Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments 

Discovery Portfolio

	Shares		Value (000)
Common Stocks (93.1%)
Automobiles (0.2%)
Rivian Automotive, Inc., Class A (a)		32,338	$	363
Biotechnology (2.6%)
Alnylam Pharmaceuticals, Inc. (a)		1,597		439
Argenx SE ADR (Belgium) (a)		995		539
Intellia Therapeutics, Inc. (a)		17,585		361
ProKidney Corp. (a)		126,796		244
Roivant Sciences Ltd. (a)		240,294		2,773
				4,356
Broadline Retail (5.2%)
Global-e Online Ltd. (Israel) (a)		228,952		8,801
Consumer Staples Distribution & Retail (1.5%)
Maplebear, Inc. (a)		61,200		2,493
Entertainment (5.4%)
ROBLOX Corp., Class A (a)		205,968		9,116
Financial Services (10.8%)
Adyen NV (Netherlands) (a)		4,350		6,811
Affirm Holdings, Inc. (a)		283,956		11,591
				18,402
Health Care Equipment & Supplies (0.7%)
Dexcom, Inc. (a)		12,163		815
Penumbra, Inc. (a)		2,135		415
				1,230
Health Care Providers & Services (1.8%)
Agilon Health, Inc. (a)		791,761		3,112
Health Care Technology (2.1%)
Doximity, Inc., Class A (a)		81,286		3,542
Hotels, Restaurants & Leisure (8.3%)
DoorDash, Inc., Class A (a)		98,858		14,111
Information Technology Services (9.7%)
Cloudflare, Inc., Class A (a)		154,815		12,523
Fastly, Inc., Class A (a)		195,285		1,479
MongoDB, Inc. (a)		2,967		802
Snowflake, Inc., Class A (a)		14,374		1,651
				16,455
Leisure Products (1.2%)
Peloton Interactive, Inc., Class A (a)		447,993		2,097
Life Sciences Tools & Services (1.1%)
10X Genomics, Inc., Class A (a)		82,832		1,870
Machinery (0.2%)
Symbotic, Inc. (a)(b)		16,232		396
Media (7.4%)
Trade Desk, Inc., Class A (a)		115,401		12,654
Pharmaceuticals (4.5%)
Royalty Pharma PLC, Class A		269,284		7,618
Software (24.2%)
Aurora Innovation, Inc. (a)		1,057,206		6,258
Bill Holdings, Inc. (a)		80,307		4,237
Gitlab, Inc., Class A (a)		28,995		1,494
MicroStrategy, Inc., Class A (a)		45,016		7,590
Palantir Technologies, Inc., Class A (a)		129,350		4,812
Procore Technologies, Inc. (a)		42,316		2,612
QXO, Inc.		159,538		2,516
Samsara, Inc., Class A (a)		239,779		11,538
				41,057
Specialty Retail (6.2%)
Carvana Co. (a)		47,489		8,268
Chewy, Inc., Class A (a)		80,319		2,353
				10,621
Total Common Stocks (Cost $146,286)				158,294
Preferred Stocks (1.8%)
Software (1.8%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21)		36,279		2,424
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $709; acquired 9/15/23)		9,645		644
Total Preferred Stocks (Cost $3,375)				3,068
Investment Company (2.4%)
iShares Bitcoin Trust ETF (a) (Cost $4,346)		112,303		4,057
Short-Term Investment (2.9%)
Investment Company (2.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (e) (Cost $4,919)		4,919,498		4,919
Total Investments Excluding Purchased Options (100.2%) (Cost $158,926)				170,338
Total Purchased Options Outstanding (0.1%) (Cost $483)				133
Total Investments (100.3%) (Cost $159,409) including $396 of Securities Loaned (f)(g)(h)(i)				170,471
Liabilities in Excess of Other Assets (–0.3%)				(460	)
Net Assets (100.0%)			$	170,011

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (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. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $396,000 and $426,000, respectively. The Fund received non-cash collateral of approximately $426,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2024 amounts to approximately $3,068,000 and represents 1.8% of net assets.
(d)	At September 30, 2024, the Fund held fair valued securities valued at approximately approximately $3,068,000, representing 1.8% of net assets. These securities have been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2024, advisory fees paid were reduced by approximately $7,000 relating to the Fund’s investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $6,811,000 and 4.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	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”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $50,776,000 and the aggregate gross unrealized depreciation is approximately $39,714,000, resulting in net unrealized appreciation of approximately $11,062,000.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Discovery Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2024:                  

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	$	58	$	81	$	(23	)
Goldman Sachs International	USD/CNH	CNH	7.68	Jan–25		40,809,074		40,809		12		154		(142	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		17,858,771		17,859		37		78		(41	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		40,113,584		40,114		26		170		(144	)
									$	133	$	483	$	(350	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition  

Classification	Percentage of Total Investments
Software		25.9	%
Other*		21.2
Financial Services		10.8
Information Technology Services		9.7
Hotels, Restaurants & Leisure		8.3
Media		7.4
Specialty Retail		6.2
Entertainment		5.3
Broadline Retail		5.2
Total Investments		100.0	%

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

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Portfolio of Investments 

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (96.1%)
Albania (0.7%)
Sovereign (0.7%)
Albania Government International Bond,
3.50%, 11/23/31	EUR	335	$	353
5.90%, 6/9/28		359		419
				772
Angola (3.5%)
Sovereign (3.5%)
Angolan Government International Bond,
8.75%, 4/14/32	$	2,107		1,894
9.13%, 11/26/49		1,020		847
9.38%, 5/8/48		1,118		948
				3,689
Argentina (1.8%)
Corporate Bonds (1.1%)
Generacion Mediterranea SA/Central Termica Roca SA,
12.50%, 5/28/27 (a)		368		353
Pan American Energy LLC,
8.50%, 4/30/32 (a)		390		412
Telecom Argentina SA,
9.50%, 7/18/31 (a)		216		224
Transportadora de Gas del Sur SA,
8.50%, 7/24/31 (a)		181		189
				1,178
Senior Loan Interests (0.3%)
Provincia de Neuquen Argentina,
0.00%, 11/1/27		303		309
Sovereign (0.4%)
Argentine Republic Government International Bond,
3.50%, 7/9/41 (b)		300		137
4.13%, 7/9/35 (b)		200		97
5.00%, 1/9/38 (b)		300		157
				391
				1,878
Bahamas (1.5%)
Senior Loan Interests (1.0%)
Commonwealth of The Bahamas
3 Month EURIBOR + 6.850%,
10.51%, 11/24/28 (c)	EUR	990		1,099
Sovereign (0.5%)
Bahamas Government International Bond,
6.00%, 11/21/28	$	357		336
6.95%, 11/20/29		8		8
8.95%, 10/15/32		200		205
				549
				1,648
Barbados (0.7%)
Sovereign (0.7%)
Barbados Government International Bond,
6.50%, 10/1/29		756		727
Benin (2.9%)
Sovereign (2.9%)
Benin Government International Bond,
4.88%, 1/19/32	EUR	250		249
4.95%, 1/22/35		810		759
6.88%, 1/19/52		1,970		1,842
7.96%, 2/13/38	$	200		199
				3,049
Brazil (4.7%)
Corporate Bonds (4.7%)
Braskem Netherlands Finance BV,
8.50%, 1/23/81		478		479
Coruripe Netherlands BV,
10.00%, 2/10/27		430		408
FORESEA Holding SA,
7.50%, 6/15/30		660		633
Gol Finance SA,
1 Month Term SOFR + 10.50%,
15.34%, 1/29/25 (a)(c)		163		173
MV24 Capital BV,
6.75%, 6/1/34		227		222
OHI Group SA, 13.00%,
7/22/29 (a)		1,290		1,287
Samarco Mineracao SA
0.00% Cash,9.00% PIK,
9.00%, 6/30/31 (d)(e)(f)		1,258		1,179
Yinson Boronia Production BV,
8.95%, 7/31/42 (a)		601		644
				5,025
Cameroon (3.0%)
Sovereign (3.0%)
Republic of Cameroon International Bond,
5.95%, 7/7/32	EUR	760		688
9.50%, 7/31/31	$	2,553		2,491
				3,179
Chile (1.0%)
Sovereign (1.0%)
Chile Government International Bond,
2.55%, 7/27/33		850		729
3.50%, 1/25/50		500		386
				1,115
China (1.8%)
Corporate Bonds (1.8%)
Alibaba Group Holding Ltd.,
0.50%, 6/1/31 (a)		97		119
China Oil & Gas Group Ltd.,
4.70%, 6/30/26		590		545

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Portfolio of Investments (cont’d)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (cont’d)
Greentown China Holdings Ltd.,	$	550	$	539
4.70%, 4/29/25
H World Group Ltd.,		95		112
3.00%, 5/1/26
KWG Group Holdings Ltd.,		450		28
7.88%, 8/30/24 (e)(f)
PDD Holdings, Inc.,		97		98
0.00%, 12/1/25
Shimao Group Holdings Ltd.,
5.60%, 7/15/26 (e)(f)		1,218		63
Sunac China Holdings Ltd.,
0.00% Cash, 1.00% PIK,
1.00%, 9/30/32 (d)(e)(f)		85		8
5.00% Cash, 6.00% PIK,
11.00%, 9/30/26 (d)(e)(f)		70		9
5.25% Cash, 6.25% PIK,
11.50%, 9/30/27 (d)(e)(f)		70		8
5.50% Cash, 6.50% PIK,
12.00%, 9/30/27 (d)(e)(f)		140		14
5.75% Cash, 6.75% PIK,
12.50%, 9/30/28 (d)(e)(f)		211		20
6.00% Cash, 7.00% PIK,
13.00%, 9/30/29 (d)(e)(f)		219		18
6.25% Cash, 7.25% PIK,
13.50%, 9/30/30 (d)(e)(f)		103		8
Times China Holdings Ltd.,
5.55%, 6/4/24 (e)(f)		1,376		38
6.75%, 7/16/23 (e)(f)		280		8
West China Cement Ltd.,
4.95%, 7/8/26		320		247
				1,882
Colombia (2.7%)
Corporate Bonds (2.7%)
ABRA Global Finance
6.00% Cash, 5.50% PIK,
11.50%, 3/2/28 (a)(d)		9		10
Avianca Midco 2 PLC,
9.00%, 12/1/28		718		717
Banco Davivienda SA,
6.65%, 4/22/31 (g)		208		178
Banco de Occidente SA,
10.88%, 8/13/34		780		850
Bancolombia SA,
8.63%, 12/24/34		737		792
Canacol Energy Ltd.,
5.75%, 11/24/28		700		371
				2,918
Costa Rica (0.7%)
Sovereign (0.7%)
Costa Rica Government International Bond,
6.55%, 4/3/34		744		793
Dominican Republic (1.8%)
Sovereign (1.8%)
Dominican Republic International Bond,
4.88%, 9/23/32		800		763
5.95%, 1/25/27		150		152
6.00%, 7/19/28		500		513
6.85%, 1/27/45 (a)		200		214
7.45%, 4/30/44 (a)		200		227
				1,869
Ecuador (3.9%)
Sovereign (3.9%)
Ecuador Government International Bond,
0.00%, 7/31/30		2,077		1,163
5.50%, 7/31/35 (b)		1,397		798
6.90%, 7/31/30 (b)		2,930		2,139
				4,100
Egypt (5.6%)
Sovereign (5.6%)
Egypt Government International Bond,
5.25%, 10/6/25 (a)		500		497
5.63%, 4/16/30	EUR	900		839
6.38%, 4/11/31 (a)		500		467
6.38%, 4/11/31		629		588
6.88%, 4/30/40	$	104		78
7.05%, 1/15/32		488		424
7.50%, 2/16/61		370		269
7.63%, 5/29/32		200		178
7.90%, 2/21/48		718		556
8.15%, 11/20/59		200		155
8.50%, 1/31/47		400		323
8.70%, 3/1/49		300		246
8.75%, 9/30/51		216		177
8.88%, 5/29/50		1,440		1,195
				5,992
El Salvador (0.7%)
Sovereign (0.7%)
El Salvador Government International Bond,
8.25%, 4/10/32		604		563
9.25%, 4/17/30		152		152
				715
Ethiopia (2.0%)
Sovereign (2.0%)
Ethiopia International Bond,
6.63%, 12/11/24 (e)(f)		2,712		2,115
Gabon (0.3%)
Sovereign (0.3%)
Gabon Government International Bond,
6.95%, 6/16/25 (a)		300		282

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Portfolio of Investments (cont’d)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Georgia (1.8%)
Corporate Bonds (1.6%)
Bank of Georgia JSC,
9.50%, 7/16/29 (g)	$	690	$	678
TBC Bank JSC, 10.25%,
7/30/29 (g)		1,040		1,032
				1,710
Sovereign (0.2%)
Georgia Government International Bond,
2.75%, 4/22/26		200		190
				1,900
Ghana (3.7%)
Corporate Bonds (1.0%)
Kosmos Energy Ltd.,
8.75%, 10/1/31		700		691
Tullow Oil PLC,
10.25%, 5/15/26		369		335
				1,026
Sovereign (2.7%)
Ghana Government International Bond,
6.38%, 2/11/27 (e)(f)		1,253		657
7.75%, 4/7/29 (e)(f)		716		379
7.88%, 3/26/27 - 2/11/35 (e)(f)		516		273
8.13%, 1/18/26 - 3/26/32 (e)(f)		818		435
8.63%, 4/7/34 - 6/16/49 (e)(f)		1,354		716
8.75%, 3/11/61 (e)(f)		400		215
8.88%, 5/7/42 (e)(f)		233		124
8.95%, 3/26/51 (e)(f)		245		131
				2,930
				3,956
Greece (1.1%)
Corporate Bonds (1.1%)
Piraeus Financial Holdings SA,
7.25%, 4/17/34	EUR	280		337
8.75%, 6/16/26 (g)		722		826
				1,163
Guatemala (0.5%)
Sovereign (0.5%)
Guatemala Government Bond,
3.70%, 10/7/33	$	300		258
4.65%, 10/7/41 (a)		310		257
				515
Honduras (0.1%)
Sovereign (0.1%)
Honduras Government International Bond,
6.25%, 1/19/27		150		146
Hong Kong (0.8%)
Corporate Bonds (0.8%)
CAS Capital No. 1 Ltd.,
4.00%, 7/12/26 (g)		200		192
Elect Global Investments Ltd.,
4.10%, 6/3/25 (g)		204		197
Yuexiu Co. Ltd. REIT MTN,
2.65%, 2/2/26		500		465
				854
Hungary (1.6%)
Corporate Bonds (0.6%)
MBH Bank Nyrt,
8.63%, 10/19/27	EUR	338		402
OTP Bank Nyrt,
8.75%, 5/15/33	$	254		270
				672
Sovereign (1.0%)
Hungary Government International Bond,
5.50%, 3/26/36		500		504
6.25%, 9/22/32 (a)		500		539
				1,043
				1,715
India (1.0%)
Corporate Bonds (1.0%)
Piramal Capital & Housing Finance Ltd.,
7.80%, 1/29/28		370		379
Vedanta Resources Finance II PLC,
13.88%, 12/9/28		678		680
				1,059
Indonesia (2.6%)
Corporate Bonds (1.0%)
Indika Energy Tbk. PT,
8.75%, 5/7/29 (a)		660		676
LLPL Capital Pte. Ltd.,
6.88%, 2/4/39		340		352
				1,028
Sovereign (1.6%)
Indonesia Government International Bond,
4.70%, 2/10/34		1,100		1,110
5.10%, 2/10/54		600		610
				1,720
				2,748
Iraq (0.1%)
Sovereign (0.1%)
Iraq International Bond,
5.80%, 1/15/28		123		119
Ivory Coast (0.8%)
Sovereign (0.8%)
Ivory Coast Government International Bond,
6.63%, 3/22/48	EUR	977		899

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Portfolio of Investments (cont’d)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Jamaica (1.5%)
Corporate Bond (1.0%)
Digicel Intermediate Holdings Ltd./Digicel
International Finance Ltd./Difl U.S.
9.00% Cash, 1.50% PIK,
10.50%, 5/25/27 (d)	$	1,066	$	1,074
Senior Loan Interests (0.5%)
Digicel International Finance Ltd.
3 Month USD SOFR + 6.75%,
12.00%, 5/25/27 (c)		578		573
				1,647
Jordan (0.6%)
Sovereign (0.6%)
Jordan Government International Bond,
5.85%, 7/7/30		227		214
7.38%, 10/10/47		200		185
7.50%, 1/13/29		200		204
				603
Kenya (1.5%)
Sovereign (1.5%)
Republic of Kenya Government International Bond,
7.00%, 5/22/27		410		403
8.00%, 5/22/32		794		740
8.25%, 2/28/48		257		219
9.75%, 2/16/31		219		221
				1,583
Kuwait (0.3%)
Sovereign (0.3%)
Kuwait International Government Bond,
3.50%, 3/20/27		300		296
Lebanon (0.1%)
Sovereign (0.1%)
Lebanon Government International Bond,
6.85%, 3/23/27 (e)(f)		1,210		97
Mexico (3.8%)
Corporate Bonds (1.7%)
BBVA Bancomer SA,
5.13%, 1/18/33		465		443
8.45%, 6/29/38		336		366
Fideicomiso Irrevocable de Administracion y
Fuente de Pago Numero CIB/4323
0.00% Cash, 11.00% PIK,
11.00%, 9/12/30 (d)		534		545
Total Play Telecomunicaciones SA de CV,
10.50%, 12/31/28 (a)		640		494
				1,848
Sovereign (2.1%)
Mexico Government International Bond,
3.50%, 2/12/34		560		478
Petroleos Mexicanos,
6.75%, 9/21/47		453		325
6.84%, 1/23/30		679		629
6.88%, 8/4/26		757		755
				2,187
				4,035
Moldova (0.2%)
Corporate Bond (0.2%)
Aragvi Finance International DAC,
8.45%, 4/29/26		230		214
Mongolia (0.2%)
Sovereign (0.2%)
Mongolia Government International Bond,
7.88%, 6/5/29		200		212
Montenegro (0.8%)
Sovereign (0.8%)
Montenegro Government International Bond,
2.88%, 12/16/27	EUR	112		118
7.25%, 3/12/31	$	751		788
				906
Morocco (0.5%)
Sovereign (0.5%)
Morocco Government International Bond,
3.00%, 12/15/32		300		258
4.00%, 12/15/50 (a)		300		223
				481
Nigeria (0.4%)
Corporate Bond (0.4%)
Access Bank PLC,
6.13%, 9/21/26		483		461
Oman (1.6%)
Sovereign (1.6%)
Oman Government International Bond,
5.38%, 3/8/27		200		203
6.25%, 1/25/31		700		749
6.75%, 1/17/48		440		477
7.38%, 10/28/32		200		230
				1,659
Pakistan (0.5%)
Sovereign (0.5%)
Pakistan Government International Bond,
6.88%, 12/5/27		267		243
7.38%, 4/8/31		281		239
				482
Panama (1.7%)
Corporate Bond (0.3%)
AES Panama Generation Holdings SRL, 4.38%, 5/31/30		376		342

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Sovereign (1.4%)
Panama Government International Bond,
2.25%, 9/29/32	$	200	$	155
3.16%, 1/23/30		500		449
3.30%, 1/19/33		500		418
4.50%, 4/1/56		600		433
				1,455
				1,797
Paraguay (1.3%)
Corporate Bond (0.5%)
Frigorifico Concepcion SA,
7.70%, 7/21/28		786		549
Senior Loan Interests (0.8%)
Frigorifico Concepcion SA
3 Month USD SOFR + 5.50%,
10.49%, 12/8/26 (c)		780		789
				1,338
Peru (1.2%)
Corporate Bonds (1.2%)
Auna SA,
10.00%, 12/15/29 (a)		700		742
Peru LNG Srl,
5.38%, 3/22/30		580		536
				1,278
Philippines (1.3%)
Sovereign (1.3%)
Philippine Government International Bond,
5.00%, 7/17/33		840		867
5.50%, 1/17/48		520		556
				1,423
Romania (1.5%)
Sovereign (1.5%)
Romanian Government International Bond,
1.75%, 7/13/30	EUR	600		571
2.00%, 4/14/33		232		202
6.38%, 1/30/34	$	400		417
6.63%, 9/27/29	EUR	300		367
				1,557
Serbia (1.0%)
Sovereign (1.0%)
Serbia International Bond,
2.05%, 9/23/36		270		225
2.13%, 12/1/30	$	720		605
6.50%, 9/26/33		200		214
				1,044
Singapore (0.3%)
Corporate Bond (0.3%)
Puma International Financing SA,
7.75%, 4/25/29 (a)		338		348
Sri Lanka (2.9%)
Sovereign (2.9%)
Sri Lanka Government International Bond,
5.75%, 4/18/23 (e)(f)		200		110
6.20%, 5/11/27 (e)(f)		2,106		1,184
6.35%, 6/28/49 (e)(f)		200		111
6.75%, 4/18/28 (e)(f)		760		429
6.83%, 7/18/26 (e)(f)		200		113
6.85%, 11/3/25 (e)(f)		1,928		1,093
				3,040
Suriname (2.8%)
Sovereign (2.8%)
Suriname Government International Bond,
7.85%, 12/31/50 (a)(c)(e)(f)		556		545
4.95% Cash, 3.00% PIK,
7.95%, 7/15/33 (a)(d)(e)(f)		1,720		1,671
9.00%, 12/31/50 (a)(c)(e)(f)		743		728
				2,944
Tanzania, United Republic Of (4.2%)
Corporate Bond (0.2%)
HTA Group Ltd.,
2.88%, 3/18/27		200		187
Senior Loan Interests (4.0%)
HTA Group Ltd.
3 Month SOFR + 4.311%,
9.64%, 9/13/28		580		579
Tanzania
3 Month USD SOFR + 5.45%,
10.16%, 2/27/31 (c)		3,700		3,681
				4,260
				4,447
Trinidad And Tobago (0.3%)
Sovereign (0.3%)
Trinidad & Tobago Government International Bond,
4.50%, 6/26/30		350		335
Tunisia (0.8%)
Sovereign (0.8%)
Tunisian Republic,
5.75%, 1/30/25		220		214
6.38%, 7/15/26	EUR	645		650
				864
Turkey (3.0%)
Corporate Bonds (1.4%)
Eregli Demir ve Celik Fabrikalari TAS,
8.38%, 7/23/29	$	406		419

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (cont’d)
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS,
9.50%, 7/10/36	$	460	$	435
WE Soda Investments Holding PLC,
9.50%, 10/6/28		582		607
				1,461
Sovereign (1.6%)
Turkiye Government International Bond,
4.88%, 4/16/43		370		279
6.13%, 10/24/28		900		921
7.63%, 5/15/34		530		564
				1,764
				3,225
Ukraine (0.7%)
Sovereign (0.7%)
Ukraine Government International Bond,
1.75%, 2/1/29 - 2/1/36 (b)		1,073		486
3.00%, 2/1/30 - 2/1/36 (b)		689		245
				731
United Arab Emirates (2.5%)
Corporate Bond (0.5%)
Ittihad International Ltd.,
9.75%, 11/9/28		520		539
Sovereign (2.0%)
Finance Department Government of Sharjah,
4.00%, 7/28/50		400		281
4.38%, 3/10/51		200		148
6.50%, 11/23/32		1,600		1,721
				2,150
				2,689
Uruguay (0.9%)
Sovereign (0.9%)
Uruguay Government International Bond,
4.38%, 1/23/31		200		201
5.10%, 6/18/50		550		551
5.75%, 10/28/34		200		217
				969
Uzbekistan (2.4%)
Corporate Bonds (1.3%)
Jscb Agrobank,
9.25%, 10/2/29 (h)		956		962
Uzbek Industrial & Construction Bank ATB,
8.95%, 7/24/29		370		373
				1,335
Senior Loan Interests (0.4%)
Navoi Mining and Metallurgical Company
3 Month SOFR + 4.760%,
10.06%, 4/23/27 (c)		485		483
Sovereign (0.7%)
National Bank of Uzbekistan,
8.50%, 7/5/29		740		756
				2,574
Venezuela (1.7%)
Sovereign (1.7%)
Petroleos de Venezuela SA,
5.38%, 4/12/27 (e)(f)		1,728		168
5.50%, 4/12/37 (e)(f)		650		65
6.00%, 10/28/22 - 11/15/26 (e)(f)		6,348		612
8.50%, 10/27/20 (e)(f)		85		78
9.00%, 11/17/49 (e)(f)		687		72
9.75%, 5/17/35 (e)(f)		903		99
12.75%, 2/17/22 (e)(f)		469		54
Venezuela Government International Bond,
6.00%, 12/9/20 (e)(f)		482		59
7.00%, 3/31/38 (e)(f)		130		18
7.65%, 4/21/25 (e)(f)		695		97
7.75%, 10/13/19 (e)(f)		560		73
8.25%, 10/13/24 (e)(f)		198		28
9.00%, 5/7/23 (e)(f)		76		11
9.25%, 9/15/27 - 5/7/28 (e)(f)		1,535		239
9.38%, 1/13/34 (e)(f)		25		4
11.75%, 10/21/26 (e)(f)		292		49
11.95%, 8/5/31 (e)(f)		203		33
12.75%, 8/23/22 (e)(f)		213		35
				1,794
Vietnam (0.2%)
Corporate Bond (0.2%)
Mong Duong Finance Holdings BV,
5.13%, 5/7/29		275		267
Total Fixed Income Securities (Cost $104,821)				102,162

	No. of Warrants
Warrants (0.7%)
Ukraine (0.7%)
Ukraine Government International Bond, expires 8/1/41 (j)	1,083,000		769
Venezuela (0.0%)‡
Venezuela Government International Bond, Oil-Linked Payment Obligation expires 4/15/20 (i)(j)		3,750		26
Total Warrants (Cost $733)				795

	Shares
Short-Term Investments (1.3%)
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (k) (Cost $1,148)		1,147,744	1,148

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
United States (0.2%)
U.S. Treasury Security (0.2%)
U.S. Treasury Bill, 5.19%,
1/16/25 (l) (Cost $236)	$	240	$	237
Total Short-Term Investments (Cost $1,384)				1,385
Total Investments (98.1%)
(Cost $106,938)(m)(n)				104,342
Other Assets in Excess of Liabilities (1.9%)				2,028
Net Assets (100.0%)			$	106,370

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

‡	Amount is less than 0.05%.
(a)	144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(b)	Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2024. Maturity date disclosed is the ultimate maturity date.
(c)	Floating or variable rate securities: The rates disclosed are as of September 30, 2024. 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.
(d)	Income may be paid in additional securities and/or cash at the discretion of the issuer.
(e)	Issuer in bankruptcy.
(f)	Non-income producing security; bond in default.
(g)	Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of September 30, 2024.
(h)	When-issued security.
(i)	Perpetual maturity date. Date disclosed is the last expiration date.
(j)	Non-income producing security.
(k)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2024, advisory fees paid were reduced by approximately $6,000 relating to the Fund’s investment in the Liquidity Fund.
(l)	Rate shown is the yield to maturity at September 30, 2024.
(m)	Securities are available for collateral in connection with purchase of when-issued security, open foreign currency forward exchange contracts, futures contracts and swap agreements.
(n)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,582,000 and the aggregate gross unrealized depreciation is approximately $9,644,000, resulting in net unrealized depreciation of approximately $3,062,000.

DAC	Designated Activity Company.
EURIBOR	Euro Interbank Offered Rate.
MTN	Medium Term Note.
PIK	Payment-in-Kind.
REIT	Real Estate Investment Trust.
SOFR	Secured Overnight Financing Rate.
USD	United States Dollar.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets Debt Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2024:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date		Unrealized Appreciation (Depreciation) (000)
Citibank NA	EUR	856	$	957		10/4/24	$	4
Citibank NA	$	327	EUR	297		10/4/24		3
Citibank NA	$	588	EUR	533		10/4/24		5
Goldman Sachs International	EUR	186	$	206		10/4/24		(1	)
Goldman Sachs International	EUR	50	$	56		10/4/24		(—	@)
Goldman Sachs International	EUR	183	$	203		10/4/24		(1	)
Goldman Sachs International	EUR	787	$	872		10/4/24		(4	)
Goldman Sachs International	EUR	495	$	548		10/4/24		(3	)
Goldman Sachs International	EUR	577	$	640		10/4/24		(3	)
Goldman Sachs International	EUR	730	$	808		10/4/24		(4	)
Goldman Sachs International	EUR	256	$	284		10/4/24		(1	)
Goldman Sachs International	EUR	1,590	$	1,762		10/4/24		(9	)
Goldman Sachs International	EUR	183	$	203		10/4/24		(1	)
Goldman Sachs International	EUR	837	$	927		10/4/24		(5	)
Goldman Sachs International	EUR	273	$	302		10/4/24		(2	)
Goldman Sachs International	EUR	169	$	187		10/4/24		(1	)
Goldman Sachs International	$	12	EUR	11		10/4/24		—	@
Goldman Sachs International	$	116	EUR	105		10/4/24		1
Goldman Sachs International	$	266	EUR	240		10/4/24		1
UBS AG	EUR	186	$	206		10/4/24		(1	)
UBS AG	EUR	578	$	640		10/4/24		(3	)
UBS AG	EUR	256	$	284		10/4/24		(1	)
UBS AG	EUR	837	$	927		10/4/24		(5	)
UBS AG	EUR	50	$	56		10/4/24		(—	@)
UBS AG	EUR	730	$	808		10/4/24		(4	)
UBS AG	EUR	1,591	$	1,762		10/4/24		(9	)
UBS AG	EUR	184	$	203		10/4/24		(1	)
UBS AG	EUR	169	$	187		10/4/24		(1	)
UBS AG	EUR	788	$	872		10/4/24		(4	)
UBS AG	EUR	273	$	302		10/4/24		(2	)
UBS AG	EUR	495	$	548		10/4/24		(3	)
UBS AG	EUR	183	$	203		10/4/24		(1	)
UBS AG	$	115	EUR	104		10/4/24		1
UBS AG	$	264	EUR	238		10/4/24		1
UBS AG	$	12	EUR	11		10/4/24		—	@
							$	(54	)

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets Debt Portfolio

Futures Contracts: 

The Fund had the following futures contracts open at September 30, 2024:

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Depreciation (000)
Long:
U.S. Treasury Ultra Long Bond (United States)	98	Dec-24	$	9,800		$	13,043		$	(215	)
U.S. Treasury Long Bond (United States)	27	Dec-24		2,700			3,353			(38	)
U.S. Treasury 5 yr. Note (United States)	24	Dec-24		2,400			2,637			(5	)
U.S. Treasury 10 yr. Note (United States)	28	Dec-24		2,800			3,200			(22	)
U.S. Treasury 10 yr. Ultra Note (United States)	64	Dec-24		6,400			7,571			(26	)
Short:
Euro-Buxl 30 yr. Bond Index (Germany)	2	Dec-24	EUR	(200	)		(303	)		(7	)
German Euro-Bobl Index (Germany)	29	Dec-24		(2,900	)		(3,875	)		(44	)
German Euro-Bund Index (Germany)	28	Dec-24		(2,800	)		(4,205	)		(59	)
German Euro-Schatz Index (Germany)	30	Dec-24		(3,000	)		(3,579	)		(19	)
U.S. Treasury 2 yr. Note (United States)	6	Dec-24	$	(1,200	)		(1,250	)		(—	@)
									$	(435	)

Credit Default Swap Agreements: 

The Fund had the following credit default swap agreements open at September 30, 2024:

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	$	(31	)	$	(55	)	$	25
Goldman Sachs International Vietnam Government International Bonds	NR	Sell		1.00		Quarterly	12/20/29		900		1			2		$	(2	)
										$	(30	)	$	(53	)	$	23

@ Value is less than $500.

*	Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
EUR —	Euro

Portfolio Composition

Classification	Percentage of Total Investments
Sovereign		63.5	%
Corporate Bonds		27.3
Senior Loan Interests		7.2
Other*		2.0
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 $43,016,000 and net unrealized depreciation of approximately $435,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $54,000. Also does not include open swap agreements with net unrealized appreciation of approximately $23,000.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

Emerging Markets Equity Portfolio

	Shares		Value (000)
Common Stocks (100.0%)
Brazil (7.8%)
Itau Unibanco Holding SA (Preference)		428,611	$	2,841
Localiza Rent a Car SA		232,889		1,753
NU Holdings Ltd., Class A (a)		80,049		1,093
Raia Drogasil SA		394,547		1,846
Rede D’Or Sao Luiz SA		133,921		760
Vale SA		97,707		1,139
WEG SA		384,216		3,836
				13,268
China (20.8%)
Alibaba Group Holding Ltd. (b)		374,800		4,981
Baidu, Inc. ADR (a)		4,536		478
Bank of Ningbo Co. Ltd., Class A		195,100		707
BYD Co. Ltd., H Shares (b)		73,000		2,604
China Construction Bank Corp., H Shares (b)		4,446,230		3,316
China Merchants Bank Co. Ltd., H Shares (b)		414,000		2,006
China Resources Beer Holdings Co. Ltd. (b)		121,500		520
JD.com, Inc., Class A (b)		29,280		587
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		141,009		1,038
KE Holdings, Inc. ADR		22,755		453
Kweichow Moutai Co. Ltd., Class A		5,791		1,419
Meituan, Class B (a)(b)		53,680		1,140
NARI Technology Co. Ltd., Class A		272,500		1,063
NetEase, Inc. (b)		53,000		990
Ping An Insurance Group Co. of China Ltd., Class H (b)		137,000		860
Postal Savings Bank of China Co. Ltd., Class H (b)		1,125,000		665
Proya Cosmetics Co. Ltd., Class A		44,048		687
Shenzhen Inovance Technology Co. Ltd., Class A		119,500		1,053
Tencent Holdings Ltd. (b)		147,600		8,207
Trip.com Group Ltd. ADR (a)		30,628		1,820
Yum China Holdings, Inc.		15,323		690
				35,284
India (26.6%)
Axis Bank Ltd.		86,413		1,270
Bajaj Auto Ltd.		20,521		3,021
Bajaj Finance Ltd.		17,025		1,564
CG Power & Industrial Solutions Ltd.		75,500		683
Coforge Ltd.		3,513		294
Delhivery Ltd. (a)		175,436		889
HDFC Asset Management Co. Ltd.		29,347		1,505
HDFC Bank Ltd.		132,985		2,739
Hindalco Industries Ltd.		188,827		1,707
Hitachi Energy India Ltd.		8,731		1,514
ICICI Bank Ltd.		291,534		4,424
IDFC First Bank Ltd. (a)		462,356		410
Infosys Ltd.		113,031		2,525
Infosys Ltd. ADR		29,943		667
Larsen & Toubro Ltd.		38,848		1,704
Macrotech Developers Ltd.		97,835		1,441
Mahindra & Mahindra Ltd.		137,090		5,060
MakeMyTrip Ltd. (a)		12,244		1,138
Max Healthcare Institute Ltd.		127,808		1,501
Pidilite Industries Ltd.		36,547		1,466
Reliance Industries Ltd.		111,019		3,906
Samvardhana Motherson International Ltd.		361,861		912
Star Health & Allied Insurance Co. Ltd. (a)		127,337		922
State Bank of India		300,124		2,818
United Breweries Ltd.		41,888		1,087
				45,167
Indonesia (3.2%)
Bank Central Asia Tbk. PT		2,631,600		1,795
Bank Mandiri Persero Tbk. PT		3,064,300		1,409
Bank Rakyat Indonesia Persero Tbk. PT		3,445,800		1,127
Cisarua Mountain Dairy Tbk. PT		2,771,400		1,035
				5,366
Korea, Republic of (8.4%)
DB Insurance Co. Ltd.		8,441		725
HYBE Co. Ltd.		2,632		339
Hyundai Marine & Fire Insurance Co. Ltd.		23,293		587
Hyundai Motor Co.		3,984		742
Kangwon Land, Inc.		21,699		281
KB Financial Group, Inc.		23,141		1,428
Kia Corp.		13,882		1,057
Korea Zinc Co. Ltd.		2,503		1,311
KT&G Corp.		10,506		871
NAVER Corp.		5,911		761
Samsung Electronics Co. Ltd.		90,603		4,235
Samsung Life Insurance Co. Ltd.		2,326		166
SK Hynix, Inc.		12,111		1,621
SK Square Co. Ltd. (a)		1,542		95
				14,219
Malaysia (1.3%)
CIMB Group Holdings Bhd.		599,300		1,173
Malayan Banking Bhd.		433,300		1,101
				2,274
Mexico (3.8%)
Gruma SAB de CV, Class B		132,404		2,454
Grupo Financiero Banorte SAB de CV Series O		189,481		1,343
Qualitas Controladora SAB de CV		178,269		1,394
Wal-Mart de Mexico SAB de CV		394,199		1,189
				6,380
Poland (2.2%)
Allegro.eu SA (a)		235,986		2,134
Powszechny Zaklad Ubezpieczen SA		154,970		1,694
				3,828

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets Equity Portfolio

	Shares		Value (000)
Saudi Arabia (1.4%)
Alinma Bank		165,037	$	1,256
Bupa Arabia for Cooperative Insurance Co.		19,570		1,081
				2,337
South Africa (4.2%)
AVI Ltd.		187,230		1,190
Capitec Bank Holdings Ltd.		14,550		2,558
Clicks Group Ltd.		60,845		1,397
Standard Bank Group Ltd.		140,869		1,973
				7,118
Taiwan (17.9%)
Advantech Co. Ltd.		64,000		648
Airtac International Group		28,901		828
Delta Electronics, Inc.		81,000		966
E Ink Holdings, Inc.		165,000		1,530
Fubon Financial Holding Co. Ltd.		369,600		1,052
Hon Hai Precision Industry Co. Ltd.		486,000		2,862
Taiwan Semiconductor Manufacturing Co. Ltd.		587,000		17,701
Unimicron Technology Corp.		274,000		1,244
United Microelectronics Corp.		1,214,000		2,046
Wiwynn Corp.		22,000		1,192
Wiwynn Corp. GDR (a)		5,242		283
				30,352
Thailand (0.7%)
Tisco Financial Group PCL		386,000		1,157
United Arab Emirates (0.5%)
Americana Restaurants International PLC - Foreign Co.		1,278,934		935
United Kingdom (1.2%)
Anglo American PLC		4,157		135
Antofagasta PLC		73,983		1,994
				2,129
Total Common Stocks (Cost $117,634)				169,814
Short-Term Investment (1.7%)
Investment Company (1.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.85% (c) (Cost $2,961)		2,960,873		2,961
Total Investments (101.7%) (Cost $120,595) (d)(e)(f)				172,775
Liabilities in Excess of Other Assets (–1.7%)				(2,878	)
Net Assets (100.0%)			$	169,897

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

(a)	Non-income producing security.
(b)	Security trades on the Hong Kong exchange.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund.
(d)	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”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(e)	The approximate fair value and percentage of net assets, $144,637,000 and 85.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $57,141,000 and the aggregate gross unrealized depreciation is approximately $4,961,000, resulting in net unrealized appreciation of approximately $52,180,000.

ADR	American Depositary Receipt.
GDR	Global Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		52.6	%
Banks		22.3
Semiconductors & Semiconductor Equipment		12.4
Automobiles		7.2
Interactive Media & Services		5.5
Total Investments		100.0	%

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

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Portfolio of Investments

Global Infrastructure Portfolio

	Shares		Value (000)
Common Stocks (98.5%)
Australia (1.1%)
Transurban Group (Units) (a)		86,274	$	780
Brazil (0.2%)
Rumo SA		37,010		136
Canada (16.6%)
Enbridge, Inc.		82,926		3,369
GFL Environmental, Inc.		59,062		2,355
Keyera Corp.		35,903		1,119
Pembina Pipeline Corp.		57,100		2,354
TC Energy Corp. (b)		64,502		3,066
				12,263
China (0.6%)
China Resources Gas Group Ltd. (c)		110,000		440
France (2.8%)
Getlink SE		14,487		259
Vinci SA		15,641		1,828
				2,087
Hong Kong (1.0%)
CK Infrastructure Holdings Ltd.		59,000		401
Power Assets Holdings Ltd.		55,000		351
				752
Italy (2.6%)
Infrastrutture Wireless Italiane SpA		22,913		282
Snam SpA		111,523		568
Terna — Rete Elettrica Nazionale		119,048		1,072
				1,922
Japan (0.6%)
Tokyo Gas Co. Ltd.		17,600		410
Mexico (2.3%)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		98,685		1,710
Portugal (0.1%)
EDP Renovaveis SA		4,449		78
Spain (8.3%)
Aena SME SA		5,093		1,119
Cellnex Telecom SA		61,106		2,477
Ferrovial SE		25,819		1,110
Iberdrola SA		56,787		878
Redeia Corp. SA		28,012		544
				6,128
Switzerland (0.9%)
Flughafen Zurich AG (Registered)		2,861		688
United Kingdom (9.9%)
National Grid PLC		388,947		5,377
Severn Trent PLC		29,226		1,035
United Utilities Group PLC		64,506		904
				7,316
United States (51.5%)
American Electric Power Co., Inc.		6,571		674
American Tower Corp. REIT		22,318		5,190
American Water Works Co., Inc.		8,145		1,191
Atmos Energy Corp.		10,246		1,421
CenterPoint Energy, Inc.		24,199		712
Cheniere Energy, Inc.		10,824		1,947
CMS Energy Corp.		29,863		2,109
Crown Castle, Inc. REIT		16,298		1,934
Duke Energy Corp.		4,377		505
Edison International		18,927		1,648
Equinix, Inc. REIT		780		692
Essential Utilities, Inc.		8,713		336
Eversource Energy		20,589		1,401
Exelon Corp.		40,114		1,627
Kinder Morgan, Inc.		68,503		1,513
NiSource, Inc.		48,784		1,690
ONEOK, Inc.		27,479		2,504
PG&E Corp.		97,069		1,919
PPL Corp.		29,378		972
SBA Communications Corp. REIT		3,662		882
Sempra		32,631		2,729
Southern Co.		6,367		574
Targa Resources Corp.		16,245		2,404
Williams Cos., Inc.		7,117		325
Xcel Energy, Inc.		16,733		1,093
				37,992
Total Common Stocks (Cost $58,671)				72,702
Short-Term Investment (1.5%)
Investment Company (1.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 4.78% (d) (Cost $1,118)		1,118,127		1,118
Total Investments (100.0%) (Cost $59,789) including $3,005 of Securities Loaned (e)(f)(g)				73,820
Other Assets in Excess of Liabilities (0.0%)‡				26
Net Assets (100.0%)			$	73,846

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Portfolio of Investments (cont’d) 

Global Infrastructure Portfolio

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)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $3,005,000 and $3,104,000, respectively. The Fund received non-cash collateral of approximately $3,104,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security trades on the Hong Kong exchange.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $20,601,000 and 27.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(g)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $14,173,000 and the aggregate gross unrealized depreciation is approximately $142,000, resulting in net unrealized appreciation of approximately $14,031,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Oil & Gas Storage & Transportation		35.0	%
Electricity Transmission & Distribution		18.4
Communications		15.5
Other*		12.6
Others		10.9
Diversified		7.6
Total Investments		100.0	%

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

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Portfolio of Investments (cont’d) 

Global Real Estate Portfolio

	Shares		Value (000)
Common Stocks (99.3%)
Australia (6.3%)
Charter Hall Group REIT		17,488	$	192
Goodman Group REIT		44,245		1,129
National Storage REIT (a)		113,056		198
NEXTDC Ltd. (b)		10,977		133
Scentre Group REIT		113,324		285
Stockland REIT		82,702		298
				2,235
Belgium (0.8%)
Montea NV REIT (a)		2,497		208
Shurgard Self Storage Ltd. REIT		1,856		87
				295
Canada (2.2%)
Boardwalk REIT		4,428		281
Chartwell Retirement Residences (Units) (c)		29,892		344
InterRent REIT		17,363		163
				788
France (2.1%)
Carmila SA REIT		10,176		202
Covivio SA REIT		1,438		88
Klepierre SA REIT		4,641		152
Unibail-Rodamco-Westfield REIT		3,320		291
				733
Germany (2.5%)
LEG Immobilien SE		3,392		355
Vonovia SE		14,490		529
				884
Hong Kong (2.1%)
Link REIT		59,727		298
Sun Hung Kai Properties Ltd.		31,893		345
Swire Properties Ltd.		55,400		113
				756
Japan (8.1%)
Comforia Residential, Inc. REIT		98		221
Heiwa Real Estate, Inc. REIT		144		130
Invincible Investment Corp. REIT		655		284
Japan Hotel REIT Investment Corp.		446		222
Japan Prime Realty Investment Corp. REIT		72		175
Mitsubishi Estate Co. Ltd.		3,500		55
Mitsui Fudosan Co. Ltd.		80,200		756
Mitsui Fudosan Logistics Park, Inc. REIT		44		130
Nippon Building Fund, Inc. REIT		335		307
Nippon Prologis, Inc. REIT		92		157
Sumitomo Realty & Development Co. Ltd.		13,500		457
				2,894
Netherlands (0.7%)
CTP NV		14,266		260
Singapore (2.5%)
CapitaLand Integrated Commercial Trust REIT		181,219		298
Frasers Centrepoint Trust REIT		152,000		272
Mapletree Industrial Trust REIT		69,000		130
Suntec Real Estate Investment Trust REIT		191,800		198
				898
Spain (1.4%)
Cellnex Telecom SA		4,375		177
Merlin Properties Socimi SA REIT		24,368		309
				486
Sweden (1.8%)
Castellum AB (b)		17,879		262
Fastighets AB Balder, Class B (b)		22,560		198
Pandox AB		9,344		187
				647
United Kingdom (4.4%)
Derwent London PLC REIT		5,808		186
Impact Healthcare PLC REIT		97,094		120
LondonMetric Property PLC REIT		66,949		184
Segro PLC REIT		40,779		478
Sirius Real Estate Ltd. REIT		133,284		174
UNITE Group PLC REIT		20,745		261
Workspace Group PLC REIT		17,584		153
				1,556
United States (64.4%)
Agree Realty Corp. REIT		11,484		865
American Homes 4 Rent, Class A REIT		18,127		696
American Tower Corp. REIT		1,498		348
Americold Realty Trust, Inc. REIT		8,238		233
AvalonBay Communities, Inc. REIT		6,599		1,486
BXP, Inc. REIT		5,998		483
CareTrust REIT, Inc.		15,003		463
Digital Realty Trust, Inc. REIT		7,001		1,133
EastGroup Properties, Inc. REIT		1,866		349
Equinix, Inc. REIT		2,221		1,971
Essential Properties Realty Trust, Inc. REIT		8,234		281
Extra Space Storage, Inc. REIT		5,326		960
Federal Realty Investment Trust REIT		3,440		395
Healthpeak Properties, Inc. REIT		19,546		447
Host Hotels & Resorts, Inc. REIT		16,171		285
Iron Mountain, Inc. REIT		6,056		720
Kilroy Realty Corp. REIT		7,099		275
Kite Realty Group Trust REIT		9,449		251
Lineage, Inc. REIT		2,884		226
Mid-America Apartment Communities, Inc. REIT		5,214		829
PACS Group, Inc. (b)		6,703		268
Prologis, Inc. REIT		12,169		1,537
Public Storage REIT		3,728		1,357
Realty Income Corp. REIT		14,313		908
Retail Opportunity Investments Corp. REIT		9,102		143

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Portfolio of Investments (cont’d) 

Global Real Estate Portfolio

	Shares		Value (000)
United States (cont’d)
Rexford Industrial Realty, Inc. REIT		10,006	$	503
Simon Property Group, Inc. REIT		5,325		900
Sun Communities, Inc. REIT		3,470		469
Tanger, Inc. REIT		5,664		188
Urban Edge Properties REIT		10,074		215
Ventas, Inc. REIT		10,033		643
VICI Properties, Inc. REIT		28,729		957
Welltower, Inc. REIT		16,685		2,136
				22,920
Total Common Stocks (Cost $28,125)				35,352
	No. of Rights
Rights (0.0%)‡
Belgium (0.0%)‡
Montea NV, expires 10/3/2024 (a)(b) (Cost $—)		2,497		2
	Shares
Short-Term Investments (1.3%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 4.88% (d) (Cost $250)		249,505		250
Securities held as Collateral on Loaned Securities (0.6%)
Investment Company (0.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (d) (Cost $170)		169,603		170
	Face Amount (000)
Repurchase Agreements (0.1%)
Citigroup, Inc., (4.88%, dated 9/30/24, due 10/1/24; proceeds $20; fully collateralized by U.S. Government obligations; 2.88% - 4.75% due 5/15/43 - 11/15/43; valued at $20)	$	20		20
Merrill Lynch & Co., Inc., (4.86%, dated 9/30/24, due 10/1/24; proceeds $22; fully collateralized by U.S. Government obligations; 0.75% - 3.50% due 9/30/26 - 2/15/45; valued at $22)		22		22
				42
Total Securities held as Collateral on Loaned Securities (Cost $212)				212
Total Short-Term Investments (Cost $462)				462
Total Investments (100.6%) (Cost $28,587) including $399 of Securities Loaned (e)(f)(g)				35,816
Liabilities in Excess of Other Assets (–0.6%)				(224	)
Net Assets (100.0%)			$	35,592

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)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2024, were approximately $399,000 and $417,000, respectively. The Fund received cash collateral of approximately $212,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - as reported in the Portfolio of Investments. The remaining collateral of approximately $205,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(b)	Non-income producing security.
(c)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2024, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $11,644,000 and 32.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(g)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,469,000 and the aggregate gross unrealized depreciation is approximately $240,000, resulting in net unrealized appreciation of approximately $7,229,000.
REIT	Real Estate Investment Trust.

Portfolio Composition*

Classification	Percentage of Total Investments
Retail		15.0	%
Residential		14.9
Diversified		14.5
Health Care		12.4
Industrial		11.5
Other**		10.1
Data Centers		9.1
Self Storage		7.3
Specialty		5.2
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d) 

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (40.5%)
Agency Fixed Rate Mortgages (4.1%)
United States (4.1%)
Federal Home Loan Mortgage Corporation, Conventional Pools:
2.00%, 6/1/52	$	598	$	495
3.00%, 11/1/52		96		86
4.50%, 1/1/49		11		11
Gold Pools:
3.50%, 2/1/45 - 6/1/45		149		141
4.50%, 1/1/49		8		7
Federal National Mortgage Association, Conventional Pools:
2.50%, 10/1/51		283		244
3.00%, 4/1/52		373		336
3.50%, 1/1/51		385		362
4.00%, 11/1/41 - 1/1/46		152		150
4.50%, 3/1/41 - 11/1/44		62		63
5.00%, 1/1/41 - 3/1/41		23		23
6.00%, 1/1/38		4		4
6.50%, 10/1/53		24		25
October TBA:
2.50%, 10/1/54 (a)		500		432
3.00%, 10/1/54 (a)		100		90
4.00%, 10/1/54 (a)		70		67
4.50%, 10/1/54 (a)		100		98
5.00%, 10/1/54 (a)		270		270
5.50%, 10/1/54 (a)		450		455
6.00%, 10/1/54 (a)		220		225
Government National Mortgage Association, Various Pools:
4.00%, 7/15/44		9		8
5.00%, 2/20/49		3		3
Total Agency Fixed Rate Mortgages (Cost $3,696)				3,595
Asset-Backed Securities (0.6%)
Ireland (0.1%)
European Residential Loan Securitisation 2019-NPL1 DAC, Class A
1 Month EURIBOR + 3.25%, 6.62%, 7/24/54 (b)	EUR	59		66
United States (0.5%)
Renaissance Home Equity Loan Trust,
1 Month Term SOFR + 0.87%, 5.73%, 12/25/32 (b)	$	73		68
Retained Vantage Data Centers Issuer LLC, Class A2A
5.00%, 9/15/48 (c)		100		100
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%, 4.24%, 7/25/39 (b)	EUR	51		53
STAR Trust, Class A
1 Month Term SOFR + 1.75%, 6.71%, 10/17/41 (b)(c)		200		200
				421
Total Asset-Backed Securities (Cost $478)				487
Commercial Mortgage-Backed Securities (0.5%)
Germany (0.0%)‡
Berg Finance DAC,
3 Month EURIBOR + 1.05%, 4.74%, 4/22/33 (b)	EUR	15		17
United States (0.5%)
BAMLL Trust,
1 Month Term SOFR + 2.35%, 7.45%, 8/15/39 (b)(c)	$	100		101
BPR Trust,
1 Month Term SOFR + 1.90%, 6.99%, 4/15/37 (b)(c)		100		101
1 Month Term SOFR + 3.00%, 8.10%, 5/15/39 (b)(c)		100		100
Commercial Mortgage Trust,
4.91%, 7/15/47 (b)(c)		16		15
JW Commercial Mortgage Trust,
1 Month Term SOFR + 1.62%, 6.70%, 6/15/39 (b)(c)		100		100
				417
Total Commercial Mortgage-Backed Securities (Cost $432)				434
Corporate Bonds (10.1%)
Australia (0.5%)
NBN Co. Ltd.,
2.63%, 5/5/31 (c)		200		179
Transurban Finance Co. Pty. Ltd.,
2.00%, 8/28/25	EUR	100		110
Westpac Banking Corp.,
2.67%, 11/15/35	$	125		109
				398
Brazil (0.2%)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
2.50%, 1/15/27		225		215
Canada (0.6%)
Algonquin Power & Utilities Corp.,
5.37%, 6/15/26 (d)		50		51
Province of Ontario Canada,
4.10%, 3/4/33	CAD	200		154
Province of Quebec Canada, 0.00%,
10/29/30	EUR	210		200
Rogers Communications, Inc.,
3.80%, 3/15/32	$	100		93
				498

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d) 

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Denmark (0.2%)
Realkredit Danmark AS,
Series CCS 4.00%, 10/1/56	DKK	1,000	$	149
France (0.8%)
AXA SA,
3.25%, 5/28/49	EUR	100		110
Banque Federative du Credit Mutuel SA,
1.25%, 12/5/25	GBP	100		128
BNP Paribas SA,
1.13%, 6/11/26	EUR	225		243
BPCE SA,
5.75%, 6/1/33		100		119
Orange SA,
5.00%, 10/1/26 (e)		100		115
				715
Germany (0.8%)
Kreditanstalt fuer Wiederaufbau,
0.38%, 4/23/30		340		340
RWE AG,
3.63%, 1/10/32		100		114
Volkswagen International Finance NV,
Series 10Y 1.88%, 3/30/27		200		215
				669
Italy (0.1%)
Generali,
5.50%, 10/27/47		100		118
Korea, Republic of (0.2%)
Korea Southern Power Co. Ltd.,
0.75%, 1/27/26 (c)	$	200		191
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings SARL,
1.25%, 4/26/27	EUR	100		106
Macau (0.0%)‡
Las Vegas Sands Corp.,
6.00%, 8/15/29	$	35		36
Netherlands (0.1%)
Alliander NV,
4.50%, 3/27/32 (e)	EUR	100		115
Spain (0.4%)
Banco Santander SA,
3.13%, 1/19/27		100		112
5.18%, 11/19/25	$	200		200
				312
Sweden (0.1%)
Akelius Residential Property Financing BV,
1.13%, 1/11/29	EUR	100		100
United Arab Emirates (0.2%)
Galaxy Pipeline Assets Bidco Ltd.,
2.63%, 3/31/36 (c)	$	225		193
United Kingdom (0.9%)
BAT Capital Corp.,
3.56%, 8/15/27		58		57
HSBC Holdings PLC, 2.26%,
11/13/26	GBP	100		129
5.73%, 5/17/32	$	200		211
Lloyds Banking Group PLC,
2.00%, 4/12/28	GBP	100		125
2.25%, 10/16/24		100		133
NGG Finance PLC,
5.63%, 6/18/73		100		134
				789
United States (4.9%)
Air Lease Corp.,
3.13%, 12/1/30	$	75		69
Amazon.com, Inc.,
3.88%, 8/22/37		75		71
Aon North America, Inc.,
5.45%, 3/1/34		100		105
AT&T, Inc.,
1.80%, 9/5/26	EUR	100		109
2.90%, 12/4/26	GBP	100		129
3.65%, 6/1/51	$	75		58
Bank of New York Mellon Corp.,
MTN 5.19%, 3/14/35		75		78
Boeing Co.,
5.81%, 5/1/50		50		48
6.26%, 5/1/27 (c)		25		26
6.30%, 5/1/29 (c)		25		26
Bristol-Myers Squibb Co.,
5.65%, 2/22/64		25		26
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		75		78
Centene Corp.,
2.50%, 3/1/31		175		151
Charles Schwab Corp.,
5.85%, 5/19/34		65		70
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.80%, 3/1/50		100		77
6.38%, 10/23/35		25		26
Citigroup, Inc.,
3.79%, 3/17/33		275		258

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d) 

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont’d)
Comcast Corp.,
2.89%, 11/1/51	$	50	$	34
3.75%, 4/1/40		50		43
Diamondback Energy, Inc.,
3.13%, 3/24/31		50		46
Energy Transfer LP,
2.90%, 5/15/25		150		148
Enterprise Products Operating LLC,
3.95%, 1/31/60		50		39
4.95%, 2/15/35		25		25
Georgia-Pacific LLC,
2.30%, 4/30/30 (c)		175		158
Global Payments, Inc.,
4.45%, 6/1/28		100		100
Goldman Sachs Group, Inc.,
0.75%, 3/23/32	EUR	90		84
5.85%, 4/25/35	$	100		107
JPMorgan Chase & Co.,
5.04%, 1/23/28		100		102
6.25%, 10/23/34		175		195
Las Vegas Sands Corp.,
5.90%, 6/1/27		50		51
Medtronic Global Holdings SCA,
1.00%, 7/2/31	EUR	100		98
Metropolitan Life Global Funding I,
2.95%, 4/9/30 (c)	$	150		140
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		175		163
Nuveen LLC, 5.55%,
1/15/30 (c)		50		52
ONEOK, Inc.,
5.05%, 11/1/34		75		75
6.05%, 9/1/33		25		27
Oracle Corp.,
2.88%, 3/25/31		175		159
Pfizer Investment Enterprises Pte. Ltd.,
5.34%, 5/19/63		25		26
PNC Financial Services Group, Inc.,
6.88%, 10/20/34		125		143
Prologis Euro Finance LLC,
1.88%, 1/5/29	EUR	100		106
Republic Services, Inc.,
5.00%, 4/1/34	$	50		51
Thermo Fisher Scientific, Inc.,
0.88%, 10/1/31	EUR	100		97
U.S. Bancorp,
5.68%, 1/23/35	$	50		53
5.84%, 6/12/34		75		80
Upjohn Finance BV,
1.91%, 6/23/32	EUR	100		97
Verizon Communications, Inc.,
1.13%, 11/3/28	GBP	100		117
2.55%, 3/21/31	$	50		45
Vontier Corp.,
2.40%, 4/1/28		50		46
Warnermedia Holdings, Inc.,
5.14%, 3/15/52		25		19
Williams Cos., Inc.,
4.85%, 3/1/48		125		114
				4,245
Total Corporate Bonds (Cost $8,962)				8,849
Mortgages - Other (1.7%)
United Kingdom (0.1%)
Landmark Mortgage Securities No. 3 PLC,
3 Month GBP SONIA + 2.22%, 7.26%, 4/17/44 (b)	GBP	50		62
United States (1.6%)
Bayview Opportunity Master Fund VIA Trust,
3.00%, 1/25/52 (b)(c)	$	86		76
Chase Home Lending Mortgage Trust,
5.50%, 8/25/55 (b)(c)		200		200
Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust,
3.00%, 11/25/57		74		66
3.00%, 7/25/58		78		69
3.00%, 10/25/58		12		11
4.00%, 10/25/58		11		10
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
3.00%, 9/25/45		16		14
3.00%, 7/25/46		8		6
3.00%, 12/25/46		28		24
3.00%, 5/25/47		34		29
3.50%, 5/25/45		7		6
3.50%, 9/25/45		16		14
3.50%, 7/25/46		10		8
4.00%, 5/25/45		2		2
GCAT Trust, Class 2A2
6.50%, 1/25/54 (b)(c)		129		131
Hundred Acre Wood Trust,
2.50%, 12/25/51 (b)(c)		82		69
JP Morgan Mortgage Trust,
3.00%, 4/25/52 (b)(c)		151		133
3.00%, 9/25/52 (b)(c)		163		143
3.25%, 7/25/52 (b)(c)		82		71
MFA Trust,
5.27%, 8/25/69 (c)		149		149
PRKCM 2023-AFC1 Trust, Class A1
6.60%, 2/25/58 (c)		140		142

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont’d)
PRMI Securitization Trust,
2.50%, 4/25/51 (b)(c)	$	80	$	67
				1,440
Total Mortgages - Other (Cost $1,603)				1,502
Sovereign (18.3%)
Australia (0.4%)
Australia Government Bond,
1.25%, 5/21/32	AUD	160		92
Treasury Corp. of Victoria,
2.25%, 9/15/33		459		260
				352
Austria (0.1%)
Republic of Austria Government Bond,
0.00%, 2/20/30 (c)	EUR	70		69
Belgium (0.2%)
Kingdom of Belgium Government Bond,
0.90%, 6/22/29 (c)		30		31
1.70%, 6/22/50 (c)		90		72
3.45%, 6/22/43 (c)		100		115
				218
Brazil (1.2%)
Brazil Notas do Tesouro Nacional,
10.00%, 1/1/29	BRL	5,960		1,015
Canada (1.0%)
Canadian Government Bond,
2.00%, 12/1/51	CAD	20		12
3.25%, 12/1/33		910		691
Province of British Columbia,
4.75%, 6/12/34	$	160		167
				870
Chile (0.1%)
Chile Government International Bond,
3.88%, 7/9/31	EUR	100		115
China (3.3%)
Agricultural Development Bank of China,
2.25%, 4/22/25	CNY	770		110
China Development Bank,
3.34%, 7/14/25		740		107
China Government Bond,
2.37%, 1/20/27		1,700		247
2.40%, 7/15/28		1,000		146
2.69%, 8/15/32		1,700		251
2.80%, 11/15/32		2,200		329
3.12%, 10/25/52		400		66
3.13%, 11/21/29		5,390		815
3.27%, 11/19/30		2,140		329
3.52%, 4/25/46		410		70
3.53%, 10/18/51		200		35
3.81%, 9/14/50		300		55
3.86%, 7/22/49		1,270		232
Export-Import Bank of China,
2.93%, 3/2/25		740		106
				2,898
Colombia (0.1%)
Colombian TES,
7.00%, 3/26/31	COP	268,000		56
Czech Republic (0.1%)
Czech Republic Government Bond,
1.20%, 3/13/31	CZK	1,200		46
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	630		90
Estonia (0.1%)
Estonia Government International Bond,
3.25%, 1/17/34	EUR	60		68
Finland (0.2%)
Finland Government Bond,
1.13%, 4/15/34 (c)		70		68
3.00%, 9/15/34 (c)		60		69
				137
France (1.0%)
Agence Francaise de Developpement EPIC,
1.50%, 10/31/34		100		96
French Republic Government Bond OAT,
0.00%, 11/25/29 (c)		680		667
SNCF Reseau,
1.88%, 3/30/34		100		100
				863
Germany (1.5%)
Bundesrepublik Deutschland Bundesanleihe,
0.00%, 8/15/31 - 8/15/50		468		433
0.25%, 2/15/29		390		405
1.80%, 8/15/53		58		56
4.25%, 7/4/39		120		164
State of North Rhine-Westphalia Germany,
1.65%, 2/22/38		290		281
				1,339
Greece (0.2%)
Hellenic Republic Government Bond,
3.38%, 6/15/34 (c)		150		171
Hungary (0.1%)
Hungary Government Bond,
3.00%, 8/21/30	HUF	8,480		21

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Hungary (cont’d)
Hungary Government International Bond,
4.00%, 7/25/29	EUR	34	$	38
				59
Indonesia (0.2%)
Indonesia Treasury Bond,
8.38%, 3/15/34	IDR	1,792,000		134
Ireland (0.1%)
Ireland Government Bond,
2.60%, 10/18/34	EUR	70		79
Italy (0.8%)
Italy Buoni Poliennali Del Tesoro,
0.45%, 2/15/29		50		51
2.50%, 12/1/32		90		96
3.85%, 7/1/34		40		46
4.00%, 11/15/30		240		283
4.45%, 9/1/43 (c)		68		81
4.50%, 10/1/53 (c)		110		131
				688
Japan (2.4%)
Japan Government Ten Year Bond,
0.10%, 6/20/31	JPY	42,800		289
0.80%, 3/20/34		74,000		514
1.10%, 6/20/34		27,000		192
Japan Government Thirty Year Bond,
0.30%, 6/20/46		34,300		174
0.40%, 9/20/49		47,900		232
0.70%, 12/20/51		42,000		211
Japan Government Twenty Year Bond,
0.40%, 6/20/41		77,000		448
				2,060
Korea, Republic of (0.4%)
Export-Import Bank of Korea,
0.63%, 2/9/26	$	200		191
Korea Development Bank,
0.80%, 7/19/26		200		189
				380
Lithuania (0.1%)
Republic of Lithuania,
3.50%, 7/3/31	EUR	40		46
Malaysia (0.2%)
Malaysia Government Bond,
3.58%, 7/15/32	MYR	200		48
3.89%, 8/15/29		440		109
				157
Mexico (0.1%)
Mexican Bonos,
7.50%, 6/3/27	MXN	1,700		83
8.50%, 5/31/29		800		40
				123
Netherlands (0.2%)
Netherlands Government Bond,
0.00%, 7/15/30 (c)	EUR	190		187
2.75%, 1/15/47 (c)		20		22
				209
New Zealand (0.2%)
New Zealand Government Bond,
4.25%, 5/15/34	NZD	40		25
New Zealand Local Government Funding Agency Bond,
MTN
4.40%, 9/8/27	AUD	200		140
				165
Norway (0.0%)‡
Norway Government Bond,
3.63%, 5/31/39 (c)	NOK	110		11
Poland (0.0%)‡
Republic of Poland Government Bond,
1.75%, 4/25/32	PLN	200		41
Portugal (0.0%)‡
Portugal Obrigacoes do Tesouro OT,
3.63%, 6/12/54 (c)	EUR	30		34
Singapore (0.1%)
Singapore Government Bond,
2.63%, 8/1/32	SGD	70		55
Slovenia (0.2%)
Slovenia Government International Bond,
5.00%, 9/19/33 (c)	$	200		209
South Africa (1.1%)
Republic of South Africa Government Bond,
8.88%, 2/28/35	ZAR	18,067		968
Spain (1.1%)
Spain Government Bond,
0.00%, 1/31/28	EUR	50		52
2.70%, 10/31/48 (c)		40		39
3.45%, 10/31/34 (c)		570		663
3.50%, 5/31/29		170		198
4.00%, 10/31/54 (c)		20		23
				975
Thailand (0.1%)
Thailand Government Bond,
2.00%, 12/17/31	THB	4,000		121

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United Kingdom (1.3%)
United Kingdom Gilt,
0.63%, 10/22/50	GBP	350	$	192
0.88%, 7/31/33		230		238
3.50%, 10/22/25 - 1/22/45		480		621
4.25%, 7/31/34		30		41
				1,092
Total Sovereign (Cost $16,424)				15,913
Supranational (0.6%)
Asian Development Bank,
MTN
2.13%, 5/19/31	NZD	60		34
Corp. Andina de Fomento,
5.00%, 1/24/29	$	100		103
MTN
5.30%, 2/19/29	AUD	160		112
European Financial Stability Facility,
3.00%, 9/4/34	EUR	110		126
European Investment Bank,
0.00%, 1/14/31		180		172
Total Supranational (Cost $514)				547
U.S. Treasury Securities (4.6%)
United States (4.6%)
U.S. Treasury Bonds,
1.13%, 5/15/40	$	790		522
U.S. Treasury Inflation-Indexed Notes,
1.75%, 1/15/34		1,328		1,343
U.S. Treasury Notes,
1.13%, 10/31/26		720		684
1.50%, 2/15/30		30		27
1.88%, 2/15/32		200		177
3.38%, 5/15/33		690		671
4.00%, 2/15/34		110		112
4.13%, 9/30/27		470		478
Total U.S. Treasury Securities (Cost $4,066)				4,014
Total Fixed Income Securities (Cost $36,175)				35,341

	Shares
Common Stocks (38.3%)
Australia (0.9%)
Ampol Ltd.		133	3
ANZ Group Holdings Ltd.		1,721	36
APA Group		723	4
Aristocrat Leisure Ltd.		331	13
ASX Ltd.		109	5
BHP Group Ltd.		2,763	86
BlueScope Steel Ltd.		249	4
Brambles Ltd.		794	10
CAR Group Ltd.		207	5
Cochlear Ltd.		37	7
Coles Group Ltd.		755	9
Commonwealth Bank of Australia		969	90
Computershare Ltd.		306	5
CSL Ltd.		274	54
Dexus REIT		597	3
Endeavour Group Ltd.		856	3
Fortescue Ltd.		915	13
Goodman Group REIT		966	25
GPT Group REIT		1,086	4
Insurance Australia Group Ltd.		1,348	7
James Hardie Industries PLC (f)		247	10
Lottery Corp. Ltd.		1,277	5
Macquarie Group Ltd.		210	34
Medibank Pvt Ltd.		1,584	4
Mineral Resources Ltd.		95	3
Mirvac Group REIT		2,252	3
National Australia Bank Ltd.		1,798	47
Northern Star Resources Ltd.		645	7
Orica Ltd.		271	4
Origin Energy Ltd.		983	7
Pilbara Minerals Ltd. (f)		1,596	4
Pro Medicus Ltd.		34	4
Qantas Airways Ltd. (f)		452	2
QBE Insurance Group Ltd.		864	10
Ramsay Health Care Ltd.		106	3
REA Group Ltd.		30	4
Reece Ltd.		129	3
Rio Tinto Ltd.		202	18
Santos Ltd.		1,843	9
Scentre Group REIT		2,939	7
SEEK Ltd.		203	4
Seven Group Holdings Ltd.		115	3
Sonic Healthcare Ltd.		260	5
South32 Ltd.		2,488	6
Stockland REIT		1,348	5
Suncorp Group Ltd.		727	9
Telstra Group Ltd.		2,294	6
Transurban Group (Units)		1,759	16
Treasury Wine Estates Ltd.		460	4
Vicinity Ltd. REIT		2,199	3
Washington H Soul Pattinson & Co. Ltd.		132	3
Wesfarmers Ltd.		639	31
Westpac Banking Corp.		1,975	43
WiseTech Global Ltd.		95	9
Woodside Energy Group Ltd.		1,068	18
Woolworths Group Ltd.		687	16
Xero Ltd. (f)		83	9
			764
Austria (0.1%)
Erste Group Bank AG		1,077	59
OMV AG		120	5

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Austria (cont’d)
Verbund AG		55	$	5
Voestalpine AG		84		2
				71
Belgium (0.2%)
Ageas SA		112		6
Anheuser-Busch InBev SA		614		41
Argenx SE (f)		41		22
D’ieteren Group		15		3
Elia Group SA		21		2
Groupe Bruxelles Lambert NV		57		5
KBC Group NV		745		59
Sofina SA		11		3
Syensqo SA		51		5
UCB SA		90		16
Warehouses De Pauw CVA REIT		124		3
				165
Canada (1.7%)
Agnico Eagle Mines Ltd.		342		28
Air Canada (f)		123		1
Alimentation Couche-Tard, Inc.		523		29
AltaGas Ltd.		201		5
ARC Resources Ltd.		403		7
Bank of Montreal		498		45
Bank of Nova Scotia		832		45
Barrick Gold Corp.		1,149		23
Barrick Gold Corp. (NYSE)		57		1
BCE, Inc.		51		2
Brookfield Asset Management Ltd., Class A		241		11
Brookfield Corp.		923		49
Brookfield Renewable Corp., Class A		91		3
BRP, Inc.		24		1
CAE, Inc. (f)		218		4
Cameco Corp.		299		14
Canadian Apartment Properties REIT		57		2
Canadian Imperial Bank of Commerce		639		39
Canadian National Railway Co.		371		43
Canadian Natural Resources Ltd.		1,447		48
Canadian Pacific Kansas City Ltd.		633		54
Canadian Tire Corp. Ltd., Class A		35		4
Canadian Utilities Ltd., Class A		92		2
CCL Industries, Inc., Class B		102		6
Cenovus Energy, Inc.		948		16
CGI, Inc. (f)		142		16
Constellation Software, Inc.		14		46
Descartes Systems Group, Inc. (f)		58		6
Dollarama, Inc.		189		19
Element Fleet Management Corp.		266		6
Emera, Inc.		195		8
Empire Co. Ltd., Class A		94		3
Enbridge, Inc.		1,455		59
Fairfax Financial Holdings Ltd.		14		18
First Quantum Minerals Ltd. (f)		479		7
FirstService Corp.		28		5
Fortis, Inc.		336		15
Franco-Nevada Corp.		131		16
George Weston Ltd.		41		7
GFL Environmental, Inc.		150		6
Gildan Activewear, Inc.		105		5
Great-West Lifeco, Inc.		192		7
Hydro One Ltd.		224		8
iA Financial Corp., Inc.		67		6
IGM Financial, Inc.		58		2
Imperial Oil Ltd.		127		9
Intact Financial Corp.		121		23
Ivanhoe Mines Ltd., Class A (f)		425		6
Keyera Corp.		157		5
Kinross Gold Corp.		844		8
Loblaw Cos. Ltd.		106		14
Lundin Mining Corp.		439		5
Magna International, Inc.		185		8
Manulife Financial Corp.		1,220		36
MEG Energy Corp.		184		3
Metro, Inc.		154		10
National Bank of Canada		234		22
Northland Power, Inc.		174		3
Nutrien Ltd.		338		16
Onex Corp.		45		3
Open Text Corp.		188		6
Pan American Silver Corp.		252		5
Parkland Corp.		96		2
Pembina Pipeline Corp.		394		16
Power Corp. of Canada		383		12
Quebecor, Inc., Class B		104		3
RB Global, Inc.		125		10
Restaurant Brands International, Inc.		206		15
RioCan Real Estate Investment Trust REIT		103		2
Rogers Communications, Inc., Class B		245		10
Royal Bank of Canada		955		119
Saputo, Inc.		172		4
Shopify, Inc., Class A (f)		833		67
Stantec, Inc.		79		6
Sun Life Financial, Inc.		397		23
Suncor Energy, Inc.		870		32
TC Energy Corp.		706		34
Teck Resources Ltd., Class B		309		16
TELUS Corp.		334		6
TFI International, Inc.		55		8
Thomson Reuters Corp.		109		19
TMX Group Ltd.		190		6
Toromont Industries Ltd.		57		6
Toronto-Dominion Bank		1,206		76
Tourmaline Oil Corp.		225		10
West Fraser Timber Co. Ltd.		38		4

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont’d)
Wheaton Precious Metals Corp.		310	$	19
WSP Global, Inc.		85		15
				1,469
China (0.0%)
China Common Rich Renewable Energy Investments Ltd. (f)(g)		18,000		—
Denmark (0.5%)
AP Moller - Maersk AS Series B		5		8
Carlsberg AS Series B		62		7
Coloplast AS Series B		85		11
Danske Bank AS		464		14
Demant AS (f)		65		3
DSV AS		113		23
Genmab AS (f)		42		10
Novo Nordisk AS, Class B		2,187		260
Novozymes AS Series B		238		17
Orsted AS (f)		128		9
Pandora AS		56		9
Rockwool AS, Class B		6		3
Tryg AS		229		6
Vestas Wind Systems AS (f)		689		15
Zealand Pharma AS (f)		44		5
				400
Finland (0.2%)
Elisa OYJ		96		5
Fortum OYJ		302		5
Kesko OYJ, Class B		185		4
Kone OYJ, Class B		223		13
Metso OYJ		408		4
Neste OYJ		291		6
Nokia OYJ		3,605		16
Nordea Bank Abp		9,642		114
Orion OYJ, Class B		73		4
Sampo OYJ, Class A		338		16
Stora Enso OYJ, Class R		386		5
UPM-Kymmene OYJ		355		12
Wartsila OYJ Abp		336		7
				211
France (1.7%)
Accor SA		123		5
Aeroports de Paris SA		21		3
Air Liquide SA		364		70
Airbus SE		374		55
Alstom SA (f)		212		4
Amundi SA		38		3
ArcelorMittal SA		283		7
Arkema SA		35		3
AXA SA		1,149		44
BioMerieux		26		3
BNP Paribas SA		3,096		212
Bollore SE		445		3
Bouygues SA		119		4
Bureau Veritas SA		201		7
Capgemini SE		96		21
Carrefour SA		344		6
Cie de Saint-Gobain SA		280		26
Cie Generale des Etablissements Michelin SCA		423		17
Covivio SA REIT		35		2
Credit Agricole SA		3,171		49
Danone SA		408		30
Dassault Aviation SA		13		3
Dassault Systemes SE		410		16
Edenred SE		157		6
Eiffage SA		46		4
Engie SA		1,169		20
EssilorLuxottica SA		186		44
Eurazeo SE		28		2
Eurofins Scientific SE		83		5
Euronext NV		51		6
Gecina SA REIT		29		3
Getlink SE		189		3
Hermes International SCA		19		47
Ipsen SA		24		3
Kering SA		44		13
Klepierre SA REIT		135		4
La Francaise des Jeux SAEM		64		3
Legrand SA		164		19
L’Oreal SA		146		66
LVMH Moet Hennessy Louis Vuitton SE		162		124
Orange SA		1,196		14
Pernod Ricard SA		122		19
Publicis Groupe SA		143		16
Renault SA		119		5
Rexel SA		141		4
Safran SA		214		50
Sanofi SA		722		83
Sartorius Stedim Biotech		17		4
Schneider Electric SE		338		89
SEB SA		15		2
Societe Generale SA		2,180		54
Sodexo SA		58		5
STMicroelectronics NV		414		12
Teleperformance SE		37		4
Thales SA		61		10
TotalEnergies SE		1,414		92
Unibail-Rodamco-Westfield REIT		73		6
Veolia Environnement SA		431		14
Vinci SA		315		37
Vivendi SE		448		5
				1,490

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Germany (1.3%)
adidas AG		104	$	28
Allianz SE (Registered)		264		87
BASF SE		617		33
Bayer AG (Registered)		653		22
Bayerische Motoren Werke AG		208		18
Bayerische Motoren Werke AG (Preference)		39		3
Bechtle AG		54		2
Beiersdorf AG		66		10
Brenntag SE		87		6
Carl Zeiss Meditec AG		26		2
Commerzbank AG		3,114		57
Continental AG		72		5
Covestro AG (f)		129		8
CTS Eventim AG & Co. KGaA		42		4
Daimler Truck Holding AG		327		12
Delivery Hero SE (f)		119		5
Deutsche Bank AG (Registered)		1,261		22
Deutsche Boerse AG		130		31
Deutsche Lufthansa AG (Registered)		401		3
Deutsche Telekom AG (Registered)		2,381		70
DHL Group (Registered)		674		30
Dr Ing hc F Porsche AG (Preference)		73		6
E.ON SE		1,524		23
Evonik Industries AG		174		4
Fresenius Medical Care AG		138		6
Fresenius SE & Co. KGaA (f)		285		11
GEA Group AG		103		5
Hannover Rueck SE (Registered)		41		12
Heidelberg Materials AG		91		10
Henkel AG & Co. KGaA		70		6
Henkel AG & Co. KGaA (Preference)		115		11
Infineon Technologies AG		853		30
Knorr-Bremse AG		48		4
LEG Immobilien SE		50		5
Mercedes-Benz Group AG (Registered)		493		32
Merck KGaA		84		15
MTU Aero Engines AG		36		11
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		91		50
Nemetschek SE		38		4
Porsche Automobil Holding SE (Preference)		103		5
Puma SE		69		3
QIAGEN NV (f)		149		7
Rational AG		3		3
Rheinmetall AG		30		16
RWE AG		420		15
SAP SE		695		159
Sartorius AG (Preference)		18		5
Scout24 SE		51		4
Siemens AG (Registered)		500		101
Siemens Energy AG (f)		439		16
Siemens Healthineers AG		190		11
Symrise AG		91		13
Talanx AG		43		4
Volkswagen AG (Preference)		139		15
Vonovia SE		492		18
Zalando SE (f)		147		5
				1,103
Hong Kong (0.1%)
AIA Group Ltd.		3,181		28
BOC Hong Kong Holdings Ltd.		1,072		3
CK Asset Holdings Ltd.		555		2
CK Hutchison Holdings Ltd.		769		4
CK Infrastructure Holdings Ltd.		179		1
CLP Holdings Ltd.		477		4
Futu Holdings Ltd. ADR (f)		16		2
Galaxy Entertainment Group Ltd.		632		3
Hang Seng Bank Ltd.		218		3
Henderson Land Development Co. Ltd.		421		1
HKT Trust & HKT Ltd.		1,100		1
Hong Kong & China Gas Co. Ltd.		3,265		3
Hong Kong Exchanges & Clearing Ltd.		345		14
Hongkong Land Holdings Ltd.		326		1
Jardine Matheson Holdings Ltd.		47		2
Link REIT		733		4
MTR Corp. Ltd.		445		2
Power Assets Holdings Ltd.		400		3
Sands China Ltd. (f)		707		2
Sino Land Co. Ltd.		1,122		1
SITC International Holdings Co. Ltd.		393		1
Sun Hung Kai Properties Ltd.		414		4
Swire Pacific Ltd., Class A		118		1
Techtronic Industries Co. Ltd.		393		6
WH Group Ltd.		2,425		2
Wharf Holdings Ltd.		305		1
Wharf Real Estate Investment Co. Ltd.		474		2
				101
Ireland (0.1%)
AIB Group PLC		4,845		28
Bank of Ireland Group PLC		3,116		35
Kerry Group PLC, Class A		101		10
Kingspan Group PLC		99		9
				82
Israel (0.1%)
Azrieli Group Ltd.		27		2
Bank Hapoalim BM		820		8
Bank Leumi Le-Israel BM		979		10
Check Point Software Technologies Ltd. (f)		58		11
CyberArk Software Ltd. (f)		28		8
Elbit Systems Ltd.		17		3
Global-e Online Ltd. (f)		65		3
ICL Group Ltd.		499		2
Israel Discount Bank Ltd., Class A		798		4

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Israel (cont’d)
Mizrahi Tefahot Bank Ltd.		100	$	4
Monday.com Ltd. (f)		24		7
Nice Ltd. (f)		41		7
Teva Pharmaceutical Industries Ltd. ADR (f)		732		13
Wix.com Ltd. (f)		35		6
				88
Italy (0.6%)
Amplifon SpA		35		1
Banco BPM SpA		3,192		22
Davide Campari-Milano NV		165		1
DiaSorin SpA		6		1
Enel SpA		2,274		18
Eni SpA		668		10
EXOR NV		160		17
Ferrari NV		35		16
FinecoBank Banca Fineco SpA		1,611		28
Generali		287		8
Infrastrutture Wireless Italiane SpA		94		1
Intesa Sanpaolo SpA		40,502		173
Leonardo SpA		115		3
Mediobanca Banca di Credito Finanziario SpA		1,436		25
Moncler SpA		58		4
Nexi SpA (f)		163		1
Poste Italiane SpA		127		2
Prysmian SpA		75		5
Recordati Industria Chimica e Farmaceutica SpA		29		2
Snam SpA		565		3
Stellantis NV		589		8
Telecom Italia SpA (Milano) (f)		2,804		1
Tenaris SA		135		2
Terna — Rete Elettrica Nazionale		395		4
UniCredit SpA		4,152		182
				538
Netherlands (0.8%)
ABN AMRO Bank NV CVA		1,425		26
Adyen NV (f)		14		22
Aegon Ltd.		908		6
AerCap Holdings NV		132		12
Akzo Nobel NV		112		8
ASM International NV		31		20
ASML Holding NV		259		215
ASR Nederland NV		106		5
Basic-Fit NV (f)		788		21
BE Semiconductor Industries NV		50		6
Coca-Cola Europacific Partners PLC		140		11
DSM-Firmenich AG		126		17
Heineken Holding NV		87		7
Heineken NV		192		17
IMCD NV		38		7
ING Groep NV		10,728		195
InPost SA (f)		138		3
JDE Peet’s NV		83		2
Koninklijke Ahold Delhaize NV		644		22
Koninklijke KPN NV		2,667		11
Koninklijke Philips NV (f)		533		17
NN Group NV		183		9
OCI NV		73		2
Prosus NV (f)		898		39
Randstad NV		74		4
Universal Music Group NV		555		15
Wolters Kluwer NV		169		28
				747
New Zealand (0.0%)‡
Auckland International Airport Ltd.		948		5
Fisher & Paykel Healthcare Corp. Ltd.		373		8
Mercury NZ Ltd.		434		2
Meridian Energy Ltd.		824		3
Spark New Zealand Ltd.		1,164		2
				20
Norway (0.1%)
Aker BP ASA		235		5
DNB Bank ASA		637		13
Equinor ASA		615		15
Gjensidige Forsikring ASA		142		3
Kongsberg Gruppen ASA		64		6
Mowi ASA		320		6
Norsk Hydro ASA		973		6
Orkla ASA		504		5
Salmar ASA		46		2
Telenor ASA		444		6
Yara International ASA		118		4
				71
Portugal (0.0%)‡
EDP - Energias de Portugal SA		2,255		10
EDP Renovaveis SA		223		4
Galp Energia SGPS SA		349		7
Jeronimo Martins SGPS SA		206		4
				25
Singapore (0.2%)
CapitaLand Ascendas REIT		2,168		5
CapitaLand Integrated Commercial Trust REIT		3,282		5
CapitaLand Investment Ltd.		1,362		3
DBS Group Holdings Ltd.		1,158		34
Genting Singapore Ltd.		3,472		2
Grab Holdings Ltd., Class A (f)		1,187		5
Keppel Ltd.		839		4
Oversea-Chinese Banking Corp. Ltd.		1,969		23
Sea Ltd. ADR (f)		209		20
Sembcorp Industries Ltd.		511		2
Singapore Airlines Ltd.		861		5

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Singapore (cont’d)
Singapore Exchange Ltd.		498	$	5
Singapore Technologies Engineering Ltd.		904		3
Singapore Telecommunications Ltd.		4,318		11
United Overseas Bank Ltd.		736		18
Wilmar International Ltd.		1,099		3
				148
South Africa (0.9%)
Absa Group Ltd.		12,840		130
Capitec Bank Holdings Ltd.		1,316		231
Nedbank Group Ltd.		6,637		115
Standard Bank Group Ltd.		20,260		284
				760
Spain (0.7%)
Acciona SA		10		1
ACS Actividades de Construccion y Servicios SA		73		3
Aena SME SA		30		7
Amadeus IT Group SA		179		13
Banco Bilbao Vizcaya Argentaria SA		16,256		176
Banco de Sabadell SA		2,146		5
Banco Santander SA		43,951		225
CaixaBank SA		11,103		66
Cellnex Telecom SA		211		9
Endesa SA		128		3
Ferrovial SE		209		9
Grifols SA (f)		113		1
Iberdrola SA		2,461		38
Industria de Diseno Textil SA		433		26
Redeia Corp. SA		164		3
Repsol SA		496		6
Telefonica SA		1,615		8
				599
Sweden (0.4%)
AddTech AB, Class B		173		5
Alfa Laval AB		191		9
Assa Abloy AB, Class B		666		22
Atlas Copco AB, Class A		2,769		52
Beijer Ref AB		242		4
Boliden AB		176		6
Epiroc AB, Class A		683		14
EQT AB		248		8
Essity AB, Class B		416		13
Evolution AB		119		12
Fastighets AB Balder, Class B (f)		436		4
Getinge AB, Class B		155		3
H & M Hennes & Mauritz AB, Class B		399		7
Hexagon AB, Class B		1,354		15
Holmen AB, Class B		51		2
Husqvarna AB, Class B		232		2
Industrivarden AB, Class A		187		7
Indutrade AB		180		6
Investment AB Latour, Class B		100		3
Investor AB, Class B		1,155		36
L E Lundbergforetagen AB, Class B		50		3
Lifco AB, Class B		156		5
Nibe Industrier AB, Class B		1,003		5
Saab AB, Class B		218		5
Sagax AB, Class B		144		4
Sandvik AB		698		16
Securitas AB, Class B		329		4
Skandinaviska Enskilda Banken AB, Class A		1,057		16
Skanska AB, Class B		227		5
SKF AB, Class B		225		4
Svenska Cellulosa AB SCA, Class B		403		6
Svenska Handelsbanken AB, Class A		977		10
Swedbank AB, Class A		567		12
Swedish Orphan Biovitrum AB (f)		131		4
Tele2 AB, Class B		369		4
Telefonaktiebolaget LM Ericsson, Class B		1,862		14
Telia Co. AB		1,602		5
Trelleborg AB, Class B		141		5
Volvo AB, Class A		1,186		32
Volvo Car AB, Class B (f)		483		1
				390
Switzerland (1.3%)
ABB Ltd. (Registered)		1,054		61
Adecco Group AG (Registered)		110		4
Alcon, Inc.		334		33
Avolta AG (Registered)		60		2
Bachem Holding AG		22		2
Baloise Holding AG (Registered)		29		6
Banque Cantonale Vaudoise (Registered)		20		2
Barry Callebaut AG (Registered)		2		4
BKW AG		14		2
Chocoladefabriken Lindt & Spruengli AG		1		13
Cie Financiere Richemont SA, Class A (Registered)		338		54
Clariant AG (Registered) (f)		142		2
EMS-Chemie Holding AG (Registered)		5		4
Galderma Group AG (f)		40		4
Geberit AG (Registered)		23		15
Givaudan SA (Registered)		6		33
Helvetia Holding AG (Registered)		24		4
Holcim AG (f)		347		34
Julius Baer Group Ltd.		137		8
Kuehne & Nagel International AG (Registered)		32		9
Logitech International SA (Registered)		102		9
Lonza Group AG (Registered)		48		30
Nestle SA (Registered)		1,767		178
Novartis AG (Registered)		1,352		156
Partners Group Holding AG		15		23
Roche Holding AG		22		7

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Switzerland (cont'd)
Roche Holding AG (Genusschein)		474	$	152
Sandoz Group AG		273		11
Schindler Holding AG		27		8
Schindler Holding AG (Registered)		16		4
SGS SA (Registered)		104		12
SIG Group AG (f)		205		5
Sika AG (Registered)		102		34
Sonova Holding AG (Registered)		34		12
Straumann Holding AG (Registered)		73		12
Swatch Group AG		17		4
Swatch Group AG (Registered)		31		1
Swiss Life Holding AG (Registered)		19		16
Swiss Prime Site AG (Registered)		52		6
Swiss Re AG		204		28
Swisscom AG (Registered)		18		12
Temenos AG (Registered)		40		3
UBS Group AG (Registered) (f)		2,168		67
VAT Group AG		17		9
Zurich Insurance Group AG		99		60
				1,155
United Kingdom (2.0%)
3i Group PLC		645		29
Admiral Group PLC		175		7
Anglo American PLC		812		26
Antofagasta PLC		252		7
Ashtead Group PLC		289		22
Associated British Foods PLC		226		7
AstraZeneca PLC		1,043		162
Auto Trader Group PLC		604		7
Aviva PLC		1,814		12
BAE Systems PLC		2,079		35
Barclays PLC		9,812		29
Barratt Developments PLC		939		6
Berkeley Group Holdings PLC		68		4
BP PLC		11,752		61
British American Tobacco PLC		1,400		51
BT Group PLC		4,400		9
Bunzl PLC		229		11
Centrica PLC		3,571		6
Coca-Cola HBC AG (f)		148		5
Compass Group PLC		1,158		37
Croda International PLC		88		5
DCC PLC		66		5
Diageo PLC		1,437		50
Endeavour Mining PLC		123		3
Entain PLC		419		4
Evraz PLC (f)(g)		464		—
Experian PLC		606		32
G4S Ltd. (f)		2,164		7
Glencore PLC		6,687		38
GSK PLC		2,818		57
Haleon PLC		4,946		26
Halma PLC		250		9
Hargreaves Lansdown PLC		241		4
Hikma Pharmaceuticals PLC		112		3
HSBC Holdings PLC		12,318		111
Imperial Brands PLC		554		16
Informa PLC		896		10
InterContinental Hotels Group PLC		108		12
Intertek Group PLC		107		7
J Sainsbury PLC		1,123		4
JD Sports Fashion PLC		1,728		4
Kingfisher PLC		1,231		5
Land Securities Group PLC REIT		471		4
Legal & General Group PLC		4,006		12
Lloyds Banking Group PLC		41,761		33
London Stock Exchange Group PLC		327		45
M&G PLC		1,521		4
Melrose Industries PLC		878		5
Mondi PLC		294		6
National Grid PLC		3,251		45
NatWest Group PLC		4,392		20
Next PLC		81		11
Paragon Offshore PLC (f)(g)		67		—
Pearson PLC		407		6
Persimmon PLC		213		5
Phoenix Group Holdings PLC		476		4
Prudential PLC		1,745		16
Reckitt Benckiser Group PLC		467		29
RELX PLC (LSE)		1,265		60
Rentokil Initial PLC		1,696		8
Rio Tinto PLC		735		52
Rolls-Royce Holdings PLC (f)		5,782		41
Sage Group PLC		665		9
Schroders PLC		540		3
Segro PLC REIT		860		10
Severn Trent PLC		183		6
Shell PLC		4,472		145
Smith & Nephew PLC		591		9
Smiths Group PLC		234		5
Spirax Group PLC		48		5
SSE PLC		741		19
Standard Chartered PLC		1,398		15
Taylor Wimpey PLC		2,360		5
Tesco PLC		4,751		23
Unilever PLC CVA		1,711		111
United Utilities Group PLC		460		6
Vodafone Group PLC		15,392		15
Whitbread PLC		121		5
Wise PLC, Class A (f)		432		4
WPP PLC		728		7
				1,753

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (24.4%)
3M Co.		234	$	32
A O Smith Corp.		51		5
Abbott Laboratories		738		84
AbbVie, Inc.		750		148
Accenture PLC, Class A		266		94
Adobe, Inc. (f)		188		97
Advanced Micro Devices, Inc. (f)		686		113
AECOM		58		6
AES Corp.		302		6
Aflac, Inc.		229		26
Agilent Technologies, Inc.		124		18
Air Products & Chemicals, Inc.		94		28
Airbnb, Inc., Class A (f)		187		24
Akamai Technologies, Inc. (f)		65		7
Albemarle Corp.		50		5
Albertsons Cos., Inc., Class A		160		3
Alexandria Real Estate Equities, Inc. REIT		67		8
Align Technology, Inc. (f)		30		8
Allegion PLC		37		5
Alliant Energy Corp.		109		7
Allstate Corp.		112		21
Ally Financial, Inc.		115		4
Alnylam Pharmaceuticals, Inc. (f)		54		15
Alphabet, Inc., Class A		4,639		772
Altria Group, Inc.		729		37
Amazon.com, Inc. (f)		3,975		741
Amcor PLC		613		7
Amentum Holdings, Inc. (f)		52		2
Ameren Corp.		113		10
American Electric Power Co., Inc.		224		23
American Express Co.		244		66
American Financial Group, Inc.		30		4
American Homes 4 Rent, Class A REIT		139		5
American International Group, Inc.		282		21
American Tower Corp. REIT		198		46
American Water Works Co., Inc.		83		12
Ameriprise Financial, Inc.		42		20
AMETEK, Inc.		98		17
Amgen, Inc.		228		73
Amphenol Corp., Class A		510		33
Analog Devices, Inc.		211		49
Annaly Capital Management, Inc. REIT		211		4
ANSYS, Inc. (f)		37		12
Aon PLC, Class A		83		29
APA Corp.		158		4
Apollo Global Management, Inc.		169		21
Apple, Inc.		6,183		1,441
Applied Materials, Inc.		351		71
AppLovin Corp., Class A (f)		87		11
Aptiv PLC (f)		115		8
Arch Capital Group Ltd. (f)		159		18
Archer-Daniels-Midland Co.		210		13
Ares Management Corp., Class A		79		12
Arista Networks, Inc. (f)		113		43
Arthur J Gallagher & Co.		93		26
Aspen Technology, Inc. (f)		12		3
Assurant, Inc.		22		4
AT&T, Inc.		3,043		67
Atlassian Corp., Class A (f)		68		11
Atmos Energy Corp.		64		9
Autodesk, Inc. (f)		91		25
Automatic Data Processing, Inc.		174		48
AutoZone, Inc. (f)		7		22
AvalonBay Communities, Inc. REIT		60		14
Avantor, Inc. (f)		288		7
Avery Dennison Corp.		34		8
Axon Enterprise, Inc. (f)		30		12
Baker Hughes Co.		424		15
Ball Corp.		132		9
Bank of America Corp.		2,987		119
Bank of New York Mellon Corp.		313		22
Bath & Body Works, Inc.		90		3
Baxter International, Inc.		216		8
Becton Dickinson & Co.		123		30
Bentley Systems, Inc., Class B		67		3
Berkshire Hathaway, Inc., Class B (f)		562		259
Best Buy Co., Inc.		87		9
Biogen, Inc. (f)		62		12
BioMarin Pharmaceutical, Inc. (f)		81		6
Bio-Rad Laboratories, Inc., Class A (f)		8		3
Bio-Techne Corp.		67		5
BlackRock, Inc.		63		60
Blackstone, Inc.		303		46
Block, Inc., Class A (f)		236		16
Boeing Co. (f)		248		38
Booking Holdings, Inc.		14		59
Booz Allen Hamilton Holding Corp.		55		9
Boston Scientific Corp. (f)		624		52
Bristol-Myers Squibb Co.		860		45
Broadcom, Inc.		1,877		324
Broadridge Financial Solutions, Inc.		50		11
Brown & Brown, Inc.		103		11
Brown-Forman Corp., Class B		76		4
Builders FirstSource, Inc. (f)		52		10
Bunge Global SA		60		6
Burlington Stores, Inc. (f)		27		7
BXP, Inc. REIT		63		5
Cadence Design Systems, Inc. (f)		116		31
Camden Property Trust REIT		45		6
Campbell Soup Co.		82		4
Capital One Financial Corp.		162		24
Cardinal Health, Inc.		103		11
Carlisle Cos., Inc.		20		9
Carlyle Group, Inc.		98		4
CarMax, Inc. (f)		66		5

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont’d)
Carnival Corp. (f)		429	$	8
Carrier Global Corp.		344		28
Catalent, Inc. (f)		77		5
Caterpillar, Inc.		208		81
Cboe Global Markets, Inc.		45		9
CBRE Group, Inc., Class A (f)		130		16
CDW Corp.		57		13
Celanese Corp.		46		6
Celsius Holdings, Inc. (f)		63		2
Cencora, Inc.		76		17
Centene Corp. (f)		227		17
CenterPoint Energy, Inc.		272		8
CF Industries Holdings, Inc.		78		7
CH Robinson Worldwide, Inc.		50		6
Charles River Laboratories International, Inc. (f)		22		4
Charles Schwab Corp.		641		42
Charter Communications, Inc., Class A (f)		40		13
Cheniere Energy, Inc.		97		17
Chesapeake Energy Corp.		47		4
Chevron Corp.		743		109
Chipotle Mexican Grill, Inc. (f)		583		34
Chord Energy Corp.		26		3
Chubb Ltd.		164		47
Church & Dwight Co., Inc.		104		11
Cigna Group		121		42
Cincinnati Financial Corp.		66		9
Cintas Corp.		155		32
Cisco Systems, Inc.		1,710		91
Citigroup, Inc.		810		51
Citizens Financial Group, Inc.		193		8
Clorox Co.		53		9
Cloudflare, Inc., Class A (f)		128		10
CME Group, Inc.		153		34
CMS Energy Corp.		127		9
CNH Industrial NV		374		4
Coca-Cola Co.		1,737		125
Cognizant Technology Solutions Corp., Class A		211		16
Coinbase Global, Inc., Class A (f)		81		14
Colgate-Palmolive Co.		331		34
Comcast Corp., Class A		1,661		69
Conagra Brands, Inc.		202		7
ConocoPhillips		494		52
Consolidated Edison, Inc.		147		15
Constellation Brands, Inc., Class A		70		18
Constellation Energy Corp.		134		35
Cooper Cos., Inc. (f)		85		9
Copart, Inc. (f)		368		19
Corebridge Financial, Inc.		116		3
Corning, Inc.		345		16
Corpay, Inc. (f)		28		9
Corteva, Inc.		296		17
CoStar Group, Inc. (f)		173		13
Costco Wholesale Corp.		188		167
Coterra Energy, Inc.		316		8
CRH PLC		292		27
Crowdstrike Holdings, Inc., Class A (f)		98		27
Crown Castle, Inc. REIT		184		22
Crown Holdings, Inc.		51		5
CSX Corp.		830		29
Cummins, Inc.		58		19
CVS Health Corp.		533		34
Danaher Corp.		283		79
Darden Restaurants, Inc.		51		8
Datadog, Inc., Class A (f)		118		14
DaVita, Inc. (f)		22		4
Dayforce, Inc. (f)		67		4
Deckers Outdoor Corp. (f)		65		10
Deere & Co.		111		46
Dell Technologies, Inc., Class C		119		14
Delta Air Lines, Inc.		68		3
Devon Energy Corp.		266		10
Dexcom, Inc. (f)		169		11
Diamondback Energy, Inc.		81		14
Dick’s Sporting Goods, Inc.		25		5
Digital Realty Trust, Inc. REIT		138		22
Discover Financial Services		106		15
DocuSign, Inc. (f)		87		5
Dollar General Corp.		93		8
Dollar Tree, Inc. (f)		87		6
Dominion Energy, Inc.		356		21
Domino’s Pizza, Inc.		15		6
DoorDash, Inc., Class A (f)		130		19
Dover Corp.		58		11
Dow, Inc.		298		16
DR Horton, Inc.		126		24
DraftKings, Inc., Class A (f)		185		7
DTE Energy Co.		88		11
Duke Energy Corp.		328		38
DuPont de Nemours, Inc.		177		16
Dynatrace, Inc. (f)		120		6
Eastman Chemical Co.		50		6
Eaton Corp. PLC		170		56
eBay, Inc.		213		14
Ecolab, Inc.		109		28
Edison International		163		14
Edwards Lifesciences Corp. (f)		256		17
Electronic Arts, Inc.		107		15
Elevance Health, Inc.		99		51
Eli Lilly & Co.		343		304
EMCOR Group, Inc.		20		9
Emerson Electric Co.		243		27
Enphase Energy, Inc. (f)		58		7
Entegris, Inc.		64		7
Entergy Corp.		91		12
EOG Resources, Inc.		244		30

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont’d)
EPAM Systems, Inc. (f)		25	$	5
EQT Corp.		240		9
Equifax, Inc.		52		15
Equinix, Inc. REIT		40		36
Equitable Holdings, Inc.		138		6
Equity Lifestyle Properties, Inc. REIT		75		5
Equity Residential REIT		145		11
Erie Indemnity Co., Class A		11		6
Essential Utilities, Inc.		109		4
Essex Property Trust, Inc. REIT		27		8
Estee Lauder Cos., Inc., Class A		99		10
Everest Group Ltd.		18		7
Evergy, Inc.		98		6
Eversource Energy		150		10
Exact Sciences Corp. (f)		78		5
Exelon Corp.		424		17
Expedia Group, Inc. (f)		54		8
Expeditors International of Washington, Inc.		60		8
Extra Space Storage, Inc. REIT		90		16
Exxon Mobil Corp.		1,904		223
F5, Inc. (f)		25		6
FactSet Research Systems, Inc.		16		7
Fair Isaac Corp. (f)		10		19
Fastenal Co.		243		17
FedEx Corp.		98		27
Ferguson Enterprises, Inc.		86		17
Fidelity National Financial, Inc.		110		7
Fidelity National Information Services, Inc.		236		20
Fifth Third Bancorp		290		12
First Citizens BancShares, Inc., Class A		4		7
First Solar, Inc. (f)		43		11
FirstEnergy Corp.		231		10
Fiserv, Inc. (f)		248		45
Flutter Entertainment PLC (f)		75		18
Ford Motor Co.		1,665		18
Fortinet, Inc. (f)		276		21
Fortive Corp.		149		12
Fortune Brands Innovations, Inc.		53		5
Fox Corp., Class A		158		6
Franklin Resources, Inc.		122		2
Freeport-McMoRan, Inc.		610		30
Gaming and Leisure Properties, Inc. REIT		115		6
Garmin Ltd.		65		11
Gartner, Inc. (f)		33		17
GE HealthCare Technologies, Inc.		184		17
GE Vernova, Inc. (f)		116		30
Gen Digital, Inc.		239		7
General Dynamics Corp.		99		30
General Electric Co.		465		88
General Mills, Inc.		237		18
General Motors Co.		484		22
Genuine Parts Co.		59		8
Gilead Sciences, Inc.		529		44
Global Payments, Inc.		108		11
GoDaddy, Inc., Class A (f)		60		9
Goldman Sachs Group, Inc.		137		68
Graco, Inc.		72		6
Halliburton Co.		376		11
Hartford Financial Services Group, Inc.		126		15
HCA Healthcare, Inc.		83		34
Healthpeak Properties, Inc. REIT		300		7
HEICO Corp.		51		12
Henry Schein, Inc. (f)		54		4
Hershey Co.		63		12
Hess Corp.		118		16
Hewlett Packard Enterprise Co.		552		11
HF Sinclair Corp.		69		3
Hilton Worldwide Holdings, Inc.		106		24
Hologic, Inc. (f)		99		8
Home Depot, Inc.		421		171
Honeywell International, Inc.		276		57
Hormel Foods Corp.		128		4
Host Hotels & Resorts, Inc. REIT		299		5
Howmet Aerospace, Inc.		165		17
HP, Inc.		415		15
Hubbell, Inc.		23		10
HubSpot, Inc. (f)		21		11
Humana, Inc.		51		16
Huntington Bancshares, Inc.		615		9
Huntington Ingalls Industries, Inc.		17		5
Hyatt Hotels Corp., Class A		19		3
IDEX Corp.		32		7
IDEXX Laboratories, Inc. (f)		35		18
Illinois Tool Works, Inc.		127		33
Illumina, Inc. (f)		68		9
Incyte Corp. (f)		69		5
Ingersoll Rand, Inc.		171		17
Insulet Corp. (f)		30		7
Intel Corp.		1,807		42
Intercontinental Exchange, Inc.		243		39
International Business Machines Corp.		390		86
International Flavors & Fragrances, Inc.		108		11
International Paper Co.		140		7
Interpublic Group of Cos., Inc.		159		5
Intuit, Inc.		119		74
Intuitive Surgical, Inc. (f)		151		74
Invitation Homes, Inc. REIT		260		9
IQVIA Holdings, Inc. (f)		77		18
Iron Mountain, Inc. REIT		124		15
J M Smucker Co.		45		5
Jabil, Inc.		48		6
Jack Henry & Associates, Inc.		31		5
Jacobs Solutions, Inc.		53		7
JB Hunt Transport Services, Inc.		35		6
Johnson & Johnson		1,022		166

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont’d)
Johnson Controls International PLC		286	$	22
JPMorgan Chase & Co.		1,219		257
Juniper Networks, Inc.		137		5
Kellanova		116		9
Kenvue, Inc.		813		19
Keurig Dr Pepper, Inc.		460		17
KeyCorp		400		7
Keysight Technologies, Inc. (f)		74		12
Kimberly-Clark Corp.		143		20
Kimco Realty Corp. REIT		286		7
Kinder Morgan, Inc.		848		19
KKR & Co., Inc.		264		34
KLA Corp.		57		44
Knight-Swift Transportation Holdings, Inc.		69		4
Kraft Heinz Co.		387		14
Kroger Co.		291		17
L3Harris Technologies, Inc.		81		19
Labcorp Holdings, Inc.		36		8
Lam Research Corp.		55		45
Lamb Weston Holdings, Inc.		61		4
Las Vegas Sands Corp.		158		8
Leidos Holdings, Inc.		55		9
Lennar Corp., Class A		103		19
Lennox International, Inc.		14		8
Liberty Media Corp.-Liberty Formula One, Class C (f)		88		7
Linde PLC		204		97
Live Nation Entertainment, Inc. (f)		68		7
LKQ Corp.		113		5
Lockheed Martin Corp.		92		54
Loews Corp.		80		6
Lowe’s Cos., Inc.		242		66
LPL Financial Holdings, Inc.		32		7
Lululemon Athletica, Inc. (f)		48		13
LyondellBasell Industries NV, Class A		111		11
M&T Bank Corp.		71		13
Manhattan Associates, Inc. (f)		26		7
Marathon Oil Corp.		238		6
Marathon Petroleum Corp.		150		24
Markel Group, Inc. (f)		6		9
MarketAxess Holdings, Inc.		16		4
Marriott International, Inc., Class A		103		26
Marsh & McLennan Cos., Inc.		209		47
Martin Marietta Materials, Inc.		26		14
Marvell Technology, Inc.		367		26
Masco Corp.		93		8
Mastercard, Inc., Class A		352		174
Match Group, Inc. (f)		107		4
McCormick & Co., Inc.		107		9
McDonald’s Corp.		306		93
McKesson Corp.		55		27
Medtronic PLC		544		49
MercadoLibre, Inc. (f)		19		39
Merck & Co., Inc.		1,075		122
Meta Platforms, Inc., Class A		930		532
MetLife, Inc.		257		21
Mettler-Toledo International, Inc. (f)		9		14
MGM Resorts International (f)		100		4
Microchip Technology, Inc.		228		18
Micron Technology, Inc.		471		49
Microsoft Corp.		2,997		1,290
MicroStrategy, Inc., Class A (f)		67		11
Mid-America Apartment Communities, Inc. REIT		50		8
Moderna, Inc. (f)		138		9
Molina Healthcare, Inc. (f)		25		9
Molson Coors Beverage Co., Class B		79		5
Mondelez International, Inc., Class A		569		42
MongoDB, Inc. (f)		31		8
Monolithic Power Systems, Inc.		21		19
Monster Beverage Corp. (f)		314		16
Moody’s Corp.		70		33
Mosaic Co.		135		4
Motorola Solutions, Inc.		71		32
MSCI, Inc.		34		20
Nasdaq, Inc.		184		13
NetApp, Inc.		87		11
Netflix, Inc. (f)		183		130
Neurocrine Biosciences, Inc. (f)		43		5
Newmont Corp. (TSX)		489		26
News Corp., Class A		161		4
NextEra Energy, Inc.		872		74
NIKE, Inc., Class B		514		45
NiSource, Inc.		190		7
Nordson Corp.		23		6
Norfolk Southern Corp.		96		24
Northern Trust Corp.		87		8
Northrop Grumman Corp.		60		32
NRG Energy, Inc.		88		8
Nucor Corp.		102		15
NVIDIA Corp.		10,442		1,268
NVR, Inc. (f)		1		10
NXP Semiconductors NV		109		26
Occidental Petroleum Corp.		282		15
Okta, Inc. (f)		68		5
Old Dominion Freight Line, Inc.		83		16
Omnicom Group, Inc.		83		9
ON Semiconductor Corp. (f)		183		13
ONEOK, Inc.		248		23
Oracle Corp.		703		120
O’Reilly Automotive, Inc. (f)		25		29
Otis Worldwide Corp.		172		18
Ovintiv, Inc.		113		4
Owens Corning		37		7
PACCAR, Inc.		222		22
Packaging Corp. of America		38		8

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont’d)
Palantir Technologies, Inc., Class A (f)		860	$	32
Palo Alto Networks, Inc. (f)		137		47
Paramount Global, Class B		252		3
Parker-Hannifin Corp.		55		35
Paychex, Inc.		138		19
Paycom Software, Inc.		22		4
PayPal Holdings, Inc. (f)		422		33
Pentair PLC		70		7
PepsiCo, Inc.		583		99
Pfizer, Inc.		2,405		70
PG&E Corp.		862		17
Philip Morris International, Inc.		660		80
Phillips 66		180		24
Pinterest, Inc., Class A (f)		254		8
PNC Financial Services Group, Inc.		169		31
Pool Corp.		16		6
PPG Industries, Inc.		100		13
PPL Corp.		314		10
Principal Financial Group, Inc.		99		9
Procter & Gamble Co.		1,002		174
Progressive Corp.		249		63
Prologis, Inc. REIT		393		50
Prudential Financial, Inc.		152		18
PTC, Inc. (f)		51		9
Public Service Enterprise Group, Inc.		211		19
Public Storage REIT		67		24
PulteGroup, Inc.		89		13
Pure Storage, Inc., Class A (f)		131		7
Qorvo, Inc. (f)		40		4
QUALCOMM, Inc.		474		81
Quanta Services, Inc.		62		18
Quest Diagnostics, Inc.		47		7
Raymond James Financial, Inc.		84		10
Realty Income Corp. REIT		370		23
Regency Centers Corp. REIT		75		5
Regeneron Pharmaceuticals, Inc. (f)		46		48
Regions Financial Corp.		389		9
Reliance, Inc.		24		7
Republic Services, Inc.		94		19
ResMed, Inc.		62		15
Revvity, Inc.		52		7
Rivian Automotive, Inc., Class A (f)		314		4
Robinhood Markets, Inc., Class A (f)		224		5
ROBLOX Corp., Class A (f)		201		9
Rockwell Automation, Inc.		48		13
Roku, Inc. (f)		54		4
Rollins, Inc.		123		6
Roper Technologies, Inc.		45		25
Ross Stores, Inc.		142		21
Royal Caribbean Cruises Ltd.		104		18
Royalty Pharma PLC, Class A		163		5
RPM International, Inc.		55		7
RTX Corp.		564		68
S&P Global, Inc.		136		70
Salesforce, Inc.		411		113
Samsara, Inc., Class A (f)		88		4
SBA Communications Corp. REIT		46		11
Schlumberger NV		607		25
Seagate Technology Holdings PLC		85		9
SEI Investments Co.		47		3
Sempra		269		23
ServiceNow, Inc. (f)		87		78
Sherwin-Williams Co.		102		39
Simon Property Group, Inc. REIT		138		23
Skyworks Solutions, Inc.		68		7
Smurfit WestRock PLC		220		11
Snap, Inc., Class A (f)		442		5
Snap-on, Inc.		22		6
Snowflake, Inc., Class A (f)		128		15
Solventum Corp. (f)		62		4
Southern Co.		464		42
Southwest Airlines Co.		63		2
SS&C Technologies Holdings, Inc.		94		7
Stanley Black & Decker, Inc.		65		7
Starbucks Corp.		481		47
State Street Corp.		127		11
Steel Dynamics, Inc.		63		8
Steris PLC		42		10
Stryker Corp.		146		53
Sun Communities, Inc. REIT		53		7
Super Micro Computer, Inc. (f)		22		9
Synchrony Financial		169		8
Synopsys, Inc. (f)		65		33
Sysco Corp.		211		16
T Rowe Price Group, Inc.		95		10
Take-Two Interactive Software, Inc. (f)		71		11
Targa Resources Corp.		89		13
Target Corp.		196		31
TE Connectivity PLC		128		19
Teledyne Technologies, Inc. (f)		20		9
Teleflex, Inc.		20		5
Teradyne, Inc.		66		9
Tesla, Inc. (f)		1,218		319
Texas Instruments, Inc.		386		80
Texas Pacific Land Corp.		8		7
Textron, Inc.		81		7
Thermo Fisher Scientific, Inc.		162		100
TJX Cos., Inc.		480		56
T-Mobile U.S., Inc.		224		46
Toast, Inc., Class A (f)		154		4
Toro Co.		44		4
Tractor Supply Co.		46		13
Trade Desk, Inc., Class A (f)		189		21
Tradeweb Markets, Inc., Class A		49		6
Trane Technologies PLC		96		37

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont’d)
TransDigm Group, Inc.		24	$	34
TransUnion		82		9
Travelers Cos., Inc.		97		23
Trimble, Inc. (f)		104		6
Truist Financial Corp.		568		24
Twilio, Inc., Class A (f)		69		5
Tyler Technologies, Inc. (f)		18		11
Tyson Foods, Inc., Class A		121		7
Uber Technologies, Inc. (f)		798		60
UDR, Inc. REIT		133		6
U-Haul Holding Co.		41		3
Ulta Beauty, Inc. (f)		20		8
Union Pacific Corp.		259		64
United Parcel Service, Inc., Class B		310		42
United Rentals, Inc.		28		23
United Therapeutics Corp. (f)		18		6
UnitedHealth Group, Inc.		391		229
Universal Health Services, Inc., Class B		25		6
US Bancorp		662		30
Valero Energy Corp.		139		19
Veeva Systems, Inc., Class A (f)		65		14
Ventas, Inc. REIT		172		11
Veralto Corp.		105		12
VeriSign, Inc. (f)		38		7
Verisk Analytics, Inc.		61		16
Verizon Communications, Inc.		1,787		80
Vertex Pharmaceuticals, Inc. (f)		110		51
Vertiv Holdings Co., Class A		151		15
Viatris, Inc.		505		6
VICI Properties, Inc. REIT		443		15
Visa, Inc., Class A		668		184
Vistra Corp.		147		17
Vulcan Materials Co.		56		14
W R Berkley Corp.		130		7
Walgreens Boots Alliance, Inc.		311		3
Walmart, Inc.		1,878		152
Walt Disney Co.		774		74
Warner Bros Discovery, Inc. (f)		993		8
Waste Connections, Inc.		110		20
Waste Management, Inc.		170		35
Waters Corp. (f)		25		9
Watsco, Inc.		15		7
WEC Energy Group, Inc.		134		13
Wells Fargo & Co.		1,480		84
Welltower, Inc. REIT		254		33
West Pharmaceutical Services, Inc.		31		9
Western Digital Corp. (f)		139		10
Westinghouse Air Brake Technologies Corp.		75		14
Westlake Corp.		16		2
Weyerhaeuser Co. REIT		309		10
Williams Cos., Inc.		517		24
Williams-Sonoma, Inc.		55		9
Willis Towers Watson PLC		43		13
Workday, Inc., Class A (f)		90		22
WP Carey, Inc. REIT		93		6
WW Grainger, Inc.		19		20
Wynn Resorts Ltd.		43		4
Xcel Energy, Inc.		236		15
Xylem, Inc.		103		14
Yum! Brands, Inc.		120		17
Zebra Technologies Corp., Class A (f)		22		8
Zillow Group, Inc., Class C (f)		67		4
Zimmer Biomet Holdings, Inc.		87		9
Zoetis, Inc.		194		38
Zoom Video Communications, Inc., Class A (f)		106		7
Zscaler, Inc. (f)		38		7
				21,270
Total Common Stocks (Cost $23,793)				33,420

	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) (Cost $—)		16	—

	Face Amount (000)
Short-Term Investments (21.3%)
U.S. Treasury Security (0.9%)
U.S. Treasury Bill 5.19%, 1/16/25 (h) (Cost $808)	$	820	809

	Shares
Investment Company (20.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.85% (i) (Cost $17,751)		17,750,511		17,751
Total Short-Term Investments (Cost $18,559)				18,560
Total Investments (100.1%) (Cost $78,527) (j)(k)(l)				87,321
Liabilities in Excess of Other Assets (–0.1%)				(118	)
Net Assets (100.0%)			$	87,203

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

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

@	Value is less than $500.
‡	Amount is less than 0.05%.
(a)	Security is subject to delayed delivery.
(b)	Floating or variable rate securities: The rates disclosed are as of September 30, 2024. 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)	Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2024. Maturity date disclosed is the ultimate maturity date.
(e)	Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of September 30, 2024.
(f)	Non-income producing security.
(g)	At September 30, 2024, the Fund held fair valued securities valued at $0, representing 0.0% of net assets. These securities have been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(h)	Rate shown is the yield to maturity at September 30, 2024.
(i)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2024, advisory fees paid were reduced by approximately $13,000 relating to the Fund’s investment in the Liquidity Fund.
(j)	The approximate fair value and percentage of net assets, $10,573,000 and 12.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(k)	Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.
(l)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $12,814,000 and the aggregate gross unrealized depreciation is approximately $3,385,000, resulting in net unrealized appreciation of approximately $9,429,000.
ADR	American Depositary Receipt.
CVA	Certificaten Van Aandelen.
DAC	Designated Activity Company.
EURIBOR	Euro Interbank Offered Rate.
LSE	London Stock Exchange.
MTN	Medium Term Note.
NYSE	New York Stock Exchange.
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.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2024:

Counterparty	Contracts to Deliver (000)			In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	EUR	1		$	1	10/22/24	$	(—	@)
Australia & New Zealand Banking Group Ltd.	NZD	40		$	23	10/22/24		(2	)
Bank of America NA	CNH	2,334		$	331	12/19/24		(4	)
Bank of America NA	DKK	1,002		$	148	10/22/24		(1	)
Bank of America NA	THB	205		$	6	10/22/24		(1	)
Bank of America NA	$	174		CHF	152	10/22/24		7
Bank of America NA	$	6		ILS	22	12/19/24		—	@
Bank of America NA	$	138		SEK	1,454	10/22/24		6
Bank of America NA	$	2		SGD	3	10/22/24		—	@
Bank of America NA	$	—	@	ZAR	2	12/19/24		—	@
Bank of Montreal	JPY	6,480		$	45	10/22/24		—	@
Barclays Bank PLC	AUD	73		$	48	10/22/24		(2	)
Barclays Bank PLC	GBP	472		$	610	10/22/24		(21	)
Barclays Bank PLC	GBP	23		$	30	10/22/24		(1	)
Barclays Bank PLC	MYR	120		$	26	10/22/24		(3	)
Barclays Bank PLC	TRY	1,826		$	34	4/6/26		1
Barclays Bank PLC	$	5		AUD	8	10/22/24		—	@
Barclays Bank PLC	$	221		CNY	1,577	10/22/24		4
Barclays Bank PLC	$	601		EUR	539	12/19/24		—	@
Barclays Bank PLC	$	14		HUF	4,972	10/22/24		—	@
Barclays Bank PLC	$	3		ILS	10	12/19/24		—	@
Barclays Bank PLC	$	1,633		JPY	253,487	10/22/24		136
Barclays Bank PLC	$	60		MXN	1,169	12/19/24		(1	)
Barclays Bank PLC	$	6		NOK	65	10/22/24		(—	@)
Barclays Bank PLC	$	297		TRY	17,232	4/6/26		17
BNP Paribas SA	AUD	202		$	133	10/22/24		(7	)
BNP Paribas SA	DKK	105		$	16	12/19/24		(—	@)
BNP Paribas SA	EUR	295		$	331	12/19/24		1
BNP Paribas SA	EUR	222		$	250	12/19/24		1
BNP Paribas SA	JPY	19,540		$	134	10/22/24		(2	)
BNP Paribas SA	JPY	8,075		$	57	12/19/24		—	@
BNP Paribas SA	$	3		AUD	4	10/22/24		—	@
BNP Paribas SA	$	16		AUD	23	12/19/24		—	@
BNP Paribas SA	$	3		CAD	4	10/22/24		(—	@)
BNP Paribas SA	$	14		CLP	13,453	12/19/24		1
BNP Paribas SA	$	12		COP	50,392	12/19/24		—	@
BNP Paribas SA	$	1,145		EUR	1,025	12/19/24		—	@
BNP Paribas SA	$	219		EUR	196	12/19/24		(—	@)
BNP Paribas SA	$	13		GBP	10	10/22/24		1
BNP Paribas SA	$	14		HKD	108	12/19/24		—	@
BNP Paribas SA	$	103		HKD	800	12/19/24		(—	@)
BNP Paribas SA	$	339		KRW	464,944	10/22/24		17
BNP Paribas SA	$	673		MXN	13,171	12/19/24		(12	)
BNP Paribas SA	$	25		PLN	98	10/22/24		1
BNP Paribas SA	$	15		SEK	153	12/19/24		—	@
BNP Paribas SA	$	24		SGD	33	10/22/24		1
Citibank NA	DKK	1,005		$	150	10/22/24		—	@
Citibank NA	$	7		CZK	168	12/19/24		(—	@)
Citibank NA	$	21		ILS	78	12/19/24		—	@

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (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	BRL	4,083		$	713	12/19/24	$	(30	)
Goldman Sachs International	DKK	10		$	1	12/19/24		(—	@)
Goldman Sachs International	JPY	21,180		$	148	12/19/24		(1	)
Goldman Sachs International	KRW	559,109		$	419	12/19/24		(10	)
Goldman Sachs International	MYR	38		$	9	12/19/24		(—	@)
Goldman Sachs International	NOK	6		$	1	12/19/24		(—	@)
Goldman Sachs International	TRY	15,162		$	358	12/23/24		(48	)
Goldman Sachs International	TRY	1,943		$	35	4/6/26		—	@
Goldman Sachs International	$	30		AUD	44	12/19/24		1
Goldman Sachs International	$	861		BRL	4,810	12/19/24		14
Goldman Sachs International	$	12		CHF	10	12/19/24		(—	@)
Goldman Sachs International	$	17		CLP	15,810	10/22/24		—	@
Goldman Sachs International	$	29		EUR	27	10/22/24		1
Goldman Sachs International	$	52		EUR	47	12/19/24		—	@
Goldman Sachs International	$	104		GBP	79	12/19/24		1
Goldman Sachs International	$	3		HKD	25	12/19/24		—	@
Goldman Sachs International	$	16		IDR	259,533	10/22/24		1
Goldman Sachs International	$	456		INR	38,426	12/19/24		1
Goldman Sachs International	$	51		INR	4,263	12/19/24		(—	@)
Goldman Sachs International	$	79		JPY	11,125	12/19/24		(1	)
Goldman Sachs International	$	322		MXN	6,284	12/19/24		(6	)
Goldman Sachs International	$	13		NOK	145	10/22/24		—	@
Goldman Sachs International	$	27		RON	122	10/22/24		1
Goldman Sachs International	$	17		SEK	170	12/19/24		—	@
Goldman Sachs International	$	—	@	SGD	1	12/19/24		—	@
Goldman Sachs International	$	387		TRY	15,162	12/23/24		18
Goldman Sachs International	$	320		TRY	18,398	4/6/26		16
Goldman Sachs International	$	309		TRY	16,846	4/6/26		(2	)
Goldman Sachs International	$	379		TRY	21,090	4/6/26		6
Goldman Sachs International	$	72		TRY	4,084	4/6/26		2
Goldman Sachs International	$	1		ZAR	23	12/19/24		—	@
JPMorgan Chase Bank NA	CNH	683		$	97	12/19/24		(1	)
JPMorgan Chase Bank NA	DKK	138		$	20	10/22/24		(—	@)
JPMorgan Chase Bank NA	EUR	50		$	54	10/22/24		(1	)
JPMorgan Chase Bank NA	GBP	52		$	69	12/19/24		(—	@)
JPMorgan Chase Bank NA	JPY	32,438		$	219	10/22/24		(7	)
JPMorgan Chase Bank NA	JPY	5,395		$	37	10/22/24		(1	)
JPMorgan Chase Bank NA	MXN	138		$	8	10/22/24		1
JPMorgan Chase Bank NA	NZD	29		$	18	12/19/24		(—	@)
JPMorgan Chase Bank NA	SEK	231		$	23	12/19/24		(—	@)
JPMorgan Chase Bank NA	$	3		AUD	4	10/22/24		—	@
JPMorgan Chase Bank NA	$	5		AUD	8	10/22/24		—	@
JPMorgan Chase Bank NA	$	50		CAD	67	12/19/24		—	@
JPMorgan Chase Bank NA	$	150		DKK	1,003	10/22/24		—	@
JPMorgan Chase Bank NA	$	108		GBP	82	12/19/24		1
JPMorgan Chase Bank NA	$	49		HKD	378	12/19/24		—	@
JPMorgan Chase Bank NA	$	3		ILS	11	12/19/24		—	@
JPMorgan Chase Bank NA	$	276		MXN	5,397	12/19/24		(5	)
JPMorgan Chase Bank NA	$	27		NZD	44	10/22/24		1
JPMorgan Chase Bank NA	$	9		PLN	36	12/19/24		(—	@)

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (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)
JPMorgan Chase Bank NA	$	5	ZAR	92	12/19/24	$	—	@
Royal Bank of Canada	GBP	30	$	38	10/22/24		(2	)
State Street Bank and Trust Co.	$	52	CNH	370	10/22/24		—	@
State Street Bank and Trust Co.	$	26	EUR	24	10/22/24		—	@
State Street Bank and Trust Co.	$	26	EUR	23	12/19/24		—	@
UBS AG	AUD	8	$	5	10/22/24		(—	@)
UBS AG	CAD	69	$	51	12/19/24		(—	@)
UBS AG	CHF	14	$	17	12/19/24		(—	@)
UBS AG	CNY	13,165	$	1,869	12/19/24		(22	)
UBS AG	COP	79,815	$	20	10/22/24		1
UBS AG	EUR	1,124	$	1,228	10/22/24		(24	)
UBS AG	EUR	34	$	37	10/22/24		(1	)
UBS AG	JPY	11,245	$	79	12/19/24		—	@
UBS AG	NOK	285	$	27	12/19/24		(—	@)
UBS AG	THB	641	$	19	12/19/24		(1	)
UBS AG	$	85	AUD	127	10/22/24		3
UBS AG	$	32	AUD	47	12/19/24		1
UBS AG	$	77	CAD	105	10/22/24		1
UBS AG	$	34	CAD	45	12/19/24		—	@
UBS AG	$	17	CHF	14	12/19/24		(—	@)
UBS AG	$	2,628	CNY	18,290	12/19/24		(—	@)
UBS AG	$	30	HKD	234	12/19/24		—	@
UBS AG	$	1	HUF	254	10/22/24		—	@
UBS AG	$	1	HUF	419	12/19/24		(—	@)
UBS AG	$	7	IDR	102,824	12/19/24		—	@
UBS AG	$	36	JPY	5,037	12/19/24		(1	)
UBS AG	$	248	MXN	4,846	12/19/24		(5	)
UBS AG	$	36	PEN	135	10/22/24		—	@
UBS AG	$	2	TRY	62	12/19/24		—	@
UBS AG	$	8	TWD	261	12/19/24		—	@
						$	39

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2024:

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)		Unrealized Appreciation (Depreciation) (000)
Long:
CAC 40 Index (France)	1	Oct-24	EUR	—	@	$	85	$	2
FTSE MIB Index (Italy)	1	Dec-24		—	@		190		4
German Euro-Schatz Index (Germany)	11	Dec-24		1,100			1,312		5
Hang Seng Index (Hong Kong)	1	Oct-24	HKD	—	@		137		16
IBEX 35 Index (Spain)	1	Oct-24	EUR	—	@		132		4
ICE Brent Crude Oil Index (United States)	5	Oct-24	$	5			358		(16	)
IFSC NIFTY 50 Index (United States)	10	Oct-24		—	@		520		(3	)
KFE 10 yr. Treasury Bond Index (Korea, Republic of)	5	Dec-24	KRW	500,000			449		(1	)
Long Gilt Index (United Kingdom)	1	Dec-24	GBP	100			132		(—	@)
SFE S&P ASX Share Price Index (Australia)	1	Dec-24	AUD	—	@		144		2
SGX MSCI Singapore Index (Singapore)	1	Oct-24	SGD	—	@		27		(—	@)

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

Futures Contracts (cont’d):

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
U.S. Treasury Long Bond (United States)	2	Dec-24	$	200		$	248		$	(—	@)
U.S. Treasury 5 yr. Note (United States)	25	Dec-24		2,500			2,747			(1	)
U.S. Treasury 10 yr. Note (United States)	3	Dec-24		300			343			—	@
Short:
COMEX Gold 100 OZ (United States)	4	Dec-24		(—	@)		(1,064	)		12
Euro Stoxx 50 Index (Germany)	26	Dec-24	EUR	(—	@)		(1,456	)		(40	)
German Euro-Bund Index (Germany)	6	Dec-24		(600	)		(901	)		(9	)
KFE KOSPI 200 Index (Korea, Republic of)	5	Dec-24	KRW	(1,250	)		(333	)		(6	)
MSCI Emerging Market Index (United States)	18	Dec-24	$	(1	)		(1,055	)		(59	)
Nikkei 225 Index (Japan)	2	Dec-24	JPY	(1	)		(265	)		(12	)
S&P 500 E Mini Index (United States)	4	Dec-24	$	(—	@)		(1,163	)		(1	)
SFE 10 yr. Australian Bond Index (Australia)	1	Dec-24	AUD	(100	)		(80	)		—	@
U.S. Treasury 5 yr. Note (United States)	2	Dec-24	$	(200	)		(220	)		(—	@)
U.S. Treasury 10 yr. Note (United States)	1	Dec-24		(100	)		(114	)		—	@
U.S. Treasury 10 yr. Ultra Note (United States)	20	Dec-24		(2,000	)		(2,366	)		9
									$	(94	)

Centrally Cleared Interest Rate Swap Agreements: 

The Fund had the following centrally cleared interest rate swap agreements open at September 30, 2024:

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 (000)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.17	%	Maturity/ Maturity	1/15/34		648	$	17	$	—	$	17
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.17		Maturity/ Maturity	1/15/34		701		18		—		18
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.18		Maturity/ Maturity	1/15/34		648		18		—		18
										$	53	$	—	$	53

Total Return Swap Agreements:  

The Fund had the following total return swap agreements open at September 30, 2024:

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	MSCI Emerging Markets ex China Gross Return USD Index	Receive	SOFR + 0.56%	Quarterly	5/29/25	$	1,771	$	(4	)	$	—	$	(4	)
Barclays Bank PLC	MSCI Emerging Markets ex China Gross Return USD Index	Receive	SOFR + 0.00%	Quarterly	5/29/25		76		(1	)		—		(1	)
Barclays Bank PLC	MSCI Japan Net Total Return USD Index	Pay	SOFR + 0.14%	Quarterly	2/11/25		2,640		272			—		272
Barclays Bank PLC	S&P Small Cap 600 Index	Pay	SOFR + 0.55%	Quarterly	7/17/25		753		(8	)		—		(8	)
Barclays Bank PLC	S&P Small Cap 600 Index	Pay	SOFR + 0.55%	Quarterly	7/21/25		371		5			—		5
Barclays Bank PLC	U.S. Cyclicals Index	Receive	SOFR + 0.50%	Quarterly	8/7/25		194		(27	)		—		(27	)
Barclays Bank PLC	U.S. Cyclicals Index	Receive	SOFR + 0.50%	Quarterly	8/7/25		353		(40	)		—		(40	)
Barclays Bank PLC	U.S. Defensives Index	Pay	SOFR + 0.55%	Quarterly	8/7/25		198		11			—		11
Barclays Bank PLC	U.S. Defensives Index	Pay	SOFR + 0.55%	Quarterly	8/7/25		355		13			—		13
BNP Paribas SA	EM Value Quality Index††	Pay	SOFR + 0.55%	Quarterly	5/22/25		1,343		(2	)		—		(2	)
BNP Paribas SA	EMU Anti-Value and Quality Index††	Receive	ESTR + 0.00%	Quarterly	9/18/25	EUR	266		(8	)		—		(8	)

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (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	EMU Anti-Value and Quality Index††	Receive	ESTR + 0.00%	Quarterly	9/18/25	EUR	245	$	(5	)	$	—	$	(5	)
BNP Paribas SA	EMU Anti-Value and Quality Index††	Receive	ESTR + 0.00%	Quarterly	9/18/25		368		(7	)		—		(7	)
BNP Paribas SA	EMU Anti-Value Index	Pay	ESTR - 0.37%	Quarterly	9/18/25		203		2			—		2
BNP Paribas SA	EMU Anti-Value Index	Pay	ESTR - 0.37%	Quarterly	9/18/25		184		1			—		1
BNP Paribas SA	EMU Anti-Value Index	Pay	ESTR - 0.37%	Quarterly	9/18/25		276		1			—		1
BNP Paribas SA	EMU Domestics Index††	Pay	ESTR - 0.21%	Quarterly	1/15/25		355		—	@		—		—	@
BNP Paribas SA	EMU Domestics Index††	Pay	ESTR - 0.21%	Quarterly	1/15/25		411		1			—		1
BNP Paribas SA	EMU Domestics Index††	Pay	ESTR + 0.06%	Quarterly	1/15/25		398		10			—		10
BNP Paribas SA	EMU Domestics Index††	Pay	ESTR + 0.06%	Quarterly	1/15/25		357		2			—		2
BNP Paribas SA	EMU Value and Quality Index††	Pay	ESTR + 0.00%	Quarterly	9/18/25		259		3			—		3
BNP Paribas SA	EMU Value and Quality Index††	Pay	ESTR + 0.00%	Quarterly	9/18/25		245		2			—		2
BNP Paribas SA	EMU Value and Quality Index††	Pay	ESTR + 0.00%	Quarterly	9/18/25		368		3			—		3
BNP Paribas SA	EMU Value Index	Receive	ESTR - 0.02%	Quarterly	9/18/25		204		(7	)		—		(7	)
BNP Paribas SA	EMU Value Index	Receive	ESTR - 0.02%	Quarterly	9/18/25		185		(4	)		—		(4	)
BNP Paribas SA	EMU Value Index	Receive	ESTR - 0.02%	Quarterly	9/18/25		278		(5	)		—		(5	)
BNP Paribas SA	U.S. Domestics Index††	Receive	SOFR + 0.38%	Quarterly	1/15/25	$	211		(12	)		—		(12	)
BNP Paribas SA	U.S. Domestics Index††	Receive	SOFR + 0.38%	Quarterly	1/15/25		558		(31	)		—		(31	)
BNP Paribas SA	U.S. Domestics Index††	Receive	SOFR + 0.50%	Quarterly	1/15/25		475		(46	)		—		(46	)
BNP Paribas SA	U.S. Domestics Index††	Receive	SOFR + 0.50%	Quarterly	1/15/25		353		(20	)		—		(20	)
Goldman Sachs International	MSCI Emerging Markets Net Total Return Index	Pay	SOFR + 0.00%	Quarterly	1/28/25		5,436		416			—		416
JPMorgan Chase Bank NA	Japan Growth Index††	Receive	SOFR - 0.19%	Quarterly	9/22/25		1,682		(55	)		—		(55	)
JPMorgan Chase Bank NA	Japan Value Index††	Pay	SOFR + 0.00%	Quarterly	9/22/25		1,697		38			—		38
JPMorgan Chase Bank NA	Korea Value Index	Pay	SOFR + 0.16%	Quarterly	9/23/25		340		5			—		5
JPMorgan Chase Bank NA	U.S. Broad Anti-Value Index††	Receive	SOFR + 0.60%	Quarterly	9/24/25		1,017		(2	)		—		(2	)
JPMorgan Chase Bank NA	U.S. Broad Value Index††	Pay	SOFR + 0.60%	Quarterly	9/24/25		1,014		7			—		7
UBS AG	MSCI USA Index	Pay	SOFR + 0.00%	Quarterly	9/23/25		12,350		129			—		129
								$	637		$	—	$	637

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

The following table represents the equity basket top 50 individual holdings underlying the total return swap with EM Value Quality Index as of September 30, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
EM Value Quality Index
Absa Group Ltd.		1,189	$	12		0.01	%
Abu Dhabi Islamic Bank		2,831		10		0.01
Akbank T.A.S.		4,265		8		0.01
Ambev SA		8,048		19		0.02
Astra International Tbk. PT		24,416		8		0.01
Asustek Computer, Inc.		2,591		45		0.05
Banco Do Brasil SA		2,450		12		0.01
Bank Pekao SA		258		10		0.01
BB Seguridade Participacoes		1,009		7		0.01
Cemex SAB-CPO		12,971		8		0.01
Cia Energetica Minas Ger - Pref		4,044		8		0.01
Commercial Bank PSQC		4,673		6		0.01
Commercial Internattional Bank - GDR Reg		3,379		6		0.01
Compal Electronics		15,850		17		0.02
Dubai Islamic Bank		6,167		11		0.01
Emaar Properties PJSC		3,350		8		0.01
Emirates NBD PJSC		2,670		15		0.02
Eurobank Ergasias Services and Holdings SA		3,714		9		0.01
Evergreen Marine Corp. Ltd.		1,281		8		0.01
Gruma SAB. - Class B		315		6		0.01
Grupo Financiero Banorte		3,707		26		0.03
Grupo Mexico SAB de CV - Ser B		2,727		15		0.02
Hellenic Telecommun Organiza		364		6		0.01
Hyundai Mobis Co. Ltd.		39		6		0.01
Hyundai Motor Co.		89		16		0.02
Itau Unibanco Holding SA - Pref		6,884		46		0.05
Itausa SA		7,710		16		0.02
Kalbe Farma TBK. PT		55,893		6		0.01
Kia Corp.		156		12		0.01

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
EM Value Quality Index (cont’d)
LG Innotek Co. Ltd.		52	$	9		0.01	%
Lite-On Technology Corp.		7,877		25		0.03
Meritz Financial Group, Inc.		135		10		0.01
National Bank of Greece		1,112		10		0.01
OTP Bank PLC		317		17		0.02
Pegatron Corp.		7,268		24		0.03
Petroleo Brasileiro SA		2,211		16		0.02
Petroleo Brasileiro SA - Pref		2,677		18		0.02
Powszechny Zaklad Ubezpiecze		814		9		0.01
Realtek Semiconductor Corp		1,810		27		0.03
Richter Gedeon Nyrt		384		12		0.01
Samsung C&T Corp.		111		12		0.01
Samsung Electro-Mechanics Co.		206		21		0.02
Samsung Electronics - Pref		3,027		117		0.13
Samsung SDS Co. Ltd.		157		18		0.02
Telkom Indonesia Persero Tbk. PT		95,864		19		0.02
Turk Hava Yollari AO		682		6		0.01
Vale SA		3,053		36		0.04
Vodacom Group Ltd.		1,201		8		0.01
Wistron Corp.		10,309		33		0.04
Zhen Ding Technology Holding Ltd.		2,574		9		0.01

The following table represents the equity basket holdings underlying the total return swap with EMU Anti-Value and Quality Index as of September 30, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
EMU Anti-Value and Quality Index
Accor SA		606	$	24		0.03	%
Adidas AG		106		25		0.03
ADP		201		23		0.03
Adyen NV		18		25		0.03
Airbus SE		180		24		0.03
Anheuser-Busch Inbev SA		400		24		0.03
Argenx SE		48		23		0.03
ASM International NV		41		24		0.03
BE Semiconductor Industries NV		209		24		0.03
Bollore SE		3,870		23		0.03
Cellnex Telecom SA		639		23		0.03
Davide Campari-Milano NV		3,059		23		0.03
Delivery Hero SE		836		30		0.03
Dsm-Firmenich AG		193		24		0.03
Edenred		654		22		0.03
EDP Renovaveis SA		1,476		23		0.03
EDP SA		5,668		23		0.03
Elia Group SA		220		23		0.03
Eni SpA		1,648		23		0.03
Eurazeo SE		322		24		0.03
Euronext NV		231		23		0.03
Ferrovial SE		616		24		0.03
Gecina SA		217		22		0.03
Getlink SE		1,438		23		0.03
Groupe Bruxelles Lambert NV		338		24		0.03
Hermes International		12		27		0.03
Infrastrutture Wireless Italiane SpA		2,119		23		0.03
Inpost SA		1,362		23		0.03
Lotus Bakeries		2		23		0.03
MTU Aero Engines AG		84		24		0.03
Nexi SpA		3,827		23		0.03
NN Group NV		520		23		0.03
OCI NV		866		22		0.03
Pernod Ricard SA		184		25		0.03
Prosus NV		721		28		0.03
Safran SA		114		24		0.03
Sartorius AG		97		24		0.03
Sartorius Stedim Biotech		127		24		0.03
Siemens Energy AG		799		26		0.03
Sofina SA		92		23		0.03
Symrise AG		193		24		0.03
Talanx Ag		304		23		0.03
UCB SA		141		23		0.03

The following table represents the equity basket holdings underlying the total return swap with EMU Domestics Index as of September 30, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
EMU Domestics Index
ADP		249	$	29		0.03	%
Aena SME SA		263		52		0.06
Basic-Fit NV		326		8		0.01
Bechtle AG		477		19		0.02
Bouygues SA		957		29		0.03
Capgemini SE		406		79		0.09
Compagnie De Saint Gobain		1,181		96		0.11
Deutsche Lufthansa - Reg		3,894		26		0.03
D’Ieteren Group		134		25		0.03
Eiffage		356		31		0.04
Exclusive Networks SA		89		2		0.00	‡
Fraport Ag Frankfurt Airport		313		16		0.02
Getlink SE		1,986		32		0.04
Indra Sistemas SA		958		16		0.02
Industria de Diseno Textil SA		2,512		133		0.15
Iveco Group NV		2,828		26		0.03
Kingspan Group PLC		577		49		0.06
La Francaise des Jeux SAEM		504		19		0.02
Prosiebensat.1 Media SE		1,885		11		0.01
Randstad NV		627		28		0.03
Rheinmetall AG		150		73		0.08
Scout24 SE		461		36		0.04
Stora Enso OYJ - Class R		2,879		33		0.04
Vinci SA		1,089		114		0.13
Vivendi SE		3,420		35		0.04
Zalando SE		1,570		46		0.05

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d) 

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with EMU Value and Quality Index as of September 30, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
EMU Value and Quality Index
AIB Group PLC		4,367	$	22		0.03	%
Arkema		294		25		0.03
Banco Bilbao Vizcaya Argenta		2,495		24		0.03
Banco Santander SA		5,237		24		0.03
Bayer AG - Reg		871		26		0.03
Capgemini SE		122		24		0.03
Carrefour SA		1,516		23		0.03
Compagnie De Saint Gobain		296		24		0.03
Covivio		424		23		0.03
Daimler Truck Holding AG		749		25		0.03
DHL Group		587		23		0.03
Dr. Ing hcf Porsche AG		363		26		0.03
Eiffage		252		22		0.03
Enel SpA		3,261		23		0.03
Engie SA		1,456		23		0.03
Erste Group Bank AG		487		24		0.03
Exor NV		238		23		0.03
Fortum OYJ		1,658		25		0.03
Fresenius Medical Care AG		624		24		0.03
Fresenius SE & Co. KGaA		683		23		0.03
Heidelberg Materials AG		248		24		0.03
Henkel AG & Co. KGaA		319		24		0.03
Intesa Sanpaolo		6,220		24		0.03
Ipsen		212		23		0.03
Jeronimo Martins		1,388		24		0.03
Koninklijke Ahold Delhaize NV		750		23		0.03
Koninklijke KPN NV		6,233		23		0.03
Leonardo SpA		1,119		22		0.03
Mercedes-Benz Group AG		432		25		0.03
Michelin		675		25		0.03
Nordea Bank Abp		2,242		24		0.03
Orange SA		2,133		22		0.03
Poste Italiane SpA		1,835		23		0.03
Publicis Groupe SA		240		24		0.03
Randstad NV		546		24		0.03
SEB SA		212		22		0.02
Stellantis NV		1,711		21		0.02
Stmicroelectronics NV		934		25		0.03
Syensqo SA		324		26		0.03
Teleperformance		233		22		0.02
Tenaris SA		1,814		26		0.03
Unicredit SpA		627		25		0.03
Vinci SA		212		22		0.03

The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. Domestics Index as of September 30, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Domestics Index
Arista Networks, Inc.		66	$	25		0.03	%
Automatic Data Processing		105		29		0.03
Autozone, Inc.		5		14		0.02
CDW Corp.		34		8		0.01
Charter Communications, Inc. - Class A		25		8		0.01
Cintas Corp.		92		19		0.02
Cognizant Tech Solutions - Class A		128		10		0.01
Comcast Corp. - Class A		1,047		44		0.05
Copart, Inc.		215		11		0.01
Crowdstrike Holdings, Inc. - Class A		53		15		0.02
CSX Corp.		507		18		0.02
Datadog, Inc. - Class A		64		7		0.01
Doordash, Inc. - Class A		61		9		0.01
DR Horton, Inc.		76		14		0.02
Equifax, Inc.		31		9		0.01
Fair Isaac Corp.		6		12		0.01
Fastenal Co.		143		10		0.01
Fedex Corp.		60		16		0.02
Hilton Worldwide Holdings, Inc.		66		15		0.02
Home Depot, Inc.		247		100		0.11
Lennar Corp. - Class A		61		11		0.01
Lowe’s Cos, Inc.		144		39		0.04
Lululemon Athletica, Inc.		30		8		0.01
Marriott International - Class A		64		16		0.02
Martin Marietta Materials		16		8		0.01
Norfolk Southern Corp.		58		14		0.02
NVR, Inc.		1		8		0.01
Old Dominion Freight Line		50		10		0.01
O’Reilly Automotive, Inc.		15		17		0.02
Pultegroup, Inc.		55		8		0.01
Quanta Services, Inc.		37		11		0.01
Republic Services, Inc.		56		11		0.01
Roper Technologies, Inc.		27		15		0.02
Ross Stores, Inc.		85		13		0.01
Sherwin-Williams Co.		62		24		0.03
Snowflake, Inc. - Class A		70		8		0.01
Starbucks Corp.		292		28		0.03
TJX Companies, Inc.		286		34		0.04
Tractor Supply Company		28		8		0.01
Trane Technologies PLC		57		22		0.03
Union Pacific Corp.		155		38		0.04
United Parcel Service - Class B		182		25		0.03
United Rentals, Inc.		17		14		0.02
Verisk Analytics, Inc.		36		10		0.01
Vulcan Materials Co.		33		8		0.01
Walt Disney Co.		475		46		0.05
Waste Connections, Inc.		65		12		0.01
Waste Management, Inc.		102		21		0.02

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d) 

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Domestics Index (cont’d)
Workday, Inc. - Class A		52	$	13		0.01	%
WW Grainger, Inc.		11		12		0.01

The following table represents the equity basket holdings underlying the total return swap with Japan Growth Index as of September 30, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
Japan Growth Index
Advantest Corp.		162,279	$	7,643		8.77	%
Ajinomoto Co, Inc.		182,708		7,080		8.12
ASICS Corp.		358,866		7,525		8.63
Capcom Co. Ltd.		303,609		7,060		8.10
Chugai Pharmaceutical Co. Ltd.		142,565		6,905		7.92
Daifuku Co. Ltd.		372,491		7,187		8.24
Daiichi Sankyo Co. Ltd.		196,878		6,478		7.43
Disco Corp.		28,642		7,503		8.60
Fanuc Corp.		258,698		7,574		8.69
Fast Retailing Co. Ltd.		22,341		7,402		8.49
Hitachi Ltd.		286,697		7,574		8.69
Hoya Corp.		50,767		7,018		8.05
Japan Exchange Group, Inc.		578,930		7,506		8.61
Keyence Corp.		14,818		7,078		8.12
Kobe Bussan Co. Ltd.		214,008		6,765		7.76
Konami Group Corp.		70,637		7,179		8.23
Lasertec Corp.		43,877		7,237		8.30
Mitsubishi Heavy Industries		535,874		7,928		9.09
Monotaro Co. Ltd.		407,950		6,834		7.84
MS&AD Insurance Group Holdings, Inc.		313,537		7,295		8.37
Nippon Building Fund, Inc.		7,238		6,666		7.64
Nippon Prologis REIT, Inc.		3,651		6,280		7.20
Nippon Sanso Holdings Corp.		187,838		6,842		7.85
Nomura Research Institute Ltd.		191,390		7,088		8.13
Obic Co. Ltd.		190,389		6,713		7.70
Oriental Land Co. Ltd.		250,607		6,475		7.43
Recruit Holdings Co. Ltd.		113,456		6,901		7.91
Secom Co. Ltd.		176,789		6,539		7.50
Shimano, Inc.		38,843		7,374		8.46
Shin-Etsu Chemical Co. Ltd.		173,477		7,245		8.31
SMC Corp.		16,397		7,292		8.36
Sumitomo Mitsui Trust Group		291,382		6,904		7.92
Tokio Marine Holdings, Inc.		198,415		7,252		8.32
Tokyo Gas Co. Ltd.		290,439		6,772		7.77
Trend Micro, Inc.		110,098		6,528		7.49
Unicharm Corp.		192,670		6,977		8.00
Yaskawa Electric Corp.		223,143		7,793		8.94
Zozo, Inc.		198,814		7,243		8.31

The following table represents the equity basket holdings underlying the total return swap with Japan Value Index as of September 30, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
Japan Value Index
Asahi Group Holdings Ltd.		515,148	$	6,762		7.75	%
Brother Industries Ltd.		339,342		6,591		7.56
Canon, Inc.		198,875		6,535		7.49
Daiwa House Industry Co. Ltd.		205,763		6,477		7.43
Dentsu Group, Inc.		223,316		6,876		7.89
Hitachi Construction Machine		281,318		6,823		7.82
Honda Motor Co. Ltd.		644,383		6,787		7.78
JFE Holdings, Inc.		507,910		6,808		7.81
Kansai Electric Power Co., Inc.		400,346		6,630		7.60
Kirin Holdings Co. Ltd.		431,636		6,593		7.56
Komatsu Ltd.		256,271		7,102		8.14
Kubota Corp.		488,488		6,932		7.95
Kyocera Corp.		563,027		6,530		7.49
Marubeni Corp.		425,355		6,954		7.98
Mazda Motor Corp.		905,430		6,769		7.76
Mitsui & Co. Ltd.		332,479		7,383		8.47
Mizuho Financial Group, Inc.		341,727		7,010		8.04
Nippon Steel Corp.		313,100		6,996		8.02
Nippon Telegraph & Telephone		6,329,117		6,492		7.44
Nippon Yusen Kabushiki Kaisha		193,990		7,075		8.11
Nissan Motor Co. Ltd.		2,454,057		6,902		7.91
Nomura Holdings, Inc.		1,263,211		6,558		7.52
Nomura Real Estate Holdings		241,391		6,461		7.41
Ono Pharmaceutical Co. Ltd.		492,069		6,572		7.54
Panasonic Holdings Corp.		781,917		6,791		7.79
Renesas Electronics Corp.		464,015		6,740		7.73
Ricoh Co. Ltd.		624,226		6,728		7.72
Rohm Co. Ltd.		627,413		7,040		8.07
SBI Holdings, Inc.		292,362		6,731		7.72
Seiko Epson Corp.		366,099		6,752		7.74
Seven & I Holdings Co. Ltd.		435,296		6,530		7.49
Shionogi & Co. Ltd.		442,602		6,350		7.28
Shizuoka Financial Group, Inc.		764,469		6,647		7.62
Subaru Corp.		401,332		6,960		7.98
Sumitomo Corp.		300,999		6,717		7.70
Takeda Pharmaceutical Co. Ltd.		222,924		6,391		7.33
Toyota Industries Corp.		89,039		6,859		7.87
Toyota Tsusho Corp.		375,318		6,779		7.77

The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. Broad Anti-Value Index as of September 30, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Broad Anti-Value Index
Acadia Realty Trust		1,963	$	46		0.05	%
Air Products & Chemicals, Inc.		155		46		0.05
Apple, Inc.		199		46		0.05
Aptargroup, Inc.		289		46		0.05
Arlo Technologies, Inc.		3,804		46		0.05

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d) 

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Broad Anti-Value Index (cont’d)
Astera Labs, Inc.		889	$	47		0.05	%
Chemed Corp.		77		46		0.05
Cogent Communications Holdings, Inc.		620		47		0.05
Cognex Corp		1,142		46		0.05
Corcept Therapeutics Inc		1,053		49		0.06
Corvel Corp		142		46		0.05
Crane Co		296		47		0.05
Dayforce Inc		761		47		0.05
Deckers Outdoor Corp		295		47		0.05
Doordash, Inc. - Class A		323		46		0.05
Duolingo		168		47		0.05
Eversource Energy		678		46		0.05
Expeditors International Wash, Inc.		360		47		0.05
Exponent, Inc.		407		47		0.05
Floor & Decor Holdings, Inc. - Class A		377		47		0.05
Graco, Inc.		527		46		0.05
Green Plains, Inc.		3,470		47		0.05
Guidewire Software, Inc.		259		47		0.05
Hawkins, Inc.		374		48		0.05
IDESX Corp.		215		46		0.05
Illinois Tool Works		176		46		0.05
Jetblue Airways Corp.		7,814		51		0.06
Liberty Media Corp. - Liberty - Class A		1,060		52		0.06
Liberty Media Corp. - Liberty - Class C		1,041		53		0.06
Microstrategy, Inc. - Class A		303		51		0.06
Monolithic Power Systems, Inc.		51		47		0.05
MP Materials Corp.		3,189		56		0.06
MSCI, Inc.		81		47		0.05
Nike, Inc. -Class B		525		46		0.05
Nordson Corp.		177		46		0.05
Nvidia Corp.		389		47		0.05
Repligen Corp.		321		48		0.05
RXO, Inc.		1,701		48		0.05
Ryan Specialty Holdings, Inc.		702		47		0.05
Sharkninja, Inc.		431		47		0.05
Sitime Corp.		276		47		0.05
Snowflake, Inc. - Class A		401		46		0.05
Southern Copper Corp.		426		49		0.06
Sprouts Farmers Market, Inc.		418		46		0.05
Tanger, Inc.		1,403		47		0.05
Tesla, Inc.		182		48		0.05
Under Armour, Inc. - Class A		5,836		52		0.06
Vertiv Holdings Co. - Class A		470		47		0.05
Wayfair, Inc. - Class A		853		48		0.05
Xpel, Inc.		1,072		46		0.05

The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. Broad Value Index as of September 30, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Broad Value Index
A10 Networks, Inc.		3,056	$	44		0.05	%
Agco Corp.		448		44		0.05
Alpha Metallurgical Resource		198		47		0.05
AMC Networks, Inc. - Class A		5,403		47		0.05
Arch Resources Inc		329		45		0.05
Asbury Automotive Group		186		44		0.05
Borgwarner, Inc.		1,238		45		0.05
Bristol-Myers Squibb Co.		847		44		0.05
Celanese Corp.		332		45		0.05
CNH Industrial NV		3,931		44		0.05
CSG Systems International, Inc.		899		44		0.05
CVS Health Corp.		734		46		0.05
Designer Brands, Inc. - Class A		6,239		46		0.05
Dine Brands Global, Inc.		1,429		45		0.05
Diodes, Inc.		713		46		0.05
Energizer Holdings, Inc.		1,441		46		0.05
Fedex Corp.		163		45		0.05
FMC Corp.		668		44		0.05
Guess?, Inc.		2,189		44		0.05
Helen of Troy Ltd.		705		44		0.05
Hewlett Packard Enterprise		2,253		46		0.05
Integra Lifesciences Holding		2,421		44		0.05
Intel Corp.		1,881		44		0.05
Jack In The Box, Inc.		957		45		0.05
Kohls Corp.		2,260		48		0.05
MGM Resorts International		1,148		45		0.05
Minerals Technologies, Inc.		574		44		0.05
Mosaic Co.		1,663		45		0.05
Newell Brands, Inc.		5,830		45		0.05
NRG Energy, Inc.		480		44		0.05
Owens & Minor, Inc.		2,794		44		0.05
Pacira Biosciences, Inc.		2,962		45		0.05
Peabody Energy Corp.		1,791		48		0.05
Pediatrix Medical Group, Inc.		4,018		47		0.05
Photronics, Inc.		1,796		44		0.05
Progress Software Corp.		741		50		0.06
PVH Corp.		436		44		0.05
Ringcentral, Inc. - Class A		1,392		44		0.05
Signet Jewelers Ltd.		438		45		0.05
Spartannash Co.		1,962		44		0.05
Suncoke Energy, Inc.		5,179		45		0.05
Tegna, Inc.		2,862		45		0.05
Teradata Corp.		1,445		44		0.05
Topgolf Callaway Brands Corp.		3,967		44		0.05
United Airlines Holdings, Inc.		812		46		0.05
Uniti Group, Inc.		8,008		45		0.05
Varex Imaging Corp.		3,684		44		0.05
Veeco Instruments, Inc.		1,328		44		0.05
Walgreens Boots Alliance, Inc.		4,891		44		0.05
Whirlpool Corp.		413		44		0.05

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d) 

Global Strategist Portfolio

@		Value/Notional amount is less than $500.
‡		Amount is less than 0.05%.
CAC		Cotation Assistée en Continu.
EMU		European Economic and Monetary Union.
ESTR		Euro Short-Term Rate.
FTSE		Financial Times Stock Exchange.
GDR		Global Depositary Receipt.
IBEX		Índice Bursátil Español.
ICE		Intercontinental Exchange.
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.
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

Portfolio Composition

Classification	Percentage of Total Investments
Fixed Income Securities		40.5	%
Common Stocks		38.3
Short-Term Investments		21.2
Total Investments		100.0	%*

* Does not include open futures contracts with a value of approximately $15,841,000 and net unrealized depreciation of approximately $94,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $39,000. Also does not include open swap agreements with net unrealized appreciation of approximately $690,000.

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments 

Growth Portfolio

	Shares		Value (000)
Common Stocks (91.8%)
Automobiles (6.9%)
Rivian Automotive, Inc., Class A (a)		101,333	$	1,137
Tesla, Inc. (a)		137,413		35,951
				37,088
Biotechnology (1.2%)
ProKidney Corp. (a)		392,312		753
Roivant Sciences Ltd. (a)		497,313		5,739
				6,492
Broadline Retail (5.2%)
Global-e Online Ltd. (Israel) (a)		354,078		13,611
MercadoLibre, Inc. (a)		7,045		14,456
				28,067
Capital Markets (1.1%)
Coinbase Global, Inc., Class A (a)		19,255		3,431
Intercontinental Exchange, Inc.		16,139		2,592
				6,023
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 (4.7%)
ROBLOX Corp., Class A (a)		574,146		25,412
Financial Services (10.4%)
Adyen NV (Netherlands) (a)		13,787		21,585
Affirm Holdings, Inc. (a)		843,381		34,427
				56,012
Ground Transportation (1.4%)
Uber Technologies, Inc. (a)		101,529		7,631
Health Care Providers & Services (0.9%)
Agilon Health, Inc. (a)		1,201,613		4,723
Health Care Technology (0.7%)
Doximity, Inc., Class A (a)		83,695		3,647
Hotels, Restaurants & Leisure (12.0%)
Airbnb, Inc., Class A (a)		162,135		20,561
DoorDash, Inc., Class A (a)		310,574		44,328
				64,889
Information Technology Services (17.6%)
Cloudflare, Inc., Class A (a)		485,897		39,304
Shopify, Inc., Class A (Canada) (a)		438,679		35,155
Snowflake, Inc., Class A (a)		174,792		20,077
				94,536
Leisure Products (0.4%)
Peloton Interactive, Inc., Class A (a)		457,641		2,142
Life Sciences Tools & Services (0.4%)
10X Genomics, Inc., Class A (a)		88,404		1,996
Media (7.4%)
Trade Desk, Inc., Class A (a)		361,311		39,618
Pharmaceuticals (4.4%)
Royalty Pharma PLC, Class A		840,975		23,791
Software (12.0%)
Aurora Innovation, Inc. (a)		2,215,762		13,117
Bill Holdings, Inc. (a)		152,474		8,044
MicroStrategy, Inc., Class A (a)		167,270		28,202
Samsara, Inc., Class A (a)		320,071		15,402
				64,765
Specialized REITs (0.3%)
American Tower Corp. REIT		7,719		1,795
Specialty Retail (4.8%)
Carvana Co. (a)		149,440		26,019
Total Common Stocks (Cost $421,655)				494,646
Preferred Stocks (2.1%)
Financial Services (0.3%)
Stripe, Inc., Series I (a)(b)(c) (acquisition cost — $1,061; acquired 3/17/23)		52,681		1,449
Software (1.8%)
Databricks, Inc., Series H (a)(b)(c) (acquisition cost — $8,310; acquired 8/31/21)		113,088		7,555
Databricks, Inc., Series I (a)(b)(c) (acquisition cost — $2,242; acquired 9/15/23)		30,506		2,038
Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $1,618; acquired 6/17/14)		141,612		433
				10,026
Total Preferred Stocks (Cost $13,231)				11,475
Investment Company (2.4%)
iShares Bitcoin Trust ETF (a) (Cost $13,615)		351,849		12,712

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d) 

Growth Portfolio

	Shares		Value (000)
Short-Term Investment (4.0%)
Investment Company (4.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (d) (Cost $21,865)		21,864,652	$	21,865
Total Investments Excluding Purchased Options (100.3%) (Cost $470,366)				540,698
Total Purchased Options Outstanding (0.1%) (Cost $1,508)				416
Total Investments (100.4%) (Cost $471,874) (e)(f)(g)(h)				541,114
Liabilities in Excess of Other Assets (–0.4%)				(2,298	)
Net Assets (100.0%)			$	538,816

(a)	Non-income producing security.
(b)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2024 amounts to approximately $11,475,000 and represents 2.1% of net assets.
(c)	At September 30, 2024, the Fund held fair valued securities at approximately $11,475,000, representing 2.1% of net assets. These securities have been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2024, advisory fees paid were reduced by approximately $25,000 relating to the Fund’s investment in the Liquidity Fund.
(e)	The approximate fair value and percentage of net assets, $21,585,000 and 4.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f)	The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(g)	Securities are available for collateral in connection with purchased options.
(h)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $151,754,000 and the aggregate gross unrealized depreciation is approximately $82,514,000, resulting in net unrealized appreciation of approximately $69,240,000.
ETF	Exchange Traded Fund.
REIT	Real Estate Investment Trust.

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont’d) 

Growth Portfolio

Call Options Purchased: 

The Fund had the following call options purchased open at September 30, 2024:

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	$	181	$	254	$	(73	)
Goldman Sachs International	USD/CNH	CNH	7.68	Jan–25		127,446,620		127,447		38		482		(444	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.77	Jul–25		55,148,879		55,149		113		240		(127	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		125,342,522		125,343		84		532		(448	)
									$	416	$	1,508	$	(1,092	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Other*		26.7	%
Information Technology Services		17.5
Software		13.8
Hotels, Restaurants & Leisure		12.0
Financial Services		10.6
Media		7.3
Automobiles		6.9
Broadline Retail		5.2
Total Investments		100.0	%

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

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2024 (unaudited) 

Portfolio of Investments

U.S. Real Estate Portfolio

	Shares		Value (000)
Common Stocks (99.8%)
Apartments (8.4%)
AvalonBay Communities, Inc. REIT		66,370	$	14,950
Mid-America Apartment Communities, Inc. REIT		45,549		7,238
				22,188
Data Centers (13.9%)
Digital Realty Trust, Inc. REIT		78,311		12,673
Equinix, Inc. REIT		27,378		24,302
				36,975
Free Standing (9.5%)
Agree Realty Corp. REIT		125,476		9,452
Essential Properties Realty Trust, Inc. REIT		83,126		2,839
Realty Income Corp. REIT		205,763		13,049
				25,340
Gaming (4.0%)
VICI Properties, Inc. REIT		314,938		10,491
Health Care (16.2%)
CareTrust REIT, Inc.		173,547		5,356
Healthpeak Properties, Inc. REIT		208,970		4,779
PACS Group, Inc. (a)		66,809		2,670
Ventas, Inc. REIT		105,557		6,769
Welltower, Inc. REIT		183,039		23,435
				43,009
Industrial (13.1%)
Americold Realty Trust, Inc. REIT		86,485		2,445
EastGroup Properties, Inc. REIT		27,172		5,076
Lineage, Inc. REIT		29,634		2,323
Prologis, Inc. REIT		153,853		19,429
Rexford Industrial Realty, Inc. REIT		111,536		5,611
				34,884
Lodging/Resorts (1.3%)
Host Hotels & Resorts, Inc. REIT		194,798		3,428
Manufactured Homes (1.9%)
Sun Communities, Inc. REIT		36,395		4,919
Office (3.3%)
BXP, Inc. REIT		67,439		5,426
Kilroy Realty Corp. REIT		89,646		3,469
				8,895
Regional Malls (4.1%)
Simon Property Group, Inc. REIT		64,682		10,933
Self Storage (9.6%)
Extra Space Storage, Inc. REIT		67,209		12,110
Public Storage REIT		37,105		13,502
				25,612
Shopping Centers (5.3%)
Federal Realty Investment Trust REIT		32,033		3,683
Kite Realty Group Trust REIT		99,609		2,646
Retail Opportunity Investments Corp. REIT		87,826		1,381
Tanger, Inc. REIT		112,553		3,734
Urban Edge Properties REIT		126,555		2,707
				14,151
Single Family Homes (2.9%)
American Homes 4 Rent Class A REIT		199,401		7,655
Specialty (4.9%)
Iron Mountain, Inc. REIT		74,821		8,891
Lamar Advertising Co. Class A REIT		31,392		4,194
				13,085
Telecommunications REITs (1.4%)
American Tower Corp. REIT		16,049		3,732
Total Common Stocks (Cost $201,482)				265,297
Short-Term Investment (0.5%)
Investment Company (0.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 4.78% (b) (Cost $1,339)		1,339,079		1,339
Total Investments (100.3%) (Cost $202,821) (c)(d)				266,636
Liabilities in Excess of Other Assets (–0.3%)				(887	)
Net Assets (100.0%)			$	265,749

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2024, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Liquidity Fund.
(c)	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”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $64,809,000 and the aggregate gross unrealized depreciation is approximately $994,000, resulting in net unrealized appreciation of approximately $63,815,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		24.2	%
Health Care		16.1
Data Centers		13.9
Industrial		13.1
Self Storage		9.6
Free Standing		9.5
Apartments		8.3
Shopping Centers		5.3
Total Investments		100.0	%

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments

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

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

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

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

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

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2024:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Discovery
Assets:
Common Stocks
Automobiles	$	363	$	—	$	—	$	363
Biotechnology		4,356		—		—		4,356
Broadline Retail		8,801		—		—		8,801
Consumer Staples Distribution & Retail		2,493		—		—		2,493
Entertainment		9,116		—		—		9,116
Financial Services		11,591		6,811		—		18,402
Health Care Equipment & Supplies		1,230		—		—		1,230
Health Care Providers & Services		3,112		—		—		3,112
Health Care Technology		3,542		—		—		3,542
Hotels, Restaurants & Leisure		14,111		—		—		14,111
Information Technology Services		16,455		—		—		16,455
Leisure Products		2,097		—		—		2,097
Life Sciences Tools & Services		1,870		—		—		1,870
Machinery		396		—		—		396
Media		12,654		—		—		12,654
Pharmaceuticals		7,618		—		—		7,618
Software		41,057		—		—		41,057
Specialty Retail		10,621		—		—		10,621
Total Common Stocks		151,483		6,811		—		158,294
Preferred Stocks
Software		—		—		3,068		3,068
Investment Company		4,057		—		—		4,057
Call Options Purchased		—		133		—		133
Short-Term Investment
Investment Company		4,919		—		—		4,919
Total Assets	$	160,459	$	6,944	$	3,068	$	170,471

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Discovery	Preferred Stocks (000)
Beginning Balance	$	3,278
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(210	)
Realized gains (losses)		—
Ending Balance	$	3,068
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024	$	(210	)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Discovery	Fair Value at September 30, 2024 (000)		Valuation Technique	Unobservable Input	Amount*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$	3,068	Market Transaction Method	Precedent Transaction	$73.50	Increase
			Discounted Cash Flow	Weighted Average Cost of Capital	14.5%	Decrease
				Perpetual Growth Rate	3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue	8.6x	Increase
				Discount for Lack of Marketability	12.0%	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.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2024:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Emerging Markets Debt
Assets:
Fixed Income Securities
Corporate Bonds	$	—		$	28,418		$	—	$	28,418
Sovereign		—			66,231			—		66,231
Senior Loan Interests		—			7,513			—		7,513
Total Fixed Income Securities		—			102,162			—		102,162
Warrants		—			795			—		795
Short-Term Investments
U.S. Treasury Security		—			237			—		237
Investment Company		1,148			—			—		1,148
Total Short-Term Investments		1,148			237			—		1,385
Foreign Currency Forward Exchange Contracts		—			16			—		16
Credit Default Swap Agreement		—			25			—		25
Total Assets		1,148			103,235			—		104,383
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(70	)		—		(70	)
Futures Contracts		(435	)		—			—		(435	)
Credit Default Swap Agreement		—			(2	)		—		(2	)
Total Liabilities		(435	)		(72	)		—		(507	)
Total	$	713		$	103,163		$	—	$	103,876

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2024:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Emerging Markets Equity
Assets:
Common Stocks
Air Freight & Logistics	$	—	$	889	$	—	$	889
Automobile Components		—		912		—		912
Automobiles		—		12,484		—		12,484
Banks		5,276		33,333		—		38,609
Beverages		—		3,026		—		3,026
Broadline Retail		—		7,702		—		7,702
Capital Markets		—		1,505		—		1,505
Chemicals		—		1,466		—		1,466
Construction & Engineering		—		1,704		—		1,704
Consumer Finance		—		1,564		—		1,564
Consumer Staples Distribution & Retail		3,036		1,397		—		4,433
Electrical Equipment		3,836		3,260		—		7,096
Electronic Equipment, Instruments & Components		—		6,602		—		6,602
Entertainment		—		1,329		—		1,329
Food Products		2,454		2,224		—		4,678
Ground Transportation		1,753		—		—		1,753
Health Care Providers & Services		760		1,501		—		2,261
Hotels, Restaurants & Leisure		3,648		2,356		—		6,004
Industrial Conglomerates		—		95		—		95
Information Technology Services		667		2,819		—		3,486
Insurance		1,394		7,088		—		8,482
Interactive Media & Services		478		8,968		—		9,446
Machinery		—		1,881		—		1,881
Metals & Mining		1,139		5,146		—		6,285
Oil, Gas & Consumable Fuels		—		3,906		—		3,906
Personal Care Products		—		687		—		687
Pharmaceuticals		—		1,038		—		1,038
Real Estate Management & Development		453		1,441		—		1,894
Semiconductors & Semiconductor Equipment		—		21,367		—		21,367
Tech Hardware, Storage & Peripherals		283		6,076		—		6,359
Tobacco		—		871		—		871
Total Common Stocks		25,177		144,637		—		169,814
Short-Term Investment
Investment Company		2,961		—		—		2,961
Total Assets	$	28,138	$	144,637	$	—	$	172,775

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2024:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Global Infrastructure
Assets:
Common Stocks
Airports	$	1,710	$	1,807	$	—	$	3,517
Communications		8,698		2,759		—		11,457
Diversified		1,386		4,217		—		5,603
Electricity Transmission & Distribution		6,595		6,993		—		13,588
Oil & Gas Storage & Transportation		24,441		1,418		—		25,859
Others		7,608		429		—		8,037
Railroad		136		—		—		136
Toll Roads		—		1,039		—		1,039
Water		1,527		1,939		—		3,466
Total Common Stocks		52,101		20,601		—		72,702
Short-Term Investment
Investment Company		1,118		—		—		1,118
Total Assets	$	53,219	$	20,601	$	—	$	73,820

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2024:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Global Real Estate
Assets:
Common Stocks
Data Centers	$	3,104	$	133	$	—	$	3,237
Diversified		—		5,178		—		5,178
Health Care		4,301		120		—		4,421
Industrial		2,848		1,233		—		4,081
Industrial/Office Mixed		—		436		—		436
Lodging/Resorts		285		693		—		978
Office		758		821		—		1,579
Residential		3,924		1,366		—		5,290
Retail		4,146		1,202		—		5,348
Self Storage		2,317		285		—		2,602
Specialty		1,677		177		—		1,854
Telecommunications REITs		348		—		—		348
Total Common Stocks		23,708		11,644		—		35,352
Rights		—		2		—		2
Short-Term Investments
Investment Companies		420		—		—		420
Repurchase Agreements		—		42		—		42
Total Short-Term Investments		420		42		—		462
Total Assets	$	24,128	$	11,688	$	—	$	35,816

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2024:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Global Strategist
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages	$	—	$	3,595	$	—		$	3,595
Asset-Backed Securities		—		487		—			487
Commercial Mortgage-Backed Securities		—		434		—			434
Corporate Bonds		—		8,849		—			8,849
Mortgages - Other		—		1,502		—			1,502
Sovereign		—		15,913		—			15,913
Supranational		—		547		—			547
U.S. Treasury Securities		—		4,014		—			4,014
Total Fixed Income Securities		—		35,341		—			35,341
Common Stocks
Aerospace & Defense		420		246		—			666
Air Freight & Logistics		83		56		—			139
Automobile Components		16		22		—			38
Automobiles		363		109		—			472
Banks		1,007		3,148		—			4,155
Beverages		297		151		—			448
Biotechnology		427		96		—			523
Broadline Retail		820		81		—			901
Building Products		144		80		—			224
Capital Markets		686		307		—			993
Chemicals		329		268		—			597
Commercial Services & Supplies		165		29		—			194
Communications Equipment		177		30		—			207
Construction & Engineering		54		62		—			116
Construction Materials		55		54		—			109
Consumer Finance		117		—		—			117
Consumer Staples Distribution & Retail		466		91		—			557
Containers & Packaging		61		5		—			66
Distributors		19		3		—			22
Diversified Consumer Services		—		6		—			6
Diversified REITs		6		43		—			49
Diversified Telecommunication Services		158		171		—			329
Electric Utilities		369		127		—			496
Electrical Equipment		168		205		—			373
Electronic Equipment, Instruments & Components		122		24		—			146
Energy Equipment & Services		51		2		—	†		53	†
Entertainment		285		22		—			307
Financial Services		790		113		—			903
Food Products		158		262		—			420
Gas Utilities		14		10		—			24
Ground Transportation		316		2		—			318
Health Care Equipment & Supplies		488		176		—			664
Health Care Providers & Services		516		26		—			542
Health Care REITs		59		—		—			59
Health Care Technology		14		4		—			18
Hotel & Resort REITs		5		—		—			5
Hotels, Restaurants & Leisure		450		147		—			597
Household Durables		77		22		—			99
Household Products		248		59		—			307

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (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)
Assets: (cont’d)
Independent Power & Renewable Electricity Producers	$	29	$	31		$	—		$	60
Industrial Conglomerates		89		130			—			219
Industrial REITs		50		18			—			68
Information Technology Services		373		23			—			396
Insurance		592		481			—			1,073
Interactive Media & Services		1,321		24			—			1,345
Investment Company		—		—			—	†		—	†
Leisure Products		1		—			—			1
Life Sciences Tools & Services		282		53			—			335
Machinery		369		224			—			593
Marine Transportation		—		18			—			18
Media		130		38			—			168
Metals & Mining		219		289			—	†		508	†
Mortgage Real Estate Investment		4		—			—			4
Multi-Utilities		138		110			—			248
Office REITs		5		6			—			11
Oil, Gas & Consumable Fuels		935		382			—			1,317
Paper & Forest Products		4		31			—			35
Passenger Airlines		6		10			—			16
Personal Care Products		29		213			—			242
Pharmaceuticals		774		957			—			1,731
Professional Services		179		163			—			342
Real Estate Management & Development		38		54			—			92
Residential REITs		81		—			—			81
Retail REITs		60		29			—			89
Semiconductors & Semiconductor Equipment		2,313		283			—			2,596
Software		2,277		216			—			2,493
Specialized REITs		223		—			—			223
Specialty Retail		424		49			—			473
Tech Hardware, Storage & Peripherals		1,527		9			—			1,536
Textiles, Apparel & Luxury Goods		73		287			—			360
Tobacco		117		67			—			184
Trading Companies & Distributors		102		65			—			167
Transportation Infrastructure		—		34			—			34
Water Utilities		16		12			—			28
Wireless Telecommunication Services		56		19			—			75
Total Common Stocks		22,836		10,584			—	†		33,420	†
Rights		—		—	@		—			—	@
Warrants		—		—	†		—			—	†
Short-Term Investments
Investment Company		17,751		—			—			17,751
U.S. Treasury Security		—		809			—			809
Total Short-Term Investments		17,751		809			—			18,560
Foreign Currency Forward Exchange Contracts		—		265			—			265
Futures Contracts		54		—			—			54
Centrally Cleared Interest Rate Swap Agreements		—		53			—			53
Total Return Swap Agreements		—		921			—			921
Total Assets	$	40,641	$	47,973	†	$	—	†	$	88,614	†

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (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)
Liabilities:
Foreign Currency Forward Exchange Contracts	$	—		$	(226	)	$	—		$	(226	)
Futures Contracts		(148	)		—			—			(148	)
Total Return Swap Agreements		—			(284	)		—			(284	)
Total Liabilities		(148	)		(510	)		—			(658	)
Total	$	40,493		$	47,463	†	$	—	†	$	87,956	†

†	Includes one or more securities valued at zero.
@	Value is less than $500.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Global Strategist	Common Stocks (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 September 30, 2024	$	—

†† Includes one or more securities valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2024:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Growth
Assets:
Common Stocks
Automobiles	$	37,088	$	—	$	—		$	37,088
Biotechnology		6,492		—		—			6,492
Broadline Retail		28,067		—		—			28,067
Capital Markets		6,023		—		—			6,023
Electronic Equipment, Instruments & Components		—		—		—	†		—	†
Entertainment		25,412		—		—			25,412
Financial Services		34,427		21,585		—			56,012
Ground Transportation		7,631		—		—			7,631
Health Care Providers & Services		4,723		—		—			4,723
Health Care Technology		3,647		—		—			3,647
Hotels, Restaurants & Leisure		64,889		—		—			64,889
Information Technology Services		94,536		—		—			94,536
Leisure Products		2,142		—		—			2,142
Life Sciences Tools & Services		1,996		—		—			1,996
Media		39,618		—		—			39,618
Pharmaceuticals		23,791		—		—			23,791
Software		64,765		—		—			64,765
Specialized REITs		1,795		—		—			1,795
Specialty Retail		26,019		—		—			26,019
Total Common Stocks		473,061		21,585		—	†		494,646	†
Preferred Stocks
Financial Services		—		—		1,449			1,449
Software		—		—		10,026			10,026
Total Preferred Stocks		—		—		11,475			11,475
Investment Company		12,712		—		—			12,712
Call Options Purchased		—		416		—			416
Short-Term Investment
Investment Company		21,865		—		—			21,865
Total Assets	$	507,638	$	22,001	$	11,475	†	$	541,114	†

† Includes a security valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

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

Growth	Common Stock (000)			Preferred Stocks (000)
Beginning Balance	$	—	†	$	11,749
Purchases		—			—
Sales		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			(274	)
Realized gains (losses)		—			—
Ending Balance	$	—	†	$	11,475
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024	$	—		$	(274	)

† Includes a security valued at zero.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Growth	Fair Value at September 30, 2024 (000)		Valuation Technique	Unobservable Input	Amount or Range/ Weighted Average*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$	11,475	Market Transaction Method	Precedent Transaction	$27.51-$73.50/$67.46	Increase
			Discounted Cash Flow	Weighted Average Cost of Capital	12.5%-17.0%/14.4%	Decrease
				Perpetual Growth Rate	3.0%-4.0%/3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue	1.3x-16.6x/8.6x	Increase
				Discount for Lack of Marketability	6.0%-12.0%/11.7%	Decrease
			Comparable Transactions	Enterprise Value/Revenue	6.3x	Increase

*	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.

Third Quarter Report — September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont’d)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2024:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
U.S. Real Estate
Assets:
Common Stocks	$	265,297	(1)	$	—	$	—	$	265,297
Short-Term Investment
Investment Company		1,339			—		—		1,339
Total Assets	$	266,636		$	—	$	—	$	266,636

(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.