55		29
Regions Financial Corp.		462		11
Reliance, Inc.		27		8
Republic Services, Inc.		112		28
ResMed, Inc.		76		20
Revvity, Inc.		62		6
Rivian Automotive, Inc., Class A (f)		411		6
Robinhood Markets, Inc., Class A (f)		382		36
ROBLOX Corp., Class A (f)		275		29
Rockwell Automation, Inc.		57		19
Rollins, Inc.		148		8
Roper Technologies, Inc.		55		31
Ross Stores, Inc.		166		21

The accompanying notes are an integral part of the consolidated financial statements.
16

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Royal Caribbean Cruises Ltd.		127	$	40
Royalty Pharma PLC, Class A		187		7
RPM International, Inc.		65		7
RTX Corp.		677		99
S&P Global, Inc.		160		84
Salesforce, Inc.		490		134
Samsara, Inc., Class A (f)		143		6
SBA Communications Corp. REIT		55		13
Schlumberger NV		694		23
Seagate Technology Holdings PLC		107		15
Sempra		331		25
ServiceNow, Inc. (f)		105		108
Sherwin-Williams Co.		120		41
Simon Property Group, Inc. REIT		166		27
Smurfit WestRock PLC		264		11
Snap, Inc., Class A (f)		524		5
Snap-on, Inc.		27		8
Snowflake, Inc., Class A (f)		163		36
Solventum Corp. (f)		75		6
Southern Co.		559		51
SS&C Technologies Holdings, Inc.		112		9
Starbucks Corp.		582		53
State Street Corp.		147		16
Steel Dynamics, Inc.		73		9
Steris PLC		50		12
Stryker Corp.		174		69
Sun Communities, Inc. REIT		65		8
Super Micro Computer, Inc. (f)		262		13
Synchrony Financial		198		13
Synopsys, Inc. (f)		77		39
Sysco Corp.		250		19
T. Rowe Price Group, Inc.		114		11
Take-Two Interactive Software, Inc. (f)		90		22
Targa Resources Corp.		113		20
Target Corp.		228		22
TE Connectivity PLC		153		26
Teledyne Technologies, Inc. (f)		24		12
Teradyne, Inc.		83		7
Tesla, Inc. (f)		1,491		474
Texas Instruments, Inc.		465		97
Texas Pacific Land Corp.		10		11
Textron, Inc.		93		7
Thermo Fisher Scientific, Inc.		193		78
TJX Cos., Inc.		567		70
T-Mobile U.S., Inc.		231		55
Toast, Inc., Class A (f)		221		10
Tractor Supply Co.		270		14
Trade Desk, Inc., Class A (f)		224		16
Tradeweb Markets, Inc., Class A		59		9
Trane Technologies PLC		113		49
TransDigm Group, Inc.		28		43
TransUnion		100		9

	Shares		Value (000)
Travelers Cos., Inc.		116	$	31
Trimble, Inc. (f)		125		9
Truist Financial Corp.		667		29
Twilio, Inc., Class A (f)		74		9
Tyler Technologies, Inc. (f)		22		13
Tyson Foods, Inc., Class A		146		8
U.S. Bancorp		795		36
Uber Technologies, Inc. (f)		994		93
UDR, Inc. REIT		161		7
U-Haul Holding Co.		49		3
Ulta Beauty, Inc. (f)		23		11
Union Pacific Corp.		305		70
United Airlines Holdings, Inc. (f)		41		3
United Parcel Service, Inc., Class B		374		38
United Rentals, Inc.		33		25
United Therapeutics Corp. (f)		22		6
UnitedHealth Group, Inc.		461		144
Universal Health Services, Inc., Class B		29		5
Valero Energy Corp.		165		22
Veeva Systems, Inc., Class A (f)		78		22
Ventas, Inc. REIT		224		14
Veralto Corp.		127		13
VeriSign, Inc.		43		12
Verisk Analytics, Inc.		71		22
Verizon Communications, Inc.		2,159		93
Vertex Pharmaceuticals, Inc. (f)		132		59
Vertiv Holdings Co., Class A		180		23
VICI Properties, Inc. REIT		538		18
Visa, Inc., Class A		872		310
Vistra Corp.		168		33
Vulcan Materials Co.		66		17
W.R. Berkley Corp.		156		11
Walmart, Inc.		2,224		217
Walt Disney Co.		920		114
Warner Bros Discovery, Inc. (f)		1,171		13
Waste Connections, Inc.		133		25
Waste Management, Inc.		205		47
Waters Corp. (f)		30		10
Watsco, Inc.		18		8
WEC Energy Group, Inc.		163		17
Wells Fargo & Co.		1,677		134
Welltower, Inc. REIT		335		52
West Pharmaceutical Services, Inc.		37		8
Western Digital Corp.		178		11
Westinghouse Air Brake Technologies Corp.		87		18
Weyerhaeuser Co. REIT		375		10
Williams Cos., Inc.		627		39
Williams-Sonoma, Inc.		63		10
Willis Towers Watson PLC		51		16
Workday, Inc., Class A (f)		110		26
WP Carey, Inc. REIT		112		7
WW Grainger, Inc.		23		24
Xcel Energy, Inc.		294		20

The accompanying notes are an integral part of the consolidated financial statements.
17

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Xylem, Inc.		126	$	16
Yum! Brands, Inc.		142		21
Zebra Technologies Corp., Class A (f)		26		8
Zillow Group, Inc., Class C (f)		83		6
Zimmer Biomet Holdings, Inc.		102		9
Zoetis, Inc.		228		36
Zoom Communications, Inc., Class A (f)		127		10
Zscaler, Inc. (f)		51		16
				27,512
Total Common Stocks (Cost $26,028)				36,987
	No. of Rights
Rights (0.0%)‡
United States (0.0%)‡
Contra Abiomed, Inc., expires 12/22/28 (f) (Cost $—@)		14		—	@
	No. of Warrants
Warrants (0.0%)
Canada (0.0%)
Constellation Software, Inc. expires 3/31/40 (f)(g) (Cost $—)		16		—
	Face Amount (000)
Short-Term Investments (15.5%)
U.S. Treasury Security (1.9%)
U.S. Treasury Bill 4.32%, 8/05/25 (h) (Cost $1,583)	$	1,590		1,583
	Shares
Investment Company (13.6%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.25% (See Note H) (Cost $11,153)		11,152,761		11,153
Total Short-Term Investments (Cost $12,736)				12,736
Total Investments (98.5%) (Cost $70,337) (i)(j)(k)				81,059
Other Assets in Excess of Liabilities (1.5%)				1,205
Net Assets (100.0%)			$	82,264

@ 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 June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.

(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 June 30, 2025.

(e) When-issued security.

(f) Non-income producing security.

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

(h) Rate shown is the yield to maturity at June 30, 2025.

(i) The approximate fair value and percentage of net assets, $7,924,000 and 9.6%, 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.

(j) Securities are available for collateral in connection with purchase of when-issued securities, securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.

(k) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $14,694,000 and the aggregate gross unrealized depreciation is approximately $2,977,000, resulting in net unrealized appreciation of approximately $11,717,000.

ADR American Depositary Receipt.

CVA Certificaten Van Aandelen.

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.

TSX Toronto Stock Exchange.

The accompanying notes are an integral part of the consolidated financial statements.
18

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts:

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

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	CNH	1,560		$	219		9/17/25	$	(—	@)
Bank of America NA	$	460		EUR	437		1/6/26		61
Bank of America NA	$	4		ILS	15		9/17/25		—	@
Bank of America NA	$	34		JPY	4,875		9/17/25		(—	@)
Barclays Bank PLC	DKK	26		$	4		9/17/25		(—	@)
Barclays Bank PLC	GBP	12		$	16		9/17/25		(—	@)
Barclays Bank PLC	KRW	172,023		$	126		9/17/25		(2	)
Barclays Bank PLC	NOK	69		$	7		9/17/25		—	@
Barclays Bank PLC	NZD	—	@	$	—	@	9/17/25		(—	@)
Barclays Bank PLC	SGD	46		$	36		9/17/25		(—	@)
Barclays Bank PLC	THB	980		$	30		9/25/25		(—	@)
Barclays Bank PLC	TRY	1,826		$	34		4/6/26		(2	)
Barclays Bank PLC	TRY	4,138		$	77		4/6/26		(6	)
Barclays Bank PLC	TRY	17,516		$	334		4/6/26		(16	)
Barclays Bank PLC	TRY	2,272		$	44		4/6/26		(1	)
Barclays Bank PLC	$	13		CAD	18		9/17/25		(—	@)
Barclays Bank PLC	$	17		CHF	14		9/17/25		—	@
Barclays Bank PLC	$	111		EUR	95		9/17/25		2
Barclays Bank PLC	$	261		EUR	223		9/17/25		3
Barclays Bank PLC	$	79		GBP	57		9/17/25		—	@
Barclays Bank PLC	$	2		ILS	7		9/17/25		—	@
Barclays Bank PLC	$	—	@	MXN	6		9/17/25		—	@
Barclays Bank PLC	$	1		NZD	1		9/17/25		—	@
Barclays Bank PLC	$	39		SGD	49		9/17/25		—	@
Barclays Bank PLC	$	297		TRY	17,232		4/6/26		47
BNP Paribas SA	AUD	599		$	388		9/25/25		(7	)
BNP Paribas SA	AUD	109		$	72		9/17/25		(—	@)
BNP Paribas SA	COP	2,678		$	1		9/17/25		(—	@)
BNP Paribas SA	DKK	105		$	16		9/17/25		(—	@)
BNP Paribas SA	JPY	6,108		$	43		9/17/25		(—	@)
BNP Paribas SA	SEK	78		$	8		9/17/25		—	@
BNP Paribas SA	SGD	16		$	13		9/25/25		(—	@)
BNP Paribas SA	TWD	1,933		$	66		9/17/25		(1	)
BNP Paribas SA	$	27		AUD	41		9/17/25		—	@
BNP Paribas SA	$	50		CAD	68		9/25/25		—	@
BNP Paribas SA	$	14		CLP	13,453		9/17/25		—	@
BNP Paribas SA	$	184		EUR	158		9/17/25		4
BNP Paribas SA	$	216		EUR	183		9/17/25		1
BNP Paribas SA	$	74		HKD	579		9/17/25		(—	@)
BNP Paribas SA	$	24		HKD	185		9/17/25		(—	@)
BNP Paribas SA	$	16		IDR	259,533		9/25/25		—	@
BNP Paribas SA	$	4		MXN	69		9/17/25		—	@
BNP Paribas SA	$	28		RON	122		9/25/25		—	@
BNP Paribas SA	ZAR	11		$	1		9/17/25		(—	@)
Citibank NA	CHF	13		$	17		9/17/25		(—	@)
Citibank NA	GBP	1		$	1		9/17/25		(—	@)
Citibank NA	$	27		CAD	37		9/17/25		(—	@)
Citibank NA	$	8		CZK	168		9/17/25		—	@
Citibank NA	$	15		ILS	51		9/17/25		—	@

The accompanying notes are an integral part of the consolidated financial statements.
19

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts (cont'd):

Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Delivery Date	Unrealized Appreciation (Depreciation) (000)
Citibank NA	$	459	JPY	67,359		1/6/26	$	18
Citibank NA	$	81	JPY	11,493		9/17/25		(—	@)
Citibank NA	$	1,091	JPY	157,566		9/25/25		13
Credit Agricole CIB	$	71	SEK	685		9/25/25		1
Deutsche Bank AG	NZD	2	$	1		9/25/25		(—	@)
Goldman Sachs International	BRL	332	$	59		9/17/25		(1	)
Goldman Sachs International	CHF	7	$	9		9/17/25		(—	@)
Goldman Sachs International	DKK	10	$	2		9/17/25		(—	@)
Goldman Sachs International	EUR	64	$	70		1/6/26		(6	)
Goldman Sachs International	EUR	599	$	693		1/6/26		(21	)
Goldman Sachs International	EUR	280	$	325		4/28/26		(11	)
Goldman Sachs International	EUR	285	$	329		4/28/26		(12	)
Goldman Sachs International	GBP	10	$	13		9/17/25		(—	@)
Goldman Sachs International	HUF	164	$	—	@	9/25/25		(—	@)
Goldman Sachs International	JPY	6,888	$	47		1/6/26		(1	)
Goldman Sachs International	JPY	96,155	$	694		1/6/26		13
Goldman Sachs International	JPY	44,709	$	325		4/28/26		5
Goldman Sachs International	JPY	45,762	$	328		4/28/26		—	@
Goldman Sachs International	MXN	1,558	$	81		9/25/25		(2	)
Goldman Sachs International	MYR	38	$	9		9/17/25		(—	@)
Goldman Sachs International	MYR	299	$	71		9/25/25		(1	)
Goldman Sachs International	NOK	6	$	1		9/17/25		—	@
Goldman Sachs International	THB	39,607	$	1,168		1/6/26		(68	)
Goldman Sachs International	THB	36,390	$	1,090		1/6/26		(46	)
Goldman Sachs International	THB	37,497	$	1,103		1/6/26		(67	)
Goldman Sachs International	THB	107,296	$	3,285		4/28/26		(89	)
Goldman Sachs International	THB	1,757	$	54		9/17/25		—	@
Goldman Sachs International	TRY	1,943	$	35		4/6/26		(3	)
Goldman Sachs International	TRY	49,955	$	997		4/6/26		(1	)
Goldman Sachs International	TRY	30,175	$	506		1/25/27		23
Goldman Sachs International	TRY	28,393	$	468		1/25/27		13
Goldman Sachs International	$	1	AUD	1		9/17/25		—	@
Goldman Sachs International	$	5	AUD	7		9/17/25		—	@
Goldman Sachs International	$	37	CAD	50		9/17/25		(—	@)
Goldman Sachs International	$	8	CAD	11		9/17/25		—	@
Goldman Sachs International	$	135	CAD	184		9/17/25		—	@
Goldman Sachs International	$	250	EUR	226		1/6/26		19
Goldman Sachs International	$	657	EUR	565		4/28/26		20
Goldman Sachs International	$	659	JPY	90,471		4/28/26		(12	)
Goldman Sachs International	$	1	MXN	25		9/17/25		—	@
Goldman Sachs International	$	16	NOK	161		9/25/25		—	@
Goldman Sachs International	$	19	PEN	67		9/25/25		—	@
Goldman Sachs International	$	38	PLN	142		9/25/25		1
Goldman Sachs International	$	84	THB	2,802		1/6/26		4
Goldman Sachs International	$	3,373	THB	110,692		1/6/26		82
Goldman Sachs International	$	1,703	THB	54,034		4/28/26		(4	)
Goldman Sachs International	$	1,666	THB	53,262		4/28/26		9
Goldman Sachs International	$	320	TRY	18,398		4/6/26		48
Goldman Sachs International	$	309	TRY	16,846		4/6/26		27
Goldman Sachs International	$	379	TRY	21,090		4/6/26		42

The accompanying notes are an integral part of the consolidated financial statements.
20

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts (cont'd):

Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Delivery Date	Unrealized Appreciation (Depreciation) (000)
Goldman Sachs International	$	72	TRY	4,084		4/6/26	$	10
Goldman Sachs International	$	968	TRY	58,568		1/25/27		(30	)
JPMorgan Chase Bank NA	CHF	43	$	53		9/17/25		(1	)
JPMorgan Chase Bank NA	CNH	457	$	64		9/17/25		(—	@)
JPMorgan Chase Bank NA	COP	79,815	$	19		9/25/25		(—	@)
JPMorgan Chase Bank NA	DKK	42	$	7		9/17/25		(—	@)
JPMorgan Chase Bank NA	GBP	402	$	543		9/25/25		(10	)
JPMorgan Chase Bank NA	NZD	29	$	17		9/17/25		(—	@)
JPMorgan Chase Bank NA	SEK	219	$	23		9/17/25		—	@
JPMorgan Chase Bank NA	$	159	AUD	243		9/17/25		1
JPMorgan Chase Bank NA	$	52	CHF	42		9/25/25		1
JPMorgan Chase Bank NA	$	17	CLP	15,810		9/25/25		—	@
JPMorgan Chase Bank NA	$	279	CNH	1,987		9/25/25		1
JPMorgan Chase Bank NA	$	916	EUR	786		9/17/25		14
JPMorgan Chase Bank NA	$	27	HKD	211		9/17/25		(—	@)
JPMorgan Chase Bank NA	$	10	HKD	76		9/17/25		—	@
JPMorgan Chase Bank NA	$	18	ILS	60		9/17/25		—	@
JPMorgan Chase Bank NA	$	291	KRW	396,360		9/25/25		5
JPMorgan Chase Bank NA	$	10	PLN	36		9/17/25		—	@
JPMorgan Chase Bank NA	$	19	SEK	181		9/17/25		—	@
JPMorgan Chase Bank NA	ZAR	29	$	2		9/17/25		(—	@)
Royal Bank of Canada	EUR	1,048	$	1,215		9/25/25		(26	)
Royal Bank of Canada	$	128	GBP	94		9/17/25		1
State Street Bank and Trust Co.	$	1	EUR	—	@	9/17/25		—	@
UBS AG	DKK	154	$	24		9/25/25		(1	)
UBS AG	IDR	596,668	$	37		9/17/25		(—	@)
UBS AG	JPY	8,794	$	60		9/25/25		(1	)
UBS AG	NOK	285	$	29		9/17/25		—	@
UBS AG	$	43	CHF	34		9/17/25		—	@
UBS AG	$	717	CNY	5,126		9/17/25		3
UBS AG	$	11	DKK	71		9/17/25		—	@
UBS AG	$	311	EUR	266		9/17/25		5
UBS AG	$	19	HKD	151		9/17/25		(—	@)
UBS AG	$	1	HUF	419		9/17/25		—	@
UBS AG	$	29	IDR	466,488		9/17/25		(—	@)
UBS AG	$	388	INR	33,352		9/17/25		(1	)
UBS AG	$	41	INR	3,552		9/17/25		(—	@)
UBS AG	$	248	JPY	35,683		1/6/26		5
UBS AG	$	179	JPY	25,579		9/17/25		(—	@)
UBS AG	$	83	JPY	12,033		9/17/25		1
UBS AG	$	1	MXN	25		9/17/25		—	@
UBS AG	$	7	NOK	73		9/17/25		—	@
UBS AG	$	1	TRY	62		9/17/25		—	@
							$	53

The accompanying notes are an integral part of the consolidated financial statements.
21

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Futures Contracts:

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

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
CAC 40 Index (France)		1	Jul-25	EUR	—	@	$	90		$	(1	)
Eurex MSCI Indonesia Index (United States)		56	Sep-25	$	1			860			(22	)
Euro Stoxx 50 Index (Germany)		4	Sep-25	EUR	—	@		251			3
Euro-Buxl 30 yr. Bond Index (Germany)		1	Sep-25		100			140			(1	)
FTSE 100 Index (United Kingdom)		1	Sep-25	GBP	—	@		121			(2	)
FTSE MIB Index (Italy)		1	Sep-25	EUR	—	@		235			—	@
German Euro-Schatz Index (Germany)		10	Sep-25		1,000			1,263			(2	)
Hang Seng Index (Hong Kong)		1	Jul-25	HKD	—	@		153			1
IBEX 35 Index (Spain)		1	Jul-25	EUR	—	@		164			(1	)
IFSC NIFTY 50 Index (United States)		9	Jul-25	$	—	@		461			5
KFE 10 yr. Treasury Bond Index (Korea, Republic of)		5	Sep-25	KRW	500,000			439			1
Long Gilt Index (United Kingdom)		1	Sep-25	GBP	100			128			4
S&P/TSX 60 Index (Canada)		1	Sep-25	CAD	—	@		235			3
SFE S&P ASX Share Price Index (Australia)		1	Sep-25	AUD	—	@		141			—	@
SGX MSCI Singapore Index (Singapore)		1	Jul-25	SGD	—	@		32			1
U.S. Treasury 2 yr. Note (United States)		4	Sep-25	$	800			832			3
U.S. Treasury 5 yr. Note (United States)		12	Sep-25		1,200			1,308			16
U.S. Treasury 10 yr. Note (United States)		1	Sep-25		100			112			—	@
U.S. Treasury 10 yr. Ultra Note (United States)		13	Sep-25		1,300			1,485			29
U.S. Treasury Long Bond (United States)		3	Sep-25		300			346			11
U.S. Treasury Ultra Long Bond (United States)		5	Sep-25		500			596			23
Short:
Euro-BTP Italian Bond Index (Germany)		1	Sep-25	EUR	(100	)		(142	)		(1	)
French Government Bond Index (Germany)		2	Sep-25		(200	)		(292	)		2
German Euro-Bobl Index (Germany)		4	Sep-25		(400	)		(554	)		1
German Euro-Bund Index (Germany)		6	Sep-25		(600	)		(920	)		4
MSCI Emerging Market Index (United States)		22	Sep-25	$	(1	)		(1,357	)		(21	)
S&P 500 E Mini Index (United States)		6	Sep-25		(—	@)		(1,876	)		(66	)
SFE 10 yr. Australian Bond Index (Australia)		4	Sep-25	AUD	(400	)		(302	)		(2	)
TSE TOPIX Index (Japan)		3	Sep-25	JPY	(30	)		(595	)		(13	)
U.S. Treasury 10 yr. Note (United States)		1	Sep-25	$	(100	)		(112	)		(1	)
U.S. Treasury 10 yr. Ultra Note (United States)		5	Sep-25		(500	)		(571	)		(10	)
										$	(36	)

Centrally Cleared Interest Rate Swap Agreements:

The Fund had the following centrally cleared interest rate swap agreements open at June 30, 2025:

Swap Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate			Payment Frequency Paid/ Received	Maturity Date	Notional Amount (000)		Value (000)		Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC	12 Months U.S. Consumer Price Index	Receive		2.35	%	Maturity/ Maturity	4/15/35		736	$	7	$	—	$	7
Morgan Stanley & Co. LLC	12 Months U.S. Consumer Price Index	Receive		2.34		Maturity/ Maturity	4/15/35		736		8		—		8
Morgan Stanley & Co. LLC	BRL-CDI	Pay		13.49		Maturity/ Maturity	1/3/28		2,952		3		—		3
Morgan Stanley & Co. LLC	BRL-CDI	Pay		13.56		Maturity/ Maturity	1/3/28		6,379		9		—		9
Morgan Stanley & Co. LLC	BRL-CDI	Pay		14.99		Maturity/ Maturity	1/3/28		5,792		48		5		43

The accompanying notes are an integral part of the consolidated financial statements.
22

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Centrally Cleared Interest Rate Swap Agreements (cont'd):

Swap Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate			Payment Frequency Paid/ Received	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC	SOFR	Receive		3.53	%	Annual/ Annual	4/4/30		1,031	$	(3	)	$	—	$	(3	)
Morgan Stanley & Co. LLC	THOR	Pay		1.75		Quarterly/ Quarterly	3/12/30		81,945		56			—		56
Morgan Stanley & Co. LLC	TONAR	Receive		2.02		Annual/ Annual	3/12/55		4,427		1			—		1
Morgan Stanley & Co. LLC	TONAR	Receive		1.89		Annual/ Annual	1/8/55		5,608		2			—		2
Morgan Stanley & Co. LLC	TONAR	Receive		1.83		Annual/ Annual	1/30/55		1,657		1			—		1
Morgan Stanley & Co. LLC	TONAR	Receive		1.83		Annual/ Annual	1/30/55		1,654		1			—		1
Morgan Stanley & Co. LLC	TONAR	Receive		1.80		Annual/ Annual	1/31/55		3,316		2			—		2
Morgan Stanley & Co. LLC	TONAR	Receive		1.74		Annual/ Annual	11/12/54		9,983		6			—		6
										$	141		$	5	$	136

Total Return Swap Agreements:

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

Swap Counterparty	Index	Pay/ Receive Total Return of Reference Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Barclays Bank PLC	Barclays Japan REITs Index††	Pay	TONAR + 0.02%	Quarterly	11/11/25	JPY	105,858	$	30		$	—	$	30
Barclays Bank PLC	Barclays Japan REITs Index††	Pay	TONAR + 0.05%	Quarterly	11/11/25		61,914		17			—		17
Barclays Bank PLC	Barclays Japan REITs Index††	Pay	TONAR + 0.20%	Quarterly	11/11/25		33,391		9			—		9
Barclays Bank PLC	Barclays Japan REITs Index††	Pay	TONAR + 0.20%	Quarterly	11/11/25		33,511		9			—		9
Barclays Bank PLC	Barclays Japan REITs Index††	Pay	TONAR + 0.20%	Quarterly	11/11/25		37,276		11			—		11
Barclays Bank PLC	U.S. Cyclicals Index††	Receive	SOFR + 0.60%	Quarterly	5/20/26	$	738		(1	)		—		(1	)
Barclays Bank PLC	U.S. Cyclicals Index††	Receive	SOFR + 0.00%	Quarterly	5/20/26		762		(11	)		—		(11	)
Barclays Bank PLC	U.S. Defensives Index††	Pay	SOFR + 0.60%	Quarterly	5/20/26		739		(4	)		—		(4	)
Barclays Bank PLC	U.S. Defensives Index††	Pay	SOFR + 0.00%	Quarterly	5/20/26		758		(2	)		—		(2	)
BNP Paribas SA	BNP EMU Domestic Index††	Pay	ESTR + 0.05%	Quarterly	12/15/25	EUR	503		(6	)		—		(6	)
BNP Paribas SA	BNP EMU Domestic Index††	Pay	ESTR + 0.05%	Quarterly	12/15/25		456		(5	)		—		(5	)
BNP Paribas SA	BNP EMU Domestic Index††	Pay	ESTR + 0.05%	Quarterly	12/15/25		484		(6	)		—		(6	)
BNP Paribas SA	BNP EMU Growth Index	Receive	SOFR + 0.00%	Quarterly	9/18/25		612		(7	)		—		(7	)
BNP Paribas SA	BNP EMU Growth Quality Index	Receive	SOFR + 0.00%	Quarterly	9/18/25		539		(9	)		—		(9	)
BNP Paribas SA	BNP EMU Value Index	Pay	ESTR + 0.00%	Quarterly	9/18/25		611		2			—		2
BNP Paribas SA	BNP EMU Value Quality Index	Pay	ESTR + 0.00%	Quarterly	9/18/25		540		(—	@)		—		(—	@)
BNP Paribas SA	BNP U.S. Domestics Index††	Receive	SOFR + 0.85%	Quarterly	12/12/25	$	206		(2	)		—		(2	)
BNP Paribas SA	BNP U.S. Domestics Index††	Receive	SOFR + 0.85%	Quarterly	12/12/25		255		(3	)		—		(3	)
BNP Paribas SA	BNP U.S. Domestics Index††	Receive	SOFR + 0.85%	Quarterly	12/12/25		15		(—	@)		—		(—	@)
BNP Paribas SA	BNP U.S. Domestics Index††	Receive	SOFR + 0.85%	Quarterly	12/12/25		555		(6	)		—		(6	)
BNP Paribas SA	BNP U.S. Domestics Index††	Receive	SOFR + 0.53%	Quarterly	12/12/25		564		(6	)		—		(6	)
BNP Paribas SA	EM Value + Quality Index††	Pay	SOFR + 0.65%	Quarterly	5/21/26		1,227		102			—		102
BNP Paribas SA	Japanese Domestics Index	Pay	TONAR + 0.00%	Quarterly	4/16/26	JPY	70,363		40			—		40
BNP Paribas SA	MSCI Emerging Markets ex China Gross Return USD Index	Receive	SOFR + 0.53%	Quarterly	5/21/26	$	1,679		(107	)		—		(107	)

The accompanying notes are an integral part of the consolidated financial statements.
23

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements (cont'd):

Swap Counterparty	Index	Pay/ Receive Total Return of Reference Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	MSCI Japan Net Total Return USD Index	Pay	SOFR + 0.36%	Quarterly	2/10/26		$2,507		$104			$—		$104
Goldman Sachs International	MSCI Emerging Markets Net Total Return Index	Pay	SOFR + 0.38%	Quarterly	1/28/26		4,943		579			—		579
JPMorgan Chase Bank NA	EM Anti-Value + Quality + Korea short Index††	Receive	SOFR + 2.0%	Quarterly	5/26/26		1,637		(133	)		—		(133	)
JPMorgan Chase Bank NA	EM Value + Quality + Korea Long Index††	Pay	SOFR + 0.72%	Quarterly	5/26/26		1,638		116			—		116
JPMorgan Chase Bank NA	JPM Japan Growth Index††	Receive	SOFR + 0.00%	Quarterly	6/18/26		1,586		(51	)		—		(51	)
JPMorgan Chase Bank NA	JPM Japan Value Index††	Pay	SOFR + 0.00%	Quarterly	6/18/26		1,583		35			—		35
JPMorgan Chase Bank NA	JPM U.S. Anti-Value Index	Receive	SOFR + 0.00%	Quarterly	6/18/26		504		(10	)		—		(10	)
JPMorgan Chase Bank NA	JPM U.S. Value Index	Pay	SOFR + 0.00%	Quarterly	6/18/26		504		9			—		9
UBS AG	MSCI Emerging Markets ex China Index	Pay	SOFR + 0.44%	Quarterly	3/26/26		264		4			—		4
UBS AG	MSCI Emerging Markets ex China Index	Pay	SOFR + 0.44%	Quarterly	3/26/26		160		3			—		3
UBS AG	MSCI USA Index	Pay	SOFR + 0.75%	Quarterly	9/23/25		4,278		141			—		141
								$	842		$	—	$	842

†† See tables below for details of the equity basket holdings underlying the swaps.

The following table represents the equity basket individual holdings underlying the total return swap with Barclays Japan REITs Index as of June 30, 2025:

Security Description	Shares		Value (000)		Percentage of Net Assets
Barclays Japan REITs Index
Activia Properties, Inc.		1,068	$	909		1.11	%
Daiwa House REIT Investment Corp.		1,037		1,752		2.13
Daiwa Office Investment Corp.		431		956		1.16
Fukuoka REIT Corp.		398		476		0.58
Global One Real Estate Investment Corp.		451		428		0.52
Hankyu Hanshin REIT, Inc.		312		338		0.41
Heiwa Real Estate REIT, Inc.		535		502		0.61
Honeys Holdings Co. Ltd.		12,600		138		0.17
Hulic REIT, Inc.		643		696		0.85
Ichigo Office REIT Investmentment corp.		696		443		0.54
Japan Excellent, Inc.		591		548		0.67
Japan Metropolitan Fund Investment corp.		3,236		2,291		2.78
Japan Prime Realty Investmentment corp.		1,804		1,159		1.41
Japan Real Estate Investment Corp.		3,215		2,631		3.20
Kdx Realty Investment Corp.		1,817		1,968		2.39
Mirai Corp.		865		265		0.32
Mori Hills REIT Investment Corp.		866		804		0.98
Mori Trust REIT, Inc.		1,599		766		0.93
Nippon Building Fund, Inc.		3,938		3,632		4.42

Security Description	Shares		Value (000)		Percentage of Net Assets
Barclays Japan REITs Index (cont'd)
Nippon REIT Investment Corp.		804	$	493		0.60	%
Nomura Real Estate Master Fund, Inc.		2,102		2,147		2.61
NTT UD REIT Investment Corp.		662		588		0.71
One REIT, Inc.		123		220		0.27
Orix JREIT, Inc.		1,242		1,619		1.97
Sekisui House REIT, Inc.		1,961		1,033		1.26
Star Asia Investment Corp.		1,212		481		0.58
Takara Leben Real Estate Investment Corp.		412		258		0.31
Tokyu REIT, Inc.		441		596		0.72
Tosei REIT Investment Corp.		170		160		0.19
United Urban Investment Corp.		1,393		1,499		1.82
Xymax REIT Investment Corp.		112		88		0.11

The following table represents the equity basket top 50 holdings underlying the total return swap with U.S. Cyclicals Index as of June 30, 2025:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Cyclicals Index
3M Co.		8,002	$	1,218		1.48	%
Air Products & Chemicals, Inc.		3,287		927		1.13
Airbnb, Inc. — Class A		6,469		856		1.04

The accompanying notes are an integral part of the consolidated financial statements.
24

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Cyclicals Index (cont'd)
Automatic Data Processing		5,951	$	1,835		2.23	%
Autozone, Inc.		243		902		1.10
Booking Holdings, Inc.		487		2,819		3.43
Carrier Global Corp.		11,876		869		1.06
Caterpillar, Inc.		7,106		2,759		3.35
Chipotle Mexican Grill, Inc.		20,020		1,124		1.37
Cintas Corp.		5,020		1,119		1.36
Corteva, Inc.		10,068		750		0.91
CSX Corp.		28,669		935		1.14
Deere & Co.		3,742		1,903		2.31
Doordash, Inc. — Class A		4,976		1,227		1.49
Eaton Corp. PLC		5,862		2,093		2.54
Ecolab, Inc.		3,676		990		1.20
Emerson Electric Co.		8,360		1,115		1.35
Fastenal Co.		16,864		708		0.86
Fedex Corp.		3,318		754		0.92
Freeport-Mcmoran, Inc.		20,906		906		1.10
GE Vernova, Inc.		3,971		2,101		2.55
General Motors Co.		14,773		727		0.88
Hilton Worldwide Holdings, Inc.		3,534		941		1.14
Home Depot, Inc.		14,683		5,383		6.54
Honeywell International, Inc.		9,541		2,222		2.70
Illinois Tool Works, Inc.		3,933		972		1.18
Johnson Controls International PLC		9,720		1,027		1.25
Linde PLC		7,006		3,287		4.00
Lowe's Cos, Inc.		8,320		1,846		2.24
Marriott International — Class A		3,382		924		1.12
Mcdonald's Corp.		10,495		3,066		3.73
Newmont Corp.		16,613		968		1.18
Nike, Inc. — Class B		17,902		1,272		1.55
Norfolk Southern Corp.		3,372		863		1.05
O'Reilly Automotive, Inc.		12,570		1,133		1.38
PACCAR, Inc.		7,732		735		0.89
Parker Hannifin Corp.		1,910		1,334		1.62
Quanta Services, Inc.		2,180		824		1.00
Republic Services, Inc.		2,962		730		0.89
Royal Caribbean Cruises Ltd.		3,662		1,147		1.39
Sherwin-Williams Co.		3,444		1,183		1.44
Starbucks Corp.		16,950		1,553		1.89
TJX Companies, Inc.		16,481		2,035		2.47
Trane Technologies PLC		3,303		1,445		1.76
Uber Technologies, Inc.		30,920		2,885		3.51
Union Pacific Corp.		9,008		2,073		2.52
United Parcel Service — Class B		11,081		1,119		1.36
United Rentals, Inc.		968		729		0.89
Waste Management, Inc.		5,340		1,222		1.49
WW Grainger, Inc.		654		680		0.83

The following table represents the equity basket top 50 holdings underlying the total return swap with U.S. Defensives Index as of June 30, 2025:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Defensives Index
Abbott Laboratories		28,445	$	3,869		4.70	%
Abbvie, Inc.		28,137		5,223		6.35
American Electric Power Co., Inc.		17,001		1,764		2.14
Amgen, Inc.		8,331		2,326		2.83
AT&T, Inc.		440,271		12,741		15.49
Boston Scientific Corp.		25,165		2,703		3.29
Bristol-Myers Squibb Co.		31,615		1,463		1.78
Coca-Cola Co.		82,163		5,813		7.07
Colgate-Palmolive Co.		17,189		1,562		1.90
Consolidated Edison, Inc.		11,087		1,113		1.35
Constellation Energy		9,922		3,202		3.89
Costco Wholesale Corp.		9,541		9,445		11.48
CVS Health Corp.		20,185		1,392		1.69
Danaher Corp.		10,169		2,009		2.44
Dominion Energy, Inc.		26,728		1,511		1.84
Duke Energy Corp.		24,649		2,909		3.54
Elevance Health, Inc.		3,903		1,518		1.85
Eli Lilly & Co.		12,322		9,605		11.68
Entergy Corp.		13,670		1,136		1.38
Exelon Corp.		32,243		1,400		1.70
Gilead Sciences, Inc.		19,319		2,142		2.60
HCA Healthcare, Inc.		3,042		1,165		1.42
Intuitive Surgical, Inc.		6,068		3,297		4.01
Johnson & Johnson		38,440		5,872		7.14
Kroger Co.		14,504		1,040		1.26
Mckesson Corp.		2,073		1,519		1.85
Medtronic PLC		20,659		1,801		2.19
Merck & Co. Inc.		39,449		3,123		3.80
Mondelez International, Inc. — Class A		27,087		1,827		2.22
Nextera Energy, Inc.		65,985		4,581		5.57
NRG Energy, Inc.		6,582		1,057		1.28
Pepsico, Inc.		29,211		3,857		4.69
Pfizer, Inc.		88,467		2,144		2.61
PG&E Corp.		74,813		1,043		1.27
Procter & Gamble Co.		49,921		7,953		9.67
Public Service Enterprise Group		15,822		1,332		1.62
Sempra		20,297		1,538		1.87
Southern Co.		34,722		3,189		3.88
Stryker Corp.		5,689		2,251		2.74
The Cigna Group		4,522		1,495		1.82
Thermo Fisher Scientific, Inc.		6,214		2,520		3.06
T-Mobile US, Inc.		29,666		7,068		8.59
Unitedhealth Group, Inc.		14,594		4,553		5.53
Verizon Communications, Inc.		259,232		11,217		13.64
Vertex Pharmaceuticals, Inc.		4,096		1,824		2.22

The accompanying notes are an integral part of the consolidated financial statements.
25

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Defensives Index (cont'd)
Vistra Corp.		10,614	$	2,057		2.50	%
Walmart, Inc.		92,712		9,065		11.02
Wec Energy Group, Inc.		10,125		1,055		1.28
Xcel Energy, Inc.		18,585		1,266		1.54
Zoetis, Inc.		7,186		1,121		1.36

The following table represents the equity basket holdings underlying the total return swap with BNP EMU Domestic Index as of June 30, 2025:

Security Description	Shares		Value (000)		Percentage of Net Assets
BNP EMU Domestic Index
ADP		212	$	23		0.03	%
Aena SME SA		2,054		47		0.06
Basic-Fit NV		885		23		0.03
Bechtle AG		707		28		0.03
Bouygues SA		927		36		0.04
Canal SA		3,237		9		0.01
Capgemini SE		346		50		0.06
Compagnie De Saint Gobain		928		92		0.11
Deutsche Lufthansa — Reg		3,770		27		0.03
D'Ieteren Group		149		27		0.03
Eiffage		324		39		0.05
FDJ United		646		21		0.03
Fraport Ag Frankfurt Airport		411		26		0.03
Getlink SE		1,623		27		0.03
Havas NV		3,176		5		0.01
Indra Sistemas SA		1,192		44		0.05
Industria de Diseno Textil SA		2,028		90		0.11
Iveco Group NV		2,167		36		0.04
Kingspan Group PLC		521		38		0.05
Louis Hachette Group		3,234		6		0.01
Prosiebensat.1 Media SE		3,570		26		0.03
Randstad NV		636		25		0.03
Rheinmetall AG		24		44		0.05
Scout24 SE		329		38		0.05
Smurfit Westrock PLC		1,155		42		0.05
Stora Enso OYJ — Class R		2,767		26		0.03
Vinci SA		954		119		0.15
Vivendi SE		3,176		9		0.01
Zalando SE		866		24		0.03

The following table represents the equity basket to 50 individual holdings underlying the total return swap with BNP U.S. Domestics Index as of June 30, 2025:

Security Description	Shares		Value (000)		Percentage of Net Assets
BNP U.S. Domestics Index
Arista Networks, Inc.		232	$	24		0.03	%
Automatic Data Processing		88		27		0.03

Security Description	Shares		Value (000)		Percentage of Net Assets
BNP U.S. Domestics Index (cont'd)
Autozone, Inc.		4	$	14		0.02	%
Broadridge Financial Solutions		25		6		0.01
Charter Communications, Inc. — Class A		20		8		0.01
Cintas Corp.		79		18		0.02
Cognizant Tech Solutions — Class A		108		8		0.01
Comcast Corp. — Class A		838		30		0.04
Copart, Inc.		188		9		0.01
Crowdstrike Holdings, Inc. — Class A		50		26		0.03
CSX Corp.		421		14		0.02
Darden Restaurants, Inc.		25		6		0.01
Datadog, Inc. — Class A		61		8		0.01
Doordash, Inc. — Class A		67		16		0.02
DR Horton, Inc.		64		8		0.01
Equifax, Inc.		27		7		0.01
Fair Isaac Corp.		5		10		0.01
Fastenal Co.		248		10		0.01
Fedex Corp.		50		11		0.01
Hilton Worldwide Holdings, Inc.		53		14		0.02
Home Depot, Inc.		215		79		0.10
Lennar Corp. — Class A		52		6		0.01
Lowe's Cos, Inc.		123		27		0.03
Lululemon Athletica, Inc.		24		6		0.01
Marriott International — Class A		52		14		0.02
Martin Marietta Materials		13		7		0.01
Norfolk Southern Corp.		49		13		0.02
Old Dominion Freight Line		42		7		0.01
O'Reilly Automotive, Inc.		189		17		0.02
Quanta Services, Inc.		32		12		0.01
Republic Services, Inc.		48		12		0.01
Roper Technologies, Inc.		23		13		0.02
Ross Stores, Inc.		72		9		0.01
Sherwin-Williams Co.		52		18		0.02
Snowflake, Inc.		65		15		0.02
Starbucks Corp.		246		23		0.03
TJX Companies, Inc.		245		30		0.04
Tractor Supply Company		117		6		0.01
Trane Technologies PLC		49		21		0.03
Tyler Technologies, Inc.		9		5		0.01
Union Pacific Corp.		132		30		0.04
United Parcel Service — Class B		159		16		0.02
United Rentals, Inc.		14		11		0.01
Verisk Analytics, Inc.		31		10		0.01
Vulcan Materials Co.		29		7		0.01
Walt Disney Co.		393		49		0.06
Waste Connections, Inc.		56		10		0.01
Waste Management, Inc.		87		20		0.02
Workday, Inc. — Class A		46		11		0.01
WW Grainger, Inc.		10		10		0.01

The accompanying notes are an integral part of the consolidated financial statements.
26

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket to 50 holdings underlying the total return swap with EM Value + Quality Index as of June 30, 2025:

Security Description	Shares		Value (000)		Percentage of Net Assets
EM Value + Quality Index
Akbank T.A.S.		3,407	$	6		0.01	%
Arca Continental SAB de CV		906		10		0.01
Astra International Tbk. PT		25,267		7		0.01
Banco Do Brasil SA		2,252		9		0.01
Bank Mandiri Persero Tbk. PT		39,866		12		0.01
Bank Pekao SA		206		11		0.01
Bidvest Group Ltd.		444		6		0.01
Cemex SAB-CPO		10,132		7		0.01
Cia Saneamento Basico do Estado de Sao Paulo		603		13		0.02
Compal Electronics		10,994		11		0.01
Dubai Islamic Bank		4,725		12		0.01
Emaar Properties PJSC		3,533		13		0.02
Emirates NBD PJSC		1,975		12		0.01
Emirates Telecom Group Co.		4,562		22		0.03
Eurobank Ergasias Services and Holdings SA		2,840		10		0.01
Evergreen Marine Corp. Ltd.		1,345		9		0.01
Fubon Financial Holding Co.		9,221		28		0.03
Gold Fields Ltd.		580		14		0.02
Grupo Financiero Banorte		2,835		26		0.03
Grupo Mexico SAB de CV — Ser B		2,082		13		0.02
Hyundai Mobis Co. Ltd.		61		13		0.02
Itau Unibanco Holding SA — Pref		5,839		40		0.05
Itausa SA		6,326		13		0.02
JBS NV		681		10		0.01
Kia Corp.		235		17		0.02
Largan Precision Co. Ltd.		161		13		0.02
LG Electronics, Inc.		107		6		0.01
LG Innotek Co. Ltd.		97		11		0.01
MOL Hungarian Oil and Gas PLC		1,180		10		0.01
National Bank of Greece		957		12		0.01
Nedbank Group Ltd.		521		7		0.01
OTP Bank PLC		247		20		0.02
Pegatron Corp.		3,949		10		0.01
PTT Exploration & Production Public Company Ltd.		4,046		13		0.02
Realtek Semiconductor Corp.		709		14		0.02
Richter Gedeon Nyrt		357		10		0.01
Samsung Electro-Mechanics Co.		127		13		0.02
Samsung Electronics — Pref		755		28		0.03
Samsung Electronics Co. Ltd.		4,402		194		0.24
Samsung Fire & Marine Insurance		34		11		0.01
Samsung SDS Co. Ltd.		112		14		0.02
SK Hynix, Inc.		236		51		0.06
Sk Square Co. Ltd.		123		17		0.02
Standard Bank Group Ltd.		1,510		19		0.02
Taiwan Semiconductor Manufacturing Co. Ltd.		1,026		37		0.05

Security Description	Shares		Value (000)		Percentage of Net Assets
EM Value + Quality Index (cont'd)
Telkom Indonesia Persero Tbk. PT		61,593	$	11		0.01	%
Ultrapar Participacoes SA		2,080		7		0.01
Vale SA		2,438		24		0.03
Zhen Ding Technology Holding Ltd.		231,685		912		1.11
Zhen Ding Technology Holding Ltd.		3,040		10		0.01

The following table represents the equity basket top 50 holdings underlying the total return swap with EM Anti-Value + Quality + Korea Short Index as of June 30, 2025:

Security Description	Shares		Value (000)		Percentage of Net Assets
EM Anti-Value + Quality + Korea short Index
Alchip Technologies Ltd.		11,519	$	1,220		1.48	%
Alfa S.A.B. — Class A		1,788,283		1,317		1.60
Amman Mineral Internasional		2,707,270		1,416		1.72
Axiata Group Berhad		2,350,319		1,290		1.57
Barito Pacific Tbk.Pt		19,061,394		1,960		2.38
Bid Corp. Ltd.		50,769		1,339		1.63
Boubyan Bank K.S.C		529,398		1,247		1.52
Capitec Bank Holdings Ltd.		6,014		1,205		1.46
Celltrion, Inc.		10,497		1,238		1.50
Cencosud SA		394,528		1,342		1.63
Chang Hwa Commercial Bank		1,884,118		1,205		1.47
Co For Cooperative Insurance		30,941		1,303		1.58
Coca-Cola Femsa Sab De CV		140,087		1,354		1.65
CP Axtra PCL		2,186,135		1,205		1.46
Doosan Enerbility Co. Ltd.		40,425		2,043		2.48
E Ink Holdings, Inc.		160,781		1,216		1.48
E.Sun Financial Holding Co.		1,162,341		1,306		1.59
Elite Material Co. Ltd.		47,676		1,438		1.75
Embraer SA		95,765		1,357		1.65
First Financial Holding Co.		1,276,670		1,269		1.54
Fomento Economico Mexica-UBD		123,856		1,272		1.55
Gulf Bank		1,049,454		1,232		1.50
Hanjin Kal Corp.		14,201		1,240		1.51
HD Hyundai Heavy Industries		3,961		1,254		1.52
Hybe Co. Ltd.		5,665		1,293		1.57
Impala Platinum Holdings Ltd.		149,827		1,344		1.63
Jentech Precision Industrial Co. Ltd.		26,204		1,354		1.65
Kakao Corp.		42,206		1,871		2.27
Kakaobank Corp.		70,466		1,562		1.90
Kuwait Finance House		482,182		1,265		1.54
LG Display Co. Ltd.		190,435		1,261		1.53
Mabanee Co KPSC		554,945		1,587		1.93
Mirae Asset Securities Co. Ltd.		119,002		1,886		2.29
Motiva Infraestrutura de Mobilidade SA		479,466		1,216		1.48
MTN Group Ltd.		168,345		1,338		1.63
Naver Corp.		8,553		1,659		2.02
Ncsoft Corp.		10,165		1,551		1.89
Nu Holdings Ltd.		97,015		1,331		1.62
Outsurance Group Ltd.		280,018		1,238		1.50

The accompanying notes are an integral part of the consolidated financial statements.
27

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
EM Anti-Value + Quality + Korea short Index (cont'd)
Qatar Gas Transport		1,009,426	$	1,374		1.67	%
Rumo SA		357,866		1,220		1.48
Samsung Heavy Industries		106,152		1,314		1.60
Samsung SDI Co. Ltd.		9,769		1,247		1.52
Sinopac Financial Holdings		1,517,082		1,256		1.53
SK Innovation Co. Ltd.		22,332		2,019		2.45
SKC Co. Ltd.		16,923		1,378		1.67
S-Oil Corp.		36,987		1,637		1.99
Taiwan Business Bank		2,351,986		1,235		1.50
Trust Fibra UNO		1,164,377		1,604		1.95
Unimicron Technology Corp.		334,895		1,306		1.59

The following table represents the equity basket top 50 individual holdings underlying the total return swap with EM Value + Quality + Korea Long Index as of June 30, 2025:

Security Description	Shares		Value (000)		Percentage of Net Assets
EM Value + Quality + Korea Long Index
Absa Group Ltd.		124,263	$	1,234		1.50	%
Akbank T.A.S.		863,801		1,479		1.80
Bank Pekao SA		24,350		1,248		1.52
Cia Energetica Minas Ger — Prf		715,968		1,422		1.73
Cia Saneamento Basico do Estado de Sao Paulo		63,975		1,402		1.70
CJ Cheiljedang Corp.		7,051		1,297		1.58
Commercial International Bank		727,124		1,236		1.50
Compal Electronics		1,203,822		1,194		1.45
Coway Co. Ltd.		17,587		1,258		1.53
CPFL Energia SA		188,685		1,418		1.72
DB Insurance Co. Ltd.		16,677		1,519		1.85
Doosan Bobcat, Inc.		34,035		1,463		1.78
Dubai Islamic Bank		537,168		1,327		1.61
Energisa SA		161,898		1,439		1.75
Eurobank Ergasias Services and Holdings SA		387,344		1,329		1.62
Fubon Financial Holding Co.		431,952		1,290		1.57
Gerdau SA — Pref		418,172		1,231		1.50
Gold Fields Ltd.		51,687		1,213		1.47
Grupo Financiero Banorte		132,301		1,206		1.47
Grupo Mexico SAB de CV — Ser B		210,152		1,269		1.54
Hankook Tire & Technology Co.		41,303		1,213		1.47
Hyundai Glovis Co. Ltd.		14,906		1,484		1.80
Hyundai Mobis Co. Ltd.		6,417		1,361		1.65
Hyundai Motor Co. Ltd. — 2nd Prf		10,580		1,242		1.51
Itau Unibanco Holding SA — Pref		175,830		1,195		1.45
Kia Corp.		17,413		1,247		1.52
Largan Precision Co. Ltd.		15,227		1,240		1.51
Latam Airlines Group SA		63,791,327		1,289		1.57
LG Electronics, Inc.		22,590		1,232		1.50
LG Innotek Co. Ltd.		10,983		1,196		1.45
LG Uplus Corp.		122,162		1,291		1.57

Security Description	Shares		Value (000)		Percentage of Net Assets
EM Value + Quality + Korea Long Index (cont'd)
Meritz Financial Group, Inc.		14,473	$	1,203		1.46	%
Nahdi Medical Co.		36,185		1,232		1.50
National Bank of Greece		97,662		1,244		1.51
Piraeus Financial Holdings SA		178,692		1,236		1.50
Ptt Explor & Prod PCL		365,214		1,231		1.50
Realtek Semiconductor Corp.		65,694		1,274		1.55
Reinet Investments SCA		43,099		1,401		1.70
Samsung Electro-Mechanics Co.		13,157		1,309		1.59
Samsung Electronics — Pref		34,486		1,261		1.53
Samsung Electronics Co. Ltd.		28,512		1,260		1.53
Samsung Fire & Marine Insurance		4,340		1,392		1.69
Samsung SDS Co. Ltd.		11,799		1,478		1.80
SK Hynix, Inc.		7,921		1,709		2.08
Sk Square Co. Ltd.		16,207		2,191		2.66
SK Telecom		30,777		1,289		1.57
Tim SA		325,362		1,320		1.60
Turkiye Is Bankasi — Class C		4,122,685		1,382		1.68
Ultrapar Participacoes SA		389,924		1,258		1.53
Yapi Ve Kredi Bankasi		1,704,870		1,357		1.65

The following table represents the equity basket individual holdings underlying the total return swap with JPM Japan Growth Index as of June 30, 2025:

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Japan Growth Index
Advantest Corp.		308,331	$	22,778		27.69	%
Ajinomoto Co., Inc.		778,635		21,103		25.65
Asics Corp.		846,401		21,596		26.25
Capcom Co. Ltd.		622,510		21,291		25.88
Chugai Pharmaceutical Co. Ltd.		385,278		20,101		24.44
Disco Corp.		82,669		24,434		29.70
Fanuc Corp.		748,061		20,435		24.84
Fast Retailing Co. Ltd.		61,189		21,009		25.54
Fujikura Ltd.		418,928		21,991		26.73
Hikari Tsushin, Inc.		69,263		20,438		24.84
Hitachi Ltd.		717,364		20,915		25.42
IHI Corp.		180,977		19,625		23.86
Japan Exchange Group, Inc.		1,828,237		18,513		22.50
Kao Corp.		430,100		19,255		23.41
Keyence Corp.		49,384		19,804		24.07
Kobe Bussan Co. Ltd.		613,103		19,035		23.14
M3, Inc.		1,428,825		19,669		23.91
Mitsubishi Heavy Industries		803,837		20,120		24.46
Monotaro Co. Ltd.		1,001,625		19,757		24.02
Nintendo Co. Ltd.		240,545		23,149		28.14
Nippon Building Fund, Inc.		21,591		19,895		24.18
Nippon Paint Holdings Co. Ltd.		2,593,093		20,855		25.35
Nippon Sanso Holdings Corp.		547,400		20,734		25.20
Obic Co. Ltd.		527,208		20,510		24.93
Oracle Corp. Japan		166,353		19,821		24.09

The accompanying notes are an integral part of the consolidated financial statements.
28

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Japan Growth Index (cont'd)
Oriental Land Co. Ltd.		902,976	$	20,810		25.30	%
Rakuten Group, Inc.		3,559,264		19,653		23.89
Recruit Holdings Co. Ltd.		362,258		21,437		26.06
Resona Holdings, Inc.		2,178,427		20,118		24.46
Sanrio Co. Ltd.		424,514		20,509		24.93
Smc Corp.		56,324		20,322		24.70
T&D Holdings, Inc.		884,358		19,437		23.63
Terumo Corp.		1,107,947		20,357		24.75
Tokio Marine Holdings, Inc.		485,069		20,552		24.98

The following table represents the equity basket holdings underlying the total return swap with JPM Japan Value Index as of June 30, 2025:

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Japan Value Index
AGC, Inc.		623,625	$	18,277		22.22	%
Ana Holdings, Inc.		956,983		18,728		22.77
Asahi Kasei Corp.		2,759,287		19,648		23.88
Astellas Pharma, Inc.		1,900,524		18,665		22.69
Canon, Inc.		622,436		18,078		21.98
Daiwa House Industry Co. Ltd.		542,153		18,622		22.64
Honda Motor Co. Ltd.		1,835,511		17,747		21.57
Isuzu Motors Ltd.		1,459,897		18,528		22.52
Japan Airlines Co. Ltd.		946,139		19,296		23.46
Kawasaki Kisen Kaisha Ltd.		1,257,007		17,814		21.65
KDDI Corp.		1,079,588		18,563		22.57
Kirin Holdings Co. Ltd.		1,279,182		17,911		21.77
Kubota Corp.		1,672,626		18,810		22.87
Meiji Holdings Co. Ltd.		820,936		18,140		22.05
Mitsubishi HC Capital, Inc.		2,500,636		18,387		22.35
Mitsui Osk Lines Ltd.		527,781		17,638		21.44
Nippon Steel Corp.		916,132		17,360		21.10
Nippon Yusen Kabushiki Kaisha		512,695		18,442		22.42
Nomura Holdings, Inc.		2,965,337		19,573		23.79
NTT, Inc.		16,990,197		18,140		22.05
Omron Corp.		689,055		18,603		22.61
Ono Pharmaceutical Co. Ltd.		1,685,930		18,223		22.15
Orix Corp.		851,057		19,236		23.38
Otsuka Holdings Co. Ltd.		364,799		18,087		21.99
Panasonic Holdings Corp.		1,751,002		18,884		22.96
Renesas Electronics Corp.		1,411,969		17,514		21.29
Ricoh Co. Ltd.		2,063,957		19,541		23.75
SBI Holdings, Inc.		581,327		20,274		24.64
Screen Holdings Co. Ltd.		253,582		20,676		25.13
Subaru Corp.		1,052,966		18,365		22.32
Sumitomo Corp.		726,559		18,785		22.83
Suntory Beverage & Food Ltd.		567,765		18,147		22.06
Suzuki Motor Corp.		1,546,795		18,693		22.72
Toyota Tsusho Corp.		877,018		19,878		24.16

@ Value/Notional amount is less than $500.

CAC Cotation Assistée en Continu.

CDI CHESS Depositary Interest.

EMU European Economic and Monetary Union.

ESTR Euro Short-Term Rate.

FTSE Financial Times Stock Exchange.

IBEX Índice Bursátil Español.

KFE Korean Futures Exchange.

MIB Milano Indice di Borsa.

MSCI Morgan Stanley Capital International.

PJSC Public Joint Stock Company.

REIT Real Estate Investment Trust.

SFE Sydney Futures Exchange.

SGX Singapore Exchange Ltd.

SOFR Secured Overnight Financing Rate.

THOR Thai Overnight Repurchase Rate.

TONAR Tokyo Overnight Average Rate.

TSE Tokyo Stock Exchange.

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

USD — United States Dollar

ZAR — South African Rand

The accompanying notes are an integral part of the consolidated financial statements.
29

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Common Stocks		45.6	%
Sovereign		18.7
Short-Term Investments		15.7
Other*		11.1
Corporate Bonds		8.9
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 $16,113,000 and net unrealized depreciation of approximately $36,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $53,000. Also does not include open swap agreements with net unrealized appreciation of approximately $978,000.

The accompanying notes are an integral part of the consolidated financial statements.
30

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities	June 30, 2025 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $59,184)	$	69,906
Investment in Security of Affiliated Issuer, at Value (Cost $11,153)		11,153
Total Investments in Securities, at Value (Cost $70,337)		81,059
Foreign Currency, at Value (Cost $715)		725
Cash		6
Receivable for Investments Sold		1,213
Unrealized Appreciation on Swap Agreements		1,211
Receivable for Variation Margin on Futures Contracts		633
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		503
Due from Broker		255
Interest Receivable		216
Receivable from Affiliate		35
Tax Reclaim Receivable		33
Dividends Receivable		27
Due from Adviser		25
Receivable for Variation Margin on Swap Agreements		12
Receivable for Fund Shares Sold		—	@
Other Assets		17
Total Assets		85,970
Liabilities:
Payable for Investments Purchased		2,031
Due to Broker		570
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		450
Unrealized Depreciation on Swap Agreements		369
Payable for Professional Fees		87
Payable for Custodian Fees		72
Payable for Fund Shares Redeemed		40
Payable for Servicing Fees		25
Payable for Administration Fees		5
Payable for Distribution Fees — Class II Shares		1
Payable for Transfer Agency Fees		—	@
Deferred Capital Gain Country Tax		—	@
Other Liabilities		56
Total Liabilities		3,706
NET ASSETS	$	82,264
Net Assets Consist of:
Paid-in-Capital	$	66,105
Total Distributable Earnings		16,159
Net Assets	$	82,264
CLASS I:
Net Assets	$	68,217
Net Asset Value, Offering and Redemption Price Per Share Applicable to 6,734,681 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	10.13
CLASS II:
Net Assets	$	14,047
Net Asset Value, Offering and Redemption Price Per Share Applicable to 1,401,003 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	10.03

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.
31

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Operations	Six Months Ended June 30, 2025 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $1 of Foreign Taxes Withheld)	$	552
Dividends from Securities of Unaffiliated Issuers (Net of $31 of Foreign Taxes Withheld)		366
Dividends from Security of Affiliated Issuer (Note H)		233
Total Investment Income		1,151
Expenses:
Advisory Fees (Note B)		298
Custodian Fees (Note G)		112
Professional Fees		110
Servicing Fees (Note D)		61
Pricing Fees		54
Administration Fees (Note C)		32
Distribution Fees — Class II Shares (Note E)		17
Shareholder Reporting Fees		9
Transfer Agency Fees (Note F)		8
Directors' Fees and Expenses		2
Other Expenses		7
Total Expenses		710
Waiver of Advisory Fees (Note B)		(298	)
Expenses Reimbursed by Adviser (Note B)		(38	)
Waiver of Distribution Fees — Class II Shares (Note E)		(10	)
Rebate from Morgan Stanley Affiliate (Note H)		(8	)
Net Expenses		356
Net Investment Income		795
Realized Gain:
Investments Sold		355
Foreign Currency Forward Exchange Contracts		135
Foreign Currency Transaction		184
Futures Contracts		148
Swap Agreements		58
Net Realized Gain		880
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $—@)		4,658
Foreign Currency Forward Exchange Contracts		35
Foreign Currency Translation		(187	)
Futures Contracts		(61	)
Swap Agreements		1,507
Net Change in Unrealized Appreciation (Depreciation)		5,952
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		6,832
Net Increase in Net Assets Resulting from Operations	$	7,627

The accompanying notes are an integral part of the consolidated financial statements.
32

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended June 30, 2025 (unaudited) (000)			Year Ended December 31, 2024 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	795		$	1,899
Net Realized Gain		880			3,899
Net Change in Unrealized Appreciation (Depreciation)		5,952			233
Net Increase in Net Assets Resulting from Operations		7,627			6,031
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		2,008			3,855
Redeemed		(8,042	)		(9,510	)
Class II:
Subscribed		412			1,366
Redeemed		(1,773	)		(2,077	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(7,395	)		(6,366	)
Total Increase (Decrease) in Net Assets		232			(335	)
Net Assets:
Beginning of Period		82,032			82,367
End of Period	$	82,264		$	82,032
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		210			425
Shares Redeemed		(850	)		(1,051	)
Net Decrease in Class I Shares Outstanding		(640	)		(626	)
Class II:
Shares Subscribed		44			153
Shares Redeemed		(189	)		(233	)
Net Decrease in Class II Shares Outstanding		(145	)		(80	)

The accompanying notes are an integral part of the consolidated financial statements.
33

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Consolidated Financial Highlights

Global Strategist Portfolio

	Class I
	Six Months Ended June 30, 2025			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period	$	9.21		$	8.57		$	7.64		$	11.30		$	10.99		$	10.91
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.10			0.21			0.17			0.14			0.10			0.09
Net Realized and Unrealized Gain (Loss)		0.82			0.43			0.89			(2.07	)		0.81			0.95
Total from Investment Operations		0.92			0.64			1.06			(1.93	)		0.91			1.04
Distributions from and/or in Excess of:
Net Investment Income		—			—			(0.13	)		—			(0.21	)		(0.16	)
Net Realized Gain		—			—			—			(1.73	)		(0.39	)		(0.80	)
Total Distributions		—			—			(0.13	)		(1.73	)		(0.60	)		(0.96	)
Net Asset Value, End of Period	$	10.13		$	9.21		$	8.57		$	7.64		$	11.30		$	10.99
Total Return⁽²⁾		9.99	%⁽³⁾		7.47	%		14.07	%⁽⁴⁾		(16.94	)%		8.37	%		10.92	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	68,217		$	67,928		$	68,557		$	66,072		$	88,704		$	88,563
Ratio of Expenses Before Expense Limitation		1.75	%⁽⁵⁾		1.79	%		1.69	%		1.77	%		1.52	%		1.59	%
Ratio of Expenses After Expense Limitation		0.88	%⁽⁵⁾⁽⁶⁾		0.88	%⁽⁶⁾		0.87	%⁽⁶⁾⁽⁷⁾		0.88	%⁽⁶⁾		0.90	%⁽⁶⁾		0.88	%⁽⁶⁾
Ratio of Net Investment Income		2.02	%⁽⁵⁾⁽⁶⁾		2.30	%⁽⁶⁾		2.06	%⁽⁶⁾⁽⁷⁾		1.59	%⁽⁶⁾		0.89	%⁽⁶⁾		0.89	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁵⁾		0.02	%		0.02	%		0.02	%		0.00	%⁽⁸⁾		0.02	%
Portfolio Turnover Rate		55	%⁽³⁾		98	%		102	%		99	%		111	%		114	%

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

(3) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
December 31, 2023					0.88	%			2.05	%

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.
34

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Consolidated Financial Highlights

Global Strategist Portfolio

	Class II
	Six Months Ended June 30, 2025			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period	$	9.12		$	8.49		$	7.58		$	11.23		$	10.93		$	10.85
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.09			0.20			0.16			0.13			0.09			0.08
Net Realized and Unrealized Gain (Loss)		0.82			0.43			0.88			(2.05	)		0.80			0.94
Total from Investment Operations		0.91			0.63			1.04			(1.92	)		0.89			1.02
Distributions from and/or in Excess of:
Net Investment Income		—			—			(0.13	)		—			(0.20	)		(0.14	)
Net Realized Gain		—			—			—			(1.73	)		(0.39	)		(0.80	)
Total Distributions		—			—			(0.13	)		(1.73	)		(0.59	)		(0.94	)
Net Asset Value, End of Period	$	10.03		$	9.12		$	8.49		$	7.58		$	11.23		$	10.93
Total Return⁽²⁾		9.98	%⁽³⁾		7.42	%		13.94	%⁽⁴⁾		(17.07	)%		8.22	%		10.85	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	14,047		$	14,104		$	13,810		$	13,548		$	16,785		$	16,204
Ratio of Expenses Before Expense Limitation		2.00	%⁽⁵⁾		2.04	%		1.94	%		2.02	%		1.77	%		1.84	%
Ratio of Expenses After Expense Limitation		0.98	%⁽⁵⁾⁽⁶⁾		0.98	%⁽⁶⁾		0.97	%⁽⁶⁾⁽⁷⁾		0.98	%⁽⁶⁾		1.00	%⁽⁶⁾		0.98	%⁽⁶⁾
Ratio of Net Investment Income		1.92	%⁽⁵⁾⁽⁶⁾		2.20	%⁽⁶⁾		1.96	%⁽⁶⁾⁽⁷⁾		1.49	%⁽⁶⁾		0.79	%⁽⁶⁾		0.79	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁵⁾		0.02	%		0.02	%		0.02	%		0.00	%⁽⁸⁾		0.02	%
Portfolio Turnover Rate		55	%⁽³⁾		98	%		102	%		99	%		111	%		114	%

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

(3) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
December 31, 2023					0.98	%			1.95	%

(8) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.
35

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements

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.

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 June 30, 2025, the Subsidiary represented

approximately $3,979,000 or approximately 4.84% 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.

June 30, 2025 (unaudited)

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.

• 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.

June 30, 2025 (unaudited)

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages	$	—	$	3,266	$	—	$	3,266
Asset-Backed Securities		—		624		—		624
Commercial Mortgage - Backed Securities		—		419		—		419
Corporate Bonds		—		7,214		—		7,214
Mortgages - Other		—		1,186		—		1,186
Sovereign		—		15,181		—		15,181
Supranational		—		535		—		535
U.S. Treasury Securities		—		2,911		—		2,911
Total Fixed Income Securities		—		31,336		—		31,336
Common Stocks
Aerospace & Defense		594		369		—		963
Air Freight & Logistics		78		57		—		135
Automobile Components		14		20		—		34
Automobiles		525		84		—		609
Banks		1,312		1,045		—		2,357
Beverages		318		122		—		440
Biotechnology		468		76		—		544
Broadline Retail		1,169		91		—		1,260
Building Products		157		80		—		237
Capital Markets		976		313		—		1,289
Chemicals		335		223		—		558
Commercial Services & Supplies		208		23		—		231
Communications Equipment		250		31		—		281
Construction & Engineering		71		68		—		139
Construction Materials		82		51		—		133

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Common Stocks (cont'd)
Consumer Finance	$	172	$	—	$	—		$	172
Consumer Staples Distribution & Retail		586		92		—			678
Containers & Packaging		69		3		—			72
Distributors		19		3		—			22
Diversified Consumer Services		—		5		—			5
Diversified REITs		7		11		—			18
Diversified Telecommunication Services		207		170		—			377
Electric Utilities		433		114		—			547
Electrical Equipment		253		223		—			476
Electronic Equipment, Instruments & Components		190		22		—			212
Energy Equipment & Services		51		1		—	†		52	†
Entertainment		612		28		—			640
Financial Services		1,077		105		—			1,182
Food Products		154		253		—			407
Gas Utilities		17		8		—			25
Ground Transportation		331		1		—			332
Health Care Equipment & Supplies		617		153		—			770
Health Care Providers & Services		475		29		—			504
Health Care REITs		78		—		—			78
Health Care Technology		22		6		—			28
Hotels, Restaurants & Leisure		600		132		—			732
Household Durables		73		5		—			78
Household Products		269		50		—			319
Independent Power & Renewable Electricity Producers		36		25		—			61
Industrial Conglomerates		119		141		—			260
Industrial REITs		49		36		—			85
Information Technology Services		490		15		—			505
Insurance		687		507		—			1,194
Interactive Media & Services		1,826		22		—			1,848
Investment Company		—		—		—	†		—	†
Life Sciences Tools & Services		225		53		—			278
Machinery		425		196		—			621
Marine Transportation		—		16		—			16
Media		127		27		—			154
Metals & Mining		251		221		—	†		472	†
Mortgage Real Estate Investment		6		—		—			6

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Common Stocks (cont'd)
Multi-Utilities	$	168	$	110		$	—		$	278
Office REITs		5		3			—			8
Oil, Gas & Consumable Fuels		1,006		306			—			1,312
Paper & Forest Products		2		23			—			25
Passenger Airlines		7		26			—			33
Personal Care Products		30		156			—			186
Pharmaceuticals		788		776			—			1,564
Professional Services		208		148			—			356
Real Estate Management & Development		48		45			—			93
Residential REITs		88		—			—			88
Retail REITs		66		28			—			94
Semiconductors & Semiconductor Equipment		3,398		258			—			3,656
Software		3,272		244			—			3,516
Specialized REITs		246		—			—			246
Specialty Retail		482		37			—			519
Tech Hardware, Storage & Peripherals		1,681		9			—			1,690
Textiles, Apparel & Luxury Goods		61		240			—			301
Tobacco		197		75			—			272
Trading Companies & Distributors		120		50			—			170
Transportation Infrastructure		—		34			—			34
Water Utilities		19		12			—			31
Wireless Telecommunication Services		61		18			—			79
Total Common Stocks		29,063		7,924			—	†		36,987	†
Rights		—		—	@		—			—	@
Warrants		—		—			—	†		—	†
Short-Term Investments
Investment Company		11,153		—			—			11,153
U.S. Treasury Security		—		1,583			—			1,583
Total Short-Term Investments		11,153		1,583			—			12,736
Foreign Currency Forward Exchange Contracts		—		503			—			503
Futures Contracts		107		—			—			107
Centrally Cleared Interest Rate Swap Agreements		—		139			—			139
Total Return Swap Agreements		—		1,211			—			1,211
Total Assets		40,323		42,696			—	†		83,019	†

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Liabilities:
Foreign Currency Forward Exchange Contracts	$	—		$	(450	)	$	—		$	(450	)
Futures Contracts		(143	)		—			—			(143	)
Centrally Cleared Interest Rate Swap Agreement		—			(3	)		—			(3	)
Total Return Swap Agreements		—			(369	)		—			(369	)
Total Liabilities		(143	)		(822	)		—			(965	)
Total	$	40,180		$	41,874		$	—	†	$	82,054	†

† 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 Stocks (000)			Warrants (000)
Beginning Balance	$	—	††	$	—	††
Purchases		—			—
Sales		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			—
Realized gains (losses)		—			—
Ending Balance	$	—	††	$	—	††
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 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.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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.

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.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

exchange 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 June 30, 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.

June 30, 2025 (unaudited)

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.

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.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2025:

Asset Derivatives
Consolidated
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward
Exchange
Contracts

Unrealized Appreciation
on Foreign Currency
Forward Exchange
Contracts

Currency Risk

503

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest
Rate Risk

(a)

Swap Agreements

Variation Margin on
Swap Agreements

Interest
Rate Risk

139

(a)

Swap Agreements

Unrealized Appreciation
on Swap Agreements

Equity Risk

1,211

Total

1,960

Liability Derivatives
Consolidated
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward
Exchange
Contracts

Unrealized Depreciation
on Foreign Currency
Forward Exchange
Contracts

Currency Risk

(450

)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(126

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest
Rate Risk

(17

)(a)

Swap Agreements

Variation Margin on
Swap Agreements

Interest
Rate Risk

)(a)

Swap Agreements

Unrealized Depreciation
on Swap Agreements

Equity Risk

(369

)

Total

(965

)

(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.

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	135
Commodity Risk	Futures Contracts		(13	)
Equity Risk	Futures Contracts		257
Interest Rate Risk	Futures Contracts		(96	)
Equity Risk	Swap Agreements		318
Interest Rate Risk	Swap Agreements		(260	)
Equity Risk Currency Risk	Investments (Purchased Options)		32	(a)
Total		$	373

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

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	35
Commodity Risk	Futures Contracts		(30	)
Equity Risk	Futures Contracts		(131	)
Interest Rate Risk	Futures Contracts		100
Equity Risk	Swap Agreements		1,413
Interest Rate Risk	Swap Agreements		94
Total		$	1,481

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

At June 30, 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
Derivatives(a)	Assets(b) (000)		Liabilities(b) (000)
Foreign Currency Forward Exchange Contracts	$	503	$	(450	)
Swap Agreements		1,211		(369	)
Total	$	1,714	$	(819	)

(a) Excludes exchange-traded derivatives.

(b) 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 following tables present derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2025:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received(a) (000)			Net Amount (not less than $0) (000)
Bank of America NA	$	61		$	(—	@)	$	—		$	61
Barclays Bank PLC		128			(45	)		—			83
BNP Paribas SA		253			(162	)		—			91
Citibank NA		31			(—	@)		—			31
Credit Agricole CIB		1			—			—			1
Goldman Sachs International		895			(316	)		(570	)		9
JPMorgan Chase Bank NA		182			(171	)		—			11
Royal Bank of Canada		1			(1	)		—			0
State Street Bank and Trust Co.		—	@		—			—			—	@
UBS AG		162			(3	)		(159	)		0
Total	$	1,714		$	(698	)	$	(729	)	$	287
Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged (000)			Net Amount (not less than $0) (000)
Bank of America NA	$	—	@	$	(—	@)	$	—		$	0
Barclays Bank PLC		45			(45	)		—			0
BNP Paribas SA		165			(162	)		—			3
Citibank NA		—	@		(—	@)		—			0
Deutsche Bank AG		—	@		—			—			—	@
Goldman Sachs International		375			(316	)		—			59
JPMorgan Chase Bank NA		205			(171	)		—			34
Royal Bank of Canada		26			(1	)		—			25
UBS AG		3			(3	)		—			0
Total	$	819		$	(698	)	$	—		$	121

@ Value is less than $500.

(a) In some instances, the actual collateral received or pledged may be more than the amount shown here due to overcollateralization.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

For the six months ended June 30, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	37,945,000
Futures Contracts:
Average monthly notional value	$	22,291,000
Swap Agreements:
Average monthly notional amount	$	21,351,000

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.

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: During the reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. 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. In connection with the adoption of ASU 2023-07, the Fund's President has been designated 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.

First $500 million				Next $500 million				Over $1 billion
	0.75	%			0.70	%			0.65	%

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

For the six months ended June 30, 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 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 six months ended June 30, 2025, approximately $298,000 of advisory fees were waived and approximately $38,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement. As of June 30, 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 has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

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.

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 six months ended June 30, 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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $16,358,000 and $15,813,000, respectively. For the six months ended June 30, 2025, purchases and sales of long-term U.S. Government securities were approximately $20,185,000 and $22,166,000, respectively.

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 six months ended June 30, 2025, advisory fees paid were reduced by approximately $8,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2025 is as follows:

Affiliated Investment Company				Value December 31, 2024 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Fund				$	15,081			$	29,755			$	33,683			$	233

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2025 (000)
Liquidity Fund				$	—			$	—			$	11,153

For the six months ended June 30, 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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

fiscal years December 31, 2024 and December 31, 2023 was as follows:

2024 Distributions Paid From:				2023 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	—	$	—	$	1,339	$	—

Permanent differences, due to a nondeductible expense, resulted in the following reclassification among the components of net assets at December 31, 2024:

Total Distributable Earnings (000)				Paid-in- Capital (000)
$	1,978			$	(1,978	)

At December 31, 2024, the components of distributable earnings for the Funds on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	2,017			$	827

During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $1,476,000.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser, Sub-Adviser and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group averages for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's contractual management fee was higher than its peer group average, the actual management fee was lower than its peer group average, and the total expense ratio was higher than but close to its peer group average. After discussion, the Board concluded that the Fund's (i) performance was acceptable; and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval (cont'd)

Profitability of the Adviser and Affiliates

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

(This page has been left blank intentionally.)

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

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 6.30.25

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (unaudited)

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.

June 30, 2025 (unaudited)

Table of Contents

Items 6 and 7 of Form N-CSR:
Consolidated Portfolio of Investments					2
Consolidated Statement of Assets and Liabilities					4
Consolidated Statement of Operations					5
Consolidated Statements of Changes in Net Assets					6
Consolidated Financial Highlights					7
Notes to Consolidated Financial Statements					9
Item 11 of Form N-CSR:
Investment Advisory Agreement Approval					19
Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

	Shares		Value (000)
Common Stocks (91.2%)
Automobiles (5.6%)
Tesla, Inc. (a)		137,413	$	43,651
Biotechnology (0.9%)
Roivant Sciences Ltd. (a)		651,527		7,343
Broadline Retail (4.7%)
MercadoLibre, Inc. (a)		14,208		37,134
Capital Markets (3.2%)
Coinbase Global, Inc., Class A (a)		52,826		18,515
Intercontinental Exchange, Inc.		35,484		6,510
				25,025
Electronic Equipment, Instruments & Components (0.0%)
Magic Leap, Inc., Class A (a)(b)(c) (acquisition cost — $1,526; acquired 12/22/15)		3,138		—
Entertainment (5.8%)
ROBLOX Corp., Class A (a)		429,130		45,145
Financial Services (8.4%)
Affirm Holdings, Inc. (a)		727,213		50,280
Federal National Mortgage Association (a)		1,581,923		15,091
				65,371
Hotels, Restaurants & Leisure (5.7%)
Airbnb, Inc., Class A (a)		57,219		7,572
DoorDash, Inc., Class A (a)		150,763		37,165
				44,737
Information Technology Services (21.6%)
Cloudflare, Inc., Class A (a)		485,897		95,153
Shopify, Inc., Class A (Canada) (a)		322,561		37,207
Snowflake, Inc., Class A (a)		165,387		37,009
				169,369
Pharmaceuticals (4.7%)
Royalty Pharma PLC, Class A		1,023,943		36,893
Software (23.2%)
AppLovin Corp., Class A (a)		116,588		40,815
Aurora Innovation, Inc. (a)		5,176,786		27,126
Crowdstrike Holdings, Inc., Class A (a)		72,171		36,758
MicroStrategy, Inc., Class A (a)		126,120		50,982
Samsara, Inc., Class A (a)		659,231		26,224
				181,905
Tech Hardware, Storage & Peripherals (2.6%)
IonQ, Inc. (a)		464,361		19,954
Trading Companies & Distributors (4.8%)
Core & Main, Inc., Class A (a)		194,536		11,740
QXO, Inc. (a)		1,208,218		26,025
				37,765
Total Common Stocks (Cost $462,720)				714,292

	Shares		Value (000)
Preferred Stocks (1.8%)
Financial Services (0.2%)
Stripe, Inc., Series I (a)(b)(c) (acquisition cost — $1,061; acquired 3/17/23)		52,681	$	1,558
Software (1.6%)
Databricks, Inc., Series H (a)(b)(c) (acquisition cost — $8,310; acquired 8/31/21)		113,088		9,300
Databricks, Inc., Series I (a)(b)(c) (acquisition cost — $2,242; acquired 9/15/23)		30,506		2,509
Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $1,618; acquired 6/17/14)		141,612		616
				12,425
Total Preferred Stocks (Cost $13,231)				13,983
Investment Company (2.7%)
iShares Bitcoin Trust ETF (a) (Cost $13,615)		351,849		21,537
Short-Term Investment (2.1%)
Investment Company (2.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.09% (See Note H) (Cost $16,168)		16,167,982		16,168
Total Investments Excluding Purchased Options (97.8%) (Cost $505,734)				765,980
Total Purchased Options Outstanding (0.1%) (Cost $3,722)				707
Total Investments (97.9%) (Cost $509,456) (d)(e)				766,687
Other Assets in Excess of Liabilities (2.1%)				16,678
Net Assets (100.0%)			$	783,365

(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 June 30, 2025 amounts to approximately $13,983,000 and represents 1.8% of net assets.

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

(e) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $266,442,000 and the aggregate gross unrealized depreciation is approximately $9,211,000, resulting in net unrealized appreciation of approximately $257,231,000.

ETF Exchange Traded Fund.

The accompanying notes are an integral part of the consolidated financial statements.
2

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

Call Options Purchased:

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

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.66	Sep-25		61,070,267	$	61,070	$	6		$	254	$	(248	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	7.71	May-26		169,787,952		169,788		355			707		(352	)
Standard Chartered Bank	USD/CNH	CNH	7.77	Oct-25		127,991,317		127,991		33			557		(524	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul-25		55,148,879		55,149		—	@		240		(240	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.82	Feb-26		173,385,312		173,385		166			716		(550	)
Standard Chartered Bank	USD/CNH	CNH	7.90	Apr-26		112,218,546		112,219		114			544		(430	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	8.02	Dec-25		148,521,048		148,521		33			704		(671	)
									$	707		$	3,722	$	(3,015	)

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Other*		26.4	%
Software		25.4
Information Technology Services		22.1
Financial Services		8.7
Entertainment		5.9
Hotels, Restaurants & Leisure		5.8
Automobiles		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.
3

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Growth Portfolio

Consolidated Statement of Assets and Liabilities	June 30, 2025 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $493,288)	$	750,519
Investment in Security of Affiliated Issuer, at Value (Cost $16,168)		16,168
Total Investments in Securities, at Value (Cost $509,456)		766,687
Foreign Currency, at Value (Cost $1)		1
Receivable for Fund Shares Sold		19,679
Receivable for Investments Sold		823
Receivable from Affiliate		81
Other Assets		47
Total Assets		787,318
Liabilities:
Payable for Fund Shares Redeemed		1,973
Due to Broker		1,000
Payable for Advisory Fees		493
Payable for Servicing Fees		239
Payable for Professional Fees		64
Payable for Distribution Fees — Class II Shares		64
Payable for Administration Fees		49
Payable for Directors' Fees and Expenses		10
Payable for Custodian Fees		9
Other Liabilities		52
Total Liabilities		3,953
NET ASSETS	$	783,365
Net Assets Consist of:
Paid-in-Capital	$	548,437
Total Distributable Earnings		234,928
Net Assets	$	783,365
CLASS I:
Net Assets	$	440,466
Net Asset Value, Offering and Redemption Price Per Share Applicable to 17,205,991 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	25.60
CLASS II:
Net Assets	$	342,899
Net Asset Value, Offering and Redemption Price Per Share Applicable to 17,721,074 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	19.35

The accompanying notes are an integral part of the consolidated financial statements.
4

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Growth Portfolio

Consolidated Statement of Operations	Six Months Ended June 30, 2025 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $6 of Foreign Taxes Withheld)	$	551
Dividends from Security of Affiliated Issuer (Note H)		510
Total Investment Income		1,061
Expenses:
Advisory Fees (Note B)		1,701
Servicing Fees (Note D)		469
Distribution Fees — Class II Shares (Note E)		356
Administration Fees (Note C)		272
Professional Fees		93
Custodian Fees (Note G)		16
Shareholder Reporting Fees		13
Transfer Agency Fees (Note F)		9
Directors' Fees and Expenses		6
Interest Expenses		2
Pricing Fees		1
Other Expenses		24
Total Expenses		2,962
Waiver of Advisory Fees (Note B)		(667	)
Rebate from Morgan Stanley Affiliate (Note H)		(24	)
Net Expenses		2,271
Net Investment Loss		(1,210	)
Realized Gain:
Investments Sold		29,586
Payment from Adviser (Note B)		251
Foreign Currency Transaction		15
Net Realized Gain		29,852
Change in Unrealized Appreciation (Depreciation):
Investments		91,881
Foreign Currency Translation		—	@
Net Change in Unrealized Appreciation (Depreciation)		91,881
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		121,733
Net Increase in Net Assets Resulting from Operations	$	120,523

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.
5

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Growth Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended June 30, 2025 (unaudited) (000)			Year Ended December 31, 2024 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Loss	$	(1,210	)	$	(9,140	)
Net Realized Gain		29,852			136,106
Net Change in Unrealized Appreciation (Depreciation)		91,881			155,439
Net Increase in Net Assets Resulting from Operations		120,523			282,405
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		5,318			12,162
Redeemed		(50,783	)		(55,667	)
Class II:
Subscribed		46,424			44,034
Redeemed		(55,940	)		(79,866	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(54,981	)		(79,337	)
Total Increase in Net Assets		65,542			203,068
Net Assets:
Beginning of Period		717,823			514,755
End of Period	$	783,365		$	717,823
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		244			815
Shares Redeemed		(2,309	)		(3,776	)
Net Decrease in Class I Shares Outstanding		(2,065	)		(2,961	)
Class II:
Shares Subscribed		2,592			3,712
Shares Redeemed		(3,391	)		(6,712	)
Net Decrease in Class II Shares Outstanding		(799	)		(3,000	)

The accompanying notes are an integral part of the consolidated financial statements.
6

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Consolidated Financial Highlights

Growth Portfolio

	Class I
	Six Months Ended June 30, 2025			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2024			2023			2022			2021			2020⁽¹⁾
Net Asset Value, Beginning of Period	$	21.58		$	13.35		$	8.98		$	53.72		$	70.24		$	35.80
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.03	)		(0.24	)		(0.03	)		(0.07	)		(0.35	)		(0.28	)
Net Realized and Unrealized Gain (Loss)		4.05			8.47			4.40			(30.00	)		2.53			40.32
Total from Investment Operations		4.02			8.23			4.37			(30.07	)		2.18			40.04
Distributions from and/or in Excess of:
Net Realized Gain		—			—			—			(14.67	)		(18.70	)		(5.60	)
Net Asset Value, End of Period	$	25.60		$	21.58	⁽³⁾	$	13.35		$	8.98		$	53.72		$	70.24
Total Return⁽⁴⁾		30.81	%⁽⁵⁾⁽⁶⁾		61.65	%⁽³⁾⁽⁷⁾		48.66	%⁽⁵⁾⁽⁸⁾		(60.07	)%⁽⁵⁾		0.10	%⁽⁵⁾		117.31	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	440,466		$	415,789		$	296,798		$	220,167		$	645,473		$	737,155
Ratio of Expenses Before Expense Limitation		0.77	%⁽⁹⁾		2.18	%		0.78	%		0.78	%		0.74	%		0.74	%
Ratio of Expenses After Expense Limitation		0.56	%^(9)(10)		1.97	%^(10)(11)		0.56	%⁽¹⁰⁾		0.57	%⁽¹⁰⁾		0.57	%⁽¹⁰⁾		0.56	%⁽¹⁰⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		0.56	%^(9)(10)		N/A			N/A			N/A			N/A			N/A
Ratio of Net Investment Loss		(0.25	)%^(9)(10)		(1.63	)%^(10)(11)		(0.28	)%⁽¹⁰⁾		(0.39	)%⁽¹⁰⁾		(0.52	)%⁽¹⁰⁾		(0.55	)%⁽¹⁰⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁹⁾		0.01	%		0.01	%		0.00	%⁽¹²⁾		0.00	%⁽¹²⁾		0.01	%
Portfolio Turnover Rate		48	%⁽⁶⁾		44	%		33	%		41	%		59	%		55	%

(1) Not consolidated.

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

(3) 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.

(4) 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.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Not annualized.

(7) 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%.

(8) 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.

(9) Annualized.

(10) 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."

(11) 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 Ratio				Net Investment Loss Ratio
December 31, 2024					0.56	%			(0.22	)%

(12) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.
7

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025

Consolidated Financial Highlights

Growth Portfolio

	Class II
	Six Months Ended June 30, 2025			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2024			2023			2022			2021			2020⁽¹⁾
Net Asset Value, Beginning of Period	$	16.31		$	10.13		$	6.83		$	48.42		$	65.09		$	33.51
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.04	)		(0.21	)		(0.04	)		(0.09	)		(0.46	)		(0.38	)
Net Realized and Unrealized Gain (Loss)		3.08			6.39			3.34			(26.83	)		2.49			37.56
Total from Investment Operations		3.04			6.18			3.30			(26.92	)		2.03			37.18
Distributions from and/or in Excess of:
Net Realized Gain		—			—			—			(14.67	)		(18.70	)		(5.60	)
Net Asset Value, End of Period	$	19.35		$	16.31	⁽³⁾	$	10.13		$	6.83		$	48.42		$	65.09
Total Return⁽⁴⁾		30.65	%⁽⁵⁾⁽⁶⁾		61.01	%⁽³⁾⁽⁷⁾		48.32	%⁽⁵⁾⁽⁸⁾		(60.16	)%⁽⁵⁾		(0.15	)%⁽⁵⁾		116.76	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	342,899		$	302,034		$	217,957		$	154,448		$	359,607		$	388,580
Ratio of Expenses Before Expense Limitation		1.02	%⁽⁹⁾		2.40	%		1.03	%		1.03	%		0.99	%		0.99	%
Ratio of Expenses After Expense Limitation		0.81	%^(9)(10)		2.19	%^(10)(11)		0.81	%⁽¹⁰⁾		0.82	%⁽¹⁰⁾		0.82	%⁽¹⁰⁾		0.81	%⁽¹⁰⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		0.81	%^(9)(10)		N/A			N/A			N/A			N/A			N/A
Ratio of Net Investment Loss		(0.50	)%^(9)(10)		(1.85	)%^(10)(11)		(0.53	)%⁽¹⁰⁾		(0.64	)%⁽¹⁰⁾		(0.77	)%⁽¹⁰⁾		(0.80	)%⁽¹⁰⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁹⁾		0.01	%		0.01	%		0.00	%⁽¹²⁾		0.00	%⁽¹²⁾		0.01	%
Portfolio Turnover Rate		48	%⁽⁶⁾		44	%		33	%		41	%		59	%		55	%

(1) Not consolidated.

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

(3) 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.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Not annualized.

(7) 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%.

(9) Annualized.

(11) 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 Ratio				Net Investment Loss Ratio
December 31, 2024					0.81	%			(0.47	)%

(12) Amount is less than 0.005%.

The accompanying notes are an integral part of the consolidated financial statements.
8

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements

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.

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 ("bitcoinETFs"). 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 June 30, 2025, the Subsidiary represented approximately $21,547,000 or approximately 2.75% of the net assets of the Fund.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

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.

• 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.)

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Assets:
Common Stocks
Automobiles	$	43,651	$	—	$	—		$	43,651
Biotechnology		7,343		—		—			7,343
Broadline Retail		37,134		—		—			37,134
Capital Markets		25,025		—		—			25,025
Electronic Equipment, Instruments & Components		—		—		—	†		—	†
Entertainment		45,145		—		—			45,145
Financial Services		65,371		—		—			65,371
Hotels, Restaurants & Leisure		44,737		—		—			44,737
Information Technology Services		169,369		—		—			169,369
Pharmaceuticals		36,893		—		—			36,893
Software		181,905		—		—			181,905
Tech Hardware, Storage & Peripherals		19,954		—		—			19,954
Trading Companies & Distributors		37,765		—		—			37,765
Total Common Stocks		714,292		—		—	†		714,292	†
Preferred Stocks
Financial Services		—		—		1,558			1,558
Software		—		—		12,425			12,425
Total Preferred Stocks		—		—		13,983			13,983

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Investment Company	$	21,537	$	—	$	—		$	21,537
Call Options Purchased		—		707		—			707
Short-Term Investment
Investment Company		16,168		—		—			16,168
Total Assets	$	751,997	$	707	$	13,983	†	$	766,687	†

† 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 Stock (000)			Preferred Stocks (000)
Beginning Balance	$	—	†	$	15,472
Purchases		—			—
Sales		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			(1,489	)
Realized gains (losses)		—			—
Ending Balance	$	—	†	$	13,983
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025	$	—		$	(1,489	)

† Includes a security valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Fair Value at
June 30, 2025
(000)

Valuation
Technique

Unobservable
Input

Range/
Weighted Average*

Impact to
Valuation from an
Increase in Input**

Preferred Stocks

13,983

Market Transaction
Method

Precedent Transaction

4.23–$35.66/$26.76

Increase

Discounted Cash Flow

Weighted Average
Cost of Capital

14.0%-17.0%/15.1%

Decrease

Perpetual Growth Rate

3.0%-4.0%/3.5%

Increase

Market Comparable
Companies

Enterprise Value/
Revenue

1.2x-36.4x/13.9x

Increase

Discount for Lack of
Marketability

6.0%-15.0%/14.2%

Decrease

* Amount is indicative of the weighted average.

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.

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.

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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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

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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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 June 30, 2025:

Asset Derivatives
Consolidated
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Purchased Options

Investments, at Value
(Purchased Options)

Currency
Risk

707

(a)

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

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(1,014	)(a)

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

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(2,165	)(a)

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

At June 30, 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
Derivatives	Assets(b) (000)			Liabilities(b) (000)
Purchased Options	$	707	(a)	$	—

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

(b) 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.

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 June 30, 2025:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities(a) (000)		Financial Instrument (000)		Collateral Received(b) (000)			Net Amount (not less than $0) (000)
Goldman Sachs & Co. LLC	$	388	$	—	$	(388	)	$	0
JPMorgan Chase Bank NA		172		—		(172	)		0
Standard Chartered Bank		147		—		(147	)		0
Total	$	707	$	—	$	(707	)	$	0

(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.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

For the six months ended June 30, 2025, the approximate average monthly amount outstanding for each derivative type is as follows:

Purchased Options:
Average monthly notional amount					691,705,000

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.

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.

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 billion				Next $1 billion				Next $1 billion				Over $3 billion
	0.50	%			0.45	%			0.40	%			0.35	%

For the six months ended June 30, 2025, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.30% 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 six months ended June 30, 2025, approximately $667,000 of advisory fees were waived pursuant to this arrangement.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $320,738,000 and $330,783,000, respectively. For the six months ended June 30, 2025, purchases and sales of long-term U.S. Government securities were approximately $11,544,000 and $0, respectively.

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 six months ended June 30, 2025, advisory fees paid were reduced by approximately $24,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2025 is as follows:

Affiliated Investment Company				Value December 31, 2024 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Fund				$	31,572			$	228,732			$	244,136			$	510

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2025 (000)
Liquidity Fund				$	—			$	—			$	16,168

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

During the year ended June 30, 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.

For the six months ended June 30, 2025, the Fund did not engage in any cross-trade transactions.

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 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 2024 and 2023.

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, 2024:

Total Distributable Earnings (000)				Paid-in- Capital (000)
$	2,191			$	(2,191	)

At December 31, 2024, the Fund had no distributable earnings on a tax basis.

At December 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $23,924,000 and $9,461,000, 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

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2024, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $133,868,000.

K. Market Risk and Risks Relating to Certain Financial Instruments:

Market: The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic 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. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and 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). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

L. Other: At June 30, 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 85.1%.

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one- and five-year periods and below its peer group average for the three-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

Investment Advisory Agreement Approval (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

June 30, 2025 (unaudited)

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 6.30.25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

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

The 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

This information is disclosed as part of the Financial Statements and Additional Information under Item 7 of this Form N-CSR.

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 – Not applicable (please see Item 2).
(a)(2)(i)	Principal Financial Officer’s Section 302 certification.
(a)(2)(ii)	Principal Executive Officer’s Section 302 certification.
(b)	Combined Section 906 certification.

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.

By:	/s/ John H. Gernon
	John H. Gernon
	Principal Executive Officer

Date:	August 20, 2025

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:	August 20, 2025

By:	/s/ John H. Gernon
	John H. Gernon
	Principal Executive Officer

Date:	August 20, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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EXHIBIT 99.906 CERT

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Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio

Class I MMGPX

What were the Fund costs for the last six months?Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Additional Information

Householding

MMGPX -TSR-SAR

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio

Class II MMGTX

What were the Fund costs for the last six months?Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Additional Information

Householding

MMGTX -TSR-SAR

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

Class I MEMEX

What were the Fund costs for the last six months?Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Country Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Additional Information

Householding

MEMEX -TSR-SAR

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

Class II MSMBX

What were the Fund costs for the last six months?Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Country Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Additional Information

Householding

MSMBX -TSR-SAR

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

Class I MIMPX

What were the Fund costs for the last six months?Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of total investments)

Geographic Allocation (% of total investments)

Additional Information

Householding

MIMPX -TSR-SAR

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

Class II MGTPX

What were the Fund costs for the last six months?Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of total investments)

Geographic Allocation (% of total investments)

Additional Information

Householding

MGTPX -TSR-SAR

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio

Class I MEGIX

What were the Fund costs for the last six months?Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Additional Information

Householding

MEGIX -TSR-SAR

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio

Class II MEGTX

What were the Fund costs for the last six months?Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Additional Information

Householding

MEGTX -TSR-SAR

What were the Fund costs for the last six months?^{Footnote Reference1}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

What were the Fund costs for the last six months?^{Footnote Reference1}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

What were the Fund costs for the last six months?^{Footnote Reference1}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

What were the Fund costs for the last six months?^{Footnote Reference1}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

What were the Fund costs for the last six months?^{Footnote Reference1}

What were the Fund costs for the last six months?^{Footnote Reference1}

What were the Fund costs for the last six months?^{Footnote Reference1}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

What were the Fund costs for the last six months?^{Footnote Reference1}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

What were the Fund costs for the last six months?^{Footnote Reference1}

Credit Quality (% of net assets)^{Footnote Reference*}

What were the Fund costs for the last six months?^{Footnote Reference1}

Credit Quality (% of net assets)^{Footnote Reference*}