Morgan Stanley Variable Insurance Fund NPORT-P US Real Estate Portfolio (Mar 2024 report)

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (92.7%)
Biotechnology (2.1%)
Alnylam Pharmaceuticals, Inc. (a)		762	$	114
Argenx SE ADR (Belgium) (a)		995		392
Intellia Therapeutics, Inc. (a)		17,585		484
ProKidney Corp. (a)(b)		80,451		132
Roivant Sciences Ltd. (a)		240,294		2,532
				3,654
Broadline Retail (4.8%)
Global-e Online Ltd. (Israel) (a)		230,124		8,365
Chemicals (0.2%)
Ginkgo Bioworks Holdings, Inc. (a)		329,072		382
Entertainment (4.1%)
ROBLOX Corp., Class A (a)		187,329		7,152
Financial Services (11.1%)
Adyen NV (Netherlands) (a)		4,930		8,327
Affirm Holdings, Inc. (a)		289,714		10,795
				19,122
Ground Transportation (1.5%)
Grab Holdings Ltd., Class A (Singapore) (a)		833,227		2,616
Health Care Equipment & Supplies (0.8%)
Dexcom, Inc. (a)		4,174		579
Penumbra, Inc. (a)		3,851		860
				1,439
Health Care Providers & Services (2.7%)
Agilon Health, Inc. (a)		764,287		4,662
Health Care Technology (1.5%)
Doximity, Inc., Class A (a)		93,910		2,527
Hotels, Restaurants & Leisure (8.7%)
DoorDash, Inc., Class A (a)		108,680		14,968
Information Technology Services (11.5%)
Cloudflare, Inc., Class A (a)		154,815		14,991
Fastly, Inc., Class A (a)		192,798		2,501
MongoDB, Inc. (a)		6,718		2,409
				19,901
Leisure Products (1.1%)
Peloton Interactive, Inc., Class A (a)		447,993		1,920
Life Sciences Tools & Services (1.4%)
10X Genomics, Inc., Class A (a)		64,465		2,419
Media (6.2%)
Trade Desk, Inc., Class A (a)		123,004		10,753
Pharmaceuticals (4.4%)
Royalty Pharma PLC, Class A		249,952		7,591
Software (18.2%)
Aurora Innovation, Inc. (a)		819,653		2,312
Bill Holdings, Inc. (a)		65,123		4,475
HubSpot, Inc. (a)		1,484		930
Klaviyo, Inc., Class A (a)		22,458		572
MicroStrategy, Inc., Class A (a)		5,132		8,748
Procore Technologies, Inc. (a)		53,016		4,356
Samsara, Inc., Class A (a)		219,248		8,285
Zscaler, Inc. (a)		9,011		1,736
				31,414
Specialty Retail (8.7%)
Carvana Co. (a)		171,395		15,068
Textiles, Apparel & Luxury Goods (3.7%)
On Holding AG, Class A (Switzerland) (a)		177,955		6,296
Total Common Stocks (Cost $149,953)				160,249
Preferred Stocks (1.9%)
Software (1.9%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21)		36,279		2,565
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $709; acquired 9/15/23)		9,645		682
Total Preferred Stocks (Cost $3,375)				3,247
Investment Company (2.6%)
Grayscale Bitcoin Trust (a) (Cost $1,957)		71,881		4,541

	No. of Warrants
Warrants (0.0%)‡
Chemicals (0.0%)‡
Ginkgo Bioworks Holdings, Inc. expires 8/1/26 (a) (Cost $55)		16,415	1

	Shares
Short-Term Investments (3.1%)
Investment Company (3.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $5,259)		5,259,171	5,259
Securities held as Collateral on Loaned Securities (0.0%)‡
Investment Company (0.0%)‡
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e)		48,977	49

	Face Amount (000)
Repurchase Agreements (0.0%)‡
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $4; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $4)	$	4	4

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

	Face Amount (000)		Value (000)
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $2; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $2)	$	2	$	2
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $6; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $6)		6		6
				12
Total Securities held as Collateral on Loaned Securities (Cost $61)				61
Total Short-Term Investments (Cost $5,320)				5,320
Total Investments Excluding Purchased Options (100.3%) (Cost $160,660)				173,358
Total Purchased Options Outstanding (0.2%) (Cost $615)				329
Total Investments (100.5%) (Cost $161,275) Including $57 of Securities Loaned (f)(g)(h)(i)				173,687
Liabilities in Excess of Other Assets (–0.5%)				(809	)
Net Assets (100.0%)			$	172,878

‡	Amount is less than 0.05%.
(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 March 31, 2024, were approximately $57,000 and $61,000 respectively. The Fund received cash collateral of approximately $61,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported 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 March 31, 2024 amounts to approximately $3,247,000 and represents 1.9% of net assets.
(d)	At March 31, 2024, the Fund held fair valued securities valued at approximately $3,247,000, representing 1.9% 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, 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 three months ended March 31, 2024, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $8,327,000 and 4.8%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $51,272,000 and the aggregate gross unrealized depreciation is approximately $38,860,000, resulting in net unrealized appreciation of approximately $12,412,000.
ADR	American Depositary Receipt.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		33,393,235	$	33,393	$	8	$	142	$	(134	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	7.68	Jan–25		40,809,074		40,809		143		154		(11	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		40,113,584		40,114		157		170		(13	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		36,061,106		36,061		21		149		(128	)
									$	329	$	615	$	(286	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*      

Classification	Percentage of Total Investments
Other**		33.8	%
Software		20.0
Information Technology Services		11.5
Financial Services		11.1
Specialty Retail		8.7
Hotels, Restaurants & Leisure		8.7
Media		6.2
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (90.9%)
Albania (1.7%)
Sovereign (1.7%)
Albania Government International Bond,
3.50%, 11/23/31	EUR	335	$	326
5.90%, 6/9/28		1,364		1,515
				1,841
Angola (0.6%)
Sovereign (0.6%)
Angolan Government International Bond,
8.75%, 4/14/32	$	692		638
Argentina (0.9%)
Sovereign (0.9%)
Argentine Republic Government International Bond,
3.50%, 7/9/41 (a)		600		243
3.63%, 7/9/35 (a)		600		250
4.25%, 1/9/38 (a)		1,000		466
				959
Bahamas (0.2%)
Sovereign (0.2%)
Bahamas Government International Bond,
8.95%, 10/15/32		200		194
Bahrain (1.6%)
Sovereign (1.6%)
Bahrain Government International Bond,
5.45%, 9/16/32		800		735
5.63%, 5/18/34		600		542
7.00%, 10/12/28		400		412
				1,689
Barbados (0.9%)
Sovereign (0.9%)
Barbados Government International Bond,
6.50%, 10/1/29		992		944
Benin (2.4%)
Sovereign (2.4%)
Benin Government International Bond,
4.88%, 1/19/32	EUR	250		228
4.95%, 1/22/35		390		343
6.88%, 1/19/52		1,970		1,749
7.96%, 2/13/38	$	200		195
				2,515
Brazil (3.7%)
Corporate Bonds (3.7%)
3R Lux SARL,
9.75%, 2/5/31 (b)		387		405
Braskem Netherlands Finance BV,
8.50%, 1/23/81		477		479
Coruripe Netherlands BV,
10.00%, 2/10/27		630		572
FORESEA Holding SA,
7.50%, 6/15/30		720		677
Gol Finance SA,
1 Month Term SOFR + 10.50%,
15.83%, 1/29/25 (b)(c)		89		86
MC Brazil Downstream Trading SARL,
7.25%, 6/30/31		647		586
MV24 Capital BV,
6.75%, 6/1/34		394		371
Samarco Mineracao SA,
9.50%, 6/30/31		867		783
				3,959
Cameroon (0.1%)
Sovereign (0.1%)
Republic of Cameroon International Bond,
5.95%, 7/7/32	EUR	107		90
Chile (2.0%)
Corporate Bonds (1.0%)
AES Andes SA,
6.30%, 3/15/29 (b)	$	200		202
7.13%, 3/26/79		659		653
Liberty Latin America Ltd.,
2.00%, 7/15/24		257		251
				1,106
Sovereign (1.0%)
Chile Government International Bond,
2.55%, 7/27/33		830		676
3.50%, 1/25/50		500		366
				1,042
				2,148
China (1.1%)
Corporate Bonds (1.1%)
China Oil & Gas Group Ltd.,
4.70%, 6/30/26		280		239
KWG Group Holdings Ltd.,
7.88%, 8/30/24 (d)(e)		450		34
Longfor Group Holdings Ltd.,
3.85%, 1/13/32		231		100
Shimao Group Holdings Ltd.,
5.60%, 7/15/26 (d)(e)		1,218		39
Sunac China Holdings Ltd.,
PIK
1.00%, 9/30/32 (d)(e)(f)		85		6
6.00%, 9/30/26 (d)(e)(f)		68		8
6.25%, 9/30/27 (d)(e)(f)		68		7
6.50%, 9/30/27 (d)(e)(f)		136		12
6.75%, 9/30/28 (d)(e)(f)		204		15
7.00%, 9/30/29 (d)(e)(f)		204		14
7.25%, 9/30/30 (d)(e)(f)		96		7
Times China Holdings Ltd.,
5.55%, 6/4/24 (d)(e)		1,376		37

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (cont'd)
6.75%, 7/16/23 (d)(e)	$	280	$	9
Yuexiu REIT MTN Co. Ltd.,
2.65%, 2/2/26		700		620
				1,147
Colombia (2.3%)
Corporate Bonds (2.3%)
ABRA Global Finance
6.00% Cash, 5.50% PIK,
11.50%, 3/2/28 (b)(f)		237		220
Aris Mining Corp.,
6.88%, 8/9/26		600		542
Avianca Midco 2 PLC,
9.00%, 12/1/28		750		723
Bancolombia SA,
6.91%, 10/18/27		56		56
Canacol Energy Ltd.,
5.75%, 11/24/28		972		431
SierraCol Energy Andina LLC,
6.00%, 6/15/28		501		441
				2,413
Costa Rica (0.7%)
Sovereign (0.7%)
Costa Rica Government International Bond,
6.55%, 4/3/34		700		726
Dominican Republic (1.8%)
Sovereign (1.8%)
Dominican Republic International Bond,
4.88%, 9/23/32		600		539
5.95%, 1/25/27		250		249
6.00%, 7/19/28		200		199
6.85%, 1/27/45 (b)		400		397
7.45%, 4/30/44 (b)		500		528
				1,912
Ecuador (2.1%)
Corporate Bond (0.2%)
International Airport Finance SA,
12.00%, 3/15/33		190		202
Sovereign (1.9%)
Ecuador Government International Bond,
0.00%, 7/31/30		1,257		622
2.50%, 7/31/40 (a)		190		93
3.50%, 7/31/35 (a)		2,339		1,237
6.00%, 7/31/30 (a)		59		40
				1,992
				2,194
Egypt (6.8%)
Sovereign (6.8%)
Egypt Government International Bond,
5.25%, 10/6/25 (b)		500		482
5.63%, 4/16/30	EUR	1,184		1,050
5.75%, 5/29/24	$	300		299
6.38%, 4/11/31 (b)	EUR	729		654
6.88%, 4/30/40	$	104		76
7.05%, 1/15/32		488		405
7.50%, 2/16/61		370		267
7.63%, 5/29/32		200		171
7.90%, 2/21/48		718		547
8.15%, 11/20/59		200		154
8.50%, 1/31/47		1,489		1,185
8.70%, 3/1/49		617		500
8.75%, 9/30/51		216		175
8.88%, 5/29/50		1,544		1,272
				7,237
El Salvador (1.8%)
Sovereign (1.8%)
El Salvador Government International Bond,
5.88%, 1/30/25		608		584
6.38%, 1/18/27		640		559
7.63%, 2/1/41		250		183
7.65%, 6/15/35		27		21
8.25%, 4/10/32		620		516
				1,863
Ethiopia (1.9%)
Sovereign (1.9%)
Ethiopia International Bond,
6.63%, 12/11/24 (d)(e)		2,712		1,993
Gabon (0.3%)
Sovereign (0.3%)
Gabon Government International Bond,
6.95%, 6/16/25 (b)		300		295
Georgia (0.3%)
Corporate Bond (0.3%)
TBC Bank JSC,
10.78%, 10/3/24 (g)		370		371
Ghana (2.9%)
Corporate Bonds (0.8%)
Kosmos Energy Ltd.,
7.50%, 3/1/28		282		274
7.75%, 5/1/27		215		212
Tullow Oil PLC,
10.25%, 5/15/26		398		379
				865
Sovereign (2.1%)
Ghana Government International Bond,
6.38%, 2/11/27 (d)(e)		808		417
7.75%, 4/7/29 (d)(e)		716		372
7.88%, 3/26/27 - 2/11/35 (d)(e)		516		267
8.13%, 1/18/26 (d)(e)		214		113
8.13%, 3/26/32 (d)(e)		387		200
8.63%, 4/7/34 (d)(e)		417		215
8.63%, 6/16/49 (d)(e)		500		253

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Sovereign (cont'd)
8.75%, 3/11/61 (d)(e)	$	200	$	102
8.88%, 5/7/42 (d)(e)		233		119
8.95%, 3/26/51 (d)(e)		245		126
				2,184
				3,049
Guatemala (0.8%)
Sovereign (0.8%)
Guatemala Government Bond,
3.70%, 10/7/33		300		248
4.65%, 10/7/41 (b)		310		250
6.13%, 6/1/50 (b)		320		299
				797
Honduras (0.1%)
Sovereign (0.1%)
Honduras Government International Bond,
6.25%, 1/19/27		150		145
Hungary (1.6%)
Corporate Bonds (0.8%)
MBH Bank Nyrt,
8.63%, 10/19/27	EUR	338		386
OTP Bank Nyrt,
8.75%, 5/15/33	$	494		513
				899
Sovereign (0.8%)
Hungary Government International Bond,
2.13%, 9/22/31		400		318
6.25%, 9/22/32 (b)		500		521
				839
				1,738
India (1.6%)
Corporate Bonds (1.6%)
Azure Power Energy Ltd.,
3.58%, 8/19/26		503		455
Indiabulls Housing Finance Ltd.,
4.50%, 9/28/26		387		380
Vedanta Resources Finance II PLC,
13.88%, 1/21/27 - 12/9/28		947		871
				1,706
Indonesia (2.5%)
Corporate Bond (0.5%)
LLPL Capital Pte. Ltd.,
6.88%, 2/4/39		503		504
Sovereign (2.0%)
Indonesia Government International Bond,
4.70%, 2/10/34		1,388		1,358
5.10%, 2/10/54		810		786
				2,144
				2,648
Iraq (0.1%)
Sovereign (0.1%)
Iraq International Bond,
5.80%, 1/15/28		140		132
Ivory Coast (3.7%)
Sovereign (3.7%)
Ivory Coast Government International Bond,
4.88%, 1/30/32	EUR	300		280
6.63%, 3/22/48		2,031		1,791
6.88%, 10/17/40		591		553
8.25%, 1/30/37	$	1,291		1,298
				3,922
Jamaica (0.6%)
Corporate Bond (0.6%)
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S.,
PIK,
12.00%, 5/25/27 (f)		700		689
Jordan (0.9%)
Sovereign (0.9%)
Jordan Government International Bond,
5.85%, 7/7/30		227		210
7.38%, 10/10/47		200		177
7.50%, 1/13/29		400		400
7.75%, 1/15/28		200		203
				990
Kazakhstan (0.3%)
Sovereign (0.3%)
Kazakhstan Government International Bond,
6.50%, 7/21/45		300		337
Kenya (2.6%)
Sovereign (2.6%)
Republic of Kenya Government International Bond,
8.00%, 5/22/32		801		753
9.75%, 2/16/31		1,960		2,012
				2,765
Kuwait (0.5%)
Sovereign (0.5%)
Kuwait International Government Bond,
3.50%, 3/20/27		550		534

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Lebanon (0.1%)
Sovereign (0.1%)
Lebanon Government International Bond,
6.85%, 3/23/27 (d)(e)	$	1,210	$	82
Macedonia (2.3%)
Sovereign (2.3%)
North Macedonia Government International Bond,
1.63%, 3/10/28	EUR	1,554		1,461
6.96%, 3/13/27		900		1,018
				2,479
Mexico (3.1%)
Corporate Bonds (1.3%)
BBVA Bancomer SA,
5.13%, 1/18/33	$	465		432
Grupo Aeromexico SAB de CV,
8.50%, 3/17/27		280		278
Total Play Telecomunicaciones SA de CV,
7.50%, 11/12/25		860		668
				1,378
Sovereign (1.8%)
Mexico Government International Bond,
4.88%, 5/19/33		550		522
Petroleos Mexicanos,
6.84%, 1/23/30		964		851
6.88%, 8/4/26		541		526
				1,899
				3,277
Moldova (0.3%)
Corporate Bond (0.3%)
Aragvi Finance International DAC,
8.45%, 4/29/26		450		354
Montenegro (0.8%)
Sovereign (0.8%)
Montenegro Government International Bond,
2.88%, 12/16/27	EUR	112		111
7.25%, 3/12/31	$	751		765
				876
Morocco (0.6%)
Sovereign (0.6%)
Morocco Government International Bond,
3.00%, 12/15/32		300		242
4.00%, 12/15/50 (b)		610		418
				660
Nigeria (1.1%)
Corporate Bond (0.4%)
Access Bank PLC,
6.13%, 9/21/26		483		449
Sovereign (0.7%)
Nigeria Government International Bond,
7.38%, 9/28/33		454		389
8.25%, 9/28/51		433		356
				745
				1,194
Oman (1.6%)
Sovereign (1.6%)
Oman Government International Bond,
5.38%, 3/8/27		200		199
6.25%, 1/25/31		800		829
6.75%, 1/17/48		440		452
7.38%, 10/28/32		200		223
				1,703
Pakistan (0.4%)
Sovereign (0.4%)
Pakistan Government International Bond,
6.88%, 12/5/27		267		228
7.38%, 4/8/31		281		222
				450
Panama (2.9%)
Corporate Bonds (1.0%)
AES Panama Generation Holdings SRL,
4.38%, 5/31/30		935		812
Multibank, Inc.,
7.75%, 2/3/28 (b)		250		252
				1,064
Sovereign (1.9%)
Panama Government International Bond,
2.25%, 9/29/32		1,300		931
3.16%, 1/23/30		622		519
3.87%, 7/23/60		470		274
4.50%, 4/1/56		500		327
				2,051
				3,115
Papua New Guinea (0.4%)
Corporate Bond (0.4%)
Puma International Financing SA,
5.00%, 1/24/26		484		470
Paraguay (0.6%)
Corporate Bond (0.6%)
Frigorifico Concepcion SA,
7.70%, 7/21/28		786		689

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Peru (1.3%)
Corporate Bonds (1.3%)
Auna SAA,
10.00%, 12/15/29 (b)	$	957	$	996
Peru LNG Srl,
5.38%, 3/22/30		416		363
				1,359
Philippines (1.7%)
Sovereign (1.7%)
Philippine Government International Bond,
5.00%, 7/17/33		1,040		1,042
5.50%, 1/17/48		720		733
				1,775
Romania (1.6%)
Sovereign (1.6%)
Romanian Government International Bond,
1.75%, 7/13/30	EUR	500		444
2.00%, 4/14/33		232		192
6.38%, 1/30/34	$	670		681
6.63%, 9/27/29	EUR	300		351
				1,668
Serbia (0.9%)
Sovereign (0.9%)
Serbia International Bond,
2.05%, 9/23/36		270		205
2.13%, 12/1/30	$	720		572
6.50%, 9/26/33		200		205
				982
Sri Lanka (2.6%)
Sovereign (2.6%)
Sri Lanka Government International Bond,
5.75%, 4/18/49 (d)(e)		200		118
6.20%, 5/11/27 (d)(e)		2,106		1,248
6.35%, 6/28/24 (d)(e)		200		118
6.83%, 7/18/26 (d)(e)		200		120
6.85%, 11/3/25 (d)(e)		1,928		1,157
				2,761
Suriname (3.5%)
Sovereign (3.5%)
Suriname Government International Bond,
7.95%, 7/15/33 (b)(d)(e)		2,438		2,240
9.00%, 12/31/50 (b)(c)		1,996		1,475
				3,715
Tanzania, United Republic of (3.7%)
Corporate Bond (0.2%)
HTA Group Ltd.,
2.88%, 3/18/27		200		178
Sovereign (3.5%)
Tanzania Loan Term,
10.76%, 2/27/31 (c)		3,700		3,700
				3,878
Trinidad And Tobago (0.3%)
Sovereign (0.3%)
Trinidad & Tobago Government International Bond,
4.50%, 6/26/30		350		328
Tunisia (0.7%)
Sovereign (0.7%)
Tunisian Republic,
5.75%, 1/30/25		220		208
6.38%, 7/15/26	EUR	545		497
				705
Turkey (2.2%)
Corporate Bonds (1.0%)
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS,
9.50%, 7/10/36	$	463		430
WE Soda Investments Holding PLC,
9.50%, 10/6/28		582		606
				1,036
Sovereign (1.2%)
Turkiye Government International Bond,
4.88%, 4/16/43		370		260
6.13%, 10/24/28		530		519
7.63%, 5/15/34		530		533
				1,312
				2,348
Ukraine (1.3%)
Sovereign (1.3%)
Ukraine Government International Bond,
6.88%, 5/21/31 (d)(e)		600		177
7.25%, 3/15/35 (d)(e)		400		116
7.38%, 9/25/34 (d)(e)		400		117
7.75%, 9/1/24 - 9/1/29 (d)(e)		1,971		724
7.75%, 8/1/41 (c)(d)(e)		300		167
9.75%, 11/1/30 (d)(e)		200		71
				1,372
United Arab Emirates (2.1%)
Sovereign (2.1%)
Finance Department Government of Sharjah,
4.00%, 7/28/50		1,000		661
4.38%, 3/10/51		200		141
6.50%, 11/23/32 (b)		1,350		1,406
				2,208

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Uruguay (1.2%)
Sovereign (1.2%)
Uruguay Government International Bond,
4.38%, 1/23/31	$	550	$	539
5.10%, 6/18/50		550		534
5.75%, 10/28/34		200		212
				1,285
Uzbekistan (0.2%)
Corporate Bond (0.2%)
Uzbek Industrial and Construction Bank ATB,
5.75%, 12/2/24		200		197
Venezuela (0.5%)
Sovereign (0.5%)
Petroleos de Venezuela SA,
6.00%, 11/15/26 (d)(e)		3,100		297
8.50%, 10/27/20 (d)(e)		133		107
Venezuela Government International Bond,
7.00%, 3/31/38 (d)(e)		84		13
8.25%, 10/13/24 (d)(e)		25		4
9.00%, 5/7/23 (d)(e)		76		11
9.25%, 9/15/27 - 5/7/28 (d)(e)		339		59
9.38%, 1/13/34 (d)(e)		25		4
11.95%, 8/5/31 (d)(e)		39		7
12.75%, 8/23/22 (d)(e)		60		11
				513
Vietnam (0.5%)
Corporate Bond (0.5%)
Mong Duong Finance Holdings BV,
5.13%, 5/7/29		559		535
Zambia (1.0%)
Sovereign (1.0%)
Zambia Government International Bond,
5.38%, 9/20/22 (d)(e)		375		249
8.50%, 4/14/24 (d)(e)		401		298
8.97%, 7/30/27 (d)(e)		633		467
				1,014
Total Fixed Income Securities (Cost $98,925)				96,572

	No. of Warrants
Warrants (0.0%)‡
Venezuela (0.0%)‡
Venezuela Government International Bond, Oil-Linked Payment Obligation, expires 4/15/20 (h)(i) (Cost $—)		3,750	26

	Shares
Short-Term Investments (7.1%)
Investment Company (6.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (j) (Cost $7,306)		7,305,938	7,306

	Face Amount (000)
United States (0.2%)
U.S. Treasury Security (0.2%)
U.S. Treasury Bill,
5.31%, 8/1/24 (k) (Cost $236)	$	240		236
Total Short-Term Investments (Cost $7,542)				7,542
Total Investments (98.0%) (Cost $106,467) (l)(m)(n)				104,140
Other Assets in Excess of Liabilities (2.0%)				2,100
Net Assets (100.0%)			$	106,240

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)	Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2024. Maturity date disclosed is the ultimate maturity date.
(b)	144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(c)	Floating or variable rate securities: The rates disclosed are as of March 31, 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)	Issuer in bankruptcy.
(e)	Non-income producing security; bond in default.
(f)	Income may be paid in additional securities and/or cash at the discretion of the issuer.
(g)	Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of March 31, 2024.
(h)	Perpetual maturity date. Date disclosed is the last expiration date.
(i)	Non-income producing security.
(j)	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 three months ended March 31, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund.
(k)	Rate shown is the yield to maturity at March 31, 2024.
(l)	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.
(m)	All or a portion of the security was pledged to cover margin requirements for swap agreements.
(n)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,455,000 and the aggregate gross unrealized depreciation is approximately $8,605,000, resulting in net unrealized depreciation of approximately $2,150,000.
DAC	Designated Activity Company.
MTN	Medium Term Note.
PIK	Payment-in-Kind.
REIT	Real Estate Investment Trust.
SOFR	Secured Overnight Financing Rate.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 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 March 31, 2024:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Citibank NA	EUR	87	$	94	4/5/24	$	—	@
Citibank NA	$	543	EUR	500	4/5/24		(3	)
Citibank NA	$	120	EUR	109	4/5/24		(2	)
Citibank NA	$	335	EUR	307	4/5/24		(4	)
Citibank NA	$	127	EUR	117	4/5/24		(1	)
Citibank NA	$	393	EUR	361	4/5/24		(3	)
Citibank NA	$	127	EUR	116	4/5/24		(1	)
Citibank NA	$	193	EUR	177	4/5/24		(2	)
Citibank NA	$	116	EUR	107	4/5/24		(1	)
Citibank NA	$	182	EUR	168	4/5/24		(1	)
Goldman Sachs International	EUR	1,540	$	1,674	4/5/24		13
HSBC Bank PLC	EUR	417	$	452	4/5/24		2
HSBC Bank PLC	EUR	268	$	291	4/5/24		1
HSBC Bank PLC	EUR	669	$	727	4/5/24		6
HSBC Bank PLC	EUR	230	$	251	4/5/24		2
HSBC Bank PLC	EUR	51	$	55	4/5/24		—	@
HSBC Bank PLC	EUR	1,260	$	1,370	4/5/24		11
HSBC Bank PLC	EUR	714	$	777	4/5/24		6
HSBC Bank PLC	EUR	50	$	54	4/5/24		—	@
HSBC Bank PLC	EUR	182	$	198	4/5/24		2
HSBC Bank PLC	EUR	570	$	620	4/5/24		5
HSBC Bank PLC	EUR	168	$	183	4/5/24		1
HSBC Bank PLC	EUR	1,581	$	1,719	4/5/24		13
HSBC Bank PLC	EUR	148	$	161	4/5/24		1
HSBC Bank PLC	EUR	184	$	201	4/5/24		2
HSBC Bank PLC	EUR	146	$	159	4/5/24		1
HSBC Bank PLC	EUR	843	$	918	4/5/24		8
HSBC Bank PLC	EUR	706	$	768	4/5/24		6
HSBC Bank PLC	EUR	661	$	718	4/5/24		6
HSBC Bank PLC	EUR	577	$	627	4/5/24		5
HSBC Bank PLC	EUR	228	$	248	4/5/24		2
HSBC Bank PLC	EUR	834	$	906	4/5/24		7
HSBC Bank PLC	EUR	170	$	185	4/5/24		2
HSBC Bank PLC	EUR	1,600	$	1,740	4/5/24		15
HSBC Bank PLC	EUR	1,274	$	1,387	4/5/24		12
HSBC Bank PLC	$	114	EUR	105	4/5/24		(1	)
HSBC Bank PLC	$	113	EUR	104	4/5/24		(1	)
State Street Bank & Trust Co.	EUR	89	$	96	4/5/24		1
UBS AG	EUR	300	$	327	4/5/24		4
UBS AG	EUR	89	$	97	4/5/24		1
UBS AG	EUR	87	$	94	4/5/24		—	@
UBS AG	$	119	EUR	109	4/5/24		(2	)
UBS AG	$	146	EUR	134	4/5/24		(2	)
UBS AG	$	128	EUR	118	4/5/24		(1	)
UBS AG	$	116	EUR	107	4/5/24		(1	)
						$	109

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2024:

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury Long Bond (United States)	44	Jun-24	$	4,400		$	5,299		$	19
U.S. Treasury Ultra Long Bond (United States)	82	Jun-24		8,200			10,578			95
U.S. Treasury 2 yr. Note (United States)	5	Jun-24		1,000			1,022			(—	@)
U.S. Treasury 5 yr. Note (United States)	84	Jun-24		8,400			8,989			8
U.S. Treasury 10 yr. Note (United States)	27	Jun-24		2,700			2,992			(17	)
U.S. Treasury 10 yr. Ultra Note (United States)	16	Jun-24		1,600			1,834			(1	)
Short:
Euro-Buxl 30 yr. Bond Index (Germany)	9	Jun-24	EUR	(900	)		(1,319	)		(24	)
German Euro-Bobl Index (Germany)	45	Jun-24		(4,500	)		(5,741	)		(17	)
German Euro-Bund Index (Germany)	25	Jun-24		(2,500	)		(3,597	)		(20	)
German Euro-Schatz Index (Germany)	7	Jun-24		(700	)		(798	)		(—	@)
									$	43

Credit Default Swap Agreements:

The Fund had the following credit default swap agreements open at March 31, 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 Received (000)			Unrealized Appreciation (Depreciation) (000)
Goldman Sachs International Panama Government International Bonds	NR	Sell	1.00	%	Quarterly	6/20/29	$	156	$	(6	)	$	(6	)	$	—	@
JPMorgan Chase Bank NA Panama Government International Bonds	NR	Sell	1.00		Quarterly	6/20/29		175		(7	)		(7	)		—	@
Goldman Sachs International Panama Government International Bonds	NR	Sell	1.00		Quarterly	6/20/29		437		(17	)		(17	)		—	@
Goldman Sachs International Vietnam Government International Bonds	NR	Sell	1.00		Quarterly	6/20/29		400		(4	)		(5	)		1
Goldman Sachs International Panama Government International Bonds	NR	Sell	1.00	%	Quarterly	6/20/29		141		(5	)		(4	)		(1	)
Morgan Stanley & Co. LLC* Egypt Government International Bonds	NR	Sell	1.00		Quarterly	12/20/28		188		(30	)		(55	)		25
									$	(69	)	$	(94	)	$	25

@		Value is less than $500.
†		Credit rating as issued by Standard & Poor’s.
*		Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
EUR	—	Euro

Portfolio Composition

Classification	Percentage of Total Investments
Sovereign		72.0	%
Corporate Bonds		20.7
Investment Company		7.0
Other*		0.3
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 $42,169,000 and net unrealized appreciation of approximately $43,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $109,000. Also does not include open swap agreements with net unrealized appreciation of approximately $25,000.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Emerging Markets Equity Portfolio

	Shares		Value (000)
Common Stocks (99.9%)
Brazil (6.9%)
Banco BTG Pactual SA (Units) (a)		212,906	$	1,547
Itau Unibanco Holding SA (Preference)		242,570		1,675
Localiza Rent a Car SA		197,912		2,158
NU Holdings Ltd., Class A (b)		86,393		1,031
Petroleo Brasileiro SA (Preference)		170,015		1,266
Raia Drogasil SA		317,828		1,734
WEG SA		236,421		1,801
				11,212
China (21.0%)
Alibaba Group Holding Ltd. (c)		352,100		3,184
Baidu, Inc. ADR (b)		4,834		509
BYD Co. Ltd., H Shares (c)		77,500		1,984
China Construction Bank Corp., H Shares (c)		4,722,230		2,850
China Mengniu Dairy Co. Ltd. (c)		432,000		930
China Merchants Bank Co. Ltd., H Shares (c)		434,000		1,720
China Resources Beer Holdings Co. Ltd. (c)		186,000		859
China Tourism Group Duty Free Corp. Ltd. (c)(d)		38,000		379
JD.com, Inc., Class A (c)		32,080		440
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		151,209		968
KE Holdings, Inc. ADR		24,690		339
Kweichow Moutai Co. Ltd., Class A		6,191		1,459
Li Auto, Inc., Class A (b)(c)		22,400		340
Li Ning Co. Ltd. (c)		170,500		455
Meituan, Class B (b)(c)		57,180		706
NARI Technology Co. Ltd., Class A		290,700		970
NetEase, Inc. (c)		56,400		1,169
Ping An Insurance Group Co. of China Ltd., Class H (c)		142,000		603
Postal Savings Bank of China Co. Ltd. (c)		2,565,000		1,343
Proya Cosmetics Co. Ltd., Class A		60,248		778
Shenzhen Inovance Technology Co. Ltd., Class A		128,400		1,070
Shenzhou International Group Holdings Ltd. (c)		198,400		1,884
Sungrow Power Supply Co. Ltd., Class A		75,098		1,073
Tencent Holdings Ltd. (c)		155,100		6,041
Trip.com Group Ltd. ADR (b)		32,114		1,410
Yum China Holdings, Inc.		17,139		682
				34,145
Hong Kong (0.6%)
AIA Group Ltd.		150,600		1,013
India (23.8%)
Axis Bank Ltd.		90,677		1,143
Bajaj Auto Ltd.		21,788		2,397
Bajaj Finance Ltd.		18,063		1,577
Delhivery Ltd. (b)		181,978		977
HDFC Asset Management Co. Ltd.		31,408		1,416
HDFC Bank Ltd.		141,213		2,462
Hindalco Industries Ltd.		268,750		1,815
Hitachi Energy India Ltd.		11,169		935
ICICI Bank Ltd.		310,438		4,093
Infosys Ltd.		113,031		2,035
Infosys Ltd. ADR		41,211		739
Larsen & Toubro Ltd.		41,984		1,899
Macrotech Developers Ltd.		97,835		1,337
Mahindra & Mahindra Ltd.		145,945		3,372
MakeMyTrip Ltd. (b)		12,912		917
Max Healthcare Institute Ltd.		135,531		1,337
Pidilite Industries Ltd.		38,955		1,409
Reliance Industries Ltd.		118,680		4,244
Star Health & Allied Insurance Co. Ltd. (b)		136,722		894
State Bank of India		317,594		2,876
United Breweries Ltd.		45,080		940
				38,814
Indonesia (3.9%)
Bank Central Asia Tbk. PT		2,707,400		1,722
Bank Mandiri Persero Tbk. PT		4,293,900		1,953
Bank Rakyat Indonesia Persero Tbk. PT		4,748,700		1,816
Cisarua Mountain Dairy Tbk. PT		2,918,700		902
				6,393
Korea, Republic of (10.8%)
DB Insurance Co. Ltd.		8,884		635
Hyundai Marine & Fire Insurance Co. Ltd.		24,640		564
Hyundai Motor Co.		4,306		758
KB Financial Group, Inc.		24,612		1,286
Kia Corp.		14,723		1,224
Korea Zinc Co. Ltd.		2,705		913
Samsung Electronics Co. Ltd.		139,120		8,361
SK Hynix, Inc.		29,385		3,893
				17,634
Mexico (5.6%)
Gruma SAB de CV, Class B		140,223		2,633
Grupo Financiero Banorte SAB de CV Series O		196,779		2,090
Qualitas Controladora SAB de CV		189,226		2,199
Wal-Mart de Mexico SAB de CV		556,810		2,248
				9,170
Poland (2.0%)
Allegro.eu SA (b)		196,698		1,629
Powszechny Zaklad Ubezpieczen SA		130,949		1,599
				3,228
Saudi Arabia (1.9%)
Alinma Bank		138,698		1,621
Bupa Arabia for Cooperative Insurance Co.		20,138		1,417
				3,038
South Africa (4.2%)
Anglo American PLC		104,416		2,571
AVI Ltd.		230,996		1,114

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Equity Portfolio

	Shares		Value (000)
South Africa (cont'd)
Bidvest Group Ltd. (d)		111,465	$	1,429
Capitec Bank Holdings Ltd.		15,551		1,720
				6,834
Taiwan (15.8%)
Advantech Co. Ltd.		67,000		853
Airtac International Group		30,901		1,071
Chailease Holding Co. Ltd.		302,940		1,623
CTBC Financial Holding Co. Ltd.		396,000		401
Delta Electronics, Inc.		46,000		492
E Ink Holdings, Inc.		116,000		823
Hon Hai Precision Industry Co. Ltd.		86,000		413
Taiwan Semiconductor Manufacturing Co. Ltd.		621,000		14,877
Unimicron Technology Corp.		289,000		1,718
United Microelectronics Corp.		1,288,000		2,092
Voltronic Power Technology Corp.		12,000		619
Wiwynn Corp.		11,000		753
				25,735
Thailand (1.7%)
Central Retail Corp. PCL		351,200		347
CP ALL PCL		219,200		328
Kasikornbank PCL		285,800		972
Tisco Financial Group PCL		395,900		1,077
				2,724
United Arab Emirates (0.5%)
Americana Restaurants International PLC		876,350		792
United Kingdom (1.2%)
Antofagasta PLC		79,050		2,031
Total Common Stocks (Cost $126,668)				162,763
Short-Term Investment (1.4%)
Investment Company (1.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (e) (Cost $2,261)		2,260,679		2,261
Total Investments (101.3%) (Cost $128,929) Including $1,520 of Securities Loaned (f)(g)(h)				165,024
Liabilities in Excess of Other Assets (–1.3%)				(2,171	)
Net Assets (100.0%)			$	162,853

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

(a)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b)	Non-income producing security.
(c)	Security trades on the Hong Kong exchange.
(d)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $1,520,000 and $1,576,000, respectively. The Fund received non-cash collateral of approximately $1,576,000 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.
(e)	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 three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $146,541,000 and 89.9%, 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.
(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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(h)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $45,321,000 and the aggregate gross unrealized depreciation is approximately $9,226,000, resulting in net unrealized appreciation of approximately $36,095,000.
ADR	American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		49.4	%
Banks		20.5
Semiconductors & Semiconductor Equipment		12.6
Automobiles		6.1
Tech Hardware, Storage & Peripherals		6.0
Insurance		5.4
Total Investments		100.0	%

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

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Global Infrastructure Portfolio

	Shares		Value (000)
Common Stocks (99.9%)
Australia (2.1%)
Transurban Group (Units) (a)		165,247	$	1,433
Brazil (0.1%)
Rumo SA		7,404		33
Canada (20.4%)
Canadian National Railway Co. (b)		800		105
Enbridge, Inc. (b)		97,269		3,515
Fortis, Inc.		17,118		676
GFL Environmental, Inc.		123,077		4,246
Keyera Corp.		35,903		925
Pembina Pipeline Corp. (b)		72,453		2,557
TC Energy Corp. (b)		50,046		2,012
				14,036
China (0.4%)
China Resources Gas Group Ltd. (c)		77,800		248
France (4.2%)
Aeroports de Paris		2,026		278
Getlink SE		14,487		247
Vinci SA		18,361		2,356
				2,881
Hong Kong (0.7%)
Power Assets Holdings Ltd.		81,000		475
Italy (3.5%)
Infrastrutture Wireless Italiane SpA		78,992		896
Snam SpA		111,523		527
Terna — Rete Elettrica Nazionale		119,048		984
				2,407
Japan (0.8%)
Central Japan Railway Co.		23,400		581
Mexico (2.7%)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		102,496		1,670
Grupo Aeroportuario del Sureste SAB de CV, Class B		5,641		179
				1,849
New Zealand (0.4%)
Auckland International Airport Ltd.		59,025		295
Spain (7.7%)
Aena SME SA		7,359		1,449
Cellnex Telecom SA (d)		54,096		1,914
Ferrovial SE		31,251		1,237
Iberdrola SA		55,166		685
				5,285
Switzerland (0.9%)
Flughafen Zurich AG (Registered)		2,861		650
United Kingdom (7.5%)
National Grid PLC		254,917		3,435
Pennon Group PLC		34,144		279
Severn Trent PLC		33,259		1,038
United Utilities Group PLC		29,981		389
				5,141
United States (48.5%)
American Electric Power Co., Inc.		8,098		697
American Tower Corp. REIT		23,060		4,556
American Water Works Co., Inc.		8,934		1,092
Atmos Energy Corp.		10,246		1,218
CenterPoint Energy, Inc.		51,422		1,465
Cheniere Energy, Inc.		11,221		1,810
CMS Energy Corp.		26,668		1,609
Crown Castle, Inc. REIT		15,384		1,628
CSX Corp.		4,604		171
Edison International		18,927		1,339
Essential Utilities, Inc.		8,713		323
Eversource Energy		13,511		807
Exelon Corp.		40,114		1,507
Kinder Morgan, Inc.		36,939		677
NiSource, Inc.		47,669		1,318
ONEOK, Inc.		38,315		3,072
PG&E Corp.		95,141		1,595
PPL Corp.		15,641		431
SBA Communications Corp. REIT		5,408		1,172
Sempra		32,631		2,344
Southern Co.		7,182		515
Targa Resources Corp.		23,354		2,615
Waste Connections, Inc.		439		75
Williams Cos., Inc.		17,249		672
Xcel Energy, Inc.		10,655		573
				33,281
Total Common Stocks (Cost $62,625)				68,595
Short-Term Investment (0.1%)
Investment Company (0.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (e) (Cost $79)		78,714		79
Total Investments (100.0%) (Cost $62,704) Including $3,368 of Securities Loaned (f)(g)(h)				68,674
Other Assets in Excess of Liabilities (0.0%)‡				6
Net Assets (100.0%)			$	68,680

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 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.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $3,368,000 and $3,507,000, respectively. The Fund received non-cash collateral of approximately $3,507,000 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)	Non-income producing security.
(e)	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 three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $21,245,000 and 30.9%, 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.
(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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(h)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,669,000 and the aggregate gross unrealized depreciation is approximately $1,699,000, resulting in net unrealized appreciation of approximately $5,970,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Oil & Gas Storage & Transportation		34.2	%
Electricity Transmission & Distribution		15.1
Communications		14.8
Others		11.5
Diversified		9.4
Other*		8.4
Airports		6.6
Total Investments		100.0	%

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

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments

Global Real Estate Portfolio

	Shares		Value (000)
Common Stocks (99.3%)
Australia (6.6%)
Goodman Group REIT		62,007	$	1,366
National Storage REIT		127,230		199
Region Group REIT		186,652		290
Stockland REIT		129,359		409
				2,264
Belgium (1.7%)
Aedifica SA REIT		2,219		136
Montea NV REIT		2,795		252
Shurgard Self Storage Ltd. REIT		4,148		185
				573
Canada (2.9%)
Boardwalk REIT		5,936		342
Chartwell Retirement Residences (Units) (a)		37,477		342
InterRent REIT		31,196		312
				996
France (2.0%)
Carmila SA REIT (b)		11,056		193
Gecina SA REIT		1,147		117
Unibail-Rodamco-Westfield REIT (b)		4,800		386
				696
Germany (2.5%)
LEG Immobilien SE (b)		3,970		341
Vonovia SE		17,479		516
				857
Hong Kong (2.1%)
Link REIT		60,127		259
Sun Hung Kai Properties Ltd.		31,893		308
Wharf Real Estate Investment Co. Ltd.		45,420		148
				715
Japan (10.5%)
Comforia Residential, Inc. REIT		59		128
Heiwa Real Estate, Inc. REIT		150		141
Hulic Co. Ltd.		15,800		162
Invincible Investment Corp. REIT		977		439
Japan Hotel REIT Investment Corp.		444		233
Japan Metropolitan Fund Invest REIT		184		115
Japan Real Estate Investment Corp. REIT		26		93
Mitsubishi Estate Co. Ltd.		9,400		171
Mitsui Fudosan Co. Ltd.		83,200		897
Mitsui Fudosan Logistics Park, Inc. REIT		46		138
Nippon Building Fund, Inc. REIT		71		284
Nippon Prologis, Inc. REIT		97		173
Sumitomo Realty & Development Co. Ltd.		16,700		622
				3,596
Netherlands (0.7%)
CTP NV		12,478		223
Singapore (1.7%)
CapitaLand Integrated Commercial Trust REIT		148,700		218
Frasers Centrepoint Trust REIT		146,700		238
Mapletree Industrial Trust REIT		71,300		124
				580
Spain (0.7%)
Merlin Properties Socimi SA REIT		20,893		225
Sweden (1.4%)
Castellum AB (b)		22,718		299
Pandox AB		9,655		162
				461
Switzerland (0.4%)
PSP Swiss Property AG (Registered)		988		129
United Kingdom (4.4%)
Hammerson PLC REIT		302,522		114
Impact Healthcare PLC REIT		108,545		116
LondonMetric Property PLC REIT		69,565		179
Segro PLC REIT		51,149		583
Sirius Real Estate Ltd. REIT		121,739		150
UNITE Group PLC REIT		18,453		228
Workspace Group PLC REIT		19,828		128
				1,498
United States (61.7%)
Agree Realty Corp. REIT		7,239		413
Alexandria Real Estate Equities, Inc. REIT		4,292		553
American Homes 4 Rent, Class A REIT		25,026		920
American Tower Corp. REIT		825		163
Americold Realty Trust, Inc. REIT		11,787		294
AvalonBay Communities, Inc. REIT		5,883		1,092
CareTrust REIT, Inc.		18,325		446
Digital Realty Trust, Inc. REIT		8,761		1,262
EastGroup Properties, Inc. REIT		2,151		387
Equinix, Inc. REIT		2,563		2,116
Essential Properties Realty Trust, Inc. REIT		8,988		239
Essex Property Trust, Inc. REIT		2,380		583
Extra Space Storage, Inc. REIT		2,045		300
Federal Realty Investment Trust REIT		4,124		421
Hilton Worldwide Holdings, Inc.		1,625		347
Iron Mountain, Inc. REIT		6,254		502
Kilroy Realty Corp. REIT		4,547		166
Kimco Realty Corp. REIT		19,166		376
Kite Realty Group Trust REIT		11,257		244
Lamar Advertising Co., Class A REIT		1,472		176
Mid-America Apartment Communities, Inc. REIT		4,859		639
Prologis, Inc. REIT		14,923		1,943
Public Storage REIT		3,936		1,142
Realty Income Corp. REIT		10,992		595
Rexford Industrial Realty, Inc. REIT		11,343		570
Ryman Hospitality Properties, Inc. REIT		3,571		413

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont’d)

Global Real Estate Portfolio

	Shares		Value (000)
United States (cont’d)
Simon Property Group, Inc. REIT		7,207	$	1,128
Sun Communities, Inc. REIT		4,135		532
Urban Edge Properties REIT		12,433		215
VICI Properties, Inc. REIT		26,494		789
Welltower, Inc. REIT		22,419		2,095
				21,061
Total Common Stocks (Cost $30,087)				33,874
Short-Term Investment (0.8%)
Investment Company (0.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (c) (Cost $281)		281,414		281
Total Investments (100.1%) (Cost $30,368) (d)(e)(f)				34,155
Liabilities in Excess of Other Assets (–0.1%)				(29	)
Net Assets (100.0%)			$	34,126

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

(a)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b)	Non-income producing security.
(c)	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 three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.
(d)	The approximate fair value and percentage of net assets, $11,817,000 and 34.6%, 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.
(e)	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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(f)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,919,000 and the aggregate gross unrealized depreciation is approximately $1,132,000, resulting in net unrealized appreciation of approximately $3,787,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Residential		16.5	%
Other*		16.0
Diversified		15.5
Retail		14.2
Industrial		13.4
Data Centers		9.9
Health Care		9.2
Self Storage		5.3
Total Investments		100.0	%

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

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face
	Amount		Value
	(000)		(000)
Fixed Income Securities (45.5%)
Agency Fixed Rate Mortgages (4.0%)
United States (4.0%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
2.00%, 6/1/52	$	614	$	487
3.00%, 11/1/52		98		85
4.50%, 1/1/49		12		11
Gold Pools:
3.50%, 2/1/45 - 6/1/45		159		144
4.50%, 1/1/49		8		7
Federal National Mortgage Association,
April TBA
2.50%, 4/1/54 (a)		500		413
3.00%, 4/1/54 (a)		100		86
4.00%, 4/1/54 (a)		70		65
4.50%, 4/1/54 (a)		100		95
5.00%, 4/1/54 (a)		270		264
5.50%, 4/1/54 (a)		250		249
6.00%, 4/1/54 (a)		220		222
Conventional Pools:
2.50%, 10/1/51		286		237
3.00%, 4/1/52		388		335
3.50%, 1/1/51		405		368
4.00%, 11/1/41 - 1/1/46		158		150
4.50%, 3/1/41 - 11/1/44		64		63
5.00%, 1/1/41 - 3/1/41		26		26
6.00%, 1/1/38		5		5
6.50%, 10/1/53		24		24
Government National Mortgage Association,
Various Pools:
4.00%, 7/15/44		11		10
5.00%, 2/20/49		3		3
Total Agency Fixed Rate Mortgages (Cost $3,530)				3,349
Asset-Backed Securities (0.3%)
Ireland (0.1%)
European Residential Loan Securitisation 2019-NPL1 DAC, Class A
1 Month EURIBOR + 3.25%,
7.10%, 7/24/54 (b)	EUR	75		80
United States (0.2%)
Renaissance Home Equity Loan Trust,
1 Month Term SOFR + 0.87%,
6.20%, 12/25/32 (b)	$	79		72
Retained Vantage Data Centers Issuer LLC, Class A2A
5.00%, 9/15/48 (c)		100		97
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%,
4.50%, 7/25/39 (b)	EUR	59		61
				230
Total Asset-Backed Securities (Cost $308)				310
Commercial Mortgage-Backed Securities (0.7%)
United States (0.7%)
BPR Trust,
1 Month Term SOFR + 3.00%,
8.33%, 5/15/39 (b)(c)	$	100		101
Commercial Mortgage Trust,
4.76%, 7/15/47 (b)(c)		100		91
Credit Suisse Mortgage Trust,
1 Month Term SOFR + 2.70%,
8.02%, 6/15/39 (b)(c)		200		201
1 Month Term SOFR + 3.14%,
8.47%, 9/9/24 (b)(c)		100		101
WFRBS Commercial Mortgage Trust,
4.63%, 9/15/46 (b)(c)		86		77
Total Commercial Mortgage-Backed Securities (Cost $576)				571
Corporate Bonds (11.5%)
Australia (0.5%)
NBN Co. Ltd.,
2.63%, 5/5/31 (c)		200		171
Transurban Finance Co. Pty. Ltd.,
2.00%, 8/28/25	EUR	100		106
Westpac Banking Corp.,
2.67%, 11/15/35	$	125		103
				380
Brazil (0.3%)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
2.50%, 1/15/27		225		208
Canada (1.2%)
Algonquin Power & Utilities Corp.,
5.37%, 6/15/26 (d)		50		50
Province of Ontario Canada,
2.30%, 6/15/26		190		180
4.10%, 3/4/33	CAD	200		148
4.20%, 1/18/29	$	180		178
Province of Quebec Canada,
0.00%, 10/29/30	EUR	210		187
4.50%, 4/3/29 (e)	$	200		200
Rogers Communications, Inc.,
3.80%, 3/15/32		100		90
				1,033
France (1.1%)
AXA SA,
3.25%, 5/28/49	EUR	100		104

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Face
	Amount		Value
	(000)		(000)
France (cont’d)
Banque Federative du Credit Mutuel SA,
1.25%, 12/5/25	GBP	100		118
BNP Paribas SA,
1.13%, 6/11/26	EUR	225		231
BPCE SA,
5.15%, 7/21/24 (c)	$	200		199
5.75%, 6/1/33	EUR	100		114
Orange SA,
5.00%, 10/1/26 (f)		100		110
				876
Germany (0.8%)
Kreditanstalt fuer Wiederaufbau,
0.38%, 4/23/30		340		321
RWE AG,
3.63%, 1/10/32		100		108
Volkswagen International Finance NV,
Series 10Y
1.88%, 3/30/27		200		205
				634
Italy (0.1%)
Assicurazioni Generali SpA,
5.50%, 10/27/47		100		113
Japan (0.2%)
NTT Finance Corp.,
1.59%, 4/3/28 (c)	$	200		177
Korea, Republic of (0.5%)
Korea Electric Power Corp.,
2.50%, 6/24/24 (c)		200		198
Korea Southern Power Co. Ltd.,
0.75%, 1/27/26 (c)		200		185
				383
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings SARL,
1.25%, 4/26/27	EUR	100		98
Netherlands (0.1%)
ASR Nederland NV,
5.00%, 9/30/24 (f)		100		108
Spain (0.4%)
Banco Santander SA,
3.13%, 1/19/27		100		106
5.18%, 11/19/25	$	200		198
				304
Supranational (0.2%)
Corp. Andina de Fomento,
5.00%, 1/24/29		100		99
MTN
5.30%, 2/19/29	AUD	160		105
				204
Sweden (0.1%)
Akelius Residential Property Financing BV,
1.13%, 1/11/29	EUR	100		92
United Arab Emirates (0.2%)
Galaxy Pipeline Assets Bidco Ltd.,
2.63%, 3/31/36 (c)	$	225		184
United Kingdom (0.9%)
BAT Capital Corp.,
3.56%, 8/15/27		58		55
HSBC Holdings PLC,
2.26%, 11/13/26	GBP	100		120
5.55%, 3/4/30	$	200		201
Lloyds Banking Group PLC,
2.00%, 4/12/28	GBP	100		115
2.25%, 10/16/24		100		124
NGG Finance PLC,
5.63%, 6/18/73		100		125
				740
United States (4.8%)
Air Lease Corp.,
3.13%, 12/1/30	$	75		66
Amazon.com, Inc.,
3.10%, 5/12/51		50		36
3.88%, 8/22/37		75		68
Aon North America, Inc.,
5.45%, 3/1/34		100		101
AT&T, Inc.,
1.80%, 9/5/26	EUR	100		104
2.90%, 12/4/26	GBP	100		120
3.65%, 6/1/51	$	75		55
Bank of America Corp.,
4.38%, 4/27/28		100		98
Bank of New York Mellon Corp.,
MTN
5.19%, 3/14/35		75		75
Bristol-Myers Squibb Co.,
5.55%, 2/22/54		25		26
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		75		76
Centene Corp.,
2.50%, 3/1/31		175		144
Charles Schwab Corp.,
5.85%, 5/19/34		65		67
Charter Communications Operating LLC/Charter Communications Operating Capital,
6.38%, 10/23/35		25		25

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Face Amount (000)			Value (000)
United States (cont'd)
Citigroup, Inc.,
3.06%, 1/25/33		$	275	$	234
Comcast Corp.,
2.89%, 11/1/51			50		32
CVS Health Corp.,
1.75%, 8/21/30			150		123
Energy Transfer LP,
2.90%, 5/15/25			150		146
Enterprise Products Operating LLC,
3.95%, 1/31/60			50		39
4.85%, 1/31/34			25		25
Georgia-Pacific LLC,
2.30%, 4/30/30 (c)			175		150
Global Payments, Inc.,
4.45%, 6/1/28			100		97
Goldman Sachs Group, Inc.,
2.38%, 7/21/32			150		123
JPMorgan Chase & Co.,
6.25%, 10/23/34			175		187
Medtronic Global Holdings SCA,
1.00%, 7/2/31		EUR	100		93
Metropolitan Life Global Funding I,
2.95%, 4/9/30 (c)		$	150		133
Microsoft Corp.,
1.35%, 9/15/30 (c)			175		145
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29			175		156
ONEOK, Inc.,
5.65%, 11/1/28			75		77
6.05%, 9/1/33			25		26
Pfizer Investment Enterprises Pte. Ltd.,
5.34%, 5/19/63			25		24
PNC Financial Services Group, Inc.,
6.88%, 10/20/34			125		137
Prologis Euro Finance LLC,
1.88%, 1/5/29		EUR	100		100
Republic Services, Inc.,
5.00%, 4/1/34		$	50		50
Thermo Fisher Scientific, Inc.,
0.88%, 10/1/31		EUR	100		92
U.S. Bancorp,
5.78%, 6/12/29		$	75		76
5.84%, 6/12/34			75		76
Upjohn Finance BV,
1.91%, 6/23/32		EUR	100		91
Verizon Communications, Inc.,
1.13%, 11/3/28		GBP	100		109
2.36%, 3/15/32		$	50		41
3.40%, 3/22/41			50		39
Vontier Corp.,
2.40%, 4/1/28			50		44
Warnermedia Holdings, Inc.,
4.28%, 3/15/32			150		134
5.05%, 3/15/42			25		21
Williams Cos., Inc.,
5.30%, 8/15/52			100		96
					3,977
Total Corporate Bonds (Cost $10,093)					9,511
Mortgages - Other (1.5%)
Germany (0.0%)‡
Berg Finance DAC,
3 Month EURIBOR + 1.05%, 5.02%, 4/22/33 (b)		EUR	15		16
United Kingdom (0.1%)
Landmark Mortgage Securities No. 3 PLC,
3 Month GBP SONIA + 2.22%, 7.44%, 4/17/44 (b)		GBP	53		65
United States (1.4%)
Bayview Opportunity Master Fund VIA Trust,
3.00%, 1/25/52 (b)(c)		$	89		74
BX Commercial Mortgage Trust,
1 Month Term SOFR + 2.28%, 7.61%, 6/15/40 (b)(c)			100		101
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
3.00%, 9/25/45			16		14
3.00%, 7/25/46			8		7
3.00%, 12/25/46			29		24
3.00%, 5/25/47			35		30
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)			147		149
Hundred Acre Wood Trust,
2.50%, 12/25/51 (b)(c)			86		69
JP Morgan Mortgage Trust,
3.00%, 4/25/52 (b)(c)			157		132
3.00%, 9/25/52 (b)(c)			170		143
3.25%, 7/25/52 (b)(c)			85		73
PRKCM 2023-AFC1 Trust, Class A1
6.60%, 2/25/58 (b)(c)			79		80
PRMI Securitization Trust,
2.50%, 4/25/51 (b)(c)			82		66
Seasoned Credit Risk Transfer Trust,
3.00%, 11/25/57			77		66
3.00%, 7/25/58			81		70

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)			Value (000)
United States (cont'd)
3.00%, 10/25/58		$	13	$	11
4.00%, 10/25/58			12		11
					1,150
Total Mortgages - Other (Cost $1,366)					1,231
Sovereign (22.2%)
Australia (0.3%)
Australia Government Bond,
1.25%, 5/21/32		AUD	160		85
Treasury Corp. of Victoria,
MTN
5.25%, 9/15/38			300		199
					284
Austria (0.1%)
Republic of Austria Government Bond,
0.00%, 2/20/30		EUR	70		65
Belgium (0.3%)
Kingdom of Belgium Government Bond,
0.90%, 6/22/29			30		30
1.70%, 6/22/50			90		70
3.45%, 6/22/43			100		111
					211
Brazil (2.0%)
Brazil Notas do Tesouro Nacional,
10.00%, 1/1/27		BRL	8,262		1,641
Canada (0.5%)
Canadian Government Bond,
2.00%, 12/1/51		CAD	20		11
3.25%, 12/1/33			610		443
					454
China (7.4%)
Agricultural Development Bank of China,
2.25%, 4/22/25		CNY	770		107
3.79%, 10/26/30			740		110
China Development Bank,
3.07%, 3/10/30			1,410		202
3.34%, 7/14/25			740		104
China Government Bond,
2.37%, 1/20/27			1,700		237
2.40%, 7/15/28			1,000		139
2.76%, 5/15/32			23,850		3,384
2.80%, 11/15/32			1,600		228
3.12%, 10/25/52			200		30
3.13%, 11/21/29			5,390		779
3.27%, 11/19/30			2,140		314
3.52%, 4/25/46			410		65
3.53%, 10/18/51			200		32
3.81%, 9/14/50		CNY	300		51
3.86%, 7/22/49			1,270		215
Export-Import Bank of China,
2.93%, 3/2/25			740		103
					6,100
Colombia (0.1%)
Colombian TES,
7.00%, 3/26/31		COP	268,000		60
Czech Republic (0.1%)
Czech Republic Government Bond,
1.20%, 3/13/31		CZK	1,200		43
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27		DKK	630		85
Estonia (0.1%)
Estonia Government International Bond,
3.25%, 1/17/34		EUR	60		64
Finland (0.1%)
Finland Government Bond,
1.13%, 4/15/34			70		65
France (1.6%)
Agence Francaise de Developpement EPIC,
1.50%, 10/31/34			100		92
French Republic Government Bond OAT,
0.00%, 11/25/29			940		877
2.00%, 11/25/32 - 5/25/48			280		254
SNCF Reseau,
1.88%, 3/30/34			100		96
					1,319
Germany (2.0%)
Bundesrepublik Deutschland Bundesanleihe,
0.00%, 8/15/31 - 8/15/50			558		491
0.25%, 2/15/29			240		235
1.70%, 8/15/32			380		393
1.80%, 8/15/53			88		82
4.25%, 7/4/39			120		159
State of North Rhine-Westphalia Germany,
1.65%, 2/22/38			290		268
					1,628
Greece (1.0%)
Hellenic Republic Government Bond,
3.38%, 6/15/34			150		162
4.25%, 6/15/33			592		688
					850
Hungary (0.1%)
Hungary Government Bond,
3.00%, 8/21/30		HUF	8,480		19
4.75%, 11/24/32			18,110		43

Morgan Stanley Variable Insurance Fund, Inc. 

First Quarter Report – March 31, 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	$	37
					99
Indonesia (0.5%)
Indonesia Treasury Bond,
7.00%, 2/15/33		IDR	2,000,000		129
8.25%, 5/15/29			839,000		57
8.38%, 3/15/34			2,981,000		210
					396
Italy (0.9%)
Italy Buoni Poliennali Del Tesoro,
0.45%, 2/15/29		EUR	50		47
2.50%, 12/1/32			220		220
4.00%, 11/15/30			240		269
4.45%, 9/1/43			68		77
4.50%, 10/1/53			110		125
					738
Japan (1.5%)
Japan Government Ten Year Bond,
0.10%, 6/20/31		JPY	42,800		275
Japan Government Thirty Year Bond,
0.30%, 6/20/46			34,300		174
0.40%, 9/20/49			47,900		235
0.60%, 6/20/50			29,000		149
Japan Government Twenty Year Bond,
0.40%, 6/20/41			77,000		439
					1,272
Korea, Republic of (0.4%)
Export-Import Bank of Korea,
0.63%, 2/9/26		$	200		185
Korea Development Bank,
0.80%, 7/19/26			200		182
					367
Malaysia (0.2%)
Malaysia Government Bond,
3.58%, 7/15/32		MYR	200		41
3.89%, 8/15/29			440		94
					135
Mexico (0.2%)
Mexican Bonos,
7.50%, 6/3/27		MXN	1,700		97
8.50%, 5/31/29			800		46
					143
Netherlands (0.2%)
Netherlands Government Bond,
0.00%, 7/15/30		EUR	190		176
2.75%, 1/15/47			20		22
					198
Norway (0.0%)‡
Norway Government Bond,
2.13%, 5/18/32		NOK	190		16
Poland (0.0%)‡
Republic of Poland Government Bond,
1.75%, 4/25/32		PLN	200		38
Singapore (0.1%)
Singapore Government Bond,
2.63%, 8/1/32		SGD	70		50
Slovenia (0.2%)
Slovenia Government International Bond,
5.00%, 9/19/33 (c)		$	200		201
Spain (0.9%)
Spain Government Bond,
0.00%, 1/31/28		EUR	50		48
2.70%, 10/31/48			40		37
2.80%, 5/31/26			170		183
3.25%, 4/30/34			410		446
3.45%, 7/30/66			21		21
					735
Sweden (0.1%)
Sweden Government Bond,
1.75%, 11/11/33		SEK	800		71
Thailand (0.1%)
Thailand Government Bond,
2.00%, 12/17/31		THB	4,000		107
United Kingdom (1.1%)
United Kingdom Gilt,
0.63%, 10/22/50		GBP	350		184
0.88%, 7/31/33			180		174
3.50%, 10/22/25 - 1/22/45			480		585
					943
Total Sovereign (Cost $19,726)					18,378
Supranational (0.7%)
Asian Development Bank,
MTN
2.13%, 5/19/31		NZD	60		30
European Financial Stability Facility,
3.00%, 9/4/34		EUR	110		121
European Investment Bank,
0.00%, 1/14/31			180		162

Morgan Stanley Variable Insurance Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)			Value (000)
Supranational (cont'd)
International Bank for Reconstruction & Development,
4.25%, 9/18/30		CAD	340	$	257
Total Supranational (Cost $555)					570
U.S. Treasury Securities (4.6%)
United States (4.6%)
U.S. Treasury Bonds,
1.13%, 5/15/40		$	790		494
1.75%, 8/15/41			600		405
2.50%, 2/15/45			140		102
U.S. Treasury Notes,
0.38%, 12/31/25			1,800		1,670
1.50%, 2/15/30			30		26
1.88%, 2/15/32			530		448
3.38%, 5/15/33			690		646
Total U.S. Treasury Securities (Cost $3,987)					3,791
Total Fixed Income Securities (Cost $40,141)					37,711

	Shares
Common Stocks (34.9%)
Australia (0.9%)
Ampol Ltd.		147	4
ANZ Group Holdings Ltd.		1,856	36
APA Group		785	4
Aristocrat Leisure Ltd.		346	10
ASX Ltd.		114	5
Aurizon Holdings Ltd.		1,166	3
BHP Group Ltd.		3,022	87
BlueScope Steel Ltd.		272	4
Brambles Ltd.		833	9
CAR Group Ltd.		214	5
Cochlear Ltd.		39	9
Coles Group Ltd.		791	9
Commonwealth Bank of Australia		991	78
Computershare Ltd.		318	5
CSL Ltd.		286	54
Dexus REIT		664	3
Endeavour Group Ltd.		910	3
Fortescue Ltd.		998	17
Goodman Group REIT		1,019	22
GPT Group REIT		1,182	4
IDP Education Ltd.		174	2
IGO Ltd.		448	2
Insurance Australia Group Ltd.		1,452	6
James Hardie Industries PLC (g)		263	11
Lottery Corp. Ltd.		1,319	4
Macquarie Group Ltd.		219	29
Medibank Pvt Ltd.		1,711	4
Mineral Resources Ltd.		104	5
Mirvac Group REIT		2,481	4
National Australia Bank Ltd.		1,908	43
Northern Star Resources Ltd.		698	7
Orica Ltd.		282	3
Origin Energy Ltd.		1,026	6
Pilbara Minerals Ltd.		1,750	4
Qantas Airways Ltd.(g)		551	2
QBE Insurance Group Ltd.		889	11
Ramsay Health Care Ltd.		112	4
REA Group Ltd.		31	4
Reece Ltd.		145	3
Rio Tinto Ltd.		220	17
Santos Ltd.		1,918	10
Scentre Group REIT		3,072	7
SEEK Ltd.		224	4
Sonic Healthcare Ltd.		266	5
South32 Ltd.		2,726	5
Stockland REIT		1,419	4
Suncorp Group Ltd.		755	8
Telstra Group Ltd.		2,408	6
Transurban Group (Units)		1,826	16
Treasury Wine Estates Ltd.		496	4
Vicinity Ltd. REIT		2,393	3
Washington H Soul Pattinson & Co. Ltd.		144	3
Wesfarmers Ltd.		667	30
Westpac Banking Corp.		2,082	35
WiseTech Global Ltd.		99	6
Woodside Energy Group Ltd.		1,111	22
Woolworths Group Ltd.		720	16
Xero Ltd.(g)		86	7
			733
Austria (0.1%)
Erste Group Bank AG		1,107	49
OMV AG		121	6
Verbund AG		56	4
Voestalpine AG		94	3
			62
Belgium (0.2%)
Ageas SA		117	5
Anheuser-Busch InBev SA		632	39
Argenx SE (g)		42	17
D'ieteren Group		16	4
Elia Group SA		22	2
Groupe Bruxelles Lambert NV		65	5
KBC Group NV		783	59
Sofina SA		11	2
Syensqo SA (g)		57	5
UCB SA		91	11
Umicore SA		154	3
Warehouses De Pauw CVA REIT		129	4
			156

Morgan Stanley Variable Insurance Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Canada (1.7%)
Agnico Eagle Mines Ltd.		368	$	22
Air Canada (g)		131		2
Algonquin Power & Utilities Corp.		498		3
Alimentation Couche-Tard, Inc.		471		27
AltaGas Ltd.		214		5
ARC Resources Ltd.		467		8
Bank of Montreal		529		52
Bank of Nova Scotia		886		46
Barrick Gold Corp. (LSE)		1,047		17
Barrick Gold Corp. (NYSE)		57		1
BCE, Inc.		56		2
Brookfield Asset Management Ltd., Class A		257		11
Brookfield Corp.		830		35
Brookfield Renewable Corp., Class A		103		2
BRP, Inc.		26		2
CAE, Inc. (g)		233		5
Cameco Corp.		314		14
Canadian Apartment Properties REIT		61		2
Canadian Imperial Bank of Commerce		575		29
Canadian National Railway Co.		411		54
Canadian Natural Resources Ltd.		819		62
Canadian Pacific Kansas City Ltd.		478		42
Canadian Tire Corp. Ltd., Class A		39		4
Canadian Utilities Ltd., Class A		101		2
CCL Industries, Inc., Class B		111		6
Cenovus Energy, Inc.		1,075		21
CGI, Inc. (g)		152		17
Constellation Software, Inc.		15		41
Descartes Systems Group, Inc. (g)		63		6
Dollarama, Inc.		209		16
Element Fleet Management Corp.		297		5
Emera, Inc.		205		7
Empire Co. Ltd., Class A		108		3
Enbridge, Inc.		1,377		50
Fairfax Financial Holdings Ltd.		16		17
First Quantum Minerals Ltd.		446		5
FirstService Corp.		29		5
Fortis, Inc.		366		14
Franco-Nevada Corp.		146		17
George Weston Ltd.		46		6
GFL Environmental, Inc.		167		6
Gildan Activewear, Inc.		128		5
Great-West Lifeco, Inc.		204		6
Hydro One Ltd.		246		7
iA Financial Corp., Inc.		76		5
IGM Financial, Inc.		63		2
Imperial Oil Ltd.		148		10
Intact Financial Corp.		131		21
Ivanhoe Mines Ltd., Class A (g)		456		5
Keyera Corp.		173		4
Kinross Gold Corp.		910		6
Loblaw Cos. Ltd.		116		13
Lundin Mining Corp.		494		5
Magna International, Inc.		201		11
Manulife Financial Corp.		1,310		33
MEG Energy Corp. (g)		218		5
Metro, Inc.		170		9
National Bank of Canada		249		21
Northland Power, Inc.		198		3
Nutrien Ltd.		371		20
Onex Corp.		51		4
Open Text Corp.		197		8
Pan American Silver Corp.		278		4
Parkland Corp.		108		3
Pembina Pipeline Corp.		405		14
Power Corp. of Canada		420		12
Quebecor, Inc., Class B		115		2
RB Global, Inc.		133		10
Restaurant Brands International, Inc.		208		16
RioCan REIT		114		2
Rogers Communications, Inc., Class B		261		11
Royal Bank of Canada		822		83
Saputo, Inc.		189		4
Shopify, Inc., Class A (g)		892		69
Stantec, Inc.		81		7
Sun Life Financial, Inc.		430		23
Suncor Energy, Inc.		975		36
TC Energy Corp.		562		23
Teck Resources Ltd., Class B		337		15
TELUS Corp.		354		6
TFI International, Inc.		61		10
Thomson Reuters Corp.		116		18
TMX Group Ltd.		206		5
Toromont Industries Ltd.		62		6
Toronto-Dominion Bank		1,249		75
Tourmaline Oil Corp.		247		12
West Fraser Timber Co. Ltd.		43		4
Wheaton Precious Metals Corp.		337		16
WSP Global, Inc.		91		15
				1,395
China (0.0%)
China Common Rich Renewable Energy Investments Ltd. (g)		18,000		—
Denmark (0.5%)
AP Moller - Maersk AS Series B		6		8
Carlsberg AS Series B		68		9
Coloplast AS Series B		93		13
Danske Bank AS		477		14
Demant AS (g)		70		4
DSV AS		128		21
Genmab AS (g)		47		14
Novo Nordisk AS, Class B		2,270		291
Novozymes AS Series B		257		15
Orsted AS (g)		127		7

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Denmark (cont’d)
Pandora AS		58	$	9
Rockwool AS, Class B (g)		7		2
Tryg AS		239		5
Vestas Wind Systems AS (g)		703		20
				432
Finland (0.2%)
Elisa OYJ		102		4
Fortum OYJ		328		4
Kesko OYJ, Class B		199		4
Kone OYJ, Class B		244		11
Metso OYJ		479		6
Neste OYJ		304		8
Nokia OYJ		3,837		14
Nordea Bank Abp		9,970		113
Orion OYJ, Class B		78		3
Sampo OYJ, Class A		325		14
Stora Enso OYJ, Class R		429		6
UPM-Kymmene OYJ		395		13
Wartsila OYJ Abp		347		5
				205
France (2.1%)
Accor SA		137		6
Aeroports de Paris		24		3
Air Liquide SA		364		76
Airbus SE		416		77
Alstom SA		203		3
Amundi SA		43		3
ArcelorMittal SA		352		10
Arkema SA		41		4
AXA SA		1,261		47
BioMerieux		29		3
BNP Paribas SA		3,245		231
Bollore SE		516		4
Bouygues SA		133		5
Bureau Veritas SA		205		6
Capgemini SE		109		25
Carrefour SA		402		7
Cie de Saint-Gobain SA		314		24
Cie Generale des Etablissements Michelin SCA		473		18
Covivio SA REIT		35		2
Credit Agricole SA		3,305		49
Danone SA		447		29
Dassault Aviation SA		15		3
Dassault Systemes SE		464		21
Edenred SE		174		9
Eiffage SA		51		6
Engie SA		1,274		21
EssilorLuxottica SA		205		46
Eurazeo SE		30		3
Eurofins Scientific SE		94		6
Euronext NV		59		6
Gecina SA REIT		32		3
Getlink SE		250		4
Hermes International		22		56
Ipsen SA		26		3
Kering SA		52		21
Klepierre SA REIT		150		4
La Francaise des Jeux SAEM		73		3
Legrand SA		185		20
L'Oreal SA		167		79
LVMH Moet Hennessy Louis Vuitton SE		193		174
Orange SA		1,290		15
Pernod Ricard SA		143		23
Pluxee NV(g)		61		2
Publicis Groupe SA		159		17
Remy Cointreau SA		16		2
Renault SA		134		7
Safran SA		238		54
Sanofi SA		789		77
Sartorius Stedim Biotech (g)		19		5
Schneider Electric SE		379		86
SEB SA		17		2
Societe Generale SA		2,285		61
Sodexo SA		61		5
STMicroelectronics NV		476		21
Teleperformance SE		41		4
Thales SA		74		13
TotalEnergies SE		1,585		109
Unibail-Rodamco-Westfield REIT (g)		82		7
Veolia Environnement SA		470		15
Vinci SA		355		46
Vivendi SE		469		5
Worldline SA (g)		169		2
				1,698
Germany (1.4%)
adidas AG		120		27
Allianz SE (Registered)		299		90
BASF SE		655		37
Bayer AG (Registered)		733		22
Bayerische Motoren Werke AG		235		27
Bayerische Motoren Werke AG (Preference)		43		5
Bechtle AG		62		3
Beiersdorf AG		74		11
Brenntag SE		103		9
Carl Zeiss Meditec AG		27		3
Commerzbank AG		3,308		45
Continental AG		82		6
Covestro AG (g)		144		8
Daimler Truck Holding AG		392		20
Delivery Hero SE (g)		134		4
Deutsche Bank AG (Registered)		1,434		23
Deutsche Boerse AG		140		29

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Germany (cont’d)
Deutsche Lufthansa AG (Registered) (g)		445	$	4
Deutsche Post AG (Registered)		730		31
Deutsche Telekom AG (Registered)		2,393		58
Dr Ing hc F Porsche AG (Preference)		84		8
E.ON SE		1,653		23
Evonik Industries AG		171		3
Fresenius Medical Care AG		151		6
Fresenius SE & Co. KGaA		309		8
GEA Group AG		122		5
Hannover Rueck SE (Registered)		44		12
Heidelberg Materials AG		102		11
HelloFresh SE (g)		116		1
Henkel AG & Co. KGaA		76		5
Henkel AG & Co. KGaA (Preference)		124		10
Infineon Technologies AG		962		33
Knorr-Bremse AG		54		4
LEG Immobilien SE (g)		55		5
Mercedes-Benz Group AG (Registered)		592		47
Merck KGaA		98		17
MTU Aero Engines AG		41		10
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		101		49
Nemetschek SE		42		4
Porsche Automobil Holding SE (Preference)		113		6
Puma SE		78		4
QIAGEN NV (g)		163		7
Rational AG		4		3
Rheinmetall AG		32		18
RWE AG		464		16
SAP SE		774		151
Sartorius AG (Preference) (g)		19		8
Scout24 SE		55		4
Siemens AG (Registered)		564		108
Siemens Energy AG (g)		392		7
Siemens Healthineers AG (g)		208		13
Symrise AG		98		12
Talanx AG		47		4
Volkswagen AG		22		3
Volkswagen AG (Preference)		152		20
Vonovia SE		539		16
Wacker Chemie AG		14		2
Zalando SE (g)		167		5
				1,130
Hong Kong (0.1%)
AIA Group Ltd.		4,215		28
BOC Hong Kong Holdings Ltd.		1,556		4
Budweiser Brewing Co. APAC Ltd.		727		1
CK Asset Holdings Ltd.		814		3
CK Hutchison Holdings Ltd.		1,141		5
CK Infrastructure Holdings Ltd.		263		2
CLP Holdings Ltd.		690		6
ESR Group Ltd.		937		1
Futu Holdings Ltd. ADR (g)		23		1
Galaxy Entertainment Group Ltd.		930		5
Hang Lung Properties Ltd.		743		1
Hang Seng Bank Ltd.		319		3
Henderson Land Development Co. Ltd.		597		2
HKT Trust & HKT Ltd.		1,602		2
Hong Kong & China Gas Co. Ltd.		4,657		4
Hong Kong Exchanges & Clearing Ltd.		409		12
Hongkong Land Holdings Ltd.		449		1
Jardine Matheson Holdings Ltd.		67		2
Link REIT		996		4
MTR Corp. Ltd.		645		2
New World Development Co. Ltd.		627		1
Power Assets Holdings Ltd.		573		3
Sands China Ltd. (g)		1,009		3
Sino Land Co. Ltd.		1,567		2
SITC International Holdings Co. Ltd.		569		1
Sun Hung Kai Properties Ltd.		603		6
Swire Pacific Ltd., Class A		176		1
Swire Properties Ltd.		490		1
Techtronic Industries Co. Ltd.		567		8
WH Group Ltd.		3,122		2
Wharf Holdings Ltd.		457		2
Wharf Real Estate Investment Co. Ltd.		703		2
Xinyi Glass Holdings Ltd.		701		1
				122
Ireland (0.2%)
AIB Group PLC		4,868		25
Bank of Ireland Group PLC		3,265		33
CRH PLC		526		45
Flutter Entertainment PLC (g)		124		25
Kerry Group PLC, Class A		111		10
Kingspan Group PLC		108		10
Smurfit Kappa Group PLC		183		8
				156
Israel (0.1%)
Azrieli Group Ltd.		33		2
Bank Hapoalim BM		975		9
Bank Leumi Le-Israel BM		1,170		10
Check Point Software Technologies Ltd. (g)		72		12
CyberArk Software Ltd. (g)		32		8
Elbit Systems Ltd.		20		4
Global-e Online Ltd. (g)		69		3
ICL Group Ltd.		594		3
Israel Discount Bank Ltd., Class A		950		5
Mizrahi Tefahot Bank Ltd.		119		4
Monday.com Ltd. (g)		20		5
Nice Ltd. (g)		49		13

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Israel (cont’d)
Teva Pharmaceutical Industries Ltd. ADR (g)		862	$	12
Wix.com Ltd. (g)		42		6
				96
Italy (0.6%)
Amplifon SpA		40		1
Assicurazioni Generali SpA		332		8
Banco BPM SpA		3,284		22
Davide Campari-Milano NV		172		2
DiaSorin SpA		7		1
Enel SpA		2,648		18
Eni SpA		775		12
EXOR NV		163		18
Ferrari NV		41		18
FinecoBank Banca Fineco SpA		1,674		25
Infrastrutture Wireless Italiane SpA		111		1
Intesa Sanpaolo SpA		42,262		153
Leonardo SpA		133		3
Mediobanca Banca di Credito Finanziario SpA		1,504		22
Moncler SpA		67		5
Nexi SpA (g)		193		1
Poste Italiane SpA		171		2
Prysmian SpA		86		5
Recordati Industria Chimica e Farmaceutica SpA		34		2
Snam SpA		659		3
Stellantis NV		722		21
Telecom Italia SpA (Milano) (g)		3,288		1
Tenaris SA		155		3
Terna — Rete Elettrica Nazionale		456		4
UniCredit SpA		4,357		166
				517
Netherlands (1.0%)
ABN AMRO Bank NV CVA		1,495		26
Adyen NV (g)		16		27
Aegon Ltd.		1,210		7
AerCap Holdings NV (g)		150		13
Akzo Nobel NV		127		9
ASM International NV		35		21
ASML Holding NV		298		289
ASR Nederland NV		120		6
Basic-Fit NV (g)		788		18
BE Semiconductor Industries NV		57		9
Coca-Cola Europacific Partners PLC		154		11
DSM BV (g)		148		15
DSM-Firmenich AG		138		16
Heineken Holding NV		96		8
Heineken NV		213		21
IMCD NV		43		8
ING Groep NV		11,378		187
JDE Peet's NV		72		2
Koninklijke Ahold Delhaize NV		715		21
Koninklijke KPN NV		2,495		9
Koninklijke Philips NV		581		12
NN Group NV		202		9
OCI NV		81		2
Prosus NV (g)		1,094		34
Randstad NV		82		4
Universal Music Group NV		606		18
Wolters Kluwer NV		183		29
				831
New Zealand (0.0%)‡
Auckland International Airport Ltd.		1,019		5
EBOS Group Ltd.		119		2
Fisher & Paykel Healthcare Corp. Ltd.		456		7
Mercury NZ Ltd.		538		2
Meridian Energy Ltd.		975		4
Spark New Zealand Ltd.		1,415		4
				24
Norway (0.1%)
Adevinta ASA (g)		249		3
Aker BP ASA		226		6
DNB Bank ASA		656		13
Equinor ASA		642		17
Gjensidige Forsikring ASA		141		2
Kongsberg Gruppen ASA		62		4
Mowi ASA		326		6
Norsk Hydro ASA		922		5
Orkla ASA		493		3
Salmar ASA		51		3
Telenor ASA		454		5
Yara International ASA		118		4
				71
Philippines (0.0%)‡
Aboitiz Equity Ventures, Inc.		471		—	@
Ayala Corp.		69		1
Ayala Land, Inc.		1,870		1
Bank of the Philippine Islands		535		1
BDO Unibank, Inc.		652		2
International Container Terminal Services, Inc.		287		2
JG Summit Holdings, Inc.		728		—	@
Jollibee Foods Corp.		122		1
Manila Electric Co.		79		—	@
Metropolitan Bank & Trust Co.		495		1
PLDT, Inc.		21		1
SM Investments Corp.		66		1
SM Prime Holdings, Inc.		2,789		2
Universal Robina Corp.		246		—	@
				13
Portugal (0.0%)‡
EDP - Energias de Portugal SA		2,206		9
EDP Renovaveis SA		218		3

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Portugal (cont’d)
Galp Energia SGPS SA		318	$	5
Jeronimo Martins SGPS SA		200		4
				21
Singapore (0.2%)
CapitaLand Ascendas REIT		2,202		4
CapitaLand Integrated Commercial Trust REIT		3,233		5
CapitaLand Investment Ltd.		1,635		3
City Developments Ltd.		323		1
DBS Group Holdings Ltd.		1,070		29
Genting Singapore Ltd.		3,598		2
Grab Holdings Ltd., Class A (g)		1,141		4
Jardine Cycle & Carriage Ltd.		66		1
Keppel Ltd.		840		5
Mapletree Logistics Trust REIT		2,041		2
Mapletree Pan Asia Commercial Trust REIT		1,414		1
Oversea-Chinese Banking Corp. Ltd.		1,991		20
Sea Ltd. ADR (g)		249		13
Seatrium Ltd. (g)		26,712		2
Sembcorp Industries Ltd.		578		2
Singapore Airlines Ltd.		850		4
Singapore Exchange Ltd.		554		4
Singapore Technologies Engineering Ltd.		907		3
Singapore Telecommunications Ltd.		4,896		9
United Overseas Bank Ltd.		715		16
UOL Group Ltd.		310		1
Wilmar International Ltd.		1,161		3
				134
Spain (0.8%)
Acciona SA		12		1
ACS Actividades de Construccion y Servicios SA		97		4
Aena SME SA		35		7
Amadeus IT Group SA		212		14
Banco Bilbao Vizcaya Argentaria SA		17,084		203
Banco Santander SA		46,256		226
CaixaBank SA		11,821		57
Cellnex Telecom SA (g)		267		9
Corp. ACCIONA Energias Renovables SA		31		1
Enagas SA		116		2
Endesa SA		149		3
Ferrovial SE		241		10
Grifols SA (g)		140		1
Iberdrola SA		2,836		35
Industria de Diseno Textil SA		512		26
Naturgy Energy Group SA		59		1
Redeia Corp. SA		191		3
Repsol SA		604		10
Telefonica SA		2,429		11
				624
Sweden (0.4%)
Alfa Laval AB		200		8
Assa Abloy AB, Class B		692		20
Atlas Copco AB, Class A		2,945		47
Beijer Ref AB		289		4
Boliden AB		190		5
Epiroc AB, Class A		724		14
EQT AB		252		8
Essity AB, Class B		418		10
Evolution AB		128		16
Fastighets AB Balder, Class B (g)		491		4
Getinge AB, Class B		172		3
H & M Hennes & Mauritz AB, Class B		447		7
Hexagon AB, Class B		1,436		17
Holmen AB, Class B (g)		60		2
Husqvarna AB, Class B		262		2
Industrivarden AB, Class A		206		7
Indutrade AB (g)		191		5
Investment AB Latour, Class B		110		3
Investor AB, Class B		1,190		30
L E Lundbergforetagen AB, Class B		57		3
Lifco AB, Class B		167		4
Nibe Industrier AB, Class B		1,064		5
Saab AB, Class B		58		5
Sagax AB, Class B		145		4
Sandvik AB		742		16
Securitas AB, Class B		368		4
Skandinaviska Enskilda Banken AB, Class A		1,083		15
Skanska AB, Class B		237		4
SKF AB, Class B		235		5
Svenska Cellulosa AB SCA, Class B		432		7
Svenska Handelsbanken AB, Class A		1,000		10
Swedbank AB, Class A		584		12
Swedish Orphan Biovitrum AB (g)		140		4
Tele2 AB, Class B		397		3
Telefonaktiebolaget LM Ericsson, Class B		1,989		11
Telia Co. AB		1,674		4
Volvo AB, Class A		1,184		32
Volvo Car AB, Class B (g)		449		2
				362
Switzerland (1.3%)
ABB Ltd. (Registered)		1,123		52
Adecco Group AG (Registered)		111		4
Alcon, Inc.		345		29
Avolta AG (Registered) (g)		71		3
Bachem Holding AG		25		2
Baloise Holding AG (Registered)		32		5
Banque Cantonale Vaudoise (Registered)		21		2
Barry Callebaut AG (Registered)		3		4
BKW AG		15		2
Chocoladefabriken Lindt & Spruengli AG		1		12

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Switzerland (cont’d)
Cie Financiere Richemont SA, Class A (Registered)		365	$	56
Clariant AG (Registered) (g)		159		2
EMS-Chemie Holding AG (Registered)		5		4
Geberit AG (Registered)		23		14
Givaudan SA (Registered)		7		31
Helvetia Holding AG (Registered)		26		4
Holcim AG (g)		362		33
Julius Baer Group Ltd.		145		8
Kuehne & Nagel International AG (Registered)		37		10
Logitech International SA (Registered)		114		10
Lonza Group AG (Registered)		52		31
Nestle SA (Registered)		1,859		198
Novartis AG (Registered)		1,430		138
Partners Group Holding AG		17		24
Roche Holding AG		22		6
Roche Holding AG (Genusschein)		488		125
Sandoz Group AG (g)		284		9
Schindler Holding AG		28		7
Schindler Holding AG (Registered)		16		4
SGS SA (Registered) (g)		105		10
SIG Group AG (g)		215		5
Sika AG (Registered)		106		32
Sonova Holding AG (Registered)		35		10
Straumann Holding AG (Registered)		77		12
Swatch Group AG		21		5
Swatch Group AG (Registered)		39		2
Swiss Life Holding AG (Registered)		21		15
Swiss Prime Site AG (Registered)		54		5
Swiss Re AG		211		27
Swisscom AG (Registered) (g)		18		11
Temenos AG (Registered)		46		3
UBS Group AG (Registered) (g)		2,305		71
VAT Group AG		19		10
Zurich Insurance Group AG		102		55
				1,102
United Kingdom (2.1%)
3i Group PLC		724		26
abrdn PLC		1,543		3
Admiral Group PLC		201		7
Anglo American PLC		963		24
Antofagasta PLC		293		8
Ashtead Group PLC		326		23
Associated British Foods PLC		259		8
AstraZeneca PLC		1,135		152
Auto Trader Group PLC		698		6
Aviva PLC		2,043		13
BAE Systems PLC		2,248		38
Barclays PLC		11,250		26
Barratt Developments PLC		733		4
Berkeley Group Holdings PLC		81		5
BP PLC		12,687		80
British American Tobacco PLC		1,585		48
BT Group PLC		5,033		7
Bunzl PLC		249		10
Burberry Group PLC		276		4
Centrica PLC		4,149		7
Coca-Cola HBC AG (g)		168		5
Compass Group PLC		1,257		37
Croda International PLC		106		7
DCC PLC		75		5
Diageo PLC		1,663		62
Endeavour Mining PLC		144		3
Entain PLC		485		5
Evraz PLC (g)		464		—
Experian PLC		682		30
G4S Ltd. (g)		2,164		7
Glencore PLC		7,750		43
GSK PLC		3,026		65
Haleon PLC		4,114		17
Halma PLC		284		8
Hargreaves Lansdown PLC		301		3
Hikma Pharmaceuticals PLC		130		3
HSBC Holdings PLC		14,465		113
Imperial Brands PLC		638		14
Informa PLC		1,023		11
InterContinental Hotels Group PLC		123		13
Intertek Group PLC		121		8
J Sainsbury PLC		1,257		4
JD Sports Fashion PLC		2,038		3
Kingfisher PLC		1,452		5
Land Securities Group PLC REIT		536		4
Legal & General Group PLC		4,401		14
Lloyds Banking Group PLC		47,593		31
London Stock Exchange Group PLC		309		37
M&G PLC		1,712		5
Melrose Industries PLC		1,021		9
Mondi PLC		348		6
National Grid PLC		2,721		37
NatWest Group PLC		4,323		14
Next PLC		90		10
Ocado Group PLC (g)		445		3
Paragon Offshore PLC (g)(h)		67		—
Pearson PLC		487		6
Persimmon PLC		244		4
Phoenix Group Holdings PLC		571		4
Prudential PLC		2,084		20
Reckitt Benckiser Group PLC		529		30
RELX PLC (LSE)		1,395		60
Rentokil Initial PLC		1,893		11
Rio Tinto PLC		821		52
Rolls-Royce Holdings PLC (g)		6,230		33
Sage Group PLC		763		12
Schroders PLC		637		3

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
Segro PLC REIT		872	$	10
Severn Trent PLC		206		6
Shell PLC		4,909		163
Smith & Nephew PLC		650		8
Smiths Group PLC		264		5
Spirax-Sarco Engineering PLC		54		7
SSE PLC		808		17
St. James's Place PLC		439		3
Standard Chartered PLC		1,713		14
Taylor Wimpey PLC		2,677		5
Tesco PLC		5,287		20
Unilever PLC CVA		1,859		93
United Utilities Group PLC		514		7
Vodafone Group PLC		17,443		15
Whitbread PLC		146		6
Wise PLC Class A (g)		474		6
WPP PLC		806		8
				1,768
United States (20.9%)
3M Co.		225		24
A O Smith Corp.		50		4
Abbott Laboratories		598		68
AbbVie, Inc.		605		110
Accenture PLC, Class A		254		88
Adobe, Inc. (g)		184		93
Advanced Micro Devices, Inc. (g)		535		97
AECOM		53		5
AES Corp.		274		5
Aflac, Inc.		227		20
Agilent Technologies, Inc.		119		17
Air Products & Chemicals, Inc.		91		22
Airbnb, Inc., Class A (g)		176		29
Akamai Technologies, Inc. (g)		62		7
Albemarle Corp.		47		6
Albertsons Cos., Inc., Class A		142		3
Alexandria Real Estate Equities, Inc. REIT		69		9
Align Technology, Inc. (g)		30		10
Allegion PLC		36		5
Alliant Energy Corp.		103		5
Allstate Corp.		105		18
Ally Financial, Inc.		108		4
Alnylam Pharmaceuticals, Inc. (g)		50		7
Alphabet, Inc., Class A (g)		3,748		568
Altria Group, Inc.		616		27
Amazon.com, Inc. (g)		2,838		512
Amcor PLC		596		6
Ameren Corp.		108		8
American Electric Power Co., Inc.		211		18
American Express Co.		250		57
American Financial Group, Inc.		29		4
American Homes 4 Rent, Class A REIT		132		5
American International Group, Inc.		283		22
American Tower Corp. REIT		190		38
American Water Works Co., Inc.		80		10
Ameriprise Financial, Inc.		41		18
AMETEK, Inc.		91		17
Amgen, Inc.		215		61
Amphenol Corp., Class A		240		28
Analog Devices, Inc.		202		40
Annaly Capital Management, Inc. REIT		201		4
ANSYS, Inc. (g)		35		12
Aon PLC, Class A		82		27
APA Corp.		128		4
Apollo Global Management, Inc.		160		18
Apple, Inc.		5,217		895
Applied Materials, Inc.		334		69
Aptiv PLC (g)		116		9
Arch Capital Group Ltd. (g)		150		14
Archer-Daniels-Midland Co.		219		14
Ares Management Corp., Class A		65		9
Arista Networks, Inc. (g)		105		30
Arthur J Gallagher & Co.		87		22
Aspen Technology, Inc. (g)		12		3
Assurant, Inc.		21		4
AT&T, Inc.		2,409		42
Atlassian Corp., Class A (g)		63		12
Atmos Energy Corp.		60		7
Autodesk, Inc. (g)		86		22
Automatic Data Processing, Inc.		166		41
AutoZone, Inc. (g)		8		25
AvalonBay Communities, Inc. REIT		58		11
Avantor, Inc. (g)		273		7
Avery Dennison Corp.		33		7
Axon Enterprise, Inc. (g)		29		9
Baker Hughes Co.		415		14
Ball Corp.		130		9
Bank of America Corp.		2,396		91
Bank of New York Mellon Corp.		312		18
Bath & Body Works, Inc.		87		4
Baxter International, Inc.		205		9
Becton Dickinson & Co.		117		29
Bentley Systems, Inc., Class B		87		5
Berkshire Hathaway, Inc., Class B (g)		425		179
Best Buy Co., Inc.		80		7
Bill Holdings, Inc. (g)		40		3
Biogen, Inc. (g)		58		13
BioMarin Pharmaceutical, Inc. (g)		75		7
Bio-Rad Laboratories, Inc., Class A (g)		9		3
Bio-Techne Corp.		63		4
BlackRock, Inc.		60		50
Blackstone, Inc.		287		38
Block, Inc., Class A (g)		223		19
Boeing Co. (g)		230		44
Booking Holdings, Inc.		14		51

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Booz Allen Hamilton Holding Corp.		53	$	8
BorgWarner, Inc.		96		3
Boston Properties, Inc. REIT		62		4
Boston Scientific Corp. (g)		487		33
Bristol-Myers Squibb Co.		753		41
Broadcom, Inc.		174		231
Broadridge Financial Solutions, Inc.		47		10
Brown & Brown, Inc.		97		9
Brown-Forman Corp., Class B		126		7
Builders FirstSource, Inc. (g)		51		11
Bunge Global SA		62		6
Burlington Stores, Inc. (g)		26		6
Cadence Design Systems, Inc. (g)		108		34
Caesars Entertainment, Inc. (g)		89		4
Camden Property Trust REIT		43		4
Campbell Soup Co.		78		3
Capital One Financial Corp.		152		23
Cardinal Health, Inc.		99		11
Carlisle Cos., Inc.		20		8
Carlyle Group, Inc.		87		4
CarMax, Inc. (g)		65		6
Carnival Corp. (g)		407		7
Carrier Global Corp.		339		20
Catalent, Inc. (g)		75		4
Caterpillar, Inc.		207		76
Cboe Global Markets, Inc.		42		8
CBRE Group, Inc., Class A (g)		127		12
CDW Corp.		54		14
Celanese Corp.		42		7
Celsius Holdings, Inc. (g)		63		5
Cencora, Inc.		69		17
Centene Corp. (g)		210		17
CenterPoint Energy, Inc.		257		7
CF Industries Holdings, Inc.		80		7
CH Robinson Worldwide, Inc.		47		4
Charles River Laboratories International, Inc. (g)		20		5
Charles Schwab Corp.		509		37
Charter Communications, Inc., Class A (g)		40		12
Cheniere Energy, Inc.		98		16
Chesapeake Energy Corp.		47		4
Chevron Corp.		743		117
Chipotle Mexican Grill, Inc. (g)		11		32
Chubb Ltd.		163		42
Church & Dwight Co., Inc.		99		10
Cigna Group		120		44
Cincinnati Financial Corp.		63		8
Cintas Corp.		37		25
Cisco Systems, Inc.		1,341		67
Citigroup, Inc.		682		43
Citizens Financial Group, Inc.		194		7
Cleveland-Cliffs, Inc. (g)		209		5
Clorox Co.		50		8
Cloudflare, Inc., Class A (g)		113		11
CME Group, Inc.		146		31
CMS Energy Corp.		119		7
CNH Industrial NV		414		5
Coca-Cola Co.		1,459		89
Cognizant Technology Solutions Corp., Class A		205		15
Coinbase Global, Inc., Class A (g)		69		18
Colgate-Palmolive Co.		317		29
Comcast Corp., Class A		1,466		64
Conagra Brands, Inc.		195		6
Confluent, Inc., Class A (g)		75		2
ConocoPhillips		489		62
Consolidated Edison, Inc.		141		13
Constellation Brands, Inc., Class A		68		18
Constellation Energy Corp.		131		24
Cooper Cos., Inc.		80		8
Copart, Inc. (g)		351		20
Corning, Inc.		331		11
Corpay, Inc. (g)		29		9
Corteva, Inc.		295		17
CoStar Group, Inc. (g)		167		16
Costco Wholesale Corp.		179		131
Coterra Energy, Inc.		313		9
Crowdstrike Holdings, Inc., Class A (g)		91		29
Crown Castle, Inc. REIT		177		19
Crown Holdings, Inc.		50		4
CSX Corp.		712		26
Cummins, Inc.		58		17
CVS Health Corp.		517		41
Danaher Corp.		285		71
Darden Restaurants, Inc.		49		8
Darling Ingredients, Inc. (g)		67		3
Datadog, Inc., Class A (g)		102		13
DaVita, Inc. (g)		22		3
Dayforce, Inc. (g)		61		4
Deckers Outdoor Corp. (g)		11		10
Deere & Co.		112		46
Dell Technologies, Inc., Class C		104		12
Delta Air Lines, Inc.		64		3
Devon Energy Corp.		268		13
Dexcom, Inc. (g)		156		22
Diamondback Energy, Inc.		70		14
Dick's Sporting Goods, Inc.		25		6
Digital Realty Trust, Inc. REIT		123		18
Discover Financial Services		100		13
DocuSign, Inc. (g)		80		5
Dollar General Corp.		91		14
Dollar Tree, Inc. (g)		85		11
Dominion Energy, Inc.		343		17
Domino's Pizza, Inc.		14		7
DoorDash, Inc., Class A (g)		103		14
Dover Corp.		57		10
Dow, Inc.		288		17

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
DR Horton, Inc.		123	$	20
DraftKings, Inc., Class A (g)		170		8
Dropbox, Inc., Class A (g)		104		3
DTE Energy Co.		84		9
Duke Energy Corp.		313		30
DuPont de Nemours, Inc.		188		14
Dynatrace, Inc. (g)		101		5
Eastman Chemical Co.		48		5
Eaton Corp. PLC		160		50
eBay, Inc.		221		12
Ecolab, Inc.		103		24
Edison International		157		11
Edwards Lifesciences Corp. (g)		244		23
Electronic Arts, Inc.		103		14
Elevance Health, Inc.		93		48
Eli Lilly & Co.		328		255
Emerson Electric Co.		232		26
Enphase Energy, Inc. (g)		59		7
Entegris, Inc.		61		9
Entergy Corp.		86		9
EOG Resources, Inc.		238		30
EPAM Systems, Inc. (g)		24		7
EQT Corp.		162		6
Equifax, Inc.		49		13
Equinix, Inc. REIT		38		31
Equitable Holdings, Inc.		140		5
Equity Lifestyle Properties, Inc. REIT		72		5
Equity Residential REIT		146		9
Erie Indemnity Co., Class A		10		4
Essential Utilities, Inc.		102		4
Essex Property Trust, Inc. REIT		26		6
Estee Lauder Cos., Inc., Class A		94		15
Etsy, Inc. (g)		50		3
Everest Group Ltd.		17		7
Evergy, Inc.		94		5
Eversource Energy		144		9
Exact Sciences Corp. (g)		74		5
Exelon Corp.		406		15
Expedia Group, Inc. (g)		58		8
Expeditors International of Washington, Inc.		60		7
Extra Space Storage, Inc. REIT		86		13
Exxon Mobil Corp.		1,444		168
F5, Inc. (g)		24		5
FactSet Research Systems, Inc.		15		7
Fair Isaac Corp. (g)		10		13
Fastenal Co.		232		18
FedEx Corp.		96		28
Ferguson PLC		83		18
Fidelity National Financial, Inc.		105		6
Fidelity National Information Services, Inc.		245		18
Fifth Third Bancorp		278		10
First Citizens BancShares, Inc., Class A		4		7
First Republic Bank (g)		76		—	@
First Solar, Inc. (g)		44		7
FirstEnergy Corp.		224		9
Fiserv, Inc. (g)		246		39
FMC Corp.		52		3
Ford Motor Co.		1,376		18
Fortinet, Inc. (g)		262		18
Fortive Corp.		143		12
Fortune Brands Innovations, Inc.		51		4
Fox Corp., Class A		162		5
Franklin Resources, Inc.		118		3
Freeport-McMoRan, Inc.		585		28
Gaming and Leisure Properties, Inc. REIT		106		5
Garmin Ltd.		62		9
Gartner, Inc. (g)		32		15
GE HealthCare Technologies, Inc.		166		15
Gen Digital, Inc.		233		5
General Dynamics Corp.		93		26
General Electric Co.		435		76
General Mills, Inc.		235		16
General Motors Co.		552		25
Genuine Parts Co.		58		9
Gilead Sciences, Inc.		399		29
Global Payments, Inc.		104		14
Globe Life, Inc.		38		4
GoDaddy, Inc., Class A (g)		57		7
Goldman Sachs Group, Inc.		133		56
Graco, Inc.		69		6
Halliburton Co.		373		15
Hartford Financial Services Group, Inc.		123		13
Hasbro, Inc.		55		3
HCA Healthcare, Inc.		83		28
Healthpeak Properties, Inc. REIT		228		4
HEICO Corp.		48		8
Henry Schein, Inc. (g)		52		4
Hershey Co.		62		12
Hess Corp.		112		17
Hewlett Packard Enterprise Co.		528		9
HF Sinclair Corp.		66		4
Hilton Worldwide Holdings, Inc.		105		22
Hologic, Inc. (g)		99		8
Home Depot, Inc.		401		154
Honeywell International, Inc.		267		55
Hormel Foods Corp.		123		4
Host Hotels & Resorts, Inc. REIT		284		6
Howmet Aerospace, Inc.		158		11
HP, Inc.		362		11
Hubbell, Inc.		21		9
HubSpot, Inc. (g)		19		12
Humana, Inc.		50		17
Huntington Bancshares, Inc.		391		5
Huntington Ingalls Industries, Inc.		16		5
Hyatt Hotels Corp., Class A		19		3

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
IDEX Corp.		30	$	7
IDEXX Laboratories, Inc. (g)		33		18
Illinois Tool Works, Inc.		121		32
Illumina, Inc. (g)		64		9
Incyte Corp. (g)		71		4
Ingersoll Rand, Inc.		163		15
Insulet Corp. (g)		28		5
Intel Corp.		1,327		59
Intercontinental Exchange, Inc.		229		31
International Business Machines Corp.		364		70
International Flavors & Fragrances, Inc.		105		9
International Paper Co.		136		5
Interpublic Group of Cos., Inc.		157		5
Intuit, Inc.		113		73
Intuitive Surgical, Inc. (g)		141		56
Invitation Homes, Inc. REIT		248		9
IQVIA Holdings, Inc. (g)		75		19
Iron Mountain, Inc. REIT		118		9
J M Smucker Co.		42		5
Jabil, Inc.		53		7
Jack Henry & Associates, Inc.		30		5
Jacobs Solutions, Inc.		51		8
Jazz Pharmaceuticals PLC (g)		25		3
JB Hunt Transport Services, Inc.		34		7
Johnson & Johnson		875		138
Johnson Controls International PLC		296		19
JPMorgan Chase & Co.		966		194
Juniper Networks, Inc.		130		5
Kellanova		112		6
Kenvue, Inc.		498		11
Keurig Dr Pepper, Inc.		428		13
KeyCorp		384		6
Keysight Technologies, Inc. (g)		72		11
Kimberly-Clark Corp.		135		17
Kimco Realty Corp. REIT		254		5
Kinder Morgan, Inc.		631		12
KKR & Co., Inc.		232		23
KLA Corp.		55		38
Knight-Swift Transportation Holdings, Inc.		65		4
Kraft Heinz Co.		345		13
Kroger Co.		282		16
L3Harris Technologies, Inc.		77		16
Laboratory Corp. of America Holdings		36		8
Lam Research Corp.		54		52
Lamb Weston Holdings, Inc.		58		6
Las Vegas Sands Corp.		154		8
Lattice Semiconductor Corp. (g)		56		4
Lear Corp.		24		3
Leidos Holdings, Inc.		53		7
Lennar Corp., Class A		102		18
Lennox International, Inc.		13		6
Liberty Broadband Corp., Class C (g)		49		3
Liberty Global Ltd., Class C (g)		78		1
Liberty Media Corp.-Liberty Formula One, Class C (g)		80		5
Liberty Media Corp.-Liberty SiriusXM, Class C (g)		66		2
Linde PLC		191		89
Live Nation Entertainment, Inc. (g)		64		7
LKQ Corp.		111		6
Lockheed Martin Corp.		91		41
Loews Corp.		77		6
Lowe's Cos., Inc.		233		59
LPL Financial Holdings, Inc.		30		8
Lucid Group, Inc. (g)		411		1
Lululemon Athletica, Inc. (g)		47		18
LyondellBasell Industries NV, Class A		107		11
M&T Bank Corp.		68		10
Manhattan Associates, Inc. (g)		25		6
Marathon Oil Corp.		254		7
Marathon Petroleum Corp.		163		33
Markel Group, Inc. (g)		5		8
MarketAxess Holdings, Inc.		15		3
Marriott International, Inc., Class A		102		26
Marsh & McLennan Cos., Inc.		198		41
Martin Marietta Materials, Inc.		25		15
Marvell Technology, Inc.		354		25
Masco Corp.		91		7
Mastercard, Inc., Class A		339		163
Match Group, Inc. (g)		114		4
McCormick & Co., Inc.		102		8
McDonald's Corp.		294		83
McKesson Corp.		55		30
Medtronic PLC		537		47
MercadoLibre, Inc. (g)		19		29
Merck & Co., Inc.		924		122
Meta Platforms, Inc., Class A		788		383
MetLife, Inc.		257		19
Mettler-Toledo International, Inc. (g)		8		11
MGM Resorts International (g)		114		5
Microchip Technology, Inc.		222		20
Micron Technology, Inc.		446		53
Microsoft Corp.		2,150		905
MicroStrategy, Inc., Class A (g)		12		20
Mid-America Apartment Communities, Inc. REIT		47		6
Moderna, Inc. (g)		138		15
Molina Healthcare, Inc. (g)		23		9
Molson Coors Beverage Co., Class B		77		5
Mondelez International, Inc., Class A		549		38
MongoDB, Inc. (g)		29		10
Monolithic Power Systems, Inc.		19		13
Monster Beverage Corp. (g)		317		19
Moody's Corp.		67		26
Mosaic Co.		139		5
Motorola Solutions, Inc.		68		24

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
MSCI, Inc.		32	$	18
Nasdaq, Inc.		141		9
NetApp, Inc.		86		9
Netflix, Inc. (g)		179		109
Neurocrine Biosciences, Inc. (g)		39		5
Newmont Corp. (TSX)		476		17
News Corp., Class A		156		4
NextEra Energy, Inc.		744		48
NIKE, Inc., Class B		494		46
NiSource, Inc.		168		5
Nordson Corp.		21		6
Norfolk Southern Corp.		92		23
Northern Trust Corp.		85		8
Northrop Grumman Corp.		58		28
NRG Energy, Inc.		92		6
Nucor Corp.		102		20
NVIDIA Corp.		891		805
NVR, Inc. (g)		2		16
NXP Semiconductors NV		104		26
Occidental Petroleum Corp.		276		18
Okta, Inc. (g)		61		6
Old Dominion Freight Line, Inc.		80		18
Omnicom Group, Inc.		80		8
ON Semiconductor Corp. (g)		179		13
ONEOK, Inc.		242		19
Oracle Corp.		648		81
O'Reilly Automotive, Inc. (g)		25		28
Otis Worldwide Corp.		167		17
Ovintiv, Inc.		108		6
Owens Corning		36		6
PACCAR, Inc.		213		26
Packaging Corp. of America		37		7
Palantir Technologies, Inc., Class A (g)		767		18
Palo Alto Networks, Inc. (g)		122		35
Paramount Global, Class B		210		2
Parker-Hannifin Corp.		52		29
Paychex, Inc.		131		16
Paycom Software, Inc.		22		4
Paylocity Holding Corp. (g)		19		3
PayPal Holdings, Inc. (g)		427		29
Pentair PLC		67		6
PepsiCo, Inc.		555		97
Pfizer, Inc.		1,786		50
PG&E Corp.		724		12
Philip Morris International, Inc.		532		49
Phillips 66		182		30
Pinterest, Inc., Class A (g)		231		8
Pioneer Natural Resources Co.		95		25
PNC Financial Services Group, Inc.		161		26
Pool Corp.		16		6
PPG Industries, Inc.		95		14
PPL Corp.		302		8
Principal Financial Group, Inc.		98		8
Procter & Gamble Co.		753		122
Progressive Corp.		235		49
Prologis, Inc. REIT		375		49
Prudential Financial, Inc.		146		17
PTC, Inc. (g)		48		9
Public Service Enterprise Group, Inc.		204		14
Public Storage REIT		65		19
PulteGroup, Inc.		90		11
Qorvo, Inc. (g)		40		5
QUALCOMM, Inc.		451		76
Quanta Services, Inc.		58		15
Quest Diagnostics, Inc.		44		6
Raymond James Financial, Inc.		80		10
Realty Income Corp. REIT		287		16
Regency Centers Corp. REIT		68		4
Regeneron Pharmaceuticals, Inc. (g)		43		41
Regions Financial Corp.		385		8
Reliance, Inc.		24		8
Repligen Corp. (g)		21		4
Republic Services, Inc.		89		17
ResMed, Inc.		58		12
Revvity, Inc.		51		5
Riot Platforms, Inc. (g)		1,695		21
Rivian Automotive, Inc., Class A (g)		284		3
Robert Half, Inc.		44		4
Robinhood Markets, Inc., Class A (g)		174		4
ROBLOX Corp., Class A (g)		168		6
Rockwell Automation, Inc.		46		13
Roku, Inc. (g)		52		3
Rollins, Inc.		118		5
Roper Technologies, Inc.		43		24
Ross Stores, Inc.		137		20
Royal Caribbean Cruises Ltd. (g)		98		14
Royalty Pharma PLC, Class A		156		5
RPM International, Inc.		52		6
RTX Corp.		593		58
S&P Global, Inc.		131		56
Salesforce, Inc.		389		117
SBA Communications Corp. REIT		45		10
Schlumberger NV		580		32
Seagate Technology Holdings PLC		80		7
SEI Investments Co.		46		3
Sempra		254		18
ServiceNow, Inc. (g)		82		63
Sherwin-Williams Co.		98		34
Simon Property Group, Inc. REIT		132		21
Sirius XM Holdings, Inc.		306		1
Skyworks Solutions, Inc.		65		7
Snap, Inc., Class A (g)		413		5
Snap-on, Inc.		21		6
Snowflake, Inc., Class A (g)		113		18
Southern Co.		445		32

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Southwest Airlines Co.		60	$	2
SS&C Technologies Holdings, Inc.		91		6
Stanley Black & Decker, Inc.		63		6
Starbucks Corp.		465		43
State Street Corp.		128		10
Steel Dynamics, Inc.		65		10
Steris PLC		40		9
Stryker Corp.		139		50
Sun Communities, Inc. REIT		51		7
Super Micro Computer, Inc. (g)		19		19
Synchrony Financial		168		7
Synopsys, Inc. (g)		61		35
Sysco Corp.		206		17
T Rowe Price Group, Inc.		90		11
Take-Two Interactive Software, Inc. (g)		68		10
Targa Resources Corp.		88		10
Target Corp.		188		33
TE Connectivity Ltd.		127		18
Teledyne Technologies, Inc. (g)		19		8
Teleflex, Inc.		19		4
Teradyne, Inc.		63		7
Tesla, Inc. (g)		1,079		190
Texas Instruments, Inc.		373		65
Texas Pacific Land Corp.		9		5
Textron, Inc.		80		8
Thermo Fisher Scientific, Inc.		156		91
TJX Cos., Inc.		361		37
T-Mobile U.S., Inc.		212		35
Toast, Inc., Class A (g)		136		3
Toro Co.		43		4
Tractor Supply Co.		45		12
Trade Desk, Inc., Class A (g)		183		16
Tradeweb Markets, Inc., Class A		44		5
Trane Technologies PLC		91		27
TransDigm Group, Inc.		22		27
TransUnion		78		6
Travelers Cos., Inc.		92		21
Trimble, Inc. (g)		101		7
Truist Financial Corp.		543		21
Twilio, Inc., Class A (g)		69		4
Tyler Technologies, Inc. (g)		17		7
Tyson Foods, Inc., Class A		118		7
Uber Technologies, Inc. (g)		640		49
UDR, Inc. REIT		126		5
U-Haul Holding Co.		40		3
UiPath, Inc., Class A (g)		157		4
Ulta Beauty, Inc. (g)		19		10
Union Pacific Corp.		244		60
United Parcel Service, Inc., Class B		292		43
United Rentals, Inc.		27		19
United Therapeutics Corp. (g)		19		4
UnitedHealth Group, Inc.		373		185
Unity Software, Inc. (g)		101		3
Universal Health Services, Inc., Class B		25		5
US Bancorp		523		23
Vail Resorts, Inc.		16		4
Valero Energy Corp.		146		25
Veeva Systems, Inc., Class A (g)		62		14
Ventas, Inc. REIT		165		7
Veralto Corp.		96		9
VeriSign, Inc. (g)		37		7
Verisk Analytics, Inc.		58		14
Verizon Communications, Inc.		1,514		64
Vertex Pharmaceuticals, Inc. (g)		104		43
Vertiv Holdings Co., Class A		135		11
VF Corp.		138		2
Viatris, Inc.		488		6
VICI Properties, Inc. REIT		411		12
Visa, Inc., Class A		644		180
Vistra Corp.		133		9
Vulcan Materials Co.		53		14
W R Berkley Corp.		83		7
Walgreens Boots Alliance, Inc.		295		6
Walmart, Inc.		1,597		96
Walt Disney Co.		645		79
Warner Bros Discovery, Inc. (g)		858		8
Waste Connections, Inc.		102		18
Waste Management, Inc.		162		35
Waters Corp. (g)		24		8
Watsco, Inc.		14		6
WEC Energy Group, Inc.		130		11
Wells Fargo & Co.		1,158		67
Welltower, Inc. REIT		210		20
West Pharmaceutical Services, Inc.		30		12
Western Digital Corp. (g)		131		9
Westinghouse Air Brake Technologies Corp.		73		11
Westlake Corp.		16		2
Westrock Co.		105		5
Weyerhaeuser Co. REIT		301		11
Williams Cos., Inc.		500		20
Willis Towers Watson PLC		42		12
Workday, Inc., Class A (g)		84		23
WP Carey, Inc. REIT		87		5
WW Grainger, Inc.		19		19
Wynn Resorts Ltd.		41		4
Xcel Energy, Inc.		225		12
Xylem, Inc.		97		13
Yum! Brands, Inc.		113		16
Zebra Technologies Corp., Class A (g)		21		6
Zillow Group, Inc., Class C (g)		61		3
Zimmer Biomet Holdings, Inc.		86		11
Zoetis, Inc.		185		31

Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Zoom Video Communications, Inc., Class A (g)		98	$	6
Zscaler, Inc. (g)		35		7
				17,317
Total Common Stocks (Cost $21,509)				28,969

	No. of Rights
Rights (0.0%)‡
United States (0.0%)‡
Contra Abiomed, Inc., expires 12/22/28 (g) (Cost $—@)		14	—	@

	No. of Warrants
Warrants (0.0%)
Canada (0.0%)
Constellation Software, Inc. expires 3/31/40 (g) (Cost $—)		16	—

	Face Amount (000)
Short-Term Investments (19.0%)
U.S. Treasury Securities (2.2%)
U.S. Treasury Bill,
5.31%, 8/1/24 (i)(j)	$	1,170	1,150
5.53%, 4/18/24 (i)(j)		676	674
Total U.S. Treasury Securities (Cost $1,824)			1,824

	Shares
Investment Company (16.8%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (k) (Cost $13,907)		13,906,812		13,907
Total Short-Term Investments (Cost $15,731)				15,731
Total Investments (99.4%) (Cost $77,381) (l)(m)(n)(o)				82,411
Other Assets in Excess of Liabilities (0.6%)				466
Net Assets (100.0%)			$	82,877

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 March 31, 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 March 31, 2024. Maturity date disclosed is the ultimate maturity date.
(e)	When-issued security.
(f)	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 March 31, 2024.
(g)	Non-income producing security.
(h)	At March 31, 2024, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has 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.
(i)	Rate shown is the yield to maturity at March 31, 2024.
(j)	All or a portion of the security was pledged to cover margin requirements for swap agreements.
(k)	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 three months ended March 31, 2024, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund.
(l)	The approximate fair value and percentage of net assets, $10,141,000 and 12.2%, 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.
(m)	Securities are available for collateral in connection with purchase of when-issued security, securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.
(n)	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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(o)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,302,000 and the aggregate gross unrealized depreciation is approximately $4,560,000, resulting in net unrealized appreciation of approximately $5,742,000.
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.

First Quarter Report – March 31, 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 March 31, 2024:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	$	27	NZD	44	4/30/24	$	(—	@)
Bank of America NA	CNH	2,334	$	327	6/20/24		5
Bank of America NA	GBP	395	$	496	4/30/24		(3	)
Bank of America NA	MXN	237	$	14	4/30/24		(1	)
Bank of America NA	PLN	67	$	17	6/20/24		—	@
Bank of America NA	$	6	ILS	22	6/20/24		(—	@)
Bank of America NA	$	2	ZAR	34	6/20/24		(—	@)
Barclays Bank PLC	AUD	159	$	104	4/30/24		(—	@)
Barclays Bank PLC	EUR	72	$	79	4/30/24		—	@
Barclays Bank PLC	MYR	120	$	25	4/30/24		—	@
Barclays Bank PLC	$	759	EUR	692	6/20/24		(10	)
Barclays Bank PLC	$	3	ILS	10	6/20/24		(—	@)
Barclays Bank PLC	$	68	MXN	1,169	6/20/24		1
BNP Paribas SA	CAD	50	$	37	4/30/24		—	@
BNP Paribas SA	COP	98,575	$	25	4/30/24		(1	)
BNP Paribas SA	DKK	138	$	20	4/30/24		—	@
BNP Paribas SA	DKK	105	$	16	6/20/24		—	@
BNP Paribas SA	EUR	133	$	143	4/30/24		(—	@)
BNP Paribas SA	EUR	227	$	249	6/20/24		3
BNP Paribas SA	GBP	39	$	50	6/20/24		1
BNP Paribas SA	IDR	4,059,086	$	258	4/30/24		2
BNP Paribas SA	INR	66,379	$	800	6/20/24		6
BNP Paribas SA	INR	2,980	$	36	6/20/24		—	@
BNP Paribas SA	SEK	137	$	13	6/20/24		1
BNP Paribas SA	$	22	AUD	33	6/20/24		(—	@)
BNP Paribas SA	$	457	CAD	615	4/30/24		(3	)
BNP Paribas SA	$	33	CHF	29	6/20/24		(1	)
BNP Paribas SA	$	14	CLP	13,453	6/21/24		—	@
BNP Paribas SA	$	74	CNY	527	4/30/24		(1	)
BNP Paribas SA	$	13	COP	50,392	6/20/24		—	@
BNP Paribas SA	$	14	HKD	108	6/20/24		(—	@)
BNP Paribas SA	$	40	IDR	628,489	6/20/24		(—	@)
BNP Paribas SA	$	2,030	JPY	297,683	4/30/24		(55	)
BNP Paribas SA	$	137	JPY	20,479	4/30/24		(1	)
BNP Paribas SA	$	1,124	JPY	163,564	6/20/24		(31	)
BNP Paribas SA	$	748	MXN	12,784	6/20/24		11
BNP Paribas SA	$	26	RON	122	4/30/24		—	@
BNP Paribas SA	$	66	SEK	696	4/30/24		(1	)
BNP Paribas SA	$	24	SGD	33	4/30/24		(—	@)
BNP Paribas SA	$	15	THB	518	6/20/24		(—	@)
Citibank NA	EUR	509	$	549	4/30/24		(1	)
Citibank NA	$	96	CHF	82	4/30/24		(4	)
Citibank NA	$	7	CZK	168	6/20/24		(—	@)
Citibank NA	$	21	ILS	78	6/20/24		(—	@)
Goldman Sachs International	BRL	6,048	$	1,215	6/20/24		18
Goldman Sachs International	DKK	10	$	1	6/20/24		—	@
Goldman Sachs International	EUR	56	$	62	6/20/24		1
Goldman Sachs International	GBP	22	$	28	4/30/24		—	@
Goldman Sachs International	JPY	12,807	$	85	4/30/24		—	@

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 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	NOK	6		$	1		6/20/24	$	—	@
Goldman Sachs International	TRY	15,162		$	358		12/23/24		10
Goldman Sachs International	$	19		AUD	29		6/20/24		(—	@)
Goldman Sachs International	$	6		CHF	5		6/20/24		(—	@)
Goldman Sachs International	$	3		HKD	25		6/20/24		(—	@)
Goldman Sachs International	$	325		MXN	5,562		6/20/24		5
Goldman Sachs International	$	43		MXN	723		6/20/24		(—	@)
Goldman Sachs International	$	26		MYR	122		6/20/24		(—	@)
Goldman Sachs International	$	—	@	SGD	1		6/20/24		(—	@)
Goldman Sachs International	$	387		TRY	15,162		12/23/24		(39	)
Goldman Sachs International	$	149		TWD	4,648		6/20/24		(2	)
Goldman Sachs International	$	25		TWD	790		6/20/24		—	@
JPMorgan Chase Bank NA	CAD	82		$	61		6/20/24		—	@
JPMorgan Chase Bank NA	CNH	683		$	96		6/20/24		1
JPMorgan Chase Bank NA	EUR	834		$	914		6/20/24		12
JPMorgan Chase Bank NA	GBP	51		$	65		6/20/24		1
JPMorgan Chase Bank NA	GBP	31		$	39		4/30/24		—	@
JPMorgan Chase Bank NA	HUF	11,025		$	31		4/30/24		1
JPMorgan Chase Bank NA	NZD	29		$	18		6/20/24		—	@
JPMorgan Chase Bank NA	THB	285		$	8		4/30/24		—	@
JPMorgan Chase Bank NA	$	17		CLP	15,810		4/30/24		(1	)
JPMorgan Chase Bank NA	$	169		CNY	1,200		4/30/24		(3	)
JPMorgan Chase Bank NA	$	24		HKD	185		6/20/24		(—	@)
JPMorgan Chase Bank NA	$	3		ILS	11		6/20/24		(—	@)
JPMorgan Chase Bank NA	$	18		JPY	2,662		6/20/24		(1	)
JPMorgan Chase Bank NA	$	238		MXN	4,067		6/20/24		4
Standard Chartered Bank	AUD	129		$	84		4/30/24		(—	@)
Standard Chartered Bank	EUR	20		$	22		4/30/24		—	@
State Street Bank & Trust Co.	$	—	@	HKD	—	@	6/20/24		—	@
UBS AG	CAD	531		$	394		4/30/24		2
UBS AG	CAD	2		$	1		4/30/24		(—	@)
UBS AG	CNY	20,090		$	2,833		6/20/24		31
UBS AG	EUR	108		$	117		4/30/24		—	@
UBS AG	EUR	266		$	292		6/20/24		4
UBS AG	EUR	130		$	141		6/20/24		—	@
UBS AG	NOK	285		$	27		6/20/24		1
UBS AG	$	205		AUD	314		4/30/24		(—	@)
UBS AG	$	61		AUD	93		4/30/24		(—	@)
UBS AG	$	44		AUD	67		6/20/24		(—	@)
UBS AG	$	1		HUF	419		6/20/24		—	@
UBS AG	$	48		JPY	7,079		4/30/24		(1	)
UBS AG	$	350		KRW	464,944		4/30/24		(4	)
UBS AG	$	82		KRW	108,252		6/20/24		(1	)
UBS AG	$	284		MXN	4,846		6/20/24		4
UBS AG	$	14		NOK	145		4/30/24		(—	@)
UBS AG	$	35		PEN	135		4/30/24		1
UBS AG	$	23		PLN	94		4/30/24		—	@
UBS AG	$	2		TRY	62		6/20/24		—	@
				$				$	(39	)

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2024:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
CAC 40 Index (France)		1	Apr-24	EUR	—	@	$	89		$	2
FTSE MIB Index (Italy)		1	Jun-24		—	@		185			8
German Euro-BTP Index (Germany)		1	Jun-24		100			128			3
German Euro-Schatz Index (Germany)		14	Jun-24		1,400			1,597			—	@
Hang Seng Index (Hong Kong)		1	Apr-24	HKD	—	@		106			(—	@)
IBEX 35 Index (Spain)		1	Apr-24	EUR	—	@		119			8
ICE Brent Crude Oil Index (United States)		2	Apr-24	$	2			174			1
KFE 10 yr. Treasury Bond Index (Korea, Republic of)		5	Jun-24	KRW	500,000			421			1
KFE KOSPI 200 Index (Korea, Republic of)		2	Jun-24	KRW	500			140			6
Long Gilt Index (United Kingdom)		1	Jun-24	GBP	100			126			3
MDE Kuala Lumpur Composite Index (Malaysia)		2	Apr-24	MYR	—	@		33			—	@
MSCI Emerging Market EMEA Index (United States)		8	Jun-24	$	1			241			—	@
MSCI Emerging Market Latin America Index (United States)		3	Jun-24		—	@		187			4
MSCI Indonesia Index (United States)		2	Jun-24		—	@		38			(1	)
S&P 500 E Mini Index (United States)		4	Jun-24		—	@		1,062			24
SFE S&P ASX Share Price Index (Australia)		1	Jun-24	AUD	—	@		130			3
SGX FTSE Taiwan Index (United States)		2	Apr-24	$	—	@		139			1
SGX MSCI Singapore Index (Singapore)		1	Apr-24	SGD	—	@		22			—	@
TEF SET50 Index (Thailand)		7	Jun-24	THB	1			32			(—	@)
U.S. Treasury Long Bond (United States)		1	Jun-24	$	100			120			2
U.S. Treasury 2 yr. Note (United States)		3	Jun-24		600			613			(1	)
U.S. Treasury 5 yr. Note (United States)		16	Jun-24		1,600			1,712			3
U.S. Treasury 10 yr. Note (United States)		9	Jun-24		900			997			2
U.S. Treasury 10 yr. Ultra Note (United States)		15	Jun-24		1,500			1,719			(3	)
Short:
Euro Stoxx 50 Index (Germany)		32	Jun-24	EUR	(—	@)		(1,742	)		(49	)
FTSE 100 Index (United Kingdom)		1	Jun-24	GBP	(—	@)		(101	)		(4	)
German Euro-BTP Index (Germany)		6	Jun-24	EUR	(600)			(770	)		(9	)
German Euro-Bund Index (Germany)		13	Jun-24		(1,300	)		(1,871	)		(13	)
IFSC NIFTY 50 Index (United States)		18	Apr-24	$	(—	@)		(810	)		(7	)
MSCI Emerging Market Index (United States)		2	Jun-24		(—	@)		(105	)		(—	@)
Nikkei 225 Index (Japan)		1	Jun-24	JPY	(1	)		(133	)		(1	)
SFE 10 yr. Australian Bond Index (Australia)		1	Jun-24	AUD	(100	)		(76	)		(—	@)
TSE Japanese 10 yr. Bond index (Japan)		8	Jun-24	JPY	(800,000	)		(7,698	)		(12	)
U.S. Treasury Ultra Long Bond (United States)		2	Jun-24	$	(200	)		(258	)		(3	)
U.S. Treasury 5 yr. Note (United States)		8	Jun-24		(800	)		(856	)		(1	)
U.S. Treasury 10 yr. Ultra Note (United States)		7	Jun-24		(700	)		(802	)		(7	)
										$	(40	)

Morgan Stanley Variable Insurance Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Consolidated Portfolio of Investments (cont'd) 

Global Strategist Portfolio

Centrally Cleared Interest Rate Swap Agreements:

The Fund had the following centrally cleared interest rate swap agreements open at March 31, 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 (Depreciation) (000)
Morgan Stanley & Co. LLC	1 Month CNRR	Receive		2.38	%	Quarterly/Quarterly	11/3/28		7,219	$	13		$	—	$	13
Morgan Stanley & Co. LLC	1 Month CNRR	Receive		2.38		Quarterly/Quarterly	11/3/28		7,219		13			—		13
Morgan Stanley & Co. LLC	1 Week CNY	Receive		2.56		Quarterly/Quarterly	5/16/28		11,796		32			—		32
Morgan Stanley & Co. LLC	1 Week CNY	Receive		2.56		Quarterly/Quarterly	5/16/28		11,796		32			—		32
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Receive		2.17		Maturity/Maturity	1/15/34		648		(1	)		—		(1	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Receive		2.17		Maturity/Maturity	1/15/34		701		(1	)		—		(1	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Receive		2.17		Maturity/Maturity	1/15/34		648		(1	)		—		(1	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Receive		2.17		Maturity/Maturity	1/15/34		518		(—	@)		—		(—	@)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Receive		2.17		Maturity/Maturity	1/15/34		648		(1	)		—		(1	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Receive		2.18		Maturity/Maturity	1/15/34		648		—	@		—		—	@
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Receive		2.42		Maturity/Maturity	1/15/54		233		(4	)		—		(4	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Receive		2.42		Maturity/Maturity	1/15/54		233		(4	)		—		(4	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Receive		2.42		Maturity/Maturity	1/15/54		230		(4	)		—		(4	)
										$	74		$	—	$	74

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 31, 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)
Bank of America NA	MSCI USA Index	Receive	SOFR + 0.45%	Quarterly	7/16/24	$	(2,129	)	$	191		$	—	$	191
Barclays Bank PLC	MSCI Japan Net Total Return USD Index	Receive	SOFR + 0.14%	Quarterly	2/11/25		(2,689	)		175			—		175
BNP Paribas SA	EMU Anti-Value + Quality Index	Pay	ESTR + 0.02%	Quarterly	9/18/24	EUR	147			(4	)		—		(4	)
BNP Paribas SA	EMU Anti-Value + Quality Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		147			(5	)		—		(5	)
BNP Paribas SA	EMU Anti-Value + Quality Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		148			(5	)		—		(5	)
BNP Paribas SA	EMU Anti-Value + Quality Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		148			(4	)		—		(4	)
BNP Paribas SA	EMU Anti-Value + Quality Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		145			(2	)		—		(2	)
BNP Paribas SA	EMU Anti-Value 5 Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		112			(2	)		—		(2	)
BNP Paribas SA	EMU Anti-Value 5 Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		112			(3	)		—		(3	)
BNP Paribas SA	EMU Anti-Value 5 Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		112			(2	)		—		(2	)
BNP Paribas SA	EMU Anti-Value 5 Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		112			(2	)		—		(2	)
BNP Paribas SA	EMU Anti-Value 5 Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		110			(1	)		—		(1	)
BNP Paribas SA	EMU Domestics Index††	Receive	ESTR + 0.21%	Quarterly	1/15/25		(1,505	)		194			—		194
BNP Paribas SA	EMU Domestics Index††	Receive	ESTR + 0.21%	Quarterly	1/15/25		(433	)		28			—		28
BNP Paribas SA	EMU Value + Quality Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(148	)		6			—		6
BNP Paribas SA	EMU Value + Quality Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(147	)		6			—		6
BNP Paribas SA	EMU Value + Quality Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(149	)		6			—		6
BNP Paribas SA	EMU Value + Quality Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(147	)		5			—		5
BNP Paribas SA	EMU Value + Quality Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(144	)		4			—		4
BNP Paribas SA	EMU Value 5 Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(113	)		5			—		5
BNP Paribas SA	EMU Value 5 Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(112	)		5			—		5
BNP Paribas SA	EMU Value 5 Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(112	)		4			—		4
BNP Paribas SA	EMU Value 5 Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(112	)		4			—		4

Morgan Stanley Variable Insurance Fund, Inc. 

First Quarter Report – March 31, 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 Value 5 Index	Receive	ESTR + 0.35%	Quarterly	9/18/24	EUR	(109	)	$	3		$	—	$	3
BNP Paribas SA	U.S. Domestics Index††	Pay	SOFR + 0.38%	Quarterly	1/15/25	$	1,624			(144	)		—		(144	)
BNP Paribas SA	U.S. Domestics Index††	Pay	SOFR + 0.38%	Quarterly	1/15/25		471			(15	)		—		(15	)
Goldman Sachs International	MSCI Emerging Markets Net Total Return Index	Receive	SOFR + 0.00%	Quarterly	1/28/25		(4,852	)		261			—		261
JPMorgan Chase Bank NA	Japan Growth Index††	Pay	SOFR + 0.30%	Quarterly	10/23/24		302			(44	)		—		(44	)
JPMorgan Chase Bank NA	Japan Growth Index††	Pay	SOFR + 0.19%	Quarterly	3/18/25		649			(4	)		—		(4	)
JPMorgan Chase Bank NA	Japan Value Index	Receive	SOFR + 0.00%	Quarterly	3/18/25		(654	)		25			—		25
JPMorgan Chase Bank NA	Korea Value Index	Receive	SOFR + 0.16%	Quarterly	3/18/25		(329	)		(14	)		—		(14	)
JPMorgan Chase Bank NA	U.S. High Earnings Revisions Index††	Pay	SOFR + 0.40%	Quarterly	3/17/25		480			(12	)		—		(12	)
JPMorgan Chase Bank NA	U.S. High Earnings Revisions Index††	Pay	SOFR + 0.40%	Quarterly	3/17/25		713			(27	)		—		(27	)
JPMorgan Chase Bank NA	U.S. Value Quality Index††	Receive	SOFR + 0.40%	Quarterly	3/17/25		(479	)		10			—		10
JPMorgan Chase Bank NA	U.S. Value Quality Index††	Receive	SOFR + 0.40%	Quarterly	3/17/25		(711	)		28			—		28
UBS AG	MSCI USA Index	Receive	SOFR + 0.46%	Quarterly	9/24/24		(11,255	)		47			—		47
									$	717		$	—	$	717

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

Morgan Stanley Variable Insurance Fund, Inc. 

First Quarter Report – March 31, 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 Domestics Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
EMU Domestics Index
ADP		249	$	32		0.01	%
Aena SME SA		263		48		0.01
Basic-Fit NV		326		7		0.00
Bechtle AG		477		23		0.00
Bouygues SA		957		36		0.01
Capgemini SE		406		87		0.02
Compagnie De Saint Gobain		1,181		85		0.01
Deutsche Lufthansa - Reg		3,894		28		0.00
D'Ieteren Group		134		28		0.00
Eiffage		356		37		0.01
Exclusive Networks SA		89		2		0.00
Fraport Ag Frankfurt Airport		313		15		0.00
Getlink SE		1,986		31		0.01
Indra Sistemas SA		958		18		0.00
Industria de Diseno Textil SA		2,512		117		0.02
Iveco Group NV		2,828		39		0.01
Kingspan Group PLC		577		49		0.01
La Francaise des Jeux SAEM		504		19		0.00
Prosiebensat.1 Media SE		1,885		12		0.00
Randstad NV		627		31		0.01
Rheinmetall AG		150		78		0.01
Scout24 SE		461		32		0.01
Smurfit Kappa Group PLC		1,090		46		0.01
Stora Enso OYJ - Class R		2,879		37		0.01
Vinci SA		1,089		129		0.02
Vivendi SE		3,420		35		0.01
Zalando SE		1,570		42		0.01

The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. Domestics Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Domestics Index
Arista Networks, Inc.		66	$	19		0.00	%
Automatic Data Processing		105		26		0.00
Autozone, Inc.		5		14		0.00
CDW Corp.		34		9		0.00
Charter Communications, Inc. - Class A		25		7		0.00
Cintas Corp.		23		16		0.00
Cognizant Tech Solutions - Class A		128		9		0.00
Comcast Corp. - Class A		1,047		45		0.01
Copart, Inc.		215		12		0.00
Crowdstrike Holdings, Inc. - Class A		53		17		0.00
CSX Corp.		507		19		0.00
Datadog, Inc. - Class A		64		8		0.00
Doordash, Inc. - Class A		61		8		0.00
DR Horton, Inc.		76		12		0.00
Equifax, Inc.		31		8		0.00
Fair Isaac Corp.		6		8		0.00
Fastenal Co.		143		11		0.00
Fedex Corp.		60		17		0.00
Hilton Worldwide Holdings, Inc.		66		14		0.00
Home Depot, Inc.		247		95		0.02

Morgan Stanley Variable Insurance Fund, Inc. 

First Quarter Report – March 31, 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)
Lennar Corp. - Class A		61	$	11		0.00	%
Lowe's Cos, Inc.		144		37		0.01
Lululemon Athletica, Inc.		30		12		0.00
Marriott International - Class A		64		16		0.00
Martin Marietta Materials		16		10		0.00
Norfolk Southern Corp.		58		15		0.00
NVR, Inc.		1		7		0.00
Old Dominion Freight Line		50		11		0.00
O'Reilly Automotive, Inc.		15		17		0.00
Pultegroup, Inc.		55		7		0.00
Quanta Services, Inc.		37		10		0.00
Republic Services, Inc.		56		11		0.00
Roper Technologies, Inc.		27		15		0.00
Ross Stores, Inc.		85		13		0.00
Sherwin-Williams Co.		62		22		0.00
Snowflake, Inc. - Class A		70		11		0.00
Starbucks Corp.		292		27		0.00
TJX Companies, Inc.		286		29		0.01
Tractor Supply Company		28		7		0.00
Trane Technologies PLC		57		17		0.00
Union Pacific Corp.		155		38		0.01
United Parcel Service - Class B		182		27		0.00
United Rentals, Inc.		17		12		0.00
Verisk Analytics, Inc.		36		9		0.00
Vulcan Materials Co.		33		9		0.00
Walt Disney Co.		475		58		0.01
Waste Connections, Inc.		65		11		0.00
Waste Management, Inc.		102		22		0.00
Workday, Inc. - Class A		52		14		0.00
WW Grainger, Inc.		11		12		0.00

The following table represents the equity basket holdings underlying the total return swap with Japan Growth Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
Japan Growth Index
Advantest Corp.		52,311	$	2,357		0.41	%
Asahi Intecc Co. Ltd.		118,978		2,071		0.36
Capcom Co. Ltd.		118,160		2,183		0.38
Daifuku Co. Ltd.		107,455		2,545		0.45
Daiichi Sankyo Co. Ltd.		75,686		2,389		0.42
Daikin Industries Ltd.		17,207		2,343		0.41
Disco Corp.		7,120		2,691		0.47
Fanuc Corp.		81,681		2,259		0.40
Fast Retailing Co. Ltd.		8,273		2,577		0.45
Hoshizaki Corp.		70,317		2,613		0.46
Hoya Corp.		18,719		2,318		0.41
Japan Exchange Group, Inc.		87,760		2,384		0.42
Japan Real Estate Investment		669		2,378		0.42
JSR Corp.		81,680		2,339		0.41
Keisei Electric Railway Co.		56,953		2,318		0.41
Keyence Corp.		5,124		2,355		0.41
Kikkoman Corp.		183,047		2,382		0.42
Kobe Bussan Co. Ltd.		85,841		2,120		0.37
Lasertec Corp.		9,045		2,499		0.44
Makita Corp.		89,424		2,523		0.44
Mcdonald's Holdings Co.		51,671		2,342		0.41
Monotaro Co. Ltd.		224,611		2,698		0.47
MS&AD Insurance Group Holdings, Inc.		136,200		2,440		0.43
Nintendo Co. Ltd.		42,466		2,300		0.40
Nippon Building Fund, Inc.		613		2,423		0.43
Nippon Prologis REIT, Inc.		1,459		2,594		0.46
Nissan Chemical Corp.		59,963		2,269		0.40
Nitori Holdings Co. Ltd.		15,095		2,354		0.41
Nomura Research Institute Ltd.		83,706		2,347		0.41
Obic Co. Ltd.		15,462		2,327		0.41
Oriental Land Co. Ltd.		71,215		2,282		0.40
Osaka Gas Co. Ltd.		107,227		2,404		0.42
Rakuten Group, Inc.		434,948		2,443		0.43
Recruit Holdings Co. Ltd.		55,324		2,452		0.43
Secom Co. Ltd.		31,306		2,267		0.40
Shin-Etsu Chemical Co. Ltd.		53,983		2,349		0.41
SMC Corp.		4,126		2,313		0.41
T&D Holdings. Inc.		135,482		2,326		0.41
Tokio Marine Holdings, Inc.		79,684		2,477		0.44
Tokyo Electron Ltd.		9,475		2,478		0.44
Unicharm Corp.		72,740		2,324		0.41
Yaskawa Electric Corp.		56,470		2,367		0.42
Zozo, Inc.		95,111		2,392		0.42

The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. High Earnings Revisions Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. High Earnings Revisions Index
Acadia Realty Trust		4,752	$	81		0.01	%
American Eagle Outfitters		2,296		59		0.01
Ani Pharmaceuticals, Inc.		917		63		0.01
Applied Industrial Tech, Inc.		286		57		0.01
Ashland, Inc.		665		65		0.01
Carlisle Cos, Inc.		146		57		0.01
Casey's General Stores, Inc.		180		57		0.01
Cencora, Inc.		262		64		0.01
Century Communities, Inc.		597		58		0.01
Chemed Corp.		95		61		0.01
Community Healthcare Trust		3,922		104		0.02
Constellation Energy		315		58		0.01
Dorman Products, Inc.		584		56		0.01
Ecolab, Inc.		282		65		0.01
Emcor Group, Inc.		163		57		0.01
Encompass Health Corp.		804		66		0.01
Enerpac Tool Group Corp.		1,595		57		0.01
Ensign Group, Inc.		499		62		0.01
Equitrans Midstream Corp.		4,625		58		0.01
GAP, Inc.		2,291		63		0.01

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. High Earnings Revisions Index (cont'd)
Griffon Corp.		775	$	57		0.01	%
Haemonetics Corp.		685		58		0.01
Hannon Armstrong Sustainable		2,029		58		0.01
HCA Healthcare, Inc.		191		64		0.01
Innospec, Inc.		510		66		0.01
Installed Building Products		220		57		0.01
Interface, Inc.		3,420		58		0.01
Kemper Corp.		928		58		0.01
Ligand Pharmaceuticals		828		61		0.01
Macerich Co.		4,863		84		0.01
Mercury General Corp.		1,145		59		0.01
Micron Technology, Inc.		567		67		0.01
Minerals Technologies, Inc.		875		66		0.01
Myers Industries, Inc.		2,475		57		0.01
Northern Trust Corp.		643		57		0.01
Openlane, Inc.		3,345		58		0.01
OSI Systems, Inc.		406		58		0.01
PACCAR, Inc.		458		57		0.01
PRA Group, Inc.		2,175		57		0.01
Progressive Corp.		272		56		0.01
PVH Corp.		401		56		0.01
Radnet, Inc.		1,366		66		0.01
Sherwin-Williams Co.		187		65		0.01
Sl Green Realty Corp.		1,020		56		0.01
SPX Technologies, Inc.		455		56		0.01
Tennant Co.		471		57		0.01
UMB Financial Corp.		657		57		0.01
Viad Corp.		1,472		58		0.01
Wisdomtree, Inc.		6,199		57		0.01
World Acceptance Corp.		400		58		0.01

The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. Value Quality Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Value Quality Index
ABM Industries, Inc.		1,251	$	56		0.01	%
Affiliated Managers Group		331		55		0.01
Agco Corp.		454		56		0.01
AMN Healthcare Services, Inc.		887		55		0.01
Archer-Daniels-Midland Co.		903		57		0.01
Bank OZK		1,222		56		0.01
Borgwarner, Inc.		1,613		56		0.01
Boyd Gaming Corp.		839		56		0.01
Buckle, Inc.		1,389		56		0.01
Bunge Global SA		559		57		0.01
Chord Energy Corp.		322		57		0.01
Comerica, Inc.		1,016		56		0.01
Commercial Metals Co.		1,002		59		0.01
Consensus Cloud Solution		3,868		61		0.01
CVS Health Corp.		701		56		0.01
Delta Air Lines, Inc.		1,201		57		0.01
Encore Wire Corp.		237		62		0.01
FedEx Corp.		207		60		0.01
Fox Corp. - Class B		1,951		56		0.01
GEO Group, Inc.		4,312		61		0.01
GMS, Inc.		575		56		0.01
Green Brick Partners, Inc.		966		58		0.01
Group 1 Automotive, Inc.		198		58		0.01
Highwoods Properties, Inc.		2,130		56		0.01
Invesco Ltd.		3,363		56		0.01
Jackson Financial, Inc. - Class A		859		57		0.01
Marriott Vacations World		544		59		0.01
Medical Properties Trust, Inc.		11,917		56		0.01
Meritage Homes Corp.		326		57		0.01
Mgic Investment Corp.		2,506		56		0.01
Monarch Casino & Resort, Inc.		738		55		0.01
National Presto Industries, Inc.		688		58		0.01
Newmarket Corp.		87		55		0.01
NMI Holdings, Inc. - Class A		1,746		56		0.01
Oshkosh Corp.		458		57		0.01
Pediatrix Medical Group, Inc.		5,623		56		0.01
Polaris, Inc.		577		58		0.01
Preferred Bank		723		56		0.01
Pultegroup, Inc.		466		56		0.01
Ryder System, Inc.		465		56		0.01
Site Centers Corp.		4,199		62		0.01
Standard Motor Products		1,710		57		0.01
State Street Corp.		719		56		0.01
Terex Corp.		904		58		0.01
Urban Edge Properties		3,502		60		0.01
Valero Energy Corp.		333		57		0.01
Valmont Industries, Inc.		246		56		0.01
Vestis Corp.		2,876		55		0.01
Wabash National Corp.		1,936		58		0.01
Worthington Steel, Inc.		1,710		61		0.01

@		Value/Notional amount is less than $500.
CAC		Cotation Assistée en Continu.
EMU		European Economic and Monetary Union.
ESTR		Euro Short-Term Rate.
FTSE		Financial Times Stock Exchange.
IBEX		Índice Bursátil Español.
ICE		Intercontinental Exchange.
KFE		Korean Futures Exchange.
MIB		Milano Indice di Borsa.
MSCI		Morgan Stanley Capital International.
REIT		Real Estate Investment Trust.
SFE		Sydney Futures Exchange.
SGX		Singapore Exchange Ltd.
SOFR		Secured Overnight Financing Rate.
TSE		Toronto Stock Exchange.
AUD	—	Australian Dollar
BRL	—	Brazilian Real

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

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		45.8	%
Common Stocks		35.1
Short-Term Investments		19.1
Total Investments		100.0	%**

** Does not include open futures contracts with a value of approximately $25,352,000 and net unrealized depreciation of approximately $40,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $39,000. Also does not include open swap agreements with net unrealized appreciation of approximately $791,000.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

	Shares		Value (000)
Common Stocks (92.8%)
Automobiles (4.6%)
Rivian Automotive, Inc., Class A (a)		48,118	$	527
Tesla, Inc. (a)		138,450		24,338
				24,865
Biotechnology (1.2%)
Intellia Therapeutics, Inc. (a)		15,777		434
Moderna, Inc. (a)		3,644		388
ProKidney Corp. (a)(b)		251,077		412
Roivant Sciences Ltd. (a)		497,313		5,242
				6,476
Broadline Retail (4.1%)
Global-e Online Ltd. (Israel) (a)		237,053		8,617
MercadoLibre, Inc. (a)		8,854		13,387
				22,004
Capital Markets (1.9%)
Coinbase Global, Inc., Class A (a)		28,275		7,496
Intercontinental Exchange, Inc.		19,346		2,653
				10,149
Chemicals (0.2%)
Ginkgo Bioworks Holdings, Inc. (a)		851,540		988
Electronic Equipment, Instruments & Components (0.0%)
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $1,526; acquired 12/22/15)		3,138		—
Entertainment (4.3%)
ROBLOX Corp., Class A (a)		612,106		23,370
Financial Services (9.1%)
Adyen NV (Netherlands) (a)		14,967		25,281
Affirm Holdings, Inc. (a)		628,820		23,430
				48,711
Ground Transportation (7.2%)
Uber Technologies, Inc. (a)		501,385		38,601
Health Care Providers & Services (1.4%)
Agilon Health, Inc. (a)		1,201,613		7,330
Health Care Technology (0.5%)
Doximity, Inc., Class A (a)		107,299		2,887
Hotels, Restaurants & Leisure (13.3%)
Airbnb, Inc., Class A (a)		151,161		24,935
DoorDash, Inc., Class A (a)		336,071		46,284
				71,219
Information Technology Services (20.6%)
Cloudflare, Inc., Class A (a)		485,897		47,049
Shopify, Inc., Class A (Canada) (a)		451,045		34,807
Snowflake, Inc., Class A (a)		177,788		28,731
				110,587
Leisure Products (0.4%)
Peloton Interactive, Inc., Class A (a)		457,641		1,961
Life Sciences Tools & Services (0.5%)
10X Genomics, Inc., Class A (a)		66,708		2,504
Media (6.3%)
Trade Desk, Inc., Class A (a)		384,443		33,608
Pharmaceuticals (4.2%)
Royalty Pharma PLC, Class A		745,682		22,646
Software (8.0%)
Aurora Innovation, Inc. (a)		1,706,923		4,814
Bill Holdings, Inc. (a)		128,779		8,850
MicroStrategy, Inc., Class A (a)		11,507		19,614
Samsara, Inc., Class A (a)		253,505		9,580
				42,858
Specialty Retail (5.0%)
Carvana Co. (a)		303,722		26,700
Total Common Stocks (Cost $432,147)				497,464
Preferred Stocks (2.2%)
Financial Services (0.2%)
Stripe, Inc., Series I (a)(c)(d) (acquisition cost — $1,061; acquired 3/17/23)		52,681		1,369
Software (2.0%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $8,310; acquired 8/31/21)		113,088		7,994
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $2,242; acquired 9/15/23)		30,506		2,157
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $1,618; acquired 6/17/14)		141,612		385
				10,536
Total Preferred Stocks (Cost $13,231)				11,905
Investment Company (2.7%)
Grayscale Bitcoin Trust (a) (Cost $5,996)		225,243		14,229
Short-Term Investments (3.1%)
Investment Company (3.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $16,130)		16,130,427		16,130
Securities held as Collateral on Loaned Securities (0.1%)
Investment Company (0.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e)		284,008		284

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (0.0%)‡
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $22; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $22)	$	22	$	22
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $11; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $11)		11		11
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $39; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $40)		39		39
				72
Total Securities held as Collateral on Loaned Securities (Cost $356)				356
Total Short-Term Investments (Cost $16,486)				16,486
Total Investments Excluding Purchased Options (100.8%) (Cost $467,860)				540,084
Total Purchased Options Outstanding (0.2%) (Cost $1,949)				1,033
Total Investments (101.0%) (Cost $469,809) Including $333 of Securities Loaned (f)(g)(h)(i)				541,117
Liabilities in Excess of Other Assets (–1.0%)				(5,248	)
Net Assets (100.0%)			$	535,869

‡	Amount is less than 0.05%.
(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 March 31, 2024, were approximately $333,000 and $356,000 respectively. The Fund received cash collateral of approximately $356,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported 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 March 31, 2024 amounts to approximately $11,905,000 and represents 2.2% of net assets.
(d)	At March 31, 2024, the Fund held fair valued securities at approximately $11,905,000, representing 2.2% 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, 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 three months ended March 31, 2024, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Fund.
(f)	The approximate fair value and percentage of net assets, $25,281,000 and 4.7%, 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.
(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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $152,967,000 and the aggregate gross unrealized depreciation is approximately $81,659,000, resulting in net unrealized appreciation of approximately $71,308,000.

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2024:                

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		109,090,159	$	109,090	$	28	$	462	$	(434	)
Goldman Sachs International	USD/CNH	CNH	7.68	Jan–25		127,446,621		127,447		449		482		(33	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar–25		125,342,522		125,343		490		532		(42	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		114,161,744		114,162		66		473		(407	)
									$	1,033	$	1,949	$	(916	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*  

Classification	Percentage of Total Investments
Other**		33.8	%
Information Technology Services		20.5
Hotels, Restaurants & Leisure		13.2
Software		9.9
Financial Services		9.3
Ground Transportation		7.1
Media		6.2
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Variable Insurance Fund, Inc. 

First Quarter Report – March 31, 2024 (unaudited) 

Portfolio of Investments

U.S. Real Estate Portfolio

	Shares		Value (000)
Common Stocks (98.4%)
Apartments (10.7%)
AvalonBay Communities, Inc. REIT		64,631	$	11,993
Essex Property Trust, Inc. REIT		33,524		8,207
Mid-America Apartment Communities, Inc. REIT		54,123		7,121
				27,321
Data Centers (14.8%)
Digital Realty Trust, Inc. REIT		100,525		14,479
Equinix, Inc. REIT		28,202		23,276
				37,755
Free Standing (5.7%)
Agree Realty Corp. REIT		89,209		5,096
Essential Properties Realty Trust, Inc. REIT		96,155		2,563
NETSTREIT Corp. REIT (a)		98,089		1,802
Realty Income Corp. REIT		93,986		5,085
				14,546
Gaming (3.7%)
VICI Properties, Inc. REIT		313,183		9,330
Health Care (10.8%)
CareTrust REIT, Inc.		218,105		5,315
Ventas, Inc. REIT		54,945		2,392
Welltower, Inc. REIT		212,992		19,902
				27,609
Industrial (15.0%)
Americold Realty Trust, Inc. REIT		121,614		3,030
EastGroup Properties, Inc. REIT		29,761		5,350
Prologis, Inc. REIT		177,206		23,076
Rexford Industrial Realty, Inc. REIT		134,506		6,766
				38,222
Lodging/Resorts (3.6%)
Hilton Worldwide Holdings, Inc.		10,005		2,134
Host Hotels & Resorts, Inc. REIT		214,232		4,431
Ryman Hospitality Properties, Inc. REIT		21,800		2,520
				9,085
Manufactured Homes (2.9%)
Sun Communities, Inc. REIT		57,829		7,436
Office (3.6%)
Alexandria Real Estate Equities, Inc. REIT		51,356		6,620
Kilroy Realty Corp. REIT		68,719		2,504
				9,124
Regional Malls (4.9%)
Simon Property Group, Inc. REIT		80,162		12,544
Self Storage (6.5%)
Extra Space Storage, Inc. REIT		18,945		2,785
Public Storage REIT		47,729		13,844
				16,629
Shopping Centers (5.7%)
Federal Realty Investment Trust REIT		37,599		3,840
Kimco Realty Corp. REIT		260,677		5,112
Kite Realty Group Trust REIT		144,976		3,143
Urban Edge Properties REIT		134,691		2,326
				14,421
Single Family Homes (4.5%)
American Homes 4 Rent Class A REIT		308,819		11,358
Specialty (5.3%)
Iron Mountain, Inc. REIT		110,288		8,846
Lamar Advertising Co. Class A REIT		39,925		4,768
				13,614
Telecommunications REITs (0.7%)
American Tower Corp. REIT		9,273		1,832
Total Common Stocks (Cost $218,939)				250,826
Short-Term Investments (1.8%)
Investment Company (1.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (b) (Cost $4,368)		4,367,899		4,368
Securities held as Collateral on Loaned Securities (0.1%)
Investment Company (0.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b)		112,264		112

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report – March 31, 2024 (unaudited)

Portfolio of Investments (cont’d)

U.S. Real Estate Portfolio 

	Face Amount (000)		Value (000)
Repurchase Agreements (0.0%)‡
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $9; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $9)	$	9	$	9
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $4; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $4)		4		4
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $16; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $16)		16		16
				29
Total Securities held as Collateral on Loaned Securities (Cost $141)				141
Total Short-Term Investments (Cost $4,509)				4,509
Total Investments (100.2%) (Cost $223,448) Including $140 of Securities Loaned (c)(d)				255,335
Liabilities in Excess of Other Assets (–0.2%)				(557	)
Net Assets (100.0%)			$	254,778

‡	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 March 31, 2024, were approximately $140,000 and $141,000 respectively. The Fund received cash collateral of approximately $141,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - as reported 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)	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 three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $38,621,000 and the aggregate gross unrealized depreciation is approximately $6,734,000, resulting in net unrealized appreciation of approximately $31,887,000.
REIT	Real Estate Investment Trust.

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		25.6	%
Industrial		15.0
Data Centers		14.8
Health Care		10.8
Apartments		10.7
Self Storage		6.5
Free Standing		5.7
Shopping Centers		5.6
Specialty		5.3
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Variable Insurance Fund, Inc. 

First Quarter Report — March 31, 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 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.

First Quarter Report — March 31, 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 pay 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.

First Quarter Report — March 31, 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 March 31, 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
Biotechnology	$	3,654	$	—	$	—	$	3,654
Broadline Retail		8,365		—		—		8,365
Chemicals		382		—		—		382
Entertainment		7,152		—		—		7,152
Financial Services		10,795		8,327		—		19,122
Ground Transportation		2,616		—		—		2,616
Health Care Equipment & Supplies		1,439		—		—		1,439
Health Care Providers & Services		4,662		—		—		4,662
Health Care Technology		2,527		—		—		2,527
Hotels, Restaurants & Leisure		14,968		—		—		14,968
Information Technology Services		19,901		—		—		19,901
Leisure Products		1,920		—		—		1,920
Life Sciences Tools & Services		2,419		—		—		2,419
Media		10,753		—		—		10,753
Pharmaceuticals		7,591		—		—		7,591
Software		31,414		—		—		31,414
Specialty Retail		15,068		—		—		15,068
Textiles, Apparel & Luxury Goods		6,296		—		—		6,296
Total Common Stocks		151,922		8,327		—		160,249
Preferred Stocks
Software		—		—		3,247		3,247
Investment Company		4,541		—		—		4,541
Warrants		1		—		—		1
Call Options Purchased		—		329		—		329
Short-Term Investments
Investment Company		5,308		—		—		5,308
Repurchase Agreements		—		12		—		12
Total Short-Term Investments		5,308		12		—		5,320
Total Assets	$	161,772	$	8,668	$	3,247	$	173,687

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report — March 31, 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)		(31	)
Realized gains (losses)		—
Ending Balance	$	3,247
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	(31	)

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 March 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Discovery	Fair Value at March 31, 2024 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Preferred Stocks		$3,247	Market Transaction Method	Precedent Transaction		$70.69	Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		15.5%	Decrease
				Perpetual Growth Rate		3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue		14.8x	Increase
				Discount for Lack of Marketability		13.0%	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.
First Quarter Report — March 31, 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 March 31, 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	$	—		$	21,570		$	—	$	21,570
Sovereign		—			75,002			—		75,002
Total Fixed Income Securities		—			96,572			—		96,572
Warrants		—			26			—		26
Short-Term Investments
U.S. Treasury Security		—			236			—		236
Investment Company		7,306			—			—		7,306
Total Short-Term Investments		7,306			236			—		7,542
Foreign Currency Forward Exchange Contracts		—			135			—		135
Futures Contracts		122			—			—		122
Credit Default Swap Agreements		—			26			—		26
Total Assets		7,428			96,995			—		104,423
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(26	)		—		(26	)
Futures Contracts		(79	)		—			—		(79	)
Credit Default Swap Agreement		—			(1	)		—		(1	)
Total Liabilities		(79	)		(27	)		—		(106	)
Total	$	7,349		$	96,968		$	—	$	104,317

Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 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 March 31, 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	$	—	$	977	$	—	$	977
Automobiles		—		10,075		—		10,075
Banks		2,706		31,145		—		33,851
Beverages		—		3,258		—		3,258
Broadline Retail		—		5,600		—		5,600
Capital Markets		1,547		1,416		—		2,963
Chemicals		—		1,409		—		1,409
Construction & Engineering		—		1,899		—		1,899
Consumer Finance		—		1,577		—		1,577
Consumer Staples Distribution & Retail		1,735		2,576		—		4,311
Electrical Equipment		1,801		3,598		—		5,399
Electronic Equipment, Instruments & Components		413		3,034		—		3,447
Entertainment		—		1,169		—		1,169
Financial Services		—		1,623		—		1,623
Food Products		—		5,578		—		5,578
Ground Transportation		2,158		—		—		2,158
Health Care Providers & Services		—		1,337		—		1,337
Hotels, Restaurants & Leisure		3,009		1,498		—		4,507
Industrial Conglomerates		—		1,429		—		1,429
Information Technology Services		739		2,035		—		2,774
Insurance		—		8,925		—		8,925
Interactive Media & Services		509		6,041		—		6,550
Machinery		—		2,142		—		2,142
Metals & Mining		—		7,329		—		7,329
Oil, Gas & Consumable Fuels		1,266		4,244		—		5,510
Personal Care Products		—		778		—		778
Pharmaceuticals		—		968		—		968
Real Estate Management & Development		339		1,337		—		1,676
Semiconductors & Semiconductor Equipment		—		20,861		—		20,861
Specialty Retail		—		379		—		379
Tech Hardware, Storage & Peripherals		—		9,966		—		9,966
Textiles, Apparel & Luxury Goods		—		2,338		—		2,338
Total Common Stocks		16,222		146,541		—		162,763
Short-Term Investment
Investment Company		2,261		—		—		2,261
Total Assets	$	18,483	$	146,541	$	—	$	165,024

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report — March 31, 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 March 31, 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	$	—	$	4,521	$	—	$	4,521
Communications		7,356		2,810		—		10,166
Diversified		2,162		4,278		—		6,440
Electricity Transmission & Distribution		5,924		4,419		—		10,343
Oil & Gas Storage & Transportation		22,735		775		—		23,510
Others		7,449		475		—		7,924
Railroads		309		581		—		890
Toll Roads		—		1,680		—		1,680
Water		1,415		1,706		—		3,121
Total Common Stocks		47,350		21,245		—		68,595
Short-Term Investment
Investment Company		79		—		—		79
Total Assets	$	47,429	$	21,245	$	—	$	68,674

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report — March 31, 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 March 31, 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	$	3,378	$	—	$	—	$	3,378
Diversified		—		5,294		—		5,294
Health Care		2,883		252		—		3,135
Industrial		3,194		1,369		—		4,563
Industrial/Office Mixed		—		628		—		628
Lodging/Resorts		760		834		—		1,594
Office		719		622		—		1,341
Residential		4,420		1,213		—		5,633
Retail		3,631		1,221		—		4,852
Self Storage		1,442		384		—		1,826
Specialty		1,467		—		—		1,467
Telecommunications REITs		163		—		—		163
Total Common Stocks		22,057		11,817		—		33,874
Short-Term Investment
Investment Company		281		—		—		281
Total Assets	$	22,338	$	11,817	$	—	$	34,155

Morgan Stanley Variable Insurance Fund, Inc.

First Quarter Report — March 31, 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 March 31, 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	$	—	$	3,349	$	—		$	3,349
Asset-Backed Securities		—		310		—			310
Commercial Mortgage-Backed Securities		—		571		—			571
Corporate Bonds		—		9,511		—			9,511
Mortgages - Other		—		1,231		—			1,231
Sovereign		—		18,378		—			18,378
Supranational		—		570		—			570
U.S. Treasury Securities		—		3,791		—			3,791
Total Fixed Income Securities		—		37,711		—			37,711
Common Stocks
Aerospace & Defense		286		274		—			560
Air Freight & Logistics		82		52		—			134
Automobile Components		26		24		—			50
Automobiles		237		164		—			401
Banks		824		2,312		—			3,136
Beverages		264		176		—			440
Biotechnology		344		90		—			434
Broadline Retail		579		74		—			653
Building Products		117		76		—			193
Capital Markets		580		297		—			877
Chemicals		312		293		—			605
Commercial Services & Supplies		152		31		—			183
Communications Equipment		131		25		—			156
Construction & Engineering		42		75		—			117
Construction Materials		29		100		—			129
Consumer Finance		104		—		—			104
Consumer Staples Distribution & Retail		385		92		—			477
Containers & Packaging		49		13		—			62
Distributors		21		4		—			25
Diversified Consumer Services		—		8		—			8
Diversified REITs		5		40		—			45
Diversified Telecommunication Services		117		156		—			273
Electric Utilities		281		128		—			409
Electrical Equipment		126		190		—			316
Electronic Equipment, Instruments & Components		110		25		—			135
Energy Equipment & Services		61		3		—	†		64	†
Entertainment		254		22		—			276
Financial Services		681		121		—			802
Food Products		151		280		—			431
Gas Utilities		12		14		—			26
Ground Transportation		300		5		—			305
Health Care Equipment & Supplies		437		173		—			610
Health Care Providers & Services		473		26		—			499
Health Care REITs		31		—		—			31
Health Care Technology		14		—		—			14
Hotel & Resort REITs		6		—		—			6
Hotels, Restaurants & Leisure		412		177		—			589
Household Durables		74		20		—			94
Household Products		186		55		—			241

Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 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		19		24			—			43
Industrial Conglomerates		155		140			—			295
Industrial REITs		49		20			—			69
Information Technology Services		357		28			—			385
Insurance		529		481			—			1,010
Interactive Media & Services		968		26			—			994
Investment Company		—		—			—			—
Leisure Products		5		—			—			5
Life Sciences Tools & Services		266		59			—			325
Machinery		350		224			—			574
Marine Transportation		—		19			—			19
Media		122		41			—			163
Metals & Mining		200		302	†		—			502	†
Mortgage Real Estate Investment		4		—			—			4
Multi-Utilities		114		105			—			219
Office REITs		13		6			—			19
Oil, Gas & Consumable Fuels		936		452			—			1,388
Paper & Forest Products		10		28			—			38
Passenger Airlines		7		10			—			17
Personal Care Products		26		200			—			226
Pharmaceuticals		667		924			—			1,591
Professional Services		162		160			—			322
Real Estate Management & Development		36		67			—			103
Residential REITs		69		—			—			69
Retail REITs		48		31			—			79
Semiconductors & Semiconductor Equipment		1,728		373			—			2,101
Software		1,826		217			—			2,043
Specialized REITs		185		—			—			185
Specialty Retail		374		49			—			423
Tech Hardware, Storage & Peripherals		971		10			—			981
Textiles, Apparel & Luxury Goods		81		363			—			444
Tobacco		76		62			—			138
Trading Companies & Distributors		99		57			—			156
Transportation Infrastructure		—		37			—			37
Water Utilities		14		13			—			27
Wireless Telecommunication Services		46		19			—			65
Total Common Stocks		18,807		10,162	†		—	†		28,969	†
Rights		—		—	@		—			—	@
Warrants		—		—			—			—
Short-Term Investments
Investment Company		13,907		—			—			13,907
U.S. Treasury Securities		—		1,824			—			1,824
Total Short-Term Investments		13,907		1,824			—			15,731
Foreign Currency Forward Exchange Contracts		—		126			—			126
Futures Contracts		71		—			—			71
Centrally Cleared Interest Rate Swap Agreements		—		90			—			90
Total Return Swap Agreements		—		1,007			—			1,007
Total Assets		32,785		50,920	†		—	†		83,705	†

Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 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		—			(165	)		—			(165	)
Futures Contracts		(111	)		—			—			(111	)
Centrally Cleared Interest Rate Swap Agreements		—			(16	)		—			(16	)
Total Return Swap Agreements		—			(290	)		—			(290	)
Total Liabilities		(111	)		(471	)		—			(582	)
Total	$	32,674		$	50,449	†	$	—	†	$	83,123	†

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

Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 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 Stock (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 March 31, 2024	$	—

†† Includes a security valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 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 March 31, 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	$	24,865	$	—	$	—		$	24,865
Biotechnology		6,476		—		—			6,476
Broadline Retail		22,004		—		—			22,004
Capital Markets		10,149		—		—			10,149
Chemicals		988		—		—			988
Electronic Equipment, Instruments & Components		—		—		—	†		—	†
Entertainment		23,370		—		—			23,370
Financial Services		23,430		25,281		—			48,711
Ground Transportation		38,601		—		—			38,601
Health Care Providers & Services		7,330		—		—			7,330
Health Care Technology		2,887		—		—			2,887
Hotels, Restaurants & Leisure		71,219		—		—			71,219
Information Technology Services		110,587		—		—			110,587
Leisure Products		1,961		—		—			1,961
Life Sciences Tools & Services		2,504		—		—			2,504
Media		33,608		—		—			33,608
Pharmaceuticals		22,646		—		—			22,646
Software		42,858		—		—			42,858
Specialty Retail		26,700		—		—			26,700
Total Common Stocks		472,183		25,281		—	†		497,464	†
Preferred Stocks
Financial Services		—		—		1,369			1,369
Software		—		—		10,536			10,536
Total Preferred Stocks		—		—		11,905			11,905
Investment Company		14,229		—		—			14,229
Call Options Purchased		—		1,033		—			1,033
Short-Term Investments
Investment Company		16,414		—		—			16,414
Repurchase Agreements		—		72		—			72
Total Short-Term Investments		16,414		72		—			16,486
Total Assets	$	502,826	$	26,386	$	11,905	†	$	541,117	†

† Includes a security valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 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)		—			156
Realized gains (losses)		—			—
Ending Balance	$	—	†	$	11,905
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	—		$	156

† 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 March 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Growth	Fair Value at March 31, 2024 (000)	Valuation Technique	Unobservable Input	Amount or Range/ Weighted Average*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$11,905	Market Transaction Method	Precedent Transaction	$26.00-$73.50/$65.38	Increase
		Discounted Cash Flow	Weighted Average Cost of Capital	14.5%-18.0%/15.6%	Decrease
			Perpetual Growth Rate	3.0%-4.0%/3.5%	Increase
		Market Comparable Companies	Enterprise Value/Revenue	4.4x-19.2x/14.5x	Increase
			Discount for Lack of Marketability	11.0%-13.0%/12.9%	Decrease
		Comparable Transactions	Enterprise Value/Revenue	8.7x	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.
First Quarter Report — March 31, 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 March 31, 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	$	250,826	(1)	$	—	$	—	$	250,826
Short-Term Investments
Investment Company		4,480			—		—		4,480
Repurchase Agreements		—			29		—		29
Total Short-Term Investments		4,480			29		—		4,509
Total Assets	$	255,306		$	29	$	—	$	255,335

(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.