January 14, 2014
The Universal Institutional Funds, Inc.
522 Fifth Avenue
New York, New York 10036
Re: Registration Statement on Form N-14
Ladies and Gentlemen:
We have acted as counsel for The Universal Institutional Funds, Inc., a Maryland corporation (the “Fund”), in connection with the preparation and filing of a registration statement on Form N-14 (the “Registration Statement”) with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “1933 Act”), relating to the proposed issuance by the Fund of Class I and Class II shares of common stock of the Global Infrastructure Portfolio (“UIF Global Infrastructure Portfolio”), a series of the Fund, each with par value of $0.001 per share (the “Acquiring Fund Shares”) pursuant to (i) an Agreement and Plan of Reorganization, dated as of October 3, 2013 (the “SD Reorganization Agreement”), between Morgan Stanley Select Dimensions Investment Series, on behalf of its Global Infrastructure Portfolio ( “SD Global Infrastructure Portfolio”) and the Fund, on behalf of UIF Global Infrastructure Portfolio, pursuant to which substantially all of the assets and the liabilities of SD Global Infrastructure Portfolio will be transferred to UIF Global Infrastructure Portfolio in exchange for Acquiring Fund Shares (the “SD Reorganization”) and (ii) an Agreement and Plan of Reorganization, dated as of October 3, 2013 (the “Variable Reorganization Agreement”), between Morgan Stanley Variable Investment Series, on behalf of its Global Infrastructure Portfolio (“VIS Global Infrastructure Portfolio”) and the Fund, on behalf of UIF Global Infrastructure Portfolio, pursuant to which substantially all of the assets and the liabilities of VIS Global Infrastructure Portfolio will be transferred to the UIF Global Infrastructure Portfolio in exchange for Acquiring Fund Shares (the “Variable Reorganization”). The SD Reorganization Agreement and the Variable Reorganization Agreement are each referred to herein as a “Reorganization Agreement,” and together as the “Reorganization Agreements.” The SD Reorganization and the Variable Reorganization are each referred to herein as a “Reorganization,” and together as the “Reorganizations.” This opinion letter is being furnished to the Fund in accordance with the requirements of Item 16 of Form N-14 under the 1933 Act, and no opinion is expressed herein as to any matter other than as to the legality of the Acquiring Fund Shares.
In rendering the opinion expressed below, we have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments and such agreements, certificates and receipts of public officials, and such other documents as we have deemed necessary or appropriate as a basis for rendering this opinion, including the following documents:
(i) the Registration Statement;