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Morgan Stanley Variable Insurance Fund, Inc Toppan Merrill - MS Variable Insurance Funds Pros and SAI Supplement N-1A 333-03013 08-03-2020 ED | mmcgee | 04-Aug-20 09:21 | 20-26461-4.ca | Sequence: 1 CHKSUM Content: 38745 Layout: 27157 Graphics: 0 CLEAN Statement of Additional Information Supplement August 4, 2020 Morgan Stanley Variable Insurance Fund, Inc. Supplement dated Jason C. Yeung, a member of the Counterpoint Global team and portfolio manager of the Funds, ended a August 4, 2020 to the temporary leave of absence, during which he participated on a Government established COVID-19 task force Morgan Stanley related to testing, and returned full-time to the Adviser. Accordingly, the supplement filed on June 19, 2020 is Variable Insurance withdrawn. Fund, Inc. Statement of Additional Information dated April 30, 2020 Discovery Portfolio (Class I) Discovery Portfolio (Class II) Growth Portfolio (Class I) Growth Portfolio (Class II) (together, the “Funds”) Please retain this supplement for future reference. JOB: 20-26461-4 CYCLE#;BL#: 3; 0 TRIM: 8.25" x 10.75" AS: New York: 212-620-5600 COLORS: Black, ~note-color 2 GRAPHICS: none V1.5 Toppan Merrill - MS Variable Insurance Funds 497 Pros and SAI Supplement N-1A 333-03013 06-30-2020 ED | akiesli | 19-Jun-20 11:51 | 20-22432-20.bc | Sequence: 1 CHKSUM Content: 11946 Layout: 42315 Graphics: 0 CLEAN Statement of Additional Information Supplement June 19, 2020 Morgan Stanley Variable Insurance Fund, Inc. Supplement dated Jason C. Yeung, a member of the Counterpoint Global team and portfolio manager of the Funds, is currently June 19, 2020 to the on a temporary leave of absence from the Adviser to participate on a Government established COVID-19 task Morgan Stanley force related to testing. Variable Insurance Fund, Inc. Statement of Additional Information dated April 30, 2020 Discovery Portfolio (Class I) Discovery Portfolio (Class II) Growth Portfolio (Class I) Growth Portfolio (Class II) (together, the “Funds”) Please retain this supplement for future reference. JOB: 20-22432-20 CYCLE#;BL#: 2; 0 TRIM: 8.25" x 10.75" AS: New York: 212-620-5600 COLORS: Black, ~note-color 2 GRAPHICS: none V1.5 MORGAN STANLEY VARIABLE INSURANCE FUND, INC. Statement of Additional Information April 30, 2020 Morgan Stanley Variable Insurance Fund, Inc. (the “Company”) is a no-load, open-end management investment company with diversified and non-diversified series (each, a “Fund” and together the “Funds”). The Company currently consists of 10 Funds offering a broad range of investment choices. Each Fund (with the exception of the Global Franchise and Global Real Estate Portfolios) offers Class I shares. In addition, all Funds offer Class II shares. Shares of each Fund are offered with no sales charge or exchange or redemption fee. Following is a list of the Funds: Share Class and Ticker Symbol CLASS I CLASS II Core Plus Fixed Income Portfolio MFIPX MJIIX Discovery Portfolio MMGPX MMGTX Emerging Markets Debt Portfolio MEMNX MBDBX Emerging Markets Equity Portfolio MEMEX MSMBX Global Franchise Portfolio — MBIIX Global Infrastructure Portfolio MBGIX MPIIX Global Real Estate Portfolio — MGETX Global Strategist Portfolio MIMPX MGTPX Growth Portfolio MEGIX MEGTX U.S. Real Estate Portfolio MUSRX MSRBX This Statement of Additional Information (“SAI”) dated April 30, 2020, as may be supplemented from time to time, relates to the Company’s Class I Prospectuses: Core Plus Fixed Income, Discovery, Emerging Markets Debt, Emerging Markets Equity, Global Infrastructure, Global Strategist, Growth and U.S. Real Estate Portfolios, each dated April 30, 2020, as may be supplemented from time to time; and Class II Prospectuses: Core Plus Fixed Income, Discovery, Emerging Markets Debt, Emerging Markets Equity, Global Franchise, Global Infrastructure, Global Real Estate, Global Strategist, Growth and U.S. Real Estate Portfolios, each dated April 30, 2020, as may be supplemented from time to time. Shares of each Fund may be purchased only by insurance companies (directly and indirectly) for the purpose of funding variable annuity contracts and variable life insurance policies and by certain tax qualified investors. The variable annuity contract and variable life insurance policyholders incur fees and expenses separate from the fees and expenses charged by the Funds. This SAI addresses Company information applicable to each of the 10 Funds. The Company was incorporated under the laws of the State of Maryland on March 26, 1996. The Company filed a registration statement with the United States Securities and Exchange Commission (the “SEC”) registering itself as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and its shares under the Securities Act of 1933, as amended (the “1933 Act”). The Funds are managed by Morgan Stanley Investment Management Inc. (the “Adviser”). This SAI is not a prospectus, but should be read in conjunction with the prospectuses for the Funds, each dated April 30, 2020, as may be supplemented from time to time (each, a “Prospectus” and together the “Prospectuses”). This SAI is incorporated by reference into the Prospectuses in its entirety. To obtain a Prospectus, please contact the Company or your insurance company. The Funds’ most recent Annual Reports to Shareholders are separate documents supplied with this SAI and include the Funds’ audited financial statements, including notes thereto, and the reports of the Funds’ independent registered public accounting firm, which are incorporated by reference into this SAI. Certain Funds are “non-diversified” and, as such, such Funds’ investments are not required to meet certain diversification requirements under federal securities law. Compared with “diversified” funds or portfolios, each such Fund may invest a greater percentage of its assets in the securities of an individual corporation or governmental entity. Thus, the Fund’s assets may be focused in securities of fewer issuers than other funds. A decline in the value of those investments may cause the Fund’s overall value to decline to a greater degree. The Emerging Markets Debt, Global Franchise, Global Infrastructure and U.S. Real Estate Portfolios are non-diversified funds. TABLE OF CONTENTS INVESTMENT POLICIES AND STRATEGIES 1 TAXES 39 PURCHASE OF SHARES 42 REDEMPTION OF SHARES 42 INVESTMENT LIMITATIONS 42 MANAGEMENT OF THE COMPANY 44 COMPENSATION 53 INVESTMENT ADVISORY AND OTHER SERVICES 54 DISTRIBUTION OF SHARES (APPLICABLE TO CLASS II SHARES ONLY) 58 PORTFOLIO MANAGERS 59 CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES 63 NET ASSET VALUE 68 BROKERAGE PRACTICES 69 PERFORMANCE INFORMATION 73 DISCLOSURE OF PORTFOLIO HOLDINGS 74 GENERAL INFORMATION 77 POTENTIAL CONFLICTS OF INTEREST 77 FINANCIAL STATEMENTS 81 APPENDIX A — MORGAN STANLEY INVESTMENT MANAGEMENT PROXY VOTING POLICY AND PROCEDURES A-1 APPENDIX B — DESCRIPTION OF RATINGS B-1 INVESTMENT POLICIES AND STRATEGIES This SAI provides additional information about the investment policies and operations of the Company and each of its Funds. Morgan Stanley Investment Management Inc. (“MSIM”) is the adviser (the “Adviser”) to the Funds. Under the supervision of the Adviser, Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) serve as investment sub-advisers to the Global Real Estate Portfolio, MSIM Company serves as investment sub-adviser to the Emerging Markets Equity Portfolio and MSIM Limited serves as investment sub- adviser to the Emerging Markets Debt, Global Franchise and Global Strategist Portfolios (MSIM Limited and MSIM Company are each referred to individually as the “Sub-Adviser” and collectively as the “Sub-Advisers”). References to the Adviser, when used in connection with its activities as investment adviser, include any Sub-Adviser acting under the Adviser’s supervision. The following tables summarize the permissible investments for each Fund. These tables should be used in conjunction with the investment summaries for each Fund contained in the Prospectus in order to provide a complete description of such Fund’s investment policies. U.S. FIXED INCOME PORTFOLIO: Core Plus Fixed Income Portfolio Equity Securities: Common Stocks Convertible Securities X Depositary Receipts Investment Company Securities X Exchange-Traded Funds X IPOs Limited Partnership and Limited Liability Company Interests Preferred Stocks X Real Estate Investing Rights X Warrants Fixed Income Securities: Agencies X Asset-Backed Securities X Cash Equivalents X Commercial Paper X Corporates X Eurodollar and Yankee Dollar Obligations X Floaters X High Yield Securities X Inverse Floaters X Investment Grade Securities X Lease Obligations Loan-Related Investments X Money Market Instruments X Mortgage Related Securities X Municipals X Repurchase Agreements X Temporary Investments X U.S. Treasury Securities X Zero Coupons, Pay-In-Kind Securities or Deferred Payment Securities X Foreign Investment: Brady Bonds X Chinese Fixed-Income Investments Emerging Market Securities X 1 U.S. FIXED INCOME PORTFOLIO: Core Plus Fixed Income Portfolio Foreign Fixed Income Securities Foreign Currency Transactions X Foreign Equity Securities Investment Funds Other Securities And Investment Techniques: Borrowing for Investment Purposes Loans of Portfolio Securities X Non-Publicly Traded Securities, Private Placements and Restricted Securities X Reverse Repurchase Agreements X Short Sales X Temporary Borrowing X When-Issued and Delayed Delivery Securities X Derivatives: Contracts for Difference
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